Underwriter
(Number Of IPOs As Lead/
Number Of IPOs As Lead
Or Co-manager)

After-Market
Performance
(Average)


WR Hambrecht + Co. (1/1)

+87%

Punk, Ziegel & Co. (0/1)

+87%

Merrill Lynch & Co. (2/2)

+65%

First Albany Capital (0/1)

+63%

Morgan Stanley & Co. (3/3)

+50%

Bear, Stearns & Co. (1/3)

+49%

Needham & Co. (1/3)

+48%

Citigroup Global Markets (1/2)

+32%

Deutsche Bank Securities (4/4)

+17%

Think Equity Partners (0/2)

+17%

CIBC World Markets (1/6)

+16%

Credit Suisse First Boston (1/4)

+15%

Leerink Swann & Co. (0/1)

+14%

Thomas Weisel Partners (3/8)

+13%

Harris Nesbitt (0/3)

+13%

Jefferies & Co. (0/1)

+13%

Wachovia Capital Markets (0/1)

+13%

Wells Fargo Securities (0/2)

+11%

Robert W. Baird & Co. (0/1)

+11%

JP Morgan Securities (0/1)

+11%

Goldman Sachs & Co. (4/4)

+4%

Banc of America Securities (3/5)

+4%

Piper Jaffray & Co. (6/12)

+3%

SG Cowen Securities (7/10)

+2%

Lazard Freres & Co. (1/3)

-4%

UBS Investment Bank (4/4)

-6%

Lehman Brothers (3/3)

-8%

Adams, Harkness & Hill (0/2)

-8%

Legg Mason Wood Walker (0/4)

-13%

Pacific Growth Equities (0/1)

-21%

JMP Securities (0/3)

-23%

Fortis Securities (0/1)

-24%

RBC Capital Markets (1/2)

-33%


# After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 12/31/04. 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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