total raw rounds before any cleaning 16852.00 Cleaning round to ipo/acquisition data elminated observations with unknown fate: 0 Eliminated observations with >100% or <0% value: 99.00 Eliminated observations with missing round date 0 Eliminating observations that start in second quarter 2000. Need one quarter lag for probability: 107.00 If out date is before begin date, treat out date as missing. This affects 23.00 Remaining data: 16646.00 Cleaning round to round data elminated observations with unknown fate: 0 Eliminated observations with >100% or <0% value 99.00 Eliminated observations with missing round date 0 Eliminating observations that start in second quarter 2000. Need one quarter lag for probability. 107.00 If out date is before begin date, treat out date as missing. This affects 15.00 Remaining data: 16646.00 Table 1. Panel A. Basic statistics -- ipo/acq sample and round to round sample Total number of financing rounds 16646.00 16646.00 Number of companies 7765.00 7765.00 Average number of rounds 2.14 2.14 Percent of rounds with return 30.87 41.34 Total money raised ($M) 112757.92 112757.92 Panel B. Percent of rounds in various exit categories ipo and acaquire sample \begin{tabular}{llll} & return & no ret. & total \\ ipo & 16.1 & 5.3 & 21.4 \\ acquisition & 5.8 & 14.6 & 20.4 \\ out of business & 9.0 & 0.0 & 9.0 \\ remains private & 0.0 & 45.5 & 45.5 \\ ipo registered & 0.0 & 3.7 & 3.7 \\ new round & 0.0 & 0.0 & 0.0 \end{tabular} round to round sample \begin{tabular}{llll} & return & no ret. & total \\ ipo & 5.9 & 2.0 & 7.9 \\ acquisition & 2.9 & 6.3 & 9.2 \\ out of business & 4.2 & 0.0 & 4.2 \\ remains private & 0.0 & 23.3 & 23.3 \\ ipo registered & 0.0 & 1.2 & 1.2 \\ new round & 28.3 & 25.9 & 54.2 \end{tabular} Percentage of rounds in each exit category. No further selection. Total number of rounds: 16646.00 16646.00 Panel C. Percent of raised money in various exit categories \begin{tabular}{lllll} & return & no ret. & total & unweight \\ ipo & 19.7 & 4.3 & 24.0 & 21.9 \\ acquisition & 4.4 & 8.9 & 13.4 & 20.4 \\ out of business & 4.7 & 0.0 & 4.7 & 8.9 \\ remains private & 0.0 & 49.5 & 49.5 & 45.0 \\ ipo registered & 0.0 & 8.4 & 8.4 & 3.8 \\ new round & 0.0 & 0.0 & 0.0 & 0.0 \end{tabular} Percentage of rounds in each exit category. Rounds must have valid amount raised. Unweighted gives total number in each category that have a valid amount raised. Total number of rounds: 16091.00 ********************** Doing various states by date and age round to round sample further selections for plots of outcome as function of age starting with: 16646.00 elminiating unknown dates except private and registered. Leaves: 16386.00 Pre and post selection numbers in each category 1.00 3568.00 3499.00 2.00 3398.00 3282.00 3.00 1492.00 1417.00 4.00 7570.00 7570.00 5.00 618.00 618.00 6.00 0 0 first 12 months \begin{tabular}{llll} dates & pctbank & pctpub & pctpriv \\ 0.08 & 0.00 & 0.12 & 99.88 \\ 0.17 & 0.00 & 0.27 & 99.73 \\ 0.25 & 0.00 & 1.02 & 98.98 \\ 0.33 & 0.01 & 1.75 & 98.25 \\ 0.42 & 0.01 & 2.48 & 97.51 \\ 0.50 & 0.04 & 3.26 & 96.70 \\ 0.58 & 0.04 & 4.11 & 95.85 \\ 0.67 & 0.07 & 4.95 & 94.98 \\ 0.75 & 0.09 & 5.84 & 94.07 \\ 0.83 & 0.15 & 6.62 & 93.23 \\ 0.92 & 0.23 & 7.43 & 92.33 \\ 1.00 & 0.28 & 8.68 & 91.04 \end{tabular} years \begin{tabular}{llll} dates & pctbank & pctpub & pctpriv \\ 1.0 & 0.3 & 8.7 & 91.0 \\ 2.0 & 1.2 & 19.8 & 79.0 \\ 3.0 & 2.6 & 31.3 & 66.1 \\ 4.0 & 3.8 & 41.7 & 54.4 \\ 5.0 & 5.1 & 49.5 & 45.4 \\ 6.0 & 6.7 & 55.5 & 37.8 \\ 7.0 & 8.2 & 60.4 & 31.4 \\ 8.0 & 10.1 & 63.7 & 26.2 \\ 9.0 & 12.4 & 66.2 & 21.4 \\ 10.0 & 15.1 & 67.9 & 17.0 \\ 11.0 & 19.0 & 69.9 & 11.0 \\ 12.0 & 20.8 & 70.7 & 8.6 \end{tabular} round to ipo/acq sample further selections for plots of outcome as function of age starting with: 16646.00 elminiating unknown dates except private and registered. Leaves: 16490.00 Pre and post selection numbers in each category 1.00 1321.00 1278.00 2.00 1531.00 1467.00 3.00 692.00 643.00 4.00 3878.00 3878.00 5.00 201.00 201.00 6.00 9023.00 9023.00 first 12 months \begin{tabular}{llll} dates & pctbank & pctpub & pctpriv \\ 0.08 & 0.00 & 0.62 & 99.38 \\ 0.17 & 0.00 & 1.42 & 98.58 \\ 0.25 & 0.00 & 3.55 & 96.45 \\ 0.33 & 0.01 & 5.77 & 