Question: 1. What was the first-day return for the investors participating in the IPO? Use the attached excel-file which has historical stock prices for the Fractal

1. What was the first-day return for the investors participating in

1. What was the first-day return for the investors participating in the IPO? Use the attached excel-file which has historical stock prices for the Fractal Gaming stock after its introduction on February 11th, 2021. The data is drawn from Yahoo! Finance.

2. How much have investors who participated in the IPO made by March 1st? Answer in percent.

3. What IPO puzzle explains the high first-day return of Fractal Gaming, and what is the Winners Curse?

IPO=45 SEK

Date End-of-day Price 2021/2/11 60.98 2021/2/12 63.82 2021/2/15 60 2021/2/16 57.4 2021/2/17 56.4 2021/2/18 55.8 2021/2/19 59.2 2021/2/22 58 2021/2/23 56.2 2021/2/24 54.4 2021/2/25 55.4 2021/2/26 55 2021/3/1 57.8

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