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2
| American Equities Overseas Ltd | -9.000 | -9.000 | 3.100 | -9.000 |
|---|---|---|---|---|
| American Fronteer Financial | -9.000 | -9.000 | 3.100 | -9.000 |
| American Investors of Pittsbrg | -9.000 | 2.100 | -9.000 | -9.000 |
| American Securities | -9.000 | 4.333 | -9.000 | -9.000 |
| American Trading & Investments | -9.000 | -9.000 | 3.100 | -9.000 |
| AmeriCorp Securities | -9.000 | -9.000 | 3.100 | -9.000 |
| AmeriCorp Securities Services | -9.000 | -9.000 | 3.100 | -9.000 |
| Anderson & Strudwick | -9.000 | -9.000 | 4.100 | -9.000 |
Page 1 of Table 1 Page 2 of Table 1 Page 3 of Table 1 Page 4 of Table 1 Page 5 of Table 1 Page 6 of Table 1 Page 7 of Table 1 Page 8 of Table 1 Page 9 of Table 1
Friedman Manger -9.000 -9.000 -9.000 -9.000
| Underwriter Name | Rank8084 | Rank8591 | Rank9200 | Rank0104 |
|---|---|---|---|---|
| J Henry Schroder & Co Ltd | -9.000 | -9.000 | 7.100 | -9.000 |
| J Henry Schroder Wagg & Co Ltd | -9.000 | 7.100 | -9.000 | -9.000 |
| J. Alexander Securities | 1.100 | -9.000 | -9.000 | -9.000 |
| Underwriter Name | Rank8084 | Rank8591 | Rank9200 | Rank0104 |
|---|---|---|---|---|
| M. H. Meyerson | -9.000 | 1.100 | 1.100 | -9.000 |
| M. H. Novick | 2.100 | -9.000 | -9.000 | -9.000 |
| M. S. Wien | 2.000 | -9.000 | -9.000 | -9.000 |
| Mabon Nugent & Co | -9.000 | 5.500 | 5.100 | -9.000 |
| Mabon Securities Corp | -9.000 | -9.000 | 5.100 | -9.000 |
| National Bank Financial Inc | -9.000 | -9.000 | 5.100 | -9.000 |
|---|---|---|---|---|
| National City Investments | -9.000 | -9.000 | 4.100 | -9.000 |
| National Securities (Taiwan) | -9.000 | -9.000 | 3.100 | -9.000 |
| Underwriter Name | Rank8084 | Rank8591 | Rank9200 | Rank0104 |
|---|---|---|---|---|
| Pennsylvania Merchant Group | -9.000 | 3.833 | 5.100 | -9.000 |
| Peregrine Brokerage Ltd | -9.000 | -9.000 | 6.100 | -9.000 |
| Peregrine Capital Ltd | -9.000 | -9.000 | 6.100 | -9.000 |
| Peterson Brothers Securities | -9.000 | -9.000 | 2.100 | -9.000 |
Santander Investment Bank Santander Investment(London) Santander Securities PR SBC Warburg SBC Warburg Dillon Read Inc SBCI Swiss Bank Corp Inv Bkng -9.000 -9.000 
7.100 -9.000 -9.000 -9.000 7.100 -9.000 -9.000 -9.000 7.100 -9.000 -9.000 -9.000 8.100 -9.000 -9.000 -9.000 8.100 -9.000 -9.000 -9.000 8.100 -9.000
Page 22 of Table 1
| Sherwood Capital | -9.000 | 2.100 | -9.000 | -9.000 |
|---|---|---|---|---|
| Sherwood Securities | 1.000 | 3.100 | -9.000 | -9.000 |
| Shochet Securities | -9.000 | -9.000 | 3.100 | -9.000 |
| Shoenberg, Hieber | 1.000 | 2.100 | 2.100 | -9.000 |
| Simmons & Co | -9.000 | -9.000 | 5.100 | -9.000 |
| Simmons & Co International | -9.000 | -9.000 | 5.100 | -9.000 |
UNKNOWN -9.000 -9.000 -9.000 -9.000
Page 28 of Table 1
| Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) | |||||||
|---|---|---|---|---|---|---|---|
| 1980-1984 | 1985-1991 | 1992-2000 | 2001-2004 | ||||
| Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank |
| Equity Securities Trading | 0.000 A. T. Brod & Co. | 1.100 | A. T. Brod & Co. | 1.100 Broadband Capital Management | 1.100 |
| First Colorado Invests & Secs | 0.000 A.S. Goldmen & Company | 1.100 | A.R. Baron & Co., Inc. | 1.100 CGF Securities LLC | 1.100 |
| Jesup & Lamont Securities | 0.000 Blinder, Robinson | 1.100 | A.S. Goldmen & Company | 1.100 Earlybirdcapital Inc | 1.100 |
| Quinn | 0.000 Datek Securities | 1.100 | Biltmore Securities | 1.100 Gilford Securities | 1.100 |
| S. D. Cohn | 0.000 First Jersey Securities | 1.100 | Blech (D.) & Co, Inc. | 1.100 Sunrise Securities | 1.100 |
| Rosenkrantz, Ehrenkrantz, Lyon | 0.100 Fitzgerald, DeArman & Roberts | 1.100 | First Allied Securities, Inc. | 1.100 I-Bankers Securities Inc | 2.100 |
| Akroyd & Smithers Inc | 0.500 HJ Meyers & Co | 1.100 | First United Equities | 1.100 Maxim Group LLC | 2.100 |
| Donald & Co. Securities | 0.500 J.T. Moran | 1.100 | Gilford Securities | 1.100 Newbridge Securities | 2.100 |
| Blinder, Robinson | 1.000 M. H. Meyerson | 1.100 | GKN Securities Corp | 1.100 GunnAllen Financial Inc | 3.100 |
| Brodis Securities | 1.000 Stratton Oakmont Inc. | 1.100 | Hanover Sterling & Company | 1.100 Kashner Davidson Securities | 3.100 |
| Burgess & Leith | 1.000 Thomas James Associates | 1.100 | HJ Meyers & Co | 1.100 Kirlin Securities Inc. | 3.100 |
| Covey | 1.000 Wall Street West | 1.100 | M. H. Meyerson | 1.100 Neidiger, Tucker, Bruner Inc. | 3.100 |
| Cralin | 1.000 Vantage Securities | 1.500 | Nichols, Safina, Lerner & Co | 1.100 Paulson Investment Co | 3.100 |
| Emmett A. Larkin | 1.000 Vector Securities Intl | 1.500 | Pacific Crest Securities Inc | 1.100 Schneider Securities, Inc. | 3.100 |
| Evans Llewellyn Securities, In | 1.000 Gilford Securities | 2.000 | Pacific Growth Equities Inc | 1.100 Somerset Financial Group Inc | 3.100 |
| Herzfeld & Stern | 1.000 Weeden & Co., Incorporated | 2.000 | Paradise Valley Securities Inc | 1.100 Spencer Edwards | 3.100 |
| J. E. Sheehan | 1.000 A. L. Havens Securities | 2.100 | Sterling Foster | 1.100 Feltl & Co | 4.100 |
| Jerold Securities | 1.000 A. M. Levine | 2.100 | Stratton Oakmont Inc. | 1.100 Merit Capital Associates, Inc | 4.100 |
| Muller & Co | 1.000 Alison, Baer Securities | 2.100 | Thomas James Associates | 1.100 Pacific Growth Equities Inc | 4.100 |
| Sherwood Securities | 1.000 American Investors of Pittsbrg | 2.100 | A. J. Michaels & Co., Ltd. | 2.100 Punk, Ziegel & Company | 4.100 |
| Shoenberg, Hieber | 1.000 Anderson-Bryant | 2.100 | Ashtin Kelly & Co., Inc. | 2.100 Roth Capital Partners Inc | 4.100 |
| A. T. Brod & Co. | 1.100 Andrew Alen Securities, Inc. | 2.100 | Barington Capital Group LP | 2.100 Shemano Group | 4.100 |
| Chesley and Dunn | 1.100 Anthony Investment | 2.100 | Barron Chase Securities | 2.100 Adams Harkness & Hill Inc | 5.100 |
| Engler & Budd Company | 1.100 Apple Financial | 2.100 | Berkeley International Capital | 2.100 Alpha Finance US Corporation | 5.100 |
| First New England Securities | 1.100 Bailey Martin & Appel | 2.100 | Berkeley Securities Corp. | 2.100 China International Capital Co | 5.100 |
| Gilford Securities | 1.100 BC Financial | 2.100 | Bluestone Capital Partners LP | 2.100 Ferris, Baker Watts | 5.100 |
| Globus | 1.100 Best Investors Group, Inc. | 2.100 | Commonwealth Associates | 2.100 Friedman Billings Ramsey & Co | 5.100 |
| HJ Meyers & Co | 1.100 Beuret | 2.100 | Comprehensive Capital | 2.100 Friedman Billings Ramsey Group | 5.100 |
| J. Alexander Securities | 1.100 Bond, Richman | 2.100 | Continental Broker-Dealer Corp | 2.100 Jefferies & Co Inc | 5.100 |
| J. Daniel Bell | 1.100 Breuer Capital Corporation | 2.100 | Corporate Securities Group, In | 2.100 Keycorp/McDonald Investments | 5.100 |
| Johnson Bowles | 1.100 Broadchild Securities | 2.100 | Dakin Securities Corp. | 2.100 McDonald Investments | 5.100 |
| Moore & Schley, Cameron | 1.100 Brooks Weinger Robbins & Leeds | 2.100 | Dickinson, Rothbart | 2.100 Needham & Co Inc | 5.100 |
| Starr Securities | 1.100 Brown Knapp | 2.100 | Dillon-Gage Securities | 2.100 Ryan Beck & Co | 5.100 |
| Carolina Securities | 1.500 Buchanan | 2.100 | Duke & Company, Inc. | 2.100 Sanders Morris Harris Inc | 5.100 |
