| Underwriter (Number Of IPOs As Lead/ Number Of IPOs As Lead Or Co-manager) |
After-Market Performance (Average) |
| Oppenheimer & Co. (0/1) | +203% |
| Lerrink Swann & Co. (0/2) | +167% |
| Jefferies & Co. (1/2) | +83% |
| Banc of America Securities (4/4) | +82% |
| Lazard Capital Markets (0/4) | +80% |
| Thomas Weisel Partners (0/3) | +73% |
| JP Morgan Securities (2/2) | +68% |
| A.G. Edwards (0/1) | +65% |
| UBS Investment Bank (3/3) | +55% |
| CIBC World Markets (3/4) | +51% |
| Piper Jaffray & Co. (3/4) | +46% |
| RBC Capital Markets (0/2) | +39% |
| Ardour Capital Investments (0/1) | +35% |
| Deutsche Bank Securities (3/3) | +34% |
| Cowen & Co. (4/8) | +20% |
| JMP Securities (0/4) | +19% |
| Pacific Growth Equities (3/7) | +18% |
| Morgan Stanley & Co. (4/4) | +15% |
| Merrill Lynch & Co. (3/3) | +7% |
| First Albany Capital (1/4) | +2% |
| Fortis Securities (0/1) | -10% |
| HSBC Securities (0/2) | -12% |
| Bear, Stearns & Co. (1/1) | -13% |
| Roth Capital Partners (1/1) | -16% |
| Sunrise Securities (1/1) | -16% |
| Stifel Nicolaus (1/1) | -20% |
| Susquehanna Financial (0/1) | -29% |
| # After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 12/31/06. For underwriters with multiple offerings, the after-market performance (as a percent change) was calculated for each stock in that underwriter's "group," the percentage summed, and then averaged. | |
