Going Public in Overse2021as Stock Markets中国公司境外上市

全世界私人财产飙升至152万亿The amount of private wealth held by households globally surged more than 14% to $152 trillion last year, boosted mainly by rising stock markets.2021年全世界家庭所持有的私人财产飙升超过14%，达到152万亿美元，其中要紧的增加来自于股市上涨。

Asia-Pacific, excluding Japan, led the surge with a 31% jump to $37tn, a report by Boston Consulting Group says.The number of millionaire households also rose sharply.The report takes into account cash, deposits, shares and other assets held by households. But businesses, real estate and luxury goods are excluded."In nearly all countries, the growth of private wealth was driven by the strong rebound in equity markets that began in the second half o f 2021," the firm said in i ts report."This performance was spurred by relative economic stability in Europe and the US and signs of recovery in some European countries, such as Ireland, Spain and Portugal."The amount of wealth held in equitiesglobally grew by 28% during the year, Boston Consulting Group (BCG) said.Asia-Pacific growthEconomies in Asia have been key drivers of global growth in the recent years. And households in the region have benefitted from this growth.Within the region, China has bee n the biggest driver - with private wealth in the country surging more than 49% in 2021.High saving rates in countries such as China and India has also been a key contributing factor to this surge.The wealth held in the region is expected to rise further, to nearly $61tn by the end of 2018."At this pace, the region is expected to overtake Western Europe as the second-wealthiest region in 2021, and North America as the wealthiest in 2018," BCG said.The pace of wealth creation in China was also evident in the growth in the number of millionaire households - in US dollar terms - in the country, rising to 2.4 million in 2021, from 1.5 million a year ago.Overall, the total number of millionaire households in the world rose to 16.3 million in 2021, from 13.7 million in 2021.。

报盘信范文英文Here is a 1,000-word English essay on the topic "A Sample of Stock Market Report":The stock market is a complex and dynamic system that plays a crucial role in the global economy. It serves as a platform where investors can buy and sell shares of publicly traded companies, with the aim of generating profits. A stock market report is a document that provides detailed information about the current state of the stock market, including the performance of various indices, individual stocks, and overall market trends.One of the primary purposes of a stock market report is to inform investors and the general public about the current state of the financial markets. These reports often include data on the opening, closing, and intraday prices of major stock indices, such as the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average. Additionally, they may provide information on the trading volume, sector performance, and any significant news or events that may have impacted the market.In a typical stock market report, the headline might highlight theoverall performance of the market, such as "Stocks Close Higher on Positive Economic Data." This would be followed by a summary of the day's trading, including the percentage changes in the major indices and the factors that contributed to the market's movement. The report may also include a detailed analysis of specific sectors or individual stocks that have seen significant gains or losses.One important aspect of a stock market report is the use of technical indicators and analysis. These tools can help investors and analysts understand the underlying trends and patterns in the market. For example, the report may include information on the 200-day moving average, relative strength index (RSI), or other technical indicators that can provide insights into the market's momentum and potential future direction.Another key component of a stock market report is the interpretation and commentary provided by financial experts. These experts can offer their insights and perspectives on the current market conditions, potential risks, and investment opportunities. Their analysis can help investors make informed decisions about their investment strategies and portfolio allocations.In addition to the quantitative data and expert analysis, a well-crafted stock market report should also include relevant news and events that may have impacted the markets. This can includeinformation on economic data releases, changes in government policies, geopolitical developments, and corporate news that could affect investor sentiment and market performance.One of the challenges in writing a comprehensive stock market report is the need to balance the presentation of complex financial information with a clear and concise writing style. The report should be easily understandable to a wide range of readers, from seasoned investors to the general public. This requires the author to have a strong understanding of the stock market and the ability to translate technical jargon into plain language.Another important consideration in preparing a stock market report is the timeliness of the information. Given the fast-paced nature of the financial markets, it is crucial that the report is updated regularly and provides the most recent data available. This can be a significant challenge, particularly in today's digital age, where information can be disseminated rapidly through various channels.In conclusion, a comprehensive stock market report is a valuable resource for investors, researchers, and the general public. It provides a detailed snapshot of the current state of the financial markets, offering insights and analysis that can inform investment decisions and help individuals better understand the complex workings of the stock market. By presenting this information in aclear and concise manner, a well-crafted stock market report can play a vital role in promoting financial literacy and informed decision-making.。

