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Ranked By After-Market Performance
Underwriter After-Market
(Number Of IPOs As Lead/ Performance
Number Of IPOs As Lead Or (Average)*
Comanager)
Wessels, Arnold & Henderson (0/1) +86%
CIBC Oppenheimer Corp. (1/1) +75%
Raymond James & Associates Inc. (0/1) +70%
Pacific Growth Equities Inc. (0/1) +69%
Hambrecht & Quist LLC (3/7) +49%
BT Alex. Brown Inc. (1/3) +42%
UBS Securities LLC (2/4) +40%
Morgan Stanley, Dean Witter Discover & Co. (2/2) +40%
BancAmerica Robertson, Stephens (1/3) +35%
NationsBanc Montgomery Securities Inc. (1/3) +32%
Vector Securities International Inc. (0/2) +22%
Merrill Lynch & Co. (1/1) +7%
Donaldson, Lufkin & Jenrette Securities Corp. (0/1) +7%
Paulson Investment Co. Inc. (1/1) +5%
First Colonial Securities Group Inc. (0/1) +5%
First Marathon Securities Ltd. (1/1) 0%
Goepel Shields & Partners Inc. (0/1) 0%
Midland Walwyn Capital Inc. (0/1) 0%
Sunrise Securities Corp. (1/1) -8%
M.H. Myerson & Co. Inc. (0/1) -8%
Millennium Financial Group Inc. (0/2) -17%
Dresdner Kleinwort Benson Ltd. (1/1) -25%
Everen Securities Inc. (1/1) -25%
Principal Financial Securities Inc. (0/1) -25%
National Securities Corp. (1/1) -30%
Fahnestock & Co. Inc. (0/1) -31%
Invemed Associates Inc. (0/1) -31%
Smith Barney Inc. (0/2) -35%
J.P. Morgan & Co. (0/1) -38%
Nutmeg Securities Ltd. (1/1) -38%
Lehman Brothers (3/3) -39%
Cowen & Co. (1/2) -39%
Salomon Brothers Inc. (1/1) -39%
Genesis Merchant Group Securities (0/1) -56%

* After-market performance is expressed as the percent change in stock price between the IPO price and the closing price on 12/31/97. For underwriters with multiple offerings, the after-market performance (as a percent change) was calculated for each stock in that underwriter's "group," the percentages summed, and then averaged.

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