94.22 \\ 0.42 & 0.01 & 8.36 & 91.63 \\ 0.50 & 0.04 & 11.58 & 88.38 \\ 0.58 & 0.04 & 16.09 & 83.87 \\ 0.67 & 0.07 & 20.25 & 79.68 \\ 0.75 & 0.10 & 25.17 & 74.73 \\ 0.83 & 0.15 & 29.05 & 70.80 \\ 0.92 & 0.24 & 33.02 & 66.74 \\ 1.00 & 0.27 & 39.10 & 60.63 \end{tabular} years \begin{tabular}{llll} dates & pctbank & pctpub & pctpriv \\ 1.0 & 0.3 & 39.1 & 60.6 \\ 2.0 & 1.0 & 71.4 & 27.6 \\ 3.0 & 1.7 & 82.4 & 15.9 \\ 4.0 & 2.1 & 86.6 & 11.3 \\ 5.0 & 2.6 & 88.9 & 8.5 \\ 6.0 & 3.2 & 90.1 & 6.7 \\ 7.0 & 3.6 & 91.2 & 5.2 \\ 8.0 & 4.5 & 91.6 & 3.9 \\ 9.0 & 5.3 & 92.1 & 2.6 \\ 10.0 & 5.7 & 92.5 & 1.8 \\ 11.0 & 6.4 & 94.0 & -0.4 \\ 12.0 & 7.3 & 93.4 & -0.7 \end{tabular} ************************ Table 2. Returns ************** Case 1: all rounds that eventually end in ipo and acquisitions initial data size 16646.00 keeping only ipo, acquisition or new round. Data is now 6966.00 Only observations with valid round date, end date and return are included to calculate returns. now data is 3599.00 Largest returns in data set Columns 1 through 5 1858.00 2.00 6.00 19930427.00 0.15 5285.00 2.00 11.00 19960322.00 5.01 5929.00 2.00 11.00 19970101.00 1.00 5493.00 2.00 6.00 19981015.00 6.00 5645.00 2.00 6.00 19960925.00 0.22 6278.00 3.00 12.00 19960901.00 1.50 3536.00 2.00 6.00 19960805.00 9.20 1313.00 2.00 6.00 19970515.00 2.20 2591.00 3.00 13.00 19960501.00 1.73 3536.00 2.00 6.00 19960611.00 2.00 7456.00 2.00 8.00 19950407.00 1.00 Columns 6 through 10 1.00 19991109.00 1.00 541.20 156.28 11.00 19990505.00 1.00 2165.70 162.19 3.00 20000310.00 1.00 1036.70 175.52 11.00 20000201.00 2.00 3250.00 186.73 0.62 19990518.00 1.00 426.10 221.42 1.50 19961121.00 1.00 608.30 289.78 32.80 19990624.00 1.00 9637.60 291.01 9.00 19991101.00 2.00 6900.00 421.80 2.00 19991209.00 1.00 1629.80 658.84 9.00 19990624.00 1.00 9637.60 763.09 3.00 19960412.00 1.00 4144.00 1368.38 Column 11 6.53 3.12 3.19 1.29 2.65 0.22 2.89 2.46 3.61 3.04 1.01 Largest annualized returns in data set (requires 1 day to ipo!) Columns 1 through 5 772.00 2.00 11.00 19970131.00 24.70 3689.00 2.00 7.00 19950807.00 1.00 1531.00 2.00 11.00 19990401.00 83.15 2394.00 2.00 8.00 19971212.00 7.50 378.00 3.00 13.00 19920101.00 2.10 4636.00 2.00 6.00 19990219.00 63.60 2386.00 2.00 8.00 19960308.00 12.30 5480.00 1.00 4.00 19920630.00 30.00 4095.00 2.00 11.00 19991110.00 2.45 6278.00 3.00 12.00 19960901.00 1.50 5543.00 2.00 11.00 19991110.00 25.14 Columns 6 through 10 38.40 19970411.00 1.00 323.90 7.60 11.70 19951005.00 1.00 81.10 5.39 212.00 19990701.00 1.00 3034.10 13.94 117.00 19980318.00 1.00 2160.30 17.80 24.00 19920306.00 1.00 293.10 9.05 159.00 19990505.00 1.00 2970.20 16.08 57.60 19960403.00 1.00 183.10 2.50 50.00 19920722.00 1.00 230.00 3.31 7.50 20000107.00 2.00 200.20 26.69 1.50 19961121.00 1.00 608.30 289.78 215.50 19991115.00 1.00 578.50 2.25 Columns 11 through 12 0.20 32425.83 0.16 34701.72 0.25 37717.26 0.27 49334.19 0.18 200831.87 0.21 500245.05 0.07 518417.28 0.06 294025683.46 0.16 1005462540.77 0.22131039851214.16 0.0154993030362403696000000000.00 4.00 Observations with end - round date < 1 month are deleted now data is 3595.00 Table 2. Character of returns to ipo or acquisition Sorted by time to ipo etc. \begin{tabular}{lllllllll} Age breaks. From & 0 & 0 & 1 & 1 & 2 & 3 & 4 & 5 \\ to & 100 & 1 & 1 & 2 & 3 & 4 & 5 & 100 \\ Log Returns, \\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 108 & 63 & 93 & 104 & 127 & 135 & 118 & 97 \\ Std. Dev. & 135 & 105 & 118 & 130 & 136 & 143 & 146 & 147 \\ Median & 105 & 57 & 86 & 100 & 127 & 131 & 136 & 113 \\ 75-25 Range & 158 & 112 & 125 & 141 & 158 & 172 & 175 & 189 \\ Net Returns, \\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 698 & 306 & 399 & 737 & 849 & 1067 & 708 & 535 \\ Std. Dev. & 3282 & 1659 & 881 & 4828 & 2548 & 4613 & 1456 & 1123 \\ Median & 184 & 77 & 135 & 172 & 255 & 272 & 288 & 209 \\ 75-25 Range & 521 & 224 & 346 & 427 & 614 & 771 & 669 & 625 \\ Number & 3595 & 334 & 476 & 877 & 706 & 525 & 283 & 413 \\ Pct w/o bad date obs & 22 & 2 & 3 & 5 & 4 & 3 & 2 & 2 \\ Pct w. bad date obs & 41 & 3 & 5 & 9 & 8 & 6 & 4 & 6 \end{tabular} \begin{tabular}{lllllllll} Age breaks. From & 0 & 0 & 0.5 & 1 & 2 & 3 & 4 & 5 \\ to & 100 & 0.5 & 1 & 2 & 3 & 4 & 5 & 100 \\ Annualized Returns,\\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 3.67e+009 & 3.95e+010 & 1.2e+003 & 373 & 98.5 & 62.3 & 37.7 & 19.8 \\ Std Dev & 2.19e+011 & 7.17e+011 & 5.81e+003 & 4.22e+003 & 133 & 76.3 & 44 & 27.7 \\ Annualized Log Ret,\\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 72.1 & 201 & 122 & 72.8 & 52.1 & 39.3 & 26.8 & 15.3 \\ Std Dev & 148 & 371 & 160 & 94.4 & 56.8 & 42.4 & 33.2 & 23.9 \end{tabular} \begin{tabular}{llllll} & $\alpha$, percent & $\sigma (\alpha)$ & $ \beta$ & $\sigma (\beta)$ & $R^2$ percent \\ Net Returns & 462.2 & 111.3 & 2.0 & 0.6 & 0.2 \\ Log Returns & 91.8 & 3.6 & 0.4 & 0.1 & 0.8 \end{tabular} ************** Case 2: all rounds that eventually end in IPOs initial data size 3568.00 keeping only ipo, acquisition or new round. Data is now 3568.00 Only observations with valid round date, end date and return are included to calculate returns. now data is 2639.00 Largest returns in data set Columns 1 through 5 2394.00 2.00 8.00 19960315.00 3.22 5891.00 2.00 8.00 19971211.00 4.80 1858.00 2.00 6.00 19930427.00 0.15 5285.00 2.00 11.00 19960322.00 5.01 5929.00 2.00 11.00 19970101.00 1.00 5645.00 2.00 6.00 19960925.00 0.22 6278.00 3.00 12.00 19960901.00 1.50 3536.00 2.00 6.00 19960805.00 9.20 2591.00 3.00 13.00 19960501.00 1.73 3536.00 2.00 6.00 19960611.00 2.00 7456.00 2.00 8.00 19950407.00 1.00 Columns 6 through 10 5.50 19980318.00 1.00 2160.30 133.02 8.10 19990514.00 1.00 1403.80 147.89 1.00 19991109.00 1.00 541.20 156.28 11.00 19990505.00 1.00 2165.70 162.19 3.00 20000310.00 1.00 1036.70 175.52 0.62 19990518.00 1.00 426.10 221.42 1.50 19961121.00 1.00 608.30 289.78 32.80 19990624.00 1.00 9637.60 291.01 2.00 19991209.00 1.00 1629.80 658.84 9.00 19990624.00 1.00 9637.60 763.09 3.00 19960412.00 1.00 4144.00 1368.38 Column 11 2.01 1.42 6.53 3.12 3.19 2.65 0.22 2.89 3.61 3.04 1.01 Largest annualized returns in data set (requires 1 day to ipo!) Columns 1 through 5 4612.00 2.00 11.00 19991215.00 40.00 772.00 2.00 11.00 19970131.00 24.70 3689.00 2.00 7.00 19950807.00 1.00 1531.00 2.00 11.00 19990401.00 83.15 2394.00 2.00 8.00 19971212.00 7.50 378.00 3.00 13.00 19920101.00 2.10 4636.00 2.00 6.00 19990219.00 63.60 2386.00 2.00 8.00 19960308.00 12.30 5480.00 1.00 4.00 19920630.00 30.00 6278.00 3.00 12.00 19960901.00 1.50 5543.00 2.00 11.00 19991110.00 25.14 Columns 6 through 10 201.00 20000229.00 1.00 1849.10 8.10 38.40 19970411.00 1.00 323.90 7.60 11.70 19951005.00 1.00 81.10 5.39 212.00 19990701.00 1.00 3034.10 13.94 117.00 19980318.00 1.00 2160.30 17.80 24.00 19920306.00 1.00 293.10 9.05 159.00 19990505.00 1.00 2970.20 16.08 57.60 19960403.00 1.00 183.10 2.50 50.00 19920722.00 1.00 230.00 3.31 1.50 19961121.00 1.00 608.30 289.78 215.50 19991115.00 1.00 578.50 2.25 Columns 11 through 12 0.21 27002.39 0.20 32425.83 0.16 34701.72 0.25 37717.26 0.27 49334.19 0.18 200831.87 0.21 500245.05 0.07 518417.28 0.06 294025683.46 0.22131039851214.16 0.0154993030362403696000000000.00 3.00 Observations with end - round date < 1 month are deleted now data is 2636.00 Table 2. Character of returns to ipo or acquisition Sorted by time to ipo etc. \begin{tabular}{lllllllll} Age breaks. From & 0 & 0 & 1 & 1 & 2 & 3 & 4 & 5 \\ to & 100 & 1 & 1 & 2 & 3 & 4 & 5 & 100 \\ Log Returns, \\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 123 & 54 & 96 & 122 & 146 & 159 & 152 & 122 \\ Std. Dev. & 126 & 102 & 117 & 121 & 126 & 131 & 126 & 129 \\ Median & 114 & 50 & 86 & 109 & 140 & 164 & 144 & 130 \\ 75-25 Range & 151 & 99 & 125 & 136 & 136 & 168 & 137 & 174 \\ Net Returns, \\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 788 & 278 & 411 & 853 & 927 & 1303 & 883 & 620 \\ Std. Dev. & 3686 & 1773 & 908 & 5628 & 2274 & 5389 & 1671 & 1263 \\ Median & 213 & 64 & 135 & 197 & 306 & 417 & 322 & 266 \\ 75-25 Range & 555 & 176 & 364 & 472 & 620 & 936 & 651 & 686 \\ Number & 2636 & 280 & 367 & 626 & 518 & 377 & 201 & 275 \\ Pct w/o bad date obs & 74 & 8 & 10 & 18 & 15 & 11 & 6 & 8 \\ Pct w. bad date obs & 98 & 9 & 13 & 22 & 19 & 14 & 8 & 12 \end{tabular} \begin{tabular}{lllllllll} Age breaks. From & 0 & 0 & 0.5 & 1 & 2 & 3 & 4 & 5 \\ to & 100 & 0.5 & 1 & 2 & 3 & 4 & 5 & 100 \\ Annualized Returns,\\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 