absorb idle fun d吸引游资a business incubator企业孵化器accounting fraud财务作假案；假案accumulated deficit累计赤字after-sale service售后服务after-tax profit税后利润anti-inflation measures制止通货膨胀措施anti-monopoly law反垄断法auditing sacandals假账丑闻bank discount票据贴现Black Monday黑色星期一blue chip绩优股bonded area保税区bottom wholesale price批发底价business cycle商业周期business len ding商业贷款cargo handing capacity货物吞吐量cash dividend现金股利cash on delivery (COD)货到付款ceiling price最高限价chamber of commerce商会clearance sale清仓销售closing price收盘价common stock普通股compensation trade补偿贸易concessionary loans优惠贷款corporate bond公司债券corporate identity企业标识cost of living index生活成本指数currency appreciation货币升值customs barrier; tariff waff关税壁垒Doha Round多哈回合dot-com boom高科技公司（股票）引起的繁荣double-digit inflation两位数通货膨胀率（指一个国家的通货膨胀年率超过10%）double–entry budget复式预算Dow-Jones Industrial Average道琼斯工业股票平均指数do wnstream product下游产品durable goods耐用产品export customs declaration出口申报export incentives出口刺激export licensing system出口许可证制度favorable balance of trade/trade surplus贸易顺差financial (industry/sector) rescue plan金融救援计划financial statement财务报表foreign exchange reserve外汇储备Goldman Sachs高盛（集团）公司（美）government securities公债holding company控股公司hot money from abroad国际游资import quota进口配额imports of merchandise and services商品和劳务进口inflation-proof deposit保值储蓄inflation-ridden country通货膨胀居高不下的国家insurance broker保险经纪人intangible assets无形资产interest-free loan无息贷款international financial center国际金融中心investment ratio投资比例IPO (Initial Public Offerings)发行原始股junk bond垃圾债券line of business业务范围listed company上市公司listed shares (stock)上市股票market access/entry市场准入merger and acquisition (M&A)并购money laundering洗钱money supply货币供应量National Association of Securities Dealers Automated Quotation (NASDAQ)美国纳斯达克指数National Council for US-China Trade美中贸易委员会New York Stock Exchange (NYSE)纽约证券交易所online share trading在线股票交易portfolio investment证券投资port of destination目的口岸preferential loan优惠贷款preferred stock优先股price-curbing policy抑价政策primary goods初级商品property dividend财产股利protective tariff保护性关税ration-free goods敞开供应的商品reciprocal trade互惠贸易retaliatory tafiff报复性关税return on investment投资回报risk capital风险投资shock method休克疗法Standard& Poor’s Index（美国证券）标准普尔指数stock market crash股市暴跌stock market quotation股市行情stock option认股权stock sinks below the IPO price破发subprime mortgage次级房贷supply-demand imbalance供求失衡switch trade转手贸易tax-free zone免税区time deposit定期存款toll-free service免费服务total volume of imports and exports进出口总额trade dispute贸易争端trade in goods货物贸易trade in services服务贸易trade liberatlization贸易自由化trade partner贸易伙伴trade protectionism贸易保护主义trade protocol贸易议定书transnational corporation跨国公司transnational operation跨国经营unfavorable balance of trade/trade deficit贸易逆差upstream product上游产品US Federal Reserve Board美国联邦储备委员会US Securities and Exchange Commission美国证券交易委员会venture capital风险资本voucher of clearing结算凭证Wall Street magnate华尔街财阀warranty period商品保修期win the bid/tender中标World Economic Forum世界经济论坛（达沃斯会议）year-end report年终报告zero tariff treatment零关税待遇You should guarantee that no information under the contract should be transferred to a third party.你方应保证不向第三方转让本合同的信息资料。

易错点17 阅读理解主旨大意题目录01 易错陷阱（3大陷阱）02 举一反三【易错点提醒一】标题类易混易错点【易错点提醒二】段落大意类易混易错点【易错点提醒三】文章大意类易混易错点03 易错题通关养成良好的答题习惯，是决定高考英语成败的决定性因素之一。

