Using round to round returns. Even if a round eventually goes ipo, we only count to next round elminated observations with unknown fate: 0 Eliminated observations with >100% or <0% value 99.00 Eliminated observations with ipo < 60 days past investment round 33.00 Eliminated observations with missing round date 0 Note. Beta procedure -- cannot handle missing round date, so eliminating those. Eliminating observations that start in second quarter 2000. Need one quarter lag for probability. 107.00 Remaining data: 16613.00 Table 1. Panel A. Basic statistics Total number of financing rounds 16613.00 Number of companies 7765.00 Average number of rounds 2.14 Percent of rounds with return 41.38 Total money raised ($M) 112613.77 Panel B. Percent of rounds in various exit categories row label ipo acquisition out of business remains private ipo registered new round column lablel return no ret. total 5.95 1.95 7.90 2.91 6.21 9.12 4.17 0 4.17 0 23.34 23.34 0 1.21 1.21 28.35 25.91 54.26 Percentage of rounds in each exit category. No further selection. Total number of rounds: 16613.00 Panel C. Percent of raised money in various exit categories column labels return no ret. total unweight 10.58 2.07 12.65 8.01 2.73 4.34 7.07 9.06 2.12 0 2.12 4.07 0 34.60 34.60 22.68 0 4.82 4.82 1.23 23.45 15.28 38.73 54.95 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: 16063.00 Pre and post selection numbers in each category 1.00 1312.00 1277.00 2.00 1515.00 1458.00 3.00 692.00 643.00 4.00 3878.00 3878.00 5.00 201.00 201.00 6.00 9015.00 8993.00 Table 2. Returns Filters Note: doit3 filters have already been applied -- these should not do anything. Removing observations with >100% or <0% ownership,ipo earlier than round and ipo less than 2 months after round. This selection cuts data from 16613.00 to 16613.00 Only observations with valid round date, end date and return are included. Trouble reports before selection Largest total returns 6718.00 2.00 11.00 19981208.00 4.20 9.52 20000120.00 2.00 756.50 79.46 1.12 1231.00 3.00 14.00 19981130.00 0.10 0.10 19990302.00 6.00 17.30 99.40 0.26 2591.00 3.00 13.00 19960501.00 1.73 2.00 19990901.00 6.00 265.00 122.00 3.33 6278.00 3.00 12.00 19960901.00 1.50 1.50 19961121.00 1.00 608.30 289.78 0.22 3536.00 2.00 6.00 19960805.00 9.20 32.80 19990624.00 1.00 9637.60 291.01 2.89 7456.00 2.00 8.00 19950407.00 1.00 3.00 19960412.00 1.00 4144.00 1368.38 1.01 Smallest total returns 29.00 2.00 8.00 19970101.00 6.20 21.00 19991215.00 3.00 0 0 2.96 84.00 1.00 3.00 19970317.00 17.20 81.00 20000104.00 3.00 0 0 2.80 86.00 2.00 6.00 19980320.00 2.00 -99.00 19981211.00 3.00 0 0 0.73 91.00 2.00 11.00 19941031.00 5.00 10.00 19980211.00 3.00 0 0 3.28 115.00 1.00 3.00 19970101.00 0.25 -99.00 19990615.00 3.00 0 0 2.46 shortest times to ipo and time 369.00 1.00 2.00 19960108.00 7.90 13.20 19960108.00 6.00 21.00 1.06 0 799.00 3.00 13.00 19960530.00 3.00 12.30 19960530.00 6.00 15.30 1.00 0 2119.00 2.00 11.00 19970915.00 14.84 50.75 19970915.00 6.00 60.81 1.00 0 3638.00 1.00 1.00 19920114.00 0.50 18.20 19920114.00 6.00 35.00 1.16 0 4866.00 1.00 1.00 19970302.00 0.80 2.71 19970302.00 6.00 19.00 2.58 0 largest 10 annualized positive returns (end>start) and that return end trouble reports round to round returns 656.00 zero