4.97e+009 & 4.68e+010 & 1.26e+003 & 449 & 110 & 72.6 & 46.5 & 24.1 \\ Std Dev & 2.55e+011 & 7.83e+011 & 6.43e+003 & 4.98e+003 & 134 & 79.3 & 42.5 & 26.1 \\ Annualized Log Ret,\\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 78.1 & 167 & 125 & 84.7 & 59.6 & 46.6 & 34.2 & 19.4 \\ Std Dev & 147 & 359 & 158 & 88.5 & 52.6 & 38.9 & 28.6 & 20.8 \end{tabular} \begin{tabular}{llllll} & $\alpha$, percent & $\sigma (\alpha)$ & $ \beta$ & $\sigma (\beta)$ & $R^2$ percent \\ Net Returns & 369.9 & 153.7 & 3.2 & 0.9 & 0.3 \\ Log Returns & 92.7 & 4.0 & 0.7 & 0.1 & 3.2 \end{tabular} ************** Case 3: all rounds that eventually end in acquisitions initial data size 3398.00 keeping only ipo, acquisition or new round. Data is now 3398.00 Only observations with valid round date, end date and return are included to calculate returns. now data is 960.00 Largest returns in data set Columns 1 through 5 5756.00 2.00 11.00 19911101.00 2.00 3242.00 1.00 4.00 19930209.00 1.63 1313.00 2.00 6.00 19990501.00 26.70 4566.00 2.00 6.00 19960923.00 0.12 1313.00 2.00 6.00 19980710.00 12.60 3142.00 2.00 11.00 19920801.00 1.00 6718.00 2.00 11.00 19981208.00 4.20 1313.00 2.00 6.00 19970801.00 8.57 2007.00 2.00 11.00 19980514.00 1.40 5493.00 2.00 6.00 19981015.00 6.00 1313.00 2.00 6.00 19970515.00 2.20 Columns 6 through 10 4.00 19941230.00 2.00 210.00 52.50 2.50 19961101.00 2.00 272.80 54.56 122.00 19991101.00 2.00 6900.00 56.56 1.20 19980120.00 2.00 171.10 59.07 84.00 19991101.00 2.00 6900.00 64.17 3.00 19960216.00 2.00 483.00 76.00 9.52 20000120.00 2.00 756.50 79.46 50.00 19991101.00 2.00 6900.00 91.63 4.00 20000201.00 2.00 506.90 91.94 11.00 20000201.00 2.00 3250.00 186.73 9.00 19991101.00 2.00 6900.00 421.80 Column 11 3.16 3.73 0.50 1.33 1.31 3.54 1.12 2.25 1.71 1.29 2.46 Largest annualized returns in data set (requires 1 day to ipo!) Columns 1 through 5 6225.00 2.00 8.00 19990201.00 12.00 1049.00 2.00 11.00 19990810.00 5.00 3172.00 2.00 11.00 19991021.00 7.30 5762.00 2.00 11.00 19991005.00 11.80 4209.00 2.00 6.00 19960501.00 5.00 6039.00 3.00 13.00 19990831.00 15.00 1313.00 2.00 6.00 19990501.00 26.70 1679.00 2.00 11.00 19950801.00 1.50 1267.00 2.00 6.00 19950901.00 1.00 151.00 2.00 11.00 19990902.00 1.25 4095.00 2.00 11.00 19991110.00 2.45 Columns 6 through 10 41.00 19990528.00 2.00 286.20 6.98 20.60 19991203.00 2.00 162.40 7.88 21.00 19991214.00 2.00 55.90 2.66 38.00 20000306.00 2.00 805.20 21.19 35.00 19960701.00 2.00 125.00 3.57 50.00 20000103.00 2.00 733.30 14.67 122.00 19991101.00 2.00 6900.00 56.56 7.00 19951002.00 2.00 30.00 4.29 5.00 19951130.00 2.00 41.60 8.32 48.40 19991110.00 2.00 310.00 6.41 7.50 20000107.00 2.00 200.20 26.69 Columns 11 through 12 0.32 402.54 0.31 715.12 0.15 763.62 0.42 1451.77 0.17 2075.06 0.34 2696.43 0.50 3198.74 0.17 5380.25 0.25 5476.90 0.19 18910.35 0.16 1005462540.77 1.00 Observations with end - round date < 1 month are deleted now data is 959.00 Table 2. Character of returns to ipo or acquisition Sorted by time to ipo etc. \begin{tabular}{lllllllll} Age breaks. From & 0 & 0 & 1 & 1 & 2 & 3 & 4 & 5 \\ to & 100 & 1 & 1 & 2 & 3 & 4 & 5 & 100 \\ Log Returns, \\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 66 & 114 & 81 & 60 & 74 & 71 & 37 & 46 \\ Std. Dev. & 148 & 109 & 120 & 143 & 150 & 153 & 161 & 168 \\ Median & 75 & 128 & 86 & 64 & 81 & 69 & 53 & 56 \\ 75-25 Range & 182 & 94 & 139 & 181 & 180 & 192 & 286 & 236 \\ Net Returns, \\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 450 & 449 & 359 & 450 & 633 & 466 & 280 & 366 \\ Std. Dev. & 1718 & 849 & 784 & 1542 & 3181 & 1034 & 478 & 751 \\ Median & 111 & 261 & 137 & 90 & 124 & 99 & 70 & 74 \\ 75-25 Range & 429 & 316 & 341 & 385 & 451 & 535 & 556 & 479 \\ Number & 959 & 54 & 109 & 251 & 188 & 148 & 82 & 138 \\ Pct w/o bad date obs & 28 & 2 & 3 & 7 & 6 & 4 & 2 & 4 \\ Pct w. bad date obs & 97 & 6 & 11 & 23 & 19 & 13 & 10 & 18 \end{tabular} \begin{tabular}{lllllllll} Age breaks. From & 0 & 0 & 0.5 & 1 & 2 & 3 & 4 & 5 \\ to & 100 & 0.5 & 1 & 2 & 3 & 4 & 5 & 100 \\ Annualized Returns,\\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 1.05e+008 & 1.86e+009 & 1.01e+003 & 182 & 65.9 & 35.7 & 15.9 & 11.1 \\ Std Dev & 3.25e+009 & 1.37e+010 & 2.83e+003 & 553 & 125 & 