| Carr Sebag | 1.500 Capital Shares | 2.100 | Emanuel | 2.100 Sterne Agee & Leach Inc | 5.100 |
Page 1 of Table 2 Page 2 of Table 2 Page 3 of Table 2 Page 4 of Table 2
| Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Ordered by the Carter-Manaster Rankings for Each Sub-period) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1980-1984 | 1985-1991 | 1992-2000 | 2001-2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Faherty & Faherty | 1.500 Cenpac Securities | 2.100 | Equity Securities Trading | 2.100 Stifel Nicolaus & Co Inc | 5.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| First Jersey Securities | 1.500 Chapin, Davis | 2.100 | European Community Capital Ltd 2.100 Advest Inc | 6.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| First Wilshire Securities Mgt | 1.500 Citiwide Securities | 2.100 | FAC/Equities | 2.100 Cantor, Fitzgerald & Co., Inc. | 6.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fitzgerald, DeArman & Roberts | 1.500 Continental Broker-Dealer Corp | 2.100 | First Equity Corp | 2.100 CE Unterberg Towbin | 6.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Johnston Lemon & Co Inc | 1.500 Corporate Securities Group, In | 2.100 | First Hanover Securities Inc | 2.100 Flagstone Securities Inc | 6.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTC Net | 1.500 Covey | 2.100 | First Montauk Securities | 2.100 Ladenburg Thalmann & Co | 6.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summit Investment | 1.500 Denton | 2.100 | Gaines, Berland | 2.100 SG Cowen Securities Corp | 6.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Swartwood, Heese & Levine | 1.500 Douglas,Stewart,Maguire&Parkh. | 2.100 | Genesis Merchant Group Secs | 2.100 SunTrust Robinson Humphrey | 6.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weinrich-Zitzmann-Whitehead | 1.500 Eastern Capital Securities | 2.100 | Global Equities Group | 2.100 AG Edwards & Sons Inc | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Werbel-Roth Securities | 1.500 Eastlake Securities | 2.100 | Greenway Capital Corporation | 2.100 Baird Patrick & Co Inc | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| James J. Duane | 2.000 Emanuel | 2.100 | Harriman Group | 2.100 BB&T Capital Markets | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| M. S. Wien | 2.000 Equity Securities Trading | 2.100 | Hayne, Miller, Swearingen & Gl | 2.100 BMO Nesbitt Burns Inc | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Manley, Bennett, McDonald | 2.000 F. N. Wolf | 2.100 | HGI Incorporated | 2.100 Dain Rauscher Corp | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| A. L. Havens Securities | 2.100 First Florida Securities | 2.100 | I.A. Rabinowitz & Co. | 2.100 Dain Rauscher Wessels | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alstead, Strangis & Dempsey | 2.100 First Heritage | 2.100 | Investors Associates | 2.100 Fleet Boston Corp | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Apple Financial | 2.100 First Interregional Equity | 2.100 | J. B. Oxford | 2.100 ING | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Artoc Bank and Trust | 2.100 First United Securities Group | 2.100 | J. Gregory & Company | 2.100 ING Barings | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bacon Stifel Nicolaus | 2.100 G. H. Securities | 2.100 | J. W. Gant & Associates | 2.100 Investec Bank | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Blackstock | 2.100 G. K. Scott | 2.100 | JB Sutton Group, Inc. | 2.100 Janney Montgomery Scott Inc | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bond, Richman | 2.100 Global America Incorporated | 2.100 | Joseph Charles & Associates | 2.100 Keefe Bruyette & Woods Inc | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Broadchild Securities | 2.100 Glore Securities | 2.100 | Josephthal & Co Inc | 2.100 Legg Mason Wood Walker | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Brooks, Hamburger, Satnick | 2.100 Graystone Nash | 2.100 | Josephthal Lyons & Ross Inc | 2.100 Legg, Mason | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bunker Securities | 2.100 Greentree Securities | 2.100 | JW Charles Securities | 2.100 LG Securities Co Ltd | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Centennial State Securities | 2.100 Grey, Randolph & Abbott | 2.100 | JW Charles/CSG | 2.100 Morgan Keegan Inc | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Citiwide Securities | 2.100 Hayne, Miller, Swearingen & Gl | 2.100 | Kennedy, Mathews, Landis | 2.100 Pactual Capital Corporation | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Columbine Securities | 2.100 Herbert Young Securities | 2.100 | Kensington Wells | 2.100 Piper Jaffray Cos | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Diehl, Speyer & Brown | 2.100 Hickey, Kober | 2.100 | L. C. Wegard | 2.100 Prudential Securities Inc | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| E. C. Farnsworth | 2.100 Homestead Securities | 2.100 | Lew Lieberbaum & Co. | 2.100 Raymond James & Associates Inc | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| E. G. Frances | 2.100 Houchin, Adamson | 2.100 | Lexington Securities | 2.100 RBC Capital Markets | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Eastern Capital | 2.100 I.A. Rabinowitz & Co. | 2.100 | LT Lawrence & Co Inc | 2.100 Royal Bank of Canada | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| F. N. Wolf | 2.100 Individual's Securities | 2.100 | Maidstone Financial, Inc. | 2.100 Stephens Inc | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Faherty & Swartwood | 2.100 International Securities Group | 2.100 | Mason Hill & Co Inc | 2.100 US Bancorp Piper Jaffray | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| First Florida Securities | 2.100 J. E. Sheehan | 2.100 | Merit Capital Associates, Inc | 2.100 W.R. Hambrecht & Company | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foster & Co. Equities | 2.100 J. Gregory & Company | 2.100 | Monroe Parker Securities | 2.100 Wachovia Capital Markets | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| G. K. Scott | 2.100 J. W. Gant & Associates | 2.100 | National Securities Corp | 2.100 Wachovia Securities Inc | 7.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Ordered by the Carter-Manaster Rankings for Each Sub-period) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1980-1984 | 1985-1991 | 1992-2000 | 2001-2004 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gallant Securities | 2.100 J.E. Gant & Associates | 2.100 | Network Capital Corp | 2.100 William Blair & Co | 7.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gattini | 2.100 Jerold Securities | 2.100 | Paragon Capital | 2.100 ABN AMRO Incorporated | 8.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hackert/Modesitt Investments | 2.100 Jersey Capital Markets Group | 2.100 | Patterson Travis Inc | 2.100 ABN AMRO Rothschild | 8.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hickey, Kober | 2.100 Jonathan Alan & Co., Inc. | 2.100 | Peterson Brothers Securities | 2.100 ABN-AMRO Holding NV | 8.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hinkle & LaMear | 2.100 JW Charles Securities | 2.100 | R. F. Lafferty | 2.100 Banc of America Securities LLC | 8.