Ch18-1: On the day an IPO comes out, the market price can rise above offering price or fall below that price. Is it more common for the market price to close above or below the offering price on the...

Ch18-1: On the day an IPO comes out, the market price can rise above offering price or fall below that price.  Is it more common for the market price to close above or below the offering price on the day of an IPO? I
f a company’s market price rises above the IPO price, does that suggest that the company left money on the table and thus received less for the shares than it should have received? If most companies do leave money on the table, does that indicate the IPO market is inefficient? How might systematic under pricing be explained?
Has the amount of under pricing been constant over time?

Explain.