Well maybe this is where Actuaries should make a move into since it seems the bankers' valuations are corrupt and self-serving.
(Genuine) Question: Have you ever worked in an Actuarial Consultancy before?
I have seen cases where 'ethical' actuaries have essentially made recommendations before even doing the work because that's the steer given by the client's CEO.
Guarding self-interest is (and should be!) done by ALL parties involved. Government/Public Sector get ripped off systemically because they are naïve & lack common sense. If you don't think to yourself; maybe the price is too low as it is 26 times oversubscribed let's renegotiate then an outsider can conclude you're a moron and probably deserve to be ripped off.
Offering shares at a discount is standard practice that is driven ultimately by demand.
I'm all for debates but one based on theory without sufficient allowance for the realities on the ground are probably best discussed in a University auditorium
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