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High Street Associates is the managing investment dealer for a new underwriting. The price of the stock to the investment dealer is $18 per share. Other syndicated members may buy at $18.25. The price to the selected dealer group is $18.80, with a price to the brokers of $19.260.
a. If High Street sells its shares to the dealer group, what will be the percentage return?
b. If High Street preforms the dealers’ function also and sells to brokers, what will be the percentage return?
c. If Bay Street fully integrates its operation and sell directly to the public, what will be its percentage return?