60.5 & 40.1 & 28.9 \\ Annualized Log Ret,\\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 55.8 & 377 & 113 & 43 & 31 & 20.7 & 8.41 & 6.97 \\ Std Dev & 150 & 386 & 166 & 102 & 62.5 & 45.5 & 36.7 & 27.5 \end{tabular} \begin{tabular}{llllll} & $\alpha$, percent & $\sigma (\alpha)$ & $ \beta$ & $\sigma (\beta)$ & $R^2$ percent \\ Net Returns & 527.8 & 97.7 & 0.1 & 0.4 & 0.0 \\ Log Returns & 75.8 & 7.9 & -0.2 & 0.1 & 0.2 \end{tabular} ************** Case 4: rounds that end in IPO, Acq, and new rounds initial data size 16646.00 keeping only ipo, acquisition or new round. Data is now 11875.00 Only observations with valid round date, end date and return are included to calculate returns. now data is 6166.00 Largest returns in data set Columns 1 through 5 5756.00 2.00 11.00 19911101.00 2.00 5488.00 1.00 1.00 19960116.00 1.70 5394.00 3.00 13.00 19890501.00 0.80 1313.00 2.00 6.00 19990501.00 26.70 1712.00 2.00 6.00 19970716.00 8.50 6718.00 2.00 11.00 19981208.00 4.20 1231.00 3.00 14.00 19981130.00 0.10 2591.00 3.00 13.00 19960501.00 1.73 6278.00 3.00 12.00 19960901.00 1.50 3536.00 2.00 6.00 19960805.00 9.20 7456.00 2.00 8.00 19950407.00 1.00 Columns 6 through 10 4.00 19941230.00 2.00 210.00 52.50 28.80 19960627.00 1.00 1607.10 54.61 2.30 19970301.00 6.00 138.90 56.04 122.00 19991101.00 2.00 6900.00 56.56 16.96 19990122.00 1.00 1453.30 76.17 9.52 20000120.00 2.00 756.50 79.46 0.10 19990302.00 6.00 17.30 99.40 2.00 19990901.00 6.00 265.00 122.00 1.50 19961121.00 1.00 608.30 289.78 32.80 19990624.00 1.00 9637.60 291.01 3.00 19960412.00 1.00 4144.00 1368.38 Column 11 3.16 0.45 7.83 0.50 1.52 1.12 0.26 3.33 0.22 2.89 1.01 Largest annualized returns in data set (requires 1 day to ipo!) Columns 1 through 5 4833.00 3.00 13.00 19990430.00 0.75 2535.00 1.00 1.00 19970930.00 4.10 1231.00 3.00 14.00 19981130.00 0.10 5480.00 1.00 4.00 19920630.00 30.00 4095.00 2.00 11.00 19991110.00 2.45 6278.00 3.00 12.00 19960901.00 1.50 4458.00 2.00 11.00 19960616.00 0.50 886.00 1.00 1.00 19910926.00 0.75 5543.00 2.00 11.00 19960307.00 1.00 5543.00 2.00 11.00 19991110.00 25.14 7723.00 1.00 3.00 19990611.00 16.05 Columns 6 through 10 3.10 19990517.00 6.00 9.00 2.00 25.00 19971101.00 6.00 106.90 4.18 0.10 19990302.00 6.00 17.30 99.40 50.00 19920722.00 1.00 230.00 3.31 7.50 20000107.00 2.00 200.20 26.69 1.50 19961121.00 1.00 608.30 289.78 1.94 19960624.00 6.00 4.89 2.01 5.20 19911001.00 6.00 11.40 1.62 20.00 19960310.00 6.00 31.50 1.32 215.50 19991115.00 1.00 578.50 2.25 52.00 19990615.00 6.00 224.00 3.31 Columns 11 through 12 0.05 2035480.26 0.09 13255244.21 0.26 60730880.29 0.06 294025683.46 0.16 1005462540.77 0.22131039851214.16 0.0261023432486354.78 0.01108291476345383.87 0.01707384360030639.50 0.0154993030362403696000000000.00 0.01255073694963773770000000000000000000000000000000.00 41.00 Observations with end - round date < 1 month are deleted now data is 6125.00 Table 2. Character of returns to ipo or acquisition Sorted by time to ipo etc. \begin{tabular}{lllllllll} Age breaks. From & 0 & 0 & 1 & 1 & 2 & 3 & 4 & 5 \\ to & 100 & 1 & 1 & 2 & 3 & 4 & 5 & 100 \\ Log Returns, \\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 53 & 59 & 59 & 46 & 44 & 55 & 67 & 43 \\ Std. Dev. & 85 & 82 & 73 & 81 & 105 & 119 & 96 & 162 \\ Median & 48 & 47 & 51 & 46 & 42 & 54 & 76 & 55 \\ 75-25 Range & 86 & 95 & 84 & 75 & 96 & 122 & 137 & 161 \\ Net Returns, \\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 182 & 198 & 148 & 180 & 216 & 282 & 193 & 341 \\ Std. Dev. & 1867 & 1055 & 331 & 2818 & 1296 & 1036 & 277 & 892 \\ Median & 62 & 60 & 67 & 58 & 52 & 71 & 115 & 73 \\ 75-25 Range & 149 & 172 & 152 & 123 & 161 & 230 & 297 & 293 \\ Number & 6125 & 945 & 2108 & 2383 & 550 & 174 & 75 & 79 \\ Pct w/o bad date obs & 37 & 6 & 13 & 14 & 3 & 1 & 0 & 0 \\ Pct w. bad date obs & 70 & 11 & 23 & 27 & 7 & 2 & 1 & 1 \end{tabular} \begin{tabular}{lllllllll} Age breaks. From & 0 & 0 & 0.5 & 1 & 2 & 3 & 4 & 5 \\ to & 100 & 0.5 & 1 & 2 & 3 & 4 & 5 & 100 \\ Annualized Returns,\\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 2.16e+009 & 1.4e+010 & 394 & 128 & 33.4 & 25.6 & 19.5 & 10.2 \\ Std Dev & 1.67e+011 & 4.26e+011 & 2.75e+003 & 2.6e+003 & 67.7 & 48.1 & 25.6 & 27.4 \\ Annualized Log