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Independence Securities | 2.100 JW Charles-Bush Securities | 2.100 | R. J. Steichen | 2.100 Bear Stearns & Co Inc | 8.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| International Securities | 2.100 K. A. Knapp | 2.100 | R.T.G. Richards & Co., Inc. | 2.100 CIBC World Markets | 8.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investors Financial Services | 2.100 Kennedy, Mathews, Landis | 2.100 | Richter & Co., Inc. | 2.100 Lehman Brothers | 8.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Jay W. Kaufmann | 2.100 Kennedy-Peterson | 2.100 | Rickel | 2.100 Lehman Brothers International | 8.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Joseph Sebag | 2.100 Kesselman | 2.100 | Rickel & Associates | 2.100 Sandler O'Neill Partners | 8.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| L. C. Wegard | 2.100 Klenner-Skoumal GmbH | 2.100 | Rockefeller Securities Group | 2.100 Thomas Weisel Partners LLC | 8.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| L. L. Fane | 2.100 Kureen & Cooper | 2.100 | Rocky Mountain Securities&Inv. 2.100 UBS | 8.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Langheinrich & Fender | 2.100 L. C. Wegard | 2.100 | Rodman & Renshaw Inc | 2.100 UBS Investment Bank | 8.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| M. H. Novick | 2.100 L'Argent Equities | 2.100 | S. D. Cohn | 2.100 UBS Warburg | 8.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mahler & Emerson | 2.100 L'Argent Securities | 2.100 | Shamus Group, Inc | 2.100 Citigroup | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Malone & Associates | 2.100 Lloyd Securities | 2.100 | Shoenberg, Hieber | 2.100 Citigroup Global Markets Inc | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Matthew R. White Investment | 2.100 Lombard Street Securities | 2.100 | South Richmond Securities | 2.100 Citigroup/Salomon Smith Barney | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Midwest Discount Securities | 2.100 Malone & Associates | 2.100 | Stuart, Coleman & Co Inc | 2.100 Credit Suisse First Boston | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Monarch Funding | 2.100 McClees Investments | 2.100 | Summit Investment | 2.100 Deutsche Banc Alex Brown | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Newcomb Capital | 2.100 Mikal | 2.100 | Toluca Pacific | 2.100 Deutsche Bank AG | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noble Securities | 2.100 Mostel & Taylor Securties | 2.100 | VTR Capital, Inc | 2.100 Deutsche Bank Securities Corp | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Norbay Securities | 2.100 Nelson Securities | 2.100 | W.B. McKee Securities | 2.100 Goldman Sachs & Co | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Orians Investment | 2.100 Noble Securities | 2.100 | Westminster Securities | 2.100 Goldman Sachs Asia | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pagel | 2.100 Normandy Securities | 2.100 | Westonka Investments | 2.100 Goldman Sachs International | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Patten Securities | 2.100 Norris & Hirshberg | 2.100 | Whale Securities Inc | 2.100 HSBC Securities Inc | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peterson, Diehl, Quirk | 2.100 Novatech Capital | 2.100 | William Scott & Co | 2.100 JP Morgan | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pittock Financial | 2.100 Oslo Finans AS | 2.100 | AB Capital Markets | 3.100 JP Morgan Securities Inc | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Providence Securities | 2.100 P. K. Hickey | 2.100 | Agean Group Inc | 3.100 Lazard | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quantum Capital Group | 2.100 Pagel | 2.100 | American Equities Overseas Ltd | 3.100 Lazard Freres & Co LLC | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rademaker, MacDougall | 2.100 Paragon Capital | 2.100 | American Fronteer Financial | 3.100 Merrill Lynch & Co Inc | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RLR Securities Group | 2.100 Parliament Hill Capital | 2.100 | American Trading & Investments 3.100 Merrill Lynch International | 9.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Robert S.C. Peterson | 2.100 Patten Securities | 2.100 | AmeriCorp Securities | 3.100 Merrill Lynch Private Ltd Sing | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Robertson Securities | 2.100 Pittock Financial | 2.100 | AmeriCorp Securities Services | 3.100 Merrill Lynch, Pierce, Fenner | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rocky Mountain Securities&Inv. 2.100 Porcari, Fearnow & Associates | 2.100 | Andrew, Alexander, Wise | 3.100 Morgan Stanley | 9.100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rosenblum, Levin Securities | 2.100 Prestige Investors | 2.100 | Argent Securities, Inc. | 3.100 Morgan Stanley & Co | 9.100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1980-1984 | 1985-1991 | 1992-2000 | 2001-2004 | |||||||||||||
| Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | |||||||||
| Schaenen, Fellerman, Peck Shelter Rock Securities Spectrum Securities State Street Securities Stern Brothers Tennessee Capital Unified Securities Universal Heritage Investments Walford, DeMaret Wilson-Davis Adams, James & Foor Birr, Wilson First Affiliated Securities Institutional Equity Baker, Watts Chicago Corp Gintel John Muir Rauscher Pierce Refsnes Inc Rooney, Pace Stifel Nicolaus & Co Inc | 2.100 Profile Investments 2.100 Providence Securities 2.100 R. C. Stamm 2.100 R. F. Lafferty 2.100 R. J. Steichen 2.100 Reynolds Dewitt Securities 2.100 Richard Christman Lavigne 2.100 Richards, Lynch & Pegher 2.100 RLR Securities Group 2.100 Robert Ainbinder 2.500 Russo Securities 2.500 S. D. Cohn 2.500 Schweitzer 2.500 Securities First 3.000 Sherwood Capital 3.000 Shoenberg, Hieber 3.000 Spectrum Securities 3.000 Steinberg & Lyman 3.000 Stuart, Coleman & Co Inc 3.000 Stuart-James 3.000 Summit Investment | 2.100 2.100 2.100 2.100 2.100 2.100 2.100 2.100 2.100 2.100 2.100 2.100 2.100 2.100 2.100 2.100 2.100 2.100 2.100 2.100 2.100 | Arizona Securities Group Inc. Arthur W. Wood Baraban Securities Inc Barits Securities Berry-Shino Securities, Inc. Berthel Fisher & Co Financial Boston Group Brauer & Associates Brenner Securities Brookhill Equities, Inc. Cambridge Securities Camelot Investment Corp Capital West Securities Cardinal Capital Management Centex Securities Inc Chatfield Dean Cial Coleman & Company Commonwealth Securities, Utah Comvest Partners Cruttenden & Co. Inc. | 3.100 Morgan Stanley Dean Witter 3.100 Salomon Smith Barney 3.100 3.100 3.100 3.100 3.100 3.100 3.100 3.100 3.100 3.100 3.100 3.100 3.100 3.100 3.100 3.100 3.100 3.100 3.100 | 9.100 9.100 | |||||||||||
| Weber Hall Sale & Associates Comiteau Levine Commonwealth Ventures Douglas Bremen E. W. Smith First Alabama Securities | 3.000 Summit Systems 3.100 Sunrise Capital 3.100 Swartwood, Heese & Levine 3.100 Synalgest 3.100 Tidd, Lackey 3.100 Vanderbilt Securities | 2.100 2.100 2.100 2.100 2.100 2.100 | Cruttenden Roth Inc Culver Financial Management D.E. Wine Investments Dalton Kent Securities Group Daniels & Associates Inc Donald & Co. Securities | 3.100 3.100 3.100 3.100 3.100 3.100 | ||||||||||||