做题前，要认真阅读题目要求、题干和选项，并对答案内容作出合理预测;答题时，切忌跟着感觉走，最好按照题目序号来做，不会的或存在疑问的，要做好标记，要善于发现，找到题目的题眼所在，规范答题，书写工整;答题完毕时，要认真检查，查漏补缺，纠正错误。

易错陷阱1：标题类易混易错点。

【分析】标题类是对中心思想的加工和提炼，可以是单词、短语、也可以是句子。

她的特点是短小精悍，多为短语；涵盖性、精确性强；不能随意改变语言表达的程度和色彩。

如果是短语类选项，考生容易混淆重点，此时应当先划出选项的关键词。

此类题和文章的中心主题句有很大关系。

中心主题句一般出现在第一段，有时第一段也可能引出话题，此时应当重点关注第二段和最后一段，看看是否会出现首尾呼应。

易错陷阱2：段落大意类易混易错点。

【分析】每个段落都有一个中心思想，通常会在段落的第一句或最后一句体现，这就是段落主题句。

如果没有明显的主题句时，应当根据段落内容概括处段落大意。

有时考生还会找错文章对应位置，盲目选词文中相同的词句，而出现文不对题的现象。

易错陷阱3：文章大意类易混易错点。

【分析】确定文章主旨的方法是：先看首尾段或各段开头再看全文找主题句，若无明显主题句，就通过关键词句来概括。

如，议论文中寻找表达作者观点态度的词语，记叙文中寻找概括情节和中心的动词或反映人物特点的形容词。

文中出现不同观点时，要牢记作者的观点彩色体现全文中心的。

此时，要注意转折词，如：but, however, yet, in spite of, on the contrary等。

【易错点提醒一】标题类易混易错点【例1】（浙江省义乌五校2023-2024学年高三联考试题）The scientist’s job is to figure out how the world works, to “torture (拷问)” Nature to reveal her secrets, as the 17th century philosopher Francis Bacon described it. But who are these people in the lab coats (or sports jackets, or T-shirts and jeans) and how do they work? It turns out that there is a good deal of mystery surrounding the mystery-solvers.“One of the greatest mysteries is the question of what it is about human beings — brains, education, culture etc. that makes them capable of doing science at all,” said Colin Allen, a cognitive scientist at Indiana University.Two vital ingredients seem to be necessary to make a scientist: the curiosity to seek out mysteries and the creativity to solve them. “Scientists exhibit a heightened level of curiosity,” reads a 2007 report on scientific creativity. “They go further and deeper into basic questions showing a passion for knowledge for its own sake.” Max Planck, one of the fathers of quantum physics, once said, the scientist “must have a vivid and intuitive imagination, for new ideas are not generated by deduction (推论), but by an artistically creative imagination.”......ong as our best technology for seeing inside the brain requires subjects to lie nearly motionless while surrounded by a giant magnet, we’re only going to make limited pro gress on these questions,” Allen said.What is a suitable title for the text?A．Who Are The Mystery-solversB．Scientists Are Not Born But MadeC．Great Mystery: What Makes A ScientistD．Solving Mysteries: Inside A Scientist's Mind【答案】C【解析】文章标题。

一中2021-2021学年(xuénián)高二英语下学期第二次阶段考试试题本套试卷(shìjuàn)分第一卷〔选择题〕和第二卷〔非选择题〕两局部。

在在考试完毕之后以后，将本套试卷和答题卡一起交回。

第一卷考前须知(xūzhī)：1.答第一卷前，所有考生(kǎoshēng)必须将本人的姓名、准考证号填写上在答题卡上。

2.选出每一小题答案后，用铅笔把答题卡上对应题目之答案标号涂黑。

如需改动，用橡皮擦干净后，再选涂其他答案标号。

不能答在套本套试卷上，否那么无效。

第一局部听力〔一共两节，满分是30分〕第一节〔一共5小题；每一小题1.5分，满分是7.5分〕听下面5段对话。

每段对话后有一个小题，从题中所给的A、B、C三个选项里面选出最正确选项，并标在试卷的相应位置。

听完每段对话后，你都有10秒钟的时间是来答复有关小题和阅读下一小题。

每段对话仅读一遍。

1. When did the man go to Canada?A. Last year.B. Two years ago.C. Five years ago.2. What does the woman ask the man to do?A. Get her some water.B. Buy her some plants.C. Water her plants.3. What is the man doing?A. Asking for leave.B. Making a complaint.C. Talking with his boss.4. What will the woman do next?A. Take some exercise.B. Do her homework.C. Attend a class.5. Where does the conversation take place?A. At a restaurant.B. At a supermarket.C. At a hotel.第二节:请听下面5段对话(duìhuà)或者独白。

