Underwriter
(Number Of IPOs As
Lead Underwriter)

After-Market
Performance
(Average)


UBS Securities (1)

+117%

Banc of America Securities (0)

+117%

RBC Capital Markets (0)

+117%

Loewen, Ondaatje, McCutcheon (0)

+117%

Orion Securities (0)

+117%

CIBC World Markets Corp. (0)

+60%

Janney Montgomery Scott (1)

+57%

Morgan Stanley and Co. (1)

+9%

Credit Suisse First Boston (1)

+2%

WR Hambrecht + Co. (1)

+2%

Lazard Freres & Co. (0)

+2%

Punk, Ziegel (0)

+2%

Brean Murray & Co. (0)

+2%

J.P. Morgan Securities (3)

-8%

U.S. Bancorp Piper Jaffray (0)

-16%

Pacific Growth Equities (0)

-17%

Citigroup Global Markets (0)

-21%

Lehman Brothers Inc. (2)

-23%

Thomas Weisel Partners (0)

-28%

Deutsche Bank Securities (1)

-35%

S.G. Cowen Securities (4)

-37%

Friedman, Billings, Ramsey & Co. (0)

-37%


# After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 12/31/03. 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