| MacDonald, Krieger, Bowyer & B 3.100 Viceroy International Securiti Montano Securities 3.100 Wakefield Financial Neidiger, Tucker, Bruner Inc. 3.100 Westminster Securities Pendrick Reeves Associates, 3.100 Westonka Investments Philips, Appel & Walden 3.100 Yves Hentic R. E. Bolton 3.100 Yves Hentic Investment Secs Ross Stebbins 3.100 Blyth Eastman Paine Webber San Diego Securities 3.100 Cruttenden & Co. Inc. | 2.100 2.100 2.100 2.100 2.100 2.100 2.500 2.500 | Dougherty Summit Securities EBI Securities Corp Elliot Allen & Co., Inc. Emerson Bennett & Assoc. Espirito Santo Sociedade Inv EuroAtlantic Securities, Inc. Farrell FB Gemini | 3.100 3.100 3.100 3.100 3.100 3.100 3.100 3.100 | |||||||||||||
Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) 1980-1984 1985-1991 1992-2000 2001-2004
Underwriter Name Rank Underwriter Name Rank Underwriter Name Rank Underwriter Name Rank
Seidler Amdec Securities Inc 3.100 Ernst Steiner Diamond 3.100 GKN Securities Corp Wachtel 3.100 Gordon Capital Corp Whale Securities Inc 3.100 Neidiger, Tucker, Bruner Inc. Dickinson & Co 3.500 First Hanover Securities Inc 2.500 Fin-Atlantic Securities 3.100 2.500 Fine Equities Inc 3.100 2.500 First Asset Management, Inc. 3.100 2.500 First Cambridge Securities Co 3.100 2.667 First Colonial Securities Grp 3.100
R. G. Dickinson3.500 Keane Securities Wedbush, Noble, Cooke 3.500 Marantette Cable, Howse & Ragen 4.000 Weber Hall Sale & Associates Craig-Hallum, Inc. 4.000 Yorke McCarter Owen & Bartles First Albany 4.000 Arthur W. Wood First Equity Corp 4.000 Chatfield Dean Hanifen Imhoff & Samford 4.000 Comiteau Levine Hanifen Imhoff Inc 4.000 Commonwealth Securities, Utah Interstate Securities 4.000 Donald & Co. Securities Laidlaw Adams & Peck 4.000 Hamilton, Grant New Court Securities Corp. 4.000 Hays Securities Newhard, Cook 4.000 Henry F. Swift Paulson Investment Co 4.000 Huberman, Margaretten & Straus Raymond James & Associates Inc4.000 I. M. Simon Robinson-Humphrey (Old) 4.000 Ingham, Becker Woodman, Kirkpatrick Gilbreath 4.000 James J. Duane 3.000 First Liberty Investment Group 3.100 3.000 First London Securities Corp 3.100 3.000 First Marathon (U.S.A.) Inc. 3.100 3.000 First Metropolitan Securities 3.100 3.100 First Midwest Securities, Inc 3.100 3.100 Franklin-Lord, Inc. 3.100 3.100 Glaser Capital Corp 3.100 3.100 Global Financial Group 3.100 3.100 Goepel Shields 3.100 3.100 Gunn & Company 3.100 3.100 GunnAllen Financial Inc 3.100 3.100 H. D. Brous 3.100 3.100 Hampshire Securities Corp 3.100 3.100 Hoak Securities Corp 3.100 3.100 Hobbs Melville Securities 3.100 3.100 Howe Barnes Investments 3.100
B. C. Christopher Securities4.100 Josephthal Lyons & Ross Inc Bacon, Whipple 4.100 K S Securities GmbH Baird Patrick & Co Inc 4.100 Kashner Davidson Securities Brean Murray & Co Inc 4.100 Koonce Securities Burns, Pauli 4.100 Laidlaw Equities Inc Coughlin and Company 4.100 Life Planning 3.100 Howe Barnes Investments Inc. 3.100 3.100 Huberman, Margaretten & Straus 3.100 3.100 IAR Securities Corp 3.100 3.100 I-Bankers Securities Inc 3.100 3.100 Institutional Equity Holdings 3.100 3.100 ISG Capital Markets 3.100
D. H. Blair4.100 Lowell H. Listrom 3.100 J. Edmund & Co. 3.100
D. H. Wallach4.100 Manchester Rhone Securities Frederick 4.100 Marketfield Securities Freehling 4.100 Miller, Johnson & Kuehn, Inc. Gradison 4.100 Monness, Crespi, Hardt Hopper Soliday 4.100 New York & Foreign Securities Illinois 4.100 Noble Investment Co McLarty 4.100 North American Investment 3.100 J.W. Barclay 3.100 3.100 Janda & Garrington LLC 3.100 3.100 Janssen-Meyers Associates 3.100 3.100 Joseph Dillon & Co Inc 3.100 3.100 Joseph Roberts & Co 3.100 3.100 Joseph Stevens & Company 3.100 3.100 JP Turner & Co 3.100
Page 5 of Table 2
Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) 1980-1984 1985-1991 1992-2000 2001-2004
Underwriter Name Rank Underwriter Name Rank Underwriter Name Rank Underwriter Name Rank
Moors & Cabot Inc 4.100 North Country Securities Park Avenue Securities 4.100 Professional Brokerage Service Santa Barbara Securities 4.100 Quinn Scott & Stringfellow Financial 4.100 R. B. Marich Seidler, Arnett & Spillane 4.100 R.H. Damon & Co., Inc. Troster Singer Stevens Rothsch 4.100 RAF Financial Van Kasper & Co 4.100 Reinheimer Nordberg 3.100 Kashner Davidson Securities 3.100 3.100 Keane Securities 3.100 3.100 Kenneth Jerome & Co. Inc. 3.100 3.100 Kensington Securities, Inc. 3.100 3.100 Kirlin Securities Inc. 3.100 3.100 Klein Maus and Shire Inc. 3.100 3.100 KSH Investment Group, Inc. 3.100
W. H. Newbold's Son4.100 Robert Todd Financial Corp. Wm. C. Roney 4.100 Sable Capital Markets, Inc. Allen & Co Inc 5.000 Schneider Securities, Inc. Bateman Eichler Hill Richards 5.000 Seaboard Planning Blunt Ellis & Loewi Inc 5.000 Sherwood Securities Boettcher 5.000 Smetek, Van Horn & Cormack Butcher & Singer Inc 5.000 Southcoast Capital Dain Bosworth Inc 5.000 Wachtel Eppler Guerin & Turner Inc 5.000 Whale Securities Inc 3.100 La Jolla Securities 3.100 3.100 Laidlaw Equities Inc 3.100 3.100 Landmark International 3.100 3.100 Madison Securities 3.100 3.100 Marche Securities 3.100 3.100 Marion Bass Securities 3.100 3.100 Marleau Lemire Inc 3.100 3.100 Mathews, Holmquist & Assoc. 3.100 3.333 Maxwell Capital 3.100
F. Eberstadt5.000 Allied Capital Group First of Michigan Corp 5.000 Baird Patrick & Co Inc Foster & Marshall 5.000 Van Kasper & Co Howard Weil Labouisse Freid 5.000 Oberweis Securities Janney Montgomery Scott Inc 5.000 Woolcott JC Bradford & Co 5.000 Pennsylvania Merchant Group Johnson, Lane, Space, Smith 5.000 Emmett A. Larkin Ladenburg Thalmann & Co 5.000 First Equity Corp Legg Mason Wood Walker 5.000 Gulfstream Financial Assoc Moseley, Hallgarten, Estabrook 5.000 Reich Ohio Co 5.000 Unterberg Harris Prescott Ball & Turben Inc 5.000 Wedbush, Noble, Cooke Rotan Mosle Inc 5.000 Werbel-Roth Securities Rothschild Inc. 5.000 Alan-Bush Brokerage Schneider Bernet & Hickman Inc 5.000 Balis Zorn Gerard Sutro & Co Inc 5.000 Brean Murray & Co Inc Underwood, Neuhaus 5.000 Burgess & Leith Wheat First Securities Inc 5.000 Culver, Slatery Securities, In William Blair & Co 5.000 D. H. Blair 3.500 McClurg Capital Corporation 3.100 3.500 Meridian Capital Markets 3.100 3.500 Millenium Securities Corp. 3.100 3.750 Millennium Financial Group 3.100 3.750 Miller, Johnson & Kuehn, Inc. 3.100 3.833 Mills Financial Services Inc 3.100 4.000 Monness, Crespi, Hardt 3.100 4.000 Murchison Investment Bankers 3.100 4.000 National Securities (Taiwan) 3.100 4.000 Nationwide Securities, Inc. 3.100 4.000 Neidiger, Tucker, Bruner Inc. 3.100 4.000 Network 1 Financial Securities 3.100 4.000 New York Broker 3.100 4.100 Noble International Investment 3.100 4.100 Noble Investment Co 3.100 4.100 Nolan Securities Corp. 3.100 4.100 Norcross Securities, Inc. 3.100 4.100 Oak Ridge Investments 3.100 4.100 Oakes Fitzwilliams & Co 3.100
Page 6 of Table 2
Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) 1980-1984 1985-1991 1992-2000 2001-2004
Underwriter Name Rank Underwriter Name Rank Underwriter Name Rank Underwriter Name Rank
