When a firm needs to raise funds in the financial markets, it usually uses the services of an investment banker. Last year Maverick Inc. entered into an agreement with Ginobli Partners, an investment bank. At the time of issue, Ginobli Partners has agreed to purchase all offered shares from Maverick and then try to sell all shares in the primary market. What kind of arrangement is this? A best efforts arrangement An underwritten agreement In the event that an issuer elects to use an underwritten arrangement, who bears all the risk that the stock issue might be undersubscribed? In other words, who is at risk if the investment bank cannot sell all shares to investors at the time of issue?