Ret,\\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 72.7 & 193 & 81.3 & 35.6 & 18.8 & 16.6 & 15.5 & 6.42 \\ Std Dev & 148 & 297 & 102 & 62.4 & 44.8 & 35.4 & 21.8 & 26.7 \end{tabular} \begin{tabular}{llllll} & $\alpha$, percent & $\sigma (\alpha)$ & $ \beta$ & $\sigma (\beta)$ & $R^2$ percent \\ Net Returns & 110.8 & 66.7 & 1.3 & 0.6 & 0.1 \\ Log Returns & 52.3 & 1.8 & 0.0 & 0.1 & 0.0 \end{tabular} ************** Case 5: rounds that end in another round initial data size 9023.00 keeping only ipo, acquisition or new round. Data is now 9023.00 Only observations with valid round date, end date and return are included to calculate returns. now data is 4711.00 Largest returns in data set Columns 1 through 5 436.00 2.00 8.00 19970924.00 1.20 5891.00 2.00 8.00 19971211.00 4.80 4252.00 3.00 13.00 19990618.00 3.65 6132.00 2.00 8.00 19990201.00 3.50 3780.00 3.00 14.00 19990301.00 6.50 1126.00 2.00 6.00 19990414.00 5.95 3815.00 2.00 8.00 19980507.00 2.23 4792.00 2.00 11.00 19941215.00 0.30 5394.00 3.00 13.00 19890501.00 0.80 1231.00 3.00 14.00 19981130.00 0.10 2591.00 3.00 13.00 19960501.00 1.73 Columns 6 through 10 4.20 19990915.00 6.00 100.00 20.90 8.10 19980608.00 6.00 195.00 22.22 6.60 20000128.00 6.00 163.00 22.80 4.80 19990504.00 6.00 142.89 24.56 10.00 19990630.00 6.00 300.00 26.50 11.95 20000330.00 6.00 450.00 33.45 8.68 19990331.00 6.00 430.00 42.58 1.73 19960220.00 6.00 97.10 51.85 2.30 19970301.00 6.00 138.90 56.04 0.10 19990302.00 6.00 17.30 99.40 2.00 19990901.00 6.00 265.00 122.00 Column 11 1.98 0.49 0.61 0.26 0.33 0.96 0.90 1.18 7.83 0.26 3.33 Largest annualized returns in data set (requires 1 day to ipo!) Columns 1 through 5 6132.00 2.00 8.00 19990201.00 3.50 4471.00 2.00 6.00 19981201.00 1.06 3359.00 1.00 2.00 19940916.00 0.15 775.00 1.00 2.00 19970506.00 1.00 4833.00 3.00 13.00 19990430.00 0.75 2535.00 1.00 1.00 19970930.00 4.10 1231.00 3.00 14.00 19981130.00 0.10 4458.00 2.00 11.00 19960616.00 0.50 886.00 1.00 1.00 19910926.00 0.75 5543.00 2.00 11.00 19960307.00 1.00 7723.00 1.00 3.00 19990611.00 16.05 Columns 6 through 10 4.80 19990504.00 6.00 142.89 24.56 5.05 19990215.00 6.00 81.00 13.76 0.15 19941201.00 6.00 8.80 16.00 13.12 19970619.00 6.00 71.50 5.11 3.10 19990517.00 6.00 9.00 2.00 25.00 19971101.00 6.00 106.90 4.18 0.10 19990302.00 6.00 17.30 99.40 1.94 19960624.00 6.00 4.89 2.01 5.20 19911001.00 6.00 11.40 1.62 20.00 19960310.00 6.00 31.50 1.32 52.00 19990615.00 6.00 224.00 3.31 Columns 11 through 12 0.26 242067.66 0.21 357329.58 0.21 580743.26 0.12 909332.13 0.05 2035480.26 0.09 13255244.21 0.26 60730880.29 0.0261023432486354.78 0.01108291476345383.87 0.01707384360030639.50 0.01255073694963773770000000000000000000000000000000.00 37.00 Observations with end - round date < 1 month are deleted now data is 4674.00 Table 2. Character of returns to ipo or acquisition Sorted by time to ipo etc. \begin{tabular}{lllllllll} Age breaks. From & 0 & 0 & 1 & 1 & 2 & 3 & 4 & 5 \\ to & 100 & 1 & 1 & 2 & 3 & 4 & 5 & 100 \\ Log Returns, \\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 48 & 57 & 55 & 42 & 26 & 44 & 55 & 14 \\ Std. Dev. & 71 & 68 & 64 & 69 & 85 & 110 & 86 & 157 \\ Median & 44 & 42 & 47 & 43 & 31 & 41 & 40 & 47 \\ 75-25 Range & 75 & 89 & 79 & 67 & 76 & 107 & 128 & 157 \\ Net Returns, \\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 113 & 145 & 118 & 91 & 79 & 256 & 146 & 296 \\ Std. Dev. & 319 & 460 & 219 & 188 & 183 & 1281 & 236 & 1142 \\ Median & 55 & 52 & 60 & 53 & 37 & 50 & 50 & 60 \\ 75-25 Range & 123 & 156 & 137 & 105 & 108 & 194 & 232 & 210 \\ Number & 4674 & 633 & 1758 & 1946 & 373 & 90 & 30 & 23 \\ Pct w/o bad date obs & 52 & 7 & 19 & 22 & 4 & 1 & 0 & 0 \\ Pct w. bad date obs & 100 & 15 & 36 & 41 & 9 & 2 & 1 & 1 \end{tabular} \begin{tabular}{lllllllll} Age breaks. From & 0 & 0 & 0.5 & 1 & 2 & 3 & 4 & 5 \\ to & 100 & 0.5 & 1 & 2 & 3 & 4 & 5 & 100 \\ Annualized Returns,\\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 1.63e+006 & 1.2e+007 & 253 & 57.8 & 19 & 21.5 & 16.6 & 5.09 \\ Std Dev & 9.09e+007 & 2.47e+008 & 713 & 107 & 41.1 & 46.5 & 23.3 & 23 \\ Annualized Log Ret,\\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 67.1 & 191 & 74.7 & 32.2 & 11.2 & 13.8 & 13.5 & 2.36 \\ Std Dev & 125 & 249 & 90.2 & 52.9 & 