gross return observations are deleted for logging ipo&acq only. 40.00 Observations with end - round date < 1 month are deleted Trouble reports after selection Largest total returns 6718.00 2.00 11.00 19981208.00 4.20 9.52 20000120.00 2.00 756.50 79.46 1.12 1231.00 3.00 14.00 19981130.00 0.10 0.10 19990302.00 6.00 17.30 99.40 0.26 2591.00 3.00 13.00 19960501.00 1.73 2.00 19990901.00 6.00 265.00 122.00 3.33 6278.00 3.00 12.00 19960901.00 1.50 1.50 19961121.00 1.00 608.30 289.78 0.22 3536.00 2.00 6.00 19960805.00 9.20 32.80 19990624.00 1.00 9637.60 291.01 2.89 7456.00 2.00 8.00 19950407.00 1.00 3.00 19960412.00 1.00 4144.00 1368.38 1.01 Smallest total returns 3966.00 4.00 16.00 19891024.00 2.50 10.00 19901001.00 1.00 22.80 0.00 0.94 3567.00 3.00 14.00 19940214.00 30.00 260.00 19990402.00 2.00 1.25 0.00 5.13 6787.00 1.00 1.00 19970627.00 6.77 40.20 19971007.00 1.00 38.20 0.01 0.28 3320.00 2.00 7.00 19930501.00 3.50 11.00 19950505.00 6.00 1.60 0.01 2.01 6905.00 2.00 7.00 19871101.00 0.50 8.00 19930801.00 6.00 0.41 0.01 5.75 shortest times to ipo and time 3626.00 3.00 13.00 19990801.00 9.65 25.00 19990901.00 6.00 40.00 1.44 0.08 5983.00 1.00 2.00 19930201.00 4.20 30.00 19930301.00 6.00 32.00 1.04 0.08 2535.00 1.00 1.00 19970930.00 4.10 25.00 19971101.00 6.00 106.90 4.18 0.09 4476.00 2.00 8.00 19960930.00 0.95 3.00 19961101.00 6.00 5.00 1.50 0.09 1501.00 3.00 13.00 19951229.00 1.00 1.40 19960131.00 6.00 4.50 1.79 0.09 largest annualized returns and that return 3359.00 1.00 2.00 19940916.00 0.15 0.15 19941201.00 6.00 8.80 16.00 0.21 580743.26 775.00 1.00 2.00 19970506.00 1.00 13.12 19970619.00 6.00 71.50 5.11 0.12 909332.13 2535.00 1.00 1.00 19970930.00 4.10 25.00 19971101.00 6.00 106.90 4.18 0.09 13255244.21 1231.00 3.00 14.00 19981130.00 0.10 0.10 19990302.00 6.00 17.30 99.40 0.26 60730880.29 4095.00 2.00 11.00 19991110.00 2.45 7.50 20000107.00 2.00 200.20 26.69 0.16 1005462540.77 6278.00 3.00 12.00 19960901.00 1.50 1.50 19961121.00 1.00 608.30 289.78 0.22131039851214.16 end trouble reports Table 2. Character of returns to ipo or acquisition Sorted by time to ipo etc. Number 6122.00 944.00 2105.00 2911.00 247.00 79.00 Net Returns (0.2 = 20%) Average 1.82 1.98 1.48 1.88 2.57 3.41 Std. Dev. 18.67 10.56 3.31 26.11 8.83 8.92 Median 0.62 0.60 0.67 0.58 0.81 0.73 75-25 Range 1.49 1.72 1.52 1.29 2.45 2.93 alpha 1.11 -6.30 2.52 -1.28 1.13 4.10 s(alpha) 0.67 7.18 0.69 2.92 2.34 1.91 beta 1.35 8.72 -0.03 3.12 1.35 0.11 s(beta) 0.56 7.02 0.58 2.22 1.42 0.53 R2 0.00 0.00 0.00 0.00 0.00 0.00 Log Returns (0.2=20%) Average 0.53 0.59 0.59 0.46 0.59 0.43 Std. Dev. 0.85 0.82 0.73 0.86 1.13 1.62 Median 0.48 0.47 0.51 0.45 0.60 0.55 75-25 Range 0.85 1.72 1.52 1.29 2.45 2.93 alpha 0.52 0.53 0.53 0.35 0.16 0.52 s(alpha) 0.02 0.04 0.03 0.03 0.23 0.46 beta 0.04 0.91 0.47 0.39 0.75 -0.09 s(beta) 0.08 0.41 0.18 0.12 0.38 0.48 R2 0.00 0.00 0.00 0.00 0.02 0.00 Annualized Net Returns Average 21581591.70 139960268.18 5.98 1.08 0.23 0.10 Std Dev 1674823226.44 4265072521.40 3.31 26.11 8.83 8.92 Median 0.53 3.57 0.96 0.36 0.18 0.09 75-25 Range 1.68 22.07 2.60 0.77 0.40 0.27 Annualized Log Returns Average 0.73 1.93 0.82 0.32 0.16 0.06 Std Dev 1.48 2.98 1.05 0.60 0.32 0.27 Median 0.43 1.52 0.68 0.30 0.16 0.08 75-25 Range 0.93 2.90 1.16 0.55 0.34 0.25