Wood Gundy (New York) 5.000 D. H. Wallach Allen C. Ewing 5.100 English Trust Co Ltd Blunt Ellis & Simmons 5.100 First Birmingham Securities Charterhouse Japhet PLC 5.100 Freehling DA Davidson & Co Inc 5.100 Gaines, Berland Edward A. Viner 5.100 Grady and Hatch Edward D Jones & Co 5.100 Heiner & Stock Ferris & Company 5.100 Herzfeld & Stern John G Kinnard & Co 5.100 Hibbard & O'Connor Securities June S. Jones 5.100 Hibbard Brown & Company Raffensperger, Hughes 5.100 Jesup & Lamont Securities Robertson, Colman & Stephens 5.100 Johnson Rice & Co Southwest Securities 5.100 Kemper Securities Stephens Inc 5.100 London Freedland Advest Inc 5.500 Matthews & Wright Capital Montgomery Securities 5.500 Meuse Rinker Chapman Endres & Blyth Eastman Paine Webber 6.000 Milwaukee Hambrecht & Quist 6.000 Morgan Schiff Equitable Securities Corp 6.100 Morgan, Olmstead, Kennedy Foster & Marshall/Am Ex 6.100 Moseley Securities Corporation Furman Selz Mager Dietz Birney 6.100 Murphey Favre Invemed Associates Inc 6.100 R. G. Dickinson Kitcat, Aitken & Safran 6.100 Sands Brothers & Co Ltd Legg, Mason 6.100 Sterne Agee & Leach Inc McDonald Investments 6.100 W. H. Newbold's Son Robinson-Humphrey/American Exp6.100 Wiley Bros. AG Edwards & Sons Inc 6.500 William K Woodruffe & Co Inc Robert W Baird & Co Inc 6.500 Wm. C. Roney Thomson McKinnon Securities 6.500 Young, Smith & Peacock Donaldson Lufkin & Jenrette 7.000 Carolina Securities Drexel Burnham Lambert 7.000 Fahnestock & Co 4.100 Oddo Finance 3.100 4.100 onlinetradinginc.com corp. 3.100 4.100 Oscar Gruss & Son Inc 3.100 4.100 Paulson Investment Co 3.100 4.100 PCM Securities Ltd 3.100 4.100 Princeton Securities 3.100 4.100 R. D. White & Co. 3.100 4.100 R. D. White & Company 3.100 4.100 R.H. Investments, Inc. 3.100 4.100 RAF Financial 3.100 4.100 RAS Securities Corporation 3.100 4.100 Redstone Securities 3.100 4.100 Regency Group 3.100 4.100 Renaissance Capital Partners 3.100 4.100 Renaissance Financial Secs 3.100 4.100 Richter, Cohen 3.100 4.100 Roan Capital Partners, L.P. 3.100 4.100 Robert Todd Financial Corp. 3.100 4.100 Round Hill Securities, Inc. 3.100 4.100 RvR Securities Corp 3.100 4.100 S. W. Ryan & Company 3.100 4.100 Schneider Securities, Inc. 3.100 4.100 Seaboard Planning 3.100 4.100 Seaboard Securities 3.100 4.100 Security Capital Markets Group 3.100 4.100 Security Capital Trading Inc 3.100 4.100 Sentra Securities 3.100 4.100 Shamrock Partners, Ltd. 3.100 4.100 Sharpe Capital 3.100 4.250 Shochet Securities 3.100 4.250 Sovereign Equity Management 3.100
N. Donald7.000 American Securities 4.333 Spelman & Co. 3.100 Tucker Anthony Inc 7.000 Frederick 4.333 Spencer Edwards 3.100
A. G. Becker Paribas Inc.7.100 DA Davidson & Co Inc 4.375 Starr Securities 3.100 LF Rothschild Unterberg Towbin 7.100 Commonwealth Associates 4.500 State Street Capital Markets 3.100
Page 7 of Table 2
Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) 1980-1984 1985-1991 1992-2000 2001-2004
Underwriter Name Rank Underwriter Name Rank Underwriter Name Rank Underwriter Name Rank
Morgan Keegan Inc 7.100 Craig-Hallum, Inc. Piper Jaffray & Hopwood Inc 7.100 Foster & Marshall Rauscher Pierce Securities 7.100 Hopper Soliday Alex Brown & Sons Inc 7.500 McKinley Allsopp Inc Becker Paribas Incorporated 7.500 Gallagher Capital Oppenheimer & Co Inc 7.500 Lovett Underwood Neuhaus Warburg Paribas Becker Inc 7.500 Mesirow Bache Halsey Stuart Shields 8.000 Roney & Co Bear Stearns & Co Inc 8.000 Davenport Dean Witter Reynolds Inc 8.000 Johnston Lemon & Co Inc EF Hutton & Co Inc 8.000 Parker-Hunter Inc Kidder Peabody & Co Inc 8.000 First Affiliated Securities Lazard Freres & Co LLC 8.000 Hanifen Imhoff & Samford Lehman Brothers Kuhn Loeb 8.000 Hanifen Imhoff Inc PaineWebber 8.000 Muller & Co Smith Barney, Harris Upham 8.000 Paulson Investment Co Wertheim 8.000 Rosenkrantz, Ehrenkrantz, Lyon Dillon, Read & Co Inc 8.100 Steiner Diamond Kleinwort Benson Ltd 8.100 Volpe & Covington Prudential-Bache Securities 8.100 Volpe Welty & Co First Boston Corp 9.000 Wedbush Morgan Securities Goldman Sachs & Co 9.000 Adams Harkness & Hill Inc Merrill Lynch White Weld Cptl 9.000 Adams, Cohen Morgan Stanley & Co 9.000 Baer & Company Salomon Brothers 9.000 Barclay Investments, Inc. Shearson Lehman/American Exp 9.000 Cohig & Associates Merrill Lynch Capital Markets 9.100 David A. Noyes Shearson Loeb Rhoades Inc 9.100 Edward A. Viner Shearson/American Express Inc 9.100 Interstate Securities
John G Kinnard & Co
Marshall & Co. Securities
OBSA International
Ohio Co
Raffensperger, Hughes
Southwest Securities 4.500 Sterling Financial Corp 3.100 4.500 Stonegate Securities 3.100 4.500 Suppes Securities, Inc. 3.100 4.500 Tamaron Investments, Inc 3.100 4.750 Tasin & Company 3.100 4.750 Texas Capital Securities Inc 3.100 4.750 Texas Securities Inc 3.100 4.750 The Thornwater Company L.P. 3.100 4.875 Trautman Kramer & Co. 3.100 4.875 Trinity Capital Securities Ltd 3.100 4.875 Tuschner & Company 3.100 5.000 Vantage Securities 3.100 5.000 W.J. Nolan & Company, Inc. 3.100 5.000 Walford & Company 3.100 5.000 Walsh Manning Securities, Inc. 3.100 5.000 Weatherly Securities Corp 3.100 5.000 Westfield Financial Corp 3.100 5.000 Westport Resources Investment 3.100 5.000 White Rock Partners & Co., Inc 3.100 5.000 Win Capital Corp. 3.100 5.000 Yee, Desmond, Schroeder, Allen 3.100 5.100 Yorkton Securities Inc 3.100 5.100 Access Securities 4.100 5.100 Aegis Capital 4.100 5.100 Allen & Co Inc 4.100 5.100 Anderson & Strudwick 4.100 5.100 Baird Patrick & Co Inc 4.100 5.100 Black & Co Inc 4.100 5.100 BOCI Asia 4.100 5.100 Boenning & Scattergood 4.100 5.100 Brean Murray & Co Inc 4.100 5.100 Carleton, McCreary, Holmes 4.100 5.100 Charles Webb & Company 4.100 5.100 China Development Finance (HK)4.100 5.100 Coburn & Meredith, Inc 4.100
Page 8 of Table 2 Page 9 of Table 2
| Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1980-1984 | 1985-1991 | 1992-2000 | 2001-2004 | |||||||||||||||
| Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | |||||||||||
| Wedbush Securities William Sword Woodman, Kirkpatrick Gilbreath Yamaichi Securities New York JJB Hilliard WL Lyons Inc Seidler Amdec Securities Inc Ferris & Company George K Baum & Co Williams Securities Group Crowell Weedon & Co Edward D Jones & Co Johnson, Lane, Space, Smith Jefferies & Co Inc | 5.100 5.100 5.100 5.100 5.125 5.125 5.130 5.167 5.167 5.250 5.250 5.250 5.333 | Columbia Group Inc 4.100 Craig-Hallum, Inc. 4.100 D. H. Blair 4.100 D. H. Blair Investment Banking 4.100 Dirks & Company Inc 4.100 Drake Capital Securities 4.100 Fechtor, Detwiler 4.100 Fieldstone 4.100 Fieldstone Private Capital Grp 4.100 First Securities Corp. of NC 4.100 Fleming Martin 4.100 Foley Mufson Howe & Company 4.100 Frederick 4.100 | ||||||||||||||||
| Wessels Arnold & Henderson LLC Josephthal & Co Inc B. C. Christopher Securities Blackstock Cowen Dickinson & Co | 5.333 5.375 5.500 5.500 5.500 5.500 | Genesis Capital Goldis Financial Group, Inc. Goodbody Stockbrokers Gordon Capital Corp Grady and Hatch Hamilton Investments | 4.100 4.100 4.100 4.100 4.100 4.100 | |||||||||||||||