37.3 & 33.6 & 19.6 & 24.5 \end{tabular} \begin{tabular}{llllll} & $\alpha$, percent & $\sigma (\alpha)$ & $ \beta$ & $\sigma (\beta)$ & $R^2$ percent \\ Net Returns & 127.8 & 66.8 & 0.7 & 0.6 & 0.3 \\ Log Returns & 48.7 & 1.8 & -0.0 & 0.1 & 0.0 \end{tabular} ************** Case 6: rounds that end in ipo directly initial data size 1321.00 keeping only ipo, acquisition or new round. Data is now 1321.00 Only observations with valid round date, end date and return are included to calculate returns. now data is 975.00 Largest returns in data set Columns 1 through 5 3837.00 2.00 8.00 19951001.00 1.00 3859.00 2.00 8.00 19990115.00 11.00 603.00 2.00 11.00 19931203.00 1.85 4506.00 2.00 11.00 19940901.00 6.40 1402.00 2.00 6.00 19871101.00 2.40 1816.00 2.00 10.00 19880301.00 4.00 5488.00 1.00 1.00 19960116.00 1.70 1712.00 2.00 6.00 19970716.00 8.50 6278.00 3.00 12.00 19960901.00 1.50 3536.00 2.00 6.00 19960805.00 9.20 7456.00 2.00 8.00 19950407.00 1.00 Columns 6 through 10 5.30 19960401.00 1.00 218.50 30.81 43.55 19990721.00 1.00 1914.60 37.31 18.00 19960524.00 1.00 728.20 40.10 20.80 19950808.00 1.00 1068.50 43.63 4.00 19900216.00 1.00 226.00 43.67 5.60 19930716.00 1.00 304.20 47.75 28.80 19960627.00 1.00 1607.10 54.61 16.96 19990122.00 1.00 1453.30 76.17 1.50 19961121.00 1.00 608.30 289.78 32.80 19990624.00 1.00 9637.60 291.01 3.00 19960412.00 1.00 4144.00 1368.38 Column 11 0.50 0.52 2.47 0.94 2.29 5.37 0.45 1.52 0.22 2.89 1.01 Largest annualized returns in data set (requires 1 day to ipo!) Columns 1 through 5 4612.00 2.00 11.00 19991215.00 40.00 772.00 2.00 11.00 19970131.00 24.70 3689.00 2.00 7.00 19950807.00 1.00 1531.00 2.00 11.00 19990401.00 83.15 2394.00 2.00 8.00 19971212.00 7.50 378.00 3.00 13.00 19920101.00 2.10 4636.00 2.00 6.00 19990219.00 63.60 2386.00 2.00 8.00 19960308.00 12.30 5480.00 1.00 4.00 19920630.00 30.00 6278.00 3.00 12.00 19960901.00 1.50 5543.00 2.00 11.00 19991110.00 25.14 Columns 6 through 10 201.00 20000229.00 1.00 1849.10 8.10 38.40 19970411.00 1.00 323.90 7.60 11.70 19951005.00 1.00 81.10 5.39 212.00 19990701.00 1.00 3034.10 13.94 117.00 19980318.00 1.00 2160.30 17.80 24.00 19920306.00 1.00 293.10 9.05 159.00 19990505.00 1.00 2970.20 16.08 57.60 19960403.00 1.00 183.10 2.50 50.00 19920722.00 1.00 230.00 3.31 1.50 19961121.00 1.00 608.30 289.78 215.50 19991115.00 1.00 578.50 2.25 Columns 11 through 12 0.21 27002.39 0.20 32425.83 0.16 34701.72 0.25 37717.26 0.27 49334.19 0.18 200831.87 0.21 500245.05 0.07 518417.28 0.06 294025683.46 0.22131039851214.16 0.0154993030362403696000000000.00 3.00 Observations with end - round date < 1 month are deleted now data is 972.00 Table 2. Character of returns to ipo or acquisition Sorted by time to ipo etc. \begin{tabular}{lllllllll} Age breaks. From & 0 & 0 & 1 & 1 & 2 & 3 & 4 & 5 \\ to & 100 & 1 & 1 & 2 & 3 & 4 & 5 & 100 \\ Log Returns, \\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 81 & 51 & 84 & 94 & 110 & 91 & 99 & 99 \\ Std. Dev. & 106 & 101 & 97 & 109 & 123 & 100 & 67 & 127 \\ Median & 74 & 48 & 77 & 92 & 100 & 90 & 93 & 93 \\ 75-25 Range & 111 & 99 & 104 & 111 & 144 & 166 & 102 & 167 \\ Net Returns, \\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 478 & 275 & 271 & 836 & 723 & 308 & 233 & 446 \\ Std. Dev. & 4600 & 1840 & 531 & 8342 & 2962 & 484 & 223 & 867 \\ Median & 110 & 62 & 115 & 152 & 173 & 147 & 155 & 154 \\ 75-25 Range & 262 & 175 & 262 & 293 & 487 & 430 & 281 & 589 \\ Number & 972 & 259 & 248 & 269 & 99 & 44 & 25 & 31 \\ Pct w/o bad date obs & 74 & 20 & 19 & 20 & 7 & 3 & 2 & 2 \\ Pct w. bad date obs & 97 & 23 & 24 & 28 & 11 & 5 & 3 & 3 \end{tabular} \begin{tabular}{lllllllll} Age breaks. From & 0 & 0 & 0.5 & 1 & 2 & 3 & 4 & 5 \\ to & 100 & 0.5 & 1 & 2 & 3 & 4 & 5 & 100 \\ Annualized Returns,\\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 1.35e+010 & 5.06e+010 & 1.11e+003 & 630 & 77.5 & 36.3 & 26 & 18.5 \\ Std Dev & 4.2e+011 & 8.14e+011 & 7.46e+003 & 7.57e+003 & 103 & 41.2 & 18.8 & 24.7 \\ Annualized Log Ret,\\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 97.6 & 162 & 112 & 69.8 & 44.5 & 26.7 & 22 & 15.1 \\ Std Dev & 211 & 365 & 136 & 87 & 49.9 & 29.1 & 14.9 & 19.7 \end{tabular} \begin{tabular}{llllll} & $\alpha$, percent & $\sigma (\alpha)$ & $ \beta$ & $\sigma (\beta)$ & $R^2$ percent \\ Net Returns & 300.1 & 217.7 & 2.1 & 1.5 & 0.0 \\ Log Returns & 65.8 & 4.8 & 0.7 & 0.2 & 2.1 \end{tabular} ************** Case 7: rounds that end in acquisition directly initial data size 1531.00 keeping only ipo, acquisition or new round. Data is now 1531.00 Only observations with valid round date, end date and return are included to calculate returns. now data is 480.00 Largest returns in data set Columns 1 through 5 5762.00 2.00 11.00 19991005.00 11.80 4856.00 2.00 11.00 19950707.00 0.70 1419.00 2.00 6.00 19950430.00 2.00 1606.00 2.00 11.00 19980930.00 4.00 4095.00 2.00 11.00 19991110.00 2.45 3538.00 2.00 7.00 19931018.00 0.78 3593.00 2.00 10.00 19920301.00 0.50 5493.00 2.00 6.00 19990331.00 25.10 5756.00 2.00 11.00 19911101.00 2.00 1313.00 2.00 6.00 19990501.00 26.70 6718.00 2.00 11.00 19981208.00 4.20 Columns 6 through 10 38.00 20000306.00 2.00 805.20 21.19 2.50 19970515.00 2.00 53.20 21.28 8.00 19970905.00 2.00 200.00 25.00 10.30 19990813.00 2.00 261.80 25.42 7.50 20000107.00 2.00 200.20 26.69 1.20 19951231.00 2.00 35.30 29.42 1.00 19970519.00 2.00 31.50 31.50 68.21 20000201.00 2.00 3250.00 47.65 4.00 19941230.00 2.00 210.00 52.50 122.00 19991101.00 2.00 6900.00 56.56 9.52 20000120.00 2.00 756.50 79.46 Column 11 0.42 1.86 2.35 0.87 0.16 2.20 5.22 0.83 3.16 0.50 1.12 Largest annualized returns in data set (requires 1 day to ipo!) Columns 1 through 5 6225.00 2.00 8.00 19990201.00 12.00 1049.00 2.00 11.00 19990810.00 5.00 3172.00 2.00 11.00 19991021.00 7.30 5762.00 2.00 11.00 19991005.00 11.80 4209.00 2.00 6.00 19960501.00 5.00 6039.00 3.00 13.00 19990831.00 15.00 1313.00 2.00 6.00 19990501.00 26.70 1679.00 2.00 11.00 19950801.00 1.50 1267.00 2.00 6.00 19950901.00 1.00 151.00 2.00 11.00 19990902.00 1.25 4095.00 2.00 11.00 19991110.00 2.45 Columns 6 through 10 41.00 19990528.00 2.00 286.20 6.98 20.60 19991203.00 2.00 162.40 7.88 21.00 19991214.00 2.00 55.90 2.66 38.00 20000306.00 2.00 805.20 21.19 35.00 19960701.00 2.00 125.00 3.57 50.00 20000103.00 2.00 733.30 14.67 122.00 19991101.00 2.00 6900.00 56.56 7.00 19951002.00 2.00 30.00 4.29 5.00 19951130.00 2.00 41.60 8.32 48.40 19991110.00 2.00 310.00 6.41 7.50 20000107.00 2.00 200.20 26.69 Columns 11 through 12 0.32 402.54 0.31 715.12 0.15 763.62 0.42 1451.77 0.17 2075.06 0.34 2696.43 0.50 3198.74 0.17 5380.25 0.25 5476.90 0.19 18910.35 0.16 1005462540.77 1.00 Observations with end - round date < 1 month are deleted now data is 479.00 Table 2. Character of returns to ipo or acquisition Sorted by time to ipo etc. \begin{tabular}{lllllllll} Age breaks. From & 0 & 0 & 1 & 1 & 2 & 3 & 4 & 5 \\ to & 100 & 1 & 1 & 2 & 3 & 4 & 5 & 100 \\ Log Returns, \\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 50 & 113 & 84 & 24 & 46 & 39 & 44 & -0 \\ Std. Dev. & 132 & 110 & 119 & 122 & 132 & 148 & 129 & 188 \\ Median & 60 & 128 & 87 & 36 & 55 & 44 & 62 & 10 \\ 75-25 Range & 159 & 96 & 136 & 151 & 135 & 136 & 215 & 223 \\ Net Returns, \\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 261 & 450 & 372 & 169 & 224 & 313 & 213 & 251 \\ Std. Dev. & 667 & 857 & 807 & 654 & 485 & 870 & 382 & 654 \\ Median & 82 & 260 & 138 & 43 & 74 & 55 & 86 & 10 \\ 75-25 Range & 304 & 329 & 335 & 224 & 249 & 228 & 432 & 323 \\ Number & 479 & 53 & 102 & 168 & 78 & 40 & 20 & 25 \\ Pct w/o bad date obs & 31 & 3 & 7 & 11 & 5 & 3 & 1 & 2 \\ Pct w. bad date obs & 96 & 12 & 21 & 32 & 15 & 7 & 5 & 7 \end{tabular} \begin{tabular}{lllllllll} Age breaks. From & 0 & 0 & 0.5 & 1 & 2 & 3 & 4 & 5 \\ to & 100 & 0.5 & 1 & 2 & 3 & 4 & 5 & 100 \\ Annualized Returns,\\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 2.1e+008 & 1.9e+009 & 1.05e+003 & 88.9 & 43.4 & 22.8 & 15.5 & 4.45 \\ Std Dev & 4.59e+009 & 1.38e+010 & 2.92e+003 & 400 & 82.7 & 57.1 & 34.8 & 32.2 \\ Annualized Log Ret,\\% & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ Average & 76.5 & 373 & 116 & 18.1 & 21.2 & 11.4 & 10.1 & -0.587 \\ Std Dev & 195 & 389 & 162 & 88.9 & 56.4 & 43.2 & 30.3 & 33.5 \end{tabular} \begin{tabular}{llllll} & $\alpha$, percent & $\sigma (\alpha)$ & $ \beta$ & $\sigma (\beta)$ & $R^2$ percent \\ Net Returns & 477.1 & 94.4 & -0.8 & 0.5 & 0.3 \\ Log Returns & 77.1 & 9.8 & -0.8 & 0.3 & 2.6 \end{tabular}