Jay Ritter
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Jay Ritter Ritter
Jay Ritter, a professor at the University of Florida who studies the public offering market, refers to the difference between what the company received for its shares and what they were worth at the end of the first day. In Chipotle's case, it amounted to almost $175 million. By Mr. Ritter's measure, Morningstar left about $12 million on the table but saved about $7 million in underwriting fees.