Underwriter
(Number Of IPOs As
Lead Or Co-lead Underwriter)

After-Market
Performance
(Average)


Bear, Stearns & Co. (1)

+28%

CIBC World Markets (2)

+3%

Merrill Lynch & Co. (2)

-5%

Morgan Stanley & Co. (2)

-5%

JP Morgan Securities (1)

-9%

Cowen & Co. (2)

-13%

Piper Jaffray & Co. (2)

-14%

UBS Investment Bank (3)

-15%

Roth Capital Partners (1)

-15%

Sunrise Securities (1)

-15%

Pacific Growth Equities (3)

-17%

Deutsche Bank Securities (2)

-17%

Banc of America Securities (3)

-24%


# After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 7/31/06. 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.

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