| Equitable Securities, New York First Analysis Securities Lovett Mitchell Webb Garrison | 5.500 5.500 5.500 | Hartley Poynton Ltd Hibbard Brown & Company Hoefer & Arnett Inc | 4.100 4.100 4.100 | |||||||||||||||
| Mabon Nugent & Co Rodman & Renshaw Inc | 5.500 5.500 | Institutional Equity Invercaixa | 4.100 4.100 | |||||||||||||||
| San Diego Securities Scott & Stringfellow Financial Sperber Adams Strasbourger Pearson Tulcin First of Michigan Corp Raymond James & Associates Inc Fox-Pitt Kelton Inc | 5.500 5.500 5.500 5.500 5.625 5.625 5.667 | Jensen Securities Johnson Rice & Co Joseph Gunnar & Co., LLC Kaufman Brothers LP KB Securities NV L.H. Alton & Co. L.H. Friend | 4.100 4.100 4.100 4.100 4.100 4.100 4.100 | |||||||||||||||
| Rotan Mosle Inc Bacon Stifel Nicolaus | 5.667 5.750 | L.H. Friend, Weinress&Frankson 4.100 Laidlaw Global Securities 4.100 | ||||||||||||||||
| Howard Weil Labouisse Freid Moseley, Hallgarten, Estabrook | 5.750 5.750 | Laidlaw-Coggeshall LaSalle Street Securities Inc | 4.100 4.100 | |||||||||||||||
| Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) | |||||||
|---|---|---|---|---|---|---|---|
| 1980-1984 | 1985-1991 | 1992-2000 | 2001-2004 | ||||
| Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank |
| Robert W Baird & Co Inc | 5.750 | Leerink Swann & Co. | 4.100 |
| Stifel Nicolaus & Co Inc | 5.750 | LH Friend, Weinress, Frankson | 4.100 |
| Swergold Chefitz & Sinsabaugh | 5.750 | M Kane & Co | 4.100 |
| Bateman Eichler Hill Richards | 5.833 | McGinn, Smith & Co Inc | 4.100 |
| Gruntal & Co Inc | 5.875 | McMahan Securities Co., LP | 4.100 |
| Baker, Watts | 6.000 | Meyers Pollock Robbins Inc. | 4.100 |
| Boettcher | 6.000 | Moors & Cabot Inc | 4.100 |
| Engler & Budd Company | 6.000 | Morgan Schiff | 4.100 |
| Financial First Securities | 6.000 | Murphey Marseilles Smith | 4.100 |
| First Albany | 6.000 | National City Investments | 4.100 |
| Interstate/Johnson Lane Inc | 6.000 | Northeast Securities Inc. | 4.100 |
| Investment Corporation | 6.000 | Nutmeg Securities Ltd | 4.100 |
| Janney Montgomery Scott Inc | 6.000 | Pauli Johnson Capital & Resch | 4.100 |
| Ladenburg Thalmann & Co | 6.000 | Peacock Hislop Staley & Given | 4.100 |
| Needham & Co Inc | 6.000 | Prime Charter Ltd | 4.100 |
| Schneider Bernet & Hickman Inc | 6.000 | Principal Financial Securities | 4.100 |
| Starr Securities | 6.000 | Redwine & Company Inc | 4.100 |
| Sutro & Co Inc | 6.000 | Reich | 4.100 |
| Buys - MacGregor - MacNaughton | 6.100 | Reinheimer and Company | 4.100 |
| Chicago Corp | 6.100 | Reinheimer Nordberg | 4.100 |
| Eberstadt Fleming | 6.100 | Roth Capital Partners Inc | 4.100 |
| Enskilda Securities | 6.100 | Royce Investment Group Inc | 4.100 |
| Equitable Securities Corp | 6.100 | Sands Brothers & Co Ltd | 4.100 |
| Haas Securities | 6.100 | Seidler Corp | 4.100 |
| McDonald Investments | 6.100 | Smith, Moore | 4.100 |
| McKewon & Timmins | 6.100 | Southcoast Capital | 4.100 |
| Prudential Securities Inc | 6.100 | Southeast Research Partners | 4.100 |
| Robinson-Humphrey/American Exp | 6.100 | SPP Capital Partners Inc | 4.100 |
| Wheat First Butcher & Singer | 6.100 | Swiss Bank International | 4.100 |
| Eppler Guerin & Turner Inc | 6.250 | Tejas Securities Inc | 4.100 |
| Newhard, Cook | 6.250 | Trident Securities | 4.100 |
| Rauscher Pierce Refsnes Inc | 6.250 | Value Investing Partners, Inc. | 4.100 |
| Furman Selz Mager Dietz Birney | 6.375 | W. E. Kaufman | 4.100 |
| Rooney, Pace | 6.375 | W.I.G. Securities | 4.100 |
| Birr, Wilson | 6.500 | W.J. Gallagher | 4.100 |
| Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1980-1984 | 1985-1991 | 1992-2000 | 2001-2004 | |||||||||||||||||||
| Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | |||||||||||||||
| Evans | 6.500 | Waldron & Co | 4.100 | |||||||||||||||||||
| Invemed Associates Inc Laidlaw Adams & Peck | 6.500 6.500 | Wedbush, Noble, Cooke Werbel-Roth Securities | 4.100 4.100 | |||||||||||||||||||
| Moore & Schley, Cameron Stern Brothers | 6.500 6.500 | West Park Capital William K Woodruffe & Co Inc | 4.100 4.100 | |||||||||||||||||||
| Morgan Keegan Inc Sanford C Bernstein & Co Inc Warburg Paribas Becker Inc Butcher & Singer Inc Cable, Howse & Ragen Kleinwort Benson Ltd Stephens Inc Allen & Co Inc | 6.625 6.625 6.667 6.750 6.750 6.750 6.750 7.000 | Wm. C. Roney 4.100 Yorkton Capital Mkts Overseas 4.100 Acciones y Valores de Mexico 5.100 Adams Harkness & Hill Inc 5.100 AIB Capital Markets 5.100 Alfred Berg Fondkommission AB 5.100 Allen C. Ewing 5.100 Auerbach Pollak & Richardson 5.100 | ||||||||||||||||||||
| Ryan Beck & Co Tucker Anthony Inc Underwood, Neuhaus A. G. Becker Paribas Inc. | 7.000 7.000 7.000 7.100 | Blaylock & Partners LP Bozano Simonsen Securities Inc Burnham Securities Inc Bursamex SA de CV | 5.100 5.100 5.100 5.100 | |||||||||||||||||||
| Akroyd & Smithers Inc Baring Brothers & Co Ltd Becker Paribas Incorporated BT Securities Corp County NatWest Limited F. Eberstadt | 7.100 7.100 7.100 7.100 7.100 7.100 | CA-IB Investmentbank AG Chapman Company China International Capital Co CL King & Associates Inc Cohig & Associates DA Davidson & Co Inc | 5.100 5.100 5.100 5.100 5.100 5.100 | |||||||||||||||||||
| J Henry Schroder Wagg & Co Ltd Levco Securities LF Rothschild Unterberg Towbin Paribas Corporation Paribas SA Piper Jaffray & Hopwood Inc Rauscher Pierce Securities | 7.100 7.100 7.100 7.100 7.100 7.100 7.100 | David A. Noyes Davy Stockbrokers Dickinson & Co Edgar M. Norris & Co Epoch Capital Corp EVEREN Securities Inc Fahnestock & Co | 5.100 5.100 5.100 5.100 5.100 5.100 5.100 | |||||||||||||||||||
| SG Warburg Securities Advest Inc Legg Mason Wood Walker Blunt Ellis & Loewi Inc Rothschild Inc. | 7.100 7.125 7.125 7.167 7.167 | fbr.com Ferris & Company Ferris, Baker Watts Fifth Third/The Ohio Co. First Albany | 5.100 5.100 5.100 5.100 5.100 | |||||||||||||||||||
| Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1980-1984 | 1985-1991 | 1992-2000 | 2001-2004 | |||||||||||||||||||||
| Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | |||||||||||||||||
| Cazenove & Co JC Bradford & Co Robinson-Humphrey (Old) EuroPartners Securities | 7.333 7.375 7.375 7.500 | First of Michigan Corp First Union Capital Markets First Union National Bancorp First Union Securities Inc | 5.100 5.100 5.100 5.100 | |||||||||||||||||||||
| Lehman Brothers Kuhn Loeb Prescott Ball & Turben Inc | 7.500 7.500 | Forum Capital Markets LP Fox-Pitt Kelton Inc | 5.100 5.100 | |||||||||||||||||||||
| Sogen Securities Dain Bosworth Inc Thomson McKinnon Securities | 7.500 7.625 7.750 | Friedman Billings Ramsey Group 5.100 George K Baum & Co 5.100 Gerard Klauer Mattison & Co 5.100 | ||||||||||||||||||||||
| Wheat First Securities Inc Oppenheimer & Co Inc William Blair & Co | 7.750 7.875 7.875 | Good Morning Securities Groupe CAIB Auxifer SA Gruntal & Co Inc | 5.100 5.100 5.100 | |||||||||||||||||||||
| AG Edwards & Sons Inc | 8.000 | Hanifen Imhoff Inc | 5.100 | |||||||||||||||||||||
| EF Hutton & Co Inc Hambrecht & Quist Dean Witter Capital Markets Drexel Burnham Lambert | 8.000 8.000 8.100 8.100 | HC Wainwright & Co Inc HCFP Brenner Securities LLC Hoak Breedlove Wesneski & Co Howard Weil Labouisse Freid | 5.100 5.100 5.100 5.100 | |||||||||||||||||||||
