14-7 Initial Offering Average Expenses on / IPOs from 1990-1994 Value of Issues Direct Avg First Day Total (Smil) Costs(%0) Return(%)Costs(%o 2-9.99 1696 16.36 25.16 10-1999 1163 9.65 18.15 20-3999 97 1248 18.18 40-5999 8.72 13.65 1795 60-79.99 8.2 11.31 16.35 80-9999 791 8.91 14.14 100-19999 7.06 7.16 12.78 200-49999 6.53 5.70 11.10 500 and up5.7275310.36 All Issues 11.00 1205 18.69 Irwin/McGraw-Hill CThe McGraw-Hill Companies, Inc, 2001©The McGraw-Hill Companies, Inc.,2001 14- 7 Irwin/McGraw-Hill Initial Offering Average Expenses on 1767 IPOs from 1990-1994 Value of Issues ($mil) Direct Costs (%) Avg First Day Return (%) Total Costs (%) 2 - 9.99 16.96 16.36 10 - 19.99 11.63 9.65 20 - 39.99 9.7 12.48 40 - 59.99 8.72 13.65 60 - 79.99 8.2 11.31 80 - 99.99 7.91 8.91 100 - 199.99 7.06 7.16 200 - 499.99 6.53 5.70 500 and up 5.72 7.53 All Issues 11.00 12.05 25 16 18 15 18 18 17 95 16 35 14 14 12 78 1110 10 36 18 69 . . . . . . . . .