Underwriter (Number Of Offerings As Lead Or Co-lead Underwriter) After-Market Performance (Average)

Piper Jaffray & Co. (4)+42%
CIBC World Markets (9)+41%
Banc of America Securities (4)+35%
Goldman, Sachs & Co. (6)+33%
Merrill Lynch & Co. (7)+32%
Punk Ziegel & Co. (1)+28%
Ferris, Baker Watts (1)+24%
Robert W. Baird & Co. (1)+15%
Deutsche Bank Securities (4)+10%
Needham & Co. (1)+9%
Morgan Stanley & Co. (10)+8%
Lazard Capital Markets (2)+3%
UBS Investment Bank (15)+2%
Pacific Growth Equities (3)-5%
JP Morgan Securities (9)-6%
WR Hambrecht + Co. (3)-9%
SG Cowen & Co. (9)-11%
Thomas Weisel Partners (2)-12%
Wachovia Capital Markets (1)-13%
Lehman Brothers (6)-21%
Bear, Stearns & Co. (7)-22%
C.E. Unterberg, Towbin (1)-22%
ThinkEquity Partners (1)-22%
Credit Suisse First Boston (3)-36%
Jefferies & Co. (1)-37%
Adams Harkness (1)-50%
Citigroup (1)-50%
First Dunbar Securities (1)-55%

# After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 12/31/05. 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.
No Comments