2021即将过去英语作文As 2021 is coming to an end, it is time to reflect on the past year and look forward to the future. The year 2021 has been a rollercoaster ride for many of us, with the ongoing pandemic, political turmoil, and social unrest. Despite the challenges, we have also seen moments of hope, resilience, and progress. In this essay, I will reflect on some of the key events and trends of 2021 and share my thoughts on what they mean for the future.The COVID-19 pandemic has been the defining event of 2021, as it has affected virtually every aspect of our lives. The pandemic has disrupted economies, healthcare systems, education, and social interactions. It has also exposed and exacerbated existing inequalities and injustices, particularly for marginalized communities. However, the pandemic has also brought out the best in people, as we have seen countless acts of kindness, solidarity, and innovation. Scientists and healthcare workers have worked tirelessly to develop vaccines andtreatments, while individuals and organizations havedonated time, money, and resources to support those in need.Another major trend of 2021 has been the rise of social activism and awareness. The Black Lives Matter movement, sparked by the murder of George Floyd in 2020, continued to gain momentum in 2021, as people across the world protested against police brutality and systemic racism. The movement also highlighted the need for greater representation and inclusion of marginalized communities in all aspects of society. Similarly, the #MeToo movement continued to shed light on sexual harassment and assault, and to demand accountability and change from those in power. These movements have shown that social change is possible when people come together and demand it.In the political realm, 2021 has been a year of both progress and setbacks. The inauguration of Joe Biden as the 46th President of the United States marked a turning pointin American politics, as he promised to restore unity, democracy, and decency to the country. However, the yearalso saw authoritarian leaders consolidate power, suppressdissent, and violate human rights in countries such as China, Russia, and Belarus. The ongoing refugee crisis, climate change, and geopolitical tensions also pose significant challenges for global governance and cooperation.Looking ahead, there are reasons for both optimism and caution. The COVID-19 pandemic is far from over, and new variants and surges continue to threaten public health and the economy. However, the widespread distribution of vaccines and the lessons learned from the pandemic may lead to improvements in healthcare, education, and social policies. The social activism and awareness that emerged in 2021 may also lead to greater equity, justice, and representation in all spheres of life. However, thepolitical and environmental challenges of 2021 require urgent and concerted action from governments, civil society, and individuals.In conclusion, 2021 has been a year of unprecedented challenges and opportunities. The COVID-19 pandemic, social activism, and political developments have tested ourresilience, compassion, and values. As we enter a new year, we must continue to learn from the past, engage with the present, and envision a better future for all.。