| International Finance Corp PaineWebber Prudential-Bache Securities | 8.100 8.100 8.100 | Interacciones Casa de Bolsa Interacciones Global, Inc. Interstate Securities | 5.100 5.100 5.100 | |||||||||||||||||||||
| Daiwa Securities America Nomura Securities Keefe Bruyette & Woods Inc Dean Witter Reynolds Inc Dillon, Read & Co Inc Bear Stearns & Co Inc | 8.125 8.250 8.333 8.500 8.625 8.750 | Interstate/Johnson Lane Inc Interstate/Johnson Lane Inc InverMexico SA de CV Jefferies & Co Inc JJB Hilliard WL Lyons Inc John G Kinnard & Co | 5.100 5.100 5.100 5.100 5.100 5.100 | |||||||||||||||||||||
| Donaldson Lufkin & Jenrette | 8.750 | KBC Securities | 5.100 | |||||||||||||||||||||
| Lazard Freres & Co LLC Montgomery Securities Prudential-Bache Capital Fund Robertson Stephens & Co Robertson, Colman & Stephens Smith Barney, Harris Upham Wertheim Wertheim Schroder | 8.750 8.750 8.750 8.750 8.750 8.750 8.830 8.830 | Kirkpatrick, Pettis, Smith, Po Landesbank Rheinland Pfalz Legacy Securities Corp LG Investment & Securities Loeb Partners Mabon Nugent & Co Mabon Securities Corp Macquarie Bank | 5.100 5.100 5.100 5.100 5.100 5.100 5.100 5.100 | |||||||||||||||||||||
| Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) | |||||||
|---|---|---|---|---|---|---|---|
| 1980-1984 | 1985-1991 | 1992-2000 | 2001-2004 | ||||
| Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank |
| Kidder Peabody & Co Inc | 8.833 | May Davis Group Inc | 5.100 |
| Shearson Lehman Brothers | 8.833 | Midland Walwyn Inc | 5.100 |
| Alex Brown & Sons Inc | 8.875 | MR Beal & Co | 5.100 |
| Merrill Lynch White Weld Cptl | 8.875 | National Bank Financial Inc | 5.100 |
| Morgan Stanley & Co | 8.875 | Needham & Co Inc | 5.100 |
| First Boston Corp | 9.000 | Nordberg Capital Inc | 5.100 |
| Goldman Sachs & Co | 9.000 | Northington Capital Markets | 5.100 |
| Salomon Brothers | 9.000 | Ohio Co | 5.100 |
| Deutsche Bank Capital (NY) | 9.100 | Ormes Capital Markets Inc | 5.100 |
| JP Morgan Securities Inc | 9.100 | Parker-Hunter Inc | 5.100 |
| Lehman Brothers | 9.100 | Pennsylvania Co | 5.100 |
| Merrill Lynch & Co Inc | 9.100 | Pennsylvania Merchant Group | 5.100 |
| Merrill Lynch Capital Markets | 9.100 | Petrie Parkman & Co Inc | 5.100 |
| Nomura Securities New York Inc | 9.100 | Probursa International Inc | 5.100 |
| Shearson Lehman Hutton | 9.100 | Raffensperger, Hughes | 5.100 |
| Shearson Lehman/American Exp | 9.100 | Ragen MacKenzie Group Inc | 5.100 |
| Shearson/American Express Inc | 9.100 | RC Securities, Inc. | 5.100 |
| Roney & Co | 5.100 | ||
| Ryan Beck & Co | 5.100 | ||
| Sanders Morris Mundy Inc | 5.100 | ||
| Serfin Securities Inc | 5.100 | ||
| Simmons & Co | 5.100 | ||
| Simmons & Co International | 5.100 | ||
| Southwest Securities | 5.100 | ||
| Spencer Trask | 5.100 | ||
| Ssangyong Securities America | 5.100 | ||
| Sterne Agee & Leach Inc | 5.100 | ||
| Strasbourger Pearson Tulcin | 5.100 | ||
| Sunkyong Securities | 5.100 | ||
| Tucker Anthony Cleary Gull | 5.100 | ||
| Unterberg Harris | 5.100 | ||
| Unterberg Harris De Santis | 5.100 | ||
| Van Kasper & Co | 5.100 | ||
| Vector Securities Intl | 5.100 | ||
| Vectormex Inc | 5.100 |
| Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) | |||||||
|---|---|---|---|---|---|---|---|
| 1980-1984 | 1985-1991 | 1992-2000 | 2001-2004 | ||||
| Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank |
| VECTORMEX Inc. | 5.100 |
| Wedbush Morgan Securities | 5.100 |
| Wedbush Securities | 5.100 |
| Westdeutsche Landesbank Giro | 5.100 |
| Wheat First Union | 5.100 |
| Adams, Cohen | 6.100 |
| Advest Inc | 6.100 |
| Bank Austria Investment Bank | 6.100 |
| Bank J Vontobel & Co AG | 6.100 |
BHF-Bank AG, New York Branch6.100 BMO Nesbitt Burns Inc 6.100 BMO Nesbitt Thomson Ltd 6.100 Canadian Imperial Bk Commerce 6.100
| Cantor, Fitzgerald & Co., Inc. | 6.100 |
| CE Unterberg Towbin | 6.100 |
| Chicago Corp | 6.100 |
| Chicago Dearborn | 6.100 |
| Cleary Gull Reiland & McDevitt | 6.100 |
| Cleary Gull Reiland McDevitt | 6.100 |
| Conning & Co | 6.100 |
| Conning & Co | 6.100 |
| Crowell Weedon & Co | 6.100 |
| Davenport | 6.100 |
| Edward D Jones & Co | 6.100 |
| Enskilda Securities | 6.100 |
| Equitable Securities Corp | 6.100 |
| Equitable Securities, New York | 6.100 |
| First Analysis Securities | 6.100 |
| First Security Van Kasper & Co | 6.100 |
| First Southwest | 6.100 |
| Invemed Associates Inc | 6.100 |
| Kemper Securities | 6.100 |
| Ladenburg Thalmann & Co | 6.100 |
| McDonald Investments | 6.100 |
| Mesirow Financial Corp | 6.100 |
| Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) | |||||||
|---|---|---|---|---|---|---|---|
| 1980-1984 | 1985-1991 | 1992-2000 | 2001-2004 | ||||
| Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank |
| Neuberger Berman Inc | 6.100 |
| Ord Minnett Group | 6.100 |
| Peregrine Brokerage Ltd | 6.100 |
| Peregrine Capital Ltd | 6.100 |
| Principal/Eppler, Guerin | 6.100 |
| Prudential Securities Inc | 6.100 |
| Punk Ziegel & Knoell | 6.100 |
| Punk, Ziegel & Company | 6.100 |
| Robinson-Humphrey (Old) | 6.100 |
| Robinson-Humphrey Co | 6.100 |
| Roney Capital Markets | 6.100 |
| Samsung Securities Co | 6.100 |
| Scott & Stringfellow Financial | 6.100 |
| SG Cowen Securities Corp | 6.100 |
| Stifel Nicolaus & Co Inc | 6.100 |
| SunTrust Equitable Securities | 6.100 |
| SunTrust Securities, Inc. | 6.100 |
| Sutro & Co Inc | 6.100 |
| Tucker Anthony Inc | 6.100 |
| Utendahl Capital Partners | 6.100 |
| Wheat First Butcher & Singer | 6.100 |
| AG Edwards & Sons Inc | 7.100 |
Arnhold and S Bleichroeder Inc 7.100 Arnold Bleichroeder Company 7.100 BA Securities 7.100 Banca Commerciale Italiana SpA 7.100 Banco Santander de Negocios SA 7.100
| Banque Indosuez | 7.100 |
| Barclay Investments, Inc. | 7.100 |
| Barclays de Zoete Wedd Ltd | 7.100 |
| Baring Securities Inc | 7.100 |
| BB&T Capital Markets | 7.100 |
| BNP Paribas SA | 7.100 |
| BT Securities Corp | 7.100 |
| BZW/Barclays PLC | 7.100 |
Page 15 of Table 2
| Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) | |||||||
|---|---|---|---|---|---|---|---|
| 1980-1984 | 1985-1991 | 1992-2000 | 2001-2004 | ||||
| Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank |
| C.J. Lawrence/Deutsche Bank | 7.100 |
| Caspian Securities | 7.100 |
| Chemical Securities Inc | 7.100 |
| Commerzbank AG | 7.100 |
| County NatWest Securities Ltd | 7.100 |
| Cowen | 7.100 |
| Credit Agricole Indosuez | 7.100 |
| Credit Lyonnais SA | 7.100 |
| Credit Lyonnais Securities USA | 7.100 |
| Daewoo Securities Co Ltd | 7.100 |
| Dain Bosworth Inc | 7.100 |
| Dain Rauscher Corp | 7.100 |
| Dain Rauscher Wessels | 7.100 |
| Dain, Kalman & Quail | 7.100 |
| Dresdner Bank AG | 7.100 |
| Dresdner Kleinwort Benson | 7.100 |
| Dresdner Securities (USA) Inc | 7.100 |
| E*Offering Corp | 7.100 |
| E*Trade Securities Inc | 7.100 |
| Fidelity Capital Markets | 7.100 |
| Fleet Boston Corp | 7.100 |
| Furman Selz LLC | 7.100 |
Furman Selz Mager Dietz Birney 7.100 Gabelli & Co Inc 7.100 Grupo Banco Bilbao Vizcaya 7.100 Hornblower & Weeks Hemphill No7.100 Hornblower Weeks Noyes & Trask7.100
| ING Baring Furman Selz LLC | 7.100 |
| ING Barings | 7.100 |
