Underwriter After-Market
(Number Of IPOs As Lead/ Performance
Number Of IPOs As Lead Or (Average)*
Comanager)
Hambrecht & Quist LLC (3/7) +79%
CIBC Oppenheimer Corp. (1/1) +75%
Morgan Stanley, Dean Witter Discover & Co. (2/2) +40%
UBS Securities LLC (2/4) +39%
BT Alex. Brown Inc. (1/3) +31%
NationsBanc Montgomery Securities Inc. (1/3) +19%
Merrill Lynch & Co. (1/1) +7%
Paulson Investment Co. Inc. (1/1) +5%
BancAmerica Robertson, Stephens (1/3) 0%
First Marathon Securities Ltd. (1/1) 0%
Sunrise Securities Corp. (1/1) -8%
Dresdner Kleinwort Benson Ltd. (1/1) -25%
Everen Securities Inc. (1/1) -25%
National Securities Corp. (1/1) -30%
Cowen & Co. (1/2) -38%
Nutmeg Securities Ltd. (1/1) -38%
Lehman Brothers (3/3) -39%
Salomon Brothers Inc. (1/1) -39%

* 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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