卖报纸是筹钱的最好办法原因英语作文全文共6篇示例，供读者参考篇1Selling Newspapers is the Best Way to Raise MoneyHi there! My name is Jamie and I'm in 5th grade. Our class is trying to raise money to go on a really cool field trip to the science museum. We've tried bake sales and car washes before, but those never seem to make enough money. This time, we're selling newspapers door-to-door and I think it's the best fundraising idea ever! Let me tell you why.First of all, everybody needs newspapers. They have all the latest news, comics, puzzles, and more. Grown-ups like reading them with their morning coffee. Little kids like looking at the colorful pictures and funnies. Even though lots of people get news online now, there are still plenty of people who want an actual paper to read. As long as there is a demand, we'll be able to sell, sell, sell!Selling newspapers is also an easy way to make money because we don't have to make or buy anything ourselves. The newspaper company gives us the papers for free and we justtake orders and deliver them right to people's doors. No baking or washing cars required! We just grab a stack of papers, knock on doors, and ask if anyone wants to subscribe. Simple as that.The best part is, we get to keep half of the money that people pay for their subscription! The other half goes back to the newspaper company. But that's okay because we're selling something that costs us nothing. It's all profit! If someone pays 50 for a one-year subscription, our class gets to keep 25 of that. Can you imagine how much we could make if every house on a few blocks buys a subscription? We'll have enough money for our field trip in no time!I've been practicing my sales pitch to make sure I'm really convincing. "Good morning/afternoon sir or ma'am! My name is Jamie and I'm raising money for my elementary school class to go on an educational field trip. Would you be interested in subscribing to the daily newspaper? It's full of news, comics, puzzles, and more! A one-year subscription is only 50 and half of that money will go directly to supporting my class..." and so on. With a winning smile and my well-rehearsed speech, I'll have people signing up left and right!My parents are even letting me go door-to-door in our neighborhood by myself for this fundraiser since it's so safe. I'mgoing to ride my bike down each street carrying my wagon full of newspaper samples to show people. I'll ring each doorbell, give my pitch, and jot down the orders I get. Every Thursday the newspaper truck will drop off that week's stack of papers, and I'll go deliver them fresh off the truck. Earning money doesn't get much easier than that!Of course, this fundraiser does involve a little bit of work up front. We had to make promotional flyers to let everyone know we'd be coming around selling subscriptions. We hung them up around school, posted about it online, and even left some at local businesses. My teacher is also making sure we have plenty of adult volunteers to go around with the younger kids for safety. But really, the hardest part is just getting out there and putting in some time asking people if they'd like to subscribe.Once we get customers signed up though, the money just keeps on coming in every week without us having to do much at all! By the time the subscription runs out next year, we'll have more than met our field trip fundraising goal. We might even have enough left over to pay for a really fun end-of-year class party! How cool is that?Selling newspapers is the way to go for fundraisers, no doubt about it. It doesn't require making any products, just goodold-fashioned salesmanship. It's safe for kids since we're staying in our own neighborhoods. And the money we raise is pretty much all profit since we don't have any big costs. We get half of every subscription fee just for taking orders and delivering papers! Bake sales are way too much work when this is an option.So watch out, neighbors! You'll be seeing me riding around on my bike with my little red wagon very soon. I'll be ringing your doorbell with a big smile and my best sales pitch ready to go. If you love having the latest news, comics, and puzzles delivered right to your door every morning, don't be afraid to subscribe! Just remember, you'll be helping my whole class get to go on an awesome educational field trip. What could be better than that? Selling those newspapers is going to be a piece of cake!篇2My Best Way to Raise Money is Selling NewspapersHi there! My name is Timmy and I'm in 5th grade. I want to tell you all about the best way I've found to raise money - selling newspapers! It's so much fun and you can make a lot of money if you work hard at it.I first got the idea when my baseball team needed to raise 500 to pay for new uniforms. My mom suggested we could have a bake sale or a car wash, but those seemed kind of boring to me.I wanted to do something more exciting!That's when my dad told me about how he used to have a paper route when he was a kid. He would wake up super early every morning to deliver newspapers to all the houses on his route before school. It sounded like a lot of work, but also really cool to be out and about while everyone else was still sleeping.What if instead of delivering papers, I sold them on the street corner? My dad said that's what they called being a "newspaper hawker" back in the old days. I could call out things like "Read all about it! Get your daily news here!" just like they did. It would be like playing pretend, but I'd actually be making money!I talked to the owner of the newspaper stand downtown and he agreed to give me some old papers to sell for a quarter each. Whatever money I made, I could keep half and give half to my baseball team. That sounded like a pretty good deal to me!The first weekend, I went out bright and early on Saturday morning with a bucket full of papers under my arm. I posted up on the busiest corner I could find right in the center of town."Get your