| J Henry Schroder & Co Ltd | 7.100 |
| Janney Montgomery Scott Inc | 7.100 |
| Jardine Fleming | 7.100 |
| JB Were & Son | 7.100 |
| JC Bradford & Co | 7.100 |
| John Nuveen Co | 7.100 |
Page 16 of Table 2
| Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) | |||||||
|---|---|---|---|---|---|---|---|
| 1980-1984 | 1985-1991 | 1992-2000 | 2001-2004 | ||||
| Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank |
| Keefe Bruyette & Woods Inc | 7.100 |
| Legg Mason Wood Walker | 7.100 |
| Legg, Mason | 7.100 |
| Morgan Keegan Inc | 7.100 |
| Nesbitt Burns Corp | 7.100 |
| Nesbitt Burns Inc | 7.100 |
| Nesbitt Burns Securities | 7.100 |
| Nikko Securities (Europe) | 7.100 |
| Nikko Securities (New York) | 7.100 |
| Nikko Securities Co Ltd | 7.100 |
| NM Rothschild & Smith New Ct | 7.100 |
| NM Rothschild & Sons Ltd | 7.100 |
| Paribas Capital Markets | 7.100 |
| Paribas Capital Markets Group | 7.100 |
| Paribas Corporation | 7.100 |
| Paribas SA | 7.100 |
| Piper Jaffray & Hopwood Inc | 7.100 |
| Piper Jaffray Inc | 7.100 |
| Rauscher Pierce Refsnes Inc | 7.100 |
Raymond James & Associates Inc7.100 Wessels Arnold & Henderson LLC7.100
| RBC Dominion Securities | 7.100 |
| RBC Dominion Securities Corp | 7.100 |
| Robert Fleming Holdings PLC | 7.100 |
| Robert Fleming Inc | 7.100 |
| Robert W Baird & Co Inc | 7.100 |
| Rothschild Group | 7.100 |
| Royal Bank of Canada | 7.100 |
| Santander Investment Bank | 7.100 |
| Santander Investment(London) | 7.100 |
| Santander Securities PR | 7.100 |
| Scotia Capital Inc | 7.100 |
| Scotia Capital Markets | 7.100 |
| ScotiaMcLeod (USA) Inc | 7.100 |
| ScotiaMcLeod Inc | 7.100 |
| SG Warburg & Co Inc (SZ) | 7.100 |
| Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) | |||||||
|---|---|---|---|---|---|---|---|
| 1980-1984 | 1985-1991 | 1992-2000 | 2001-2004 | ||||
| Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank |
| SG Warburg & Co. Ltd. | 7.100 |
| SG Warburg Securities | 7.100 |
| Societe Generale | 7.100 |
| Societe Generale Securities | 7.100 |
| Soundview Financial Group Inc | 7.100 |
| Soundview Technology Group | 7.100 |
| Stephens Inc | 7.100 |
| TD Securities Inc | 7.100 |
| US Bancorp Piper Jaffray | 7.100 |
| Volpe & Covington | 7.100 |
| Volpe Brown Whelan & Co | 7.100 |
| Volpe Welty & Co | 7.100 |
| W.R. Hambrecht & Company | 7.100 |
| Wachovia Bank | 7.100 |
| Wachovia Securities Inc | 7.100 |
| Wheat First Securities Inc | 7.100 |
| William Blair & Co | 7.100 |
| William R. Hough | 7.100 |
| Wit Capital Group Inc | 7.100 |
| Wit Soundview Group Inc | 7.100 |
| ABD Securities | 8.100 |
| ABN AMRO Chicago Corp | 8.100 |
| ABN AMRO Incorporated | 8.100 |
| ABN AMRO Rothschild | 8.100 |
| ABN-AMRO Holding NV | 8.100 |
| Alex Brown & Sons Inc | 8.100 |
Banc of America Securities LLC 8.100 BancAmerica Robertson Stephens8.100 BancBoston Robertson Stephens 8.100 Banque Nationale de Paris{BNP} 8.100
| Banque Paribas Capital Markets | 8.100 |
| Bear Stearns & Co Inc | 8.100 |
| Bear Stearns International | 8.100 |
| BT Alex Brown Inc | 8.100 |
Page 18 of Table 2
| Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) | |||||||
|---|---|---|---|---|---|---|---|
| 1980-1984 | 1985-1991 | 1992-2000 | 2001-2004 | ||||
| Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank |
| Cazenove & Co | 8.100 |
| Cazenove Inc | 8.100 |
| Charles Schwab & Co Inc | 8.100 |
| Chase H&Q | 8.100 |
| Chase Manhattan Bank NA | 8.100 |
| Chase Securities Inc | 8.100 |
| CIBC Oppenheimer | 8.100 |
| CIBC Wood Gundy Securities | 8.100 |
| CIBC World Markets | 8.100 |
| Citicorp Securities Inc | 8.100 |
| Dai-Ichi Kangyo Bank | 8.100 |
| Daiwa Securities | 8.100 |
| Daiwa Securities (New York) | 8.100 |
| Daiwa Securities America | 8.100 |
| Dean Witter | 8.100 |
| Dean Witter Distributors Inc. | 8.100 |
| Dean Witter Reynolds Inc | 8.100 |
| Dillon, Read & Co Inc | 8.100 |
| DKB Securities Co Ltd | 8.100 |
| DLJdirect | 8.100 |
| FleetBoston Robertson Step Int | 8.100 |
| Hambrecht & Quist | 8.100 |
| HSBC | 8.100 |
| HSBC Investment Banking Ltd | 8.100 |
| HSBC James Capel & Co | 8.100 |
| HSBC Securities Inc | 8.100 |
| Kidder Peabody & Co Inc | 8.100 |
Kleinwort Benson North America 8.100
| Kleinwort Benson Securities | 8.100 |
| Mediobanca | 8.100 |
| Montgomery Securities | 8.100 |
| NationsBanc Montgomery Sec | 8.100 |
| NatWest Securities | 8.100 |
| Oppenheimer & Co Inc | 8.100 |
| PaineWebber | 8.100 |
Page 19 of Table 2
| Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) | |||||||
|---|---|---|---|---|---|---|---|
| 1980-1984 | 1985-1991 | 1992-2000 | 2001-2004 | ||||
| Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank |
| PaineWebber International | 8.100 |
| Prudential Vector Healthcare | 8.100 |
| Prudential Volpe Technology Gr | 8.100 |
| Robertson Stephens & Co | 8.100 |
| Sandler O'Neill Partners | 8.100 |
| Sanford C Bernstein & Co Inc | 8.100 |
| SBC Warburg | 8.100 |
| SBC Warburg Dillon Read Inc | 8.100 |
SBCI Swiss Bank Corp Inv Bkng 8.100 Nomura Securities New York Inc 9.100
| Schroder & Co Inc | 8.100 |
| Schroder Wertheim & Co | 8.100 |
| Smith Barney Inc | 8.100 |
| Smith Barney Shearson | 8.100 |
| Smith Barney, Harris Upham | 8.100 |
| Thomas Weisel Partners LLC | 8.100 |
| UBS AG | 8.100 |
| UBS Ltd | 8.100 |
| UBS Securities Inc | 8.100 |
| UBS Warburg | 8.100 |
| Union Bank of Switzerland | 8.100 |
| Warburg Dillon Read | 8.100 |
| Wasserstein Perella Securities | 8.100 |
| Wertheim Schroder | 8.100 |
| Yamaichi Intl (America) Inc | 8.100 |
| Credit Suisse FB (Europe) | 9.100 |
| Credit Suisse First Boston | 9.100 |
| Credit Suisse First Boston Int | 9.100 |
| CS First Boston | 9.100 |
| Deutsche Banc Alex Brown | 9.100 |
| Deutsche Bank AG | 9.100 |
| Deutsche Bank AG (London) | 9.100 |
| Deutsche Bank AG (New York) | 9.100 |
| Deutsche Bank Securities Corp | 9.100 |
| Deutsche Morgan Grenfell | 9.100 |
| Donaldson Lufkin & Jenrette | 9.100 |
| Table 2: Carter-Manaster Reputation Rankings for IPO Underwriters: 1980-2004 (Ordered by the Carter-Manaster Rankings for Each Sub-period) | |||||||
|---|---|---|---|---|---|---|---|
| 1980-1984 | 1985-1991 | 1992-2000 | 2001-2004 | ||||
| Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank | Underwriter Name | Rank |
| First Boston Corp | 9.100 |
| Goldman Sachs & Co | 9.100 |
| Goldman Sachs International | 9.100 |
| JP Morgan | 9.100 |
| JP Morgan Securities Inc | 9.100 |
| Lazard | 9.100 |
| Lazard Freres & Co LLC | 9.100 |
| Lazard Freres et Cie | 9.100 |
| Lazard Houses | 9.100 |
| Lehman Brothers | 9.100 |
| Lehman Brothers International | 9.100 |
| Merrill Lynch & Co Inc | 9.100 |
| Merrill Lynch Far East Ltd | 9.100 |
| Merrill Lynch International | 9.100 |
| Merrill Lynch, Pierce, Fenner | 9.100 |
| Morgan Stanley & Co | 9.100 |
| Morgan Stanley Dean Witter | 9.100 |
| Morgan Stanley International | 9.100 |
| Nomura International Limited | 9.100 |
| Nomura Secs Intl | 9.100 |
| Nomura Securities | 9.100 |
| Salomon Brothers | 9.100 |
| Salomon Smith Barney | 9.100 |
| Salomon Smith Barney Interntl | 9.100 |
| Schroder Salomon Smith Barney | 9.100 |
| Shearson Lehman Brothers | 9.100 |
Page 21 of Table 2