The average returns on the first day of trading following an initial public offering are significantly positive suggesting that firms leave a significant amount of money on the table. Why would a firm be willing to underprice (accept lower than market val

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The average returns on the first day of trading following an initial public offering are significantly positive suggesting that firms leave a significant amount of money on the table. Why would a firm be willing to underprice (accept lower than market value) for their stock? What was unique about the Google IPO? How did this affect the underpricing and/or subsequent returns?

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