newspapers here! Can't start your day without the morning news! Magazines, papers, fresh off the press!" I'd shout as loud as I could.At first, people just walked right by without even looking at me. But I kept trying different calls like "Take a peek at the headlines! You won't believe what happened last night!"Eventually, I started getting some customers. Some people just wanted to support a kid trying to make some money. Others really did want to grab something to read.By lunchtime, I had made 10 from selling papers at 25 cents each! That seemed like a lot to me at the time. If I could make that much in just a morning, imagine how much I could make in a whole week or month!So I kept going out there every weekend, trying new strategies like posting up outside the grocery store, the library, the train station - anywhere I could find people walking by. I'd get different papers like the national news, sports magazines, local advertiser circulars. Anything that could sell!Some days were really slow and I'd only make a couple bucks. Other days were amazing and I could make 20 or 30 in just a few hours. The most I ever made was 52 in one day - thatwas during the holidays when everybody was buying gift subscriptions.It was hard work, having to wake up early, lug those heavy buckets of papers around, and shout until my voice was hoarse. But it was also crazy fun. I loved being outside, interacting with people, and feeling like I was contributing to the neighborhood in my own little way.By the time our baseball team fundraiser was over a few months later, I had raised 275 all by myself from selling papers! That was more than half of what we needed for the new uniforms.I was so proud of myself.Even after the fundraiser ended, I kept selling papers on the weekends because I loved it so much. It felt good to have my own little business and way of making money at such a young age.Over the years, I spent that newspaper money on baseball gear, video games,books, trading cards, and so many other toys and hobbies. Sometimes I'd save it up for bigger things like my first bike or computer.But most importantly, selling newspapers taught me so many valuable life lessons:The value of hard work and hustle to make your own moneyHow to be a savvy salesman and marketing geniusGetting comfortable talking to adults and the publicThe importance of providing a useful serviceManaging my own finances and saving for goalsGaining confidence in my abilities at a young ageSure, there were easier ways I could have raised that money, like asking my parents for it or just not getting new uniforms. But where's the fun, pride, and life lessons in that?Selling newspapers allowed me to be an entrepreneurial kid, working hard and thinking creatively to pay my own way. I'd wake up while my friends were still sleeping to go stand outside and shout like a town crier. How cool is that?!To this day, I still consider those years hawking newspapers on street corners to be some of the most fun, rewarding, and educational experiences of my childhood. Whenever I need to raise money now, it's always my go-to!So if you've got a fundraiser, project, or just want to make some extra cash, I highly recommend selling newspapers. You'll get awesomeshowdows on your throat from all the yelling. Butmore importantly, you'll earn money through your own efforts while learning invaluable business and life skills along the way.Give it a try - you just might get hooked like I did and become your neighborhood's newest paperboy or papergirl! Now, who wants to buy a paper? Get 'em while they're hot off the press! Extra, extra, read all about it!篇3Selling Newspapers is the Best Way to Raise MoneyHey there, guys and girls! I'm gonna tell you all about why selling newspapers is seriously the coolest way to make some cash for your school, sports team, or whatever you need money for. It's way better than having a bake sale or car wash. Just listen up and I'll explain.First of all, selling newspapers is super easy. All you gotta do is walk around your neighborhood knocking on doors and asking people if they want to buy a paper. And who doesn't want to buy a nice crisp newspaper? Everybody reads them! Even though we've got the internet and stuff, there's still tons of grown-ups who like holding an actual newspaper in their hands while they drink their morning coffee.My friend Johnny does this newspaper selling thing sometimes, and he told me you can make like 20 in just a couple hours! That's more money than I can make mowing lawns or babysitting my little nephew. And the best part is, you don't even have to work that hard. Just put on a smile, go house to house, and pretty soon your bag is loaded up with dollar bills and quarters.But let me tell you the really awesome thing about selling newspapers - you're providing a service that people really need. Sure, baked goods are delicious, but they aren't gonna help somebody learn about what's happening in the world or in their community. A newspaper has everything - news, sports, comics, crossword puzzles. It's a total package deal!Whenever I sell papers, I always feel like I'm doing something good by helping people stay informed. I'm keeping them connected to important events. And sometimes, the newspaper even has cool kid sections with games, jokes, and fun facts. So by selling it, you're bringing a whole community together through knowledge and entertainment. That's pretty powerful stuff if you ask me!Plus, grown-ups are always saying how we kids need to go outside more instead of just sitting around staring at our phonesand tablets all day. Well, selling newspapers is the perfect excuse to get some fresh air and exercise by walking around the neighborhood. My parents are always nagging me about getting more movement in, so they're super pumped when I go sell papers for a few hours after school.Now, you might be thinking that a bake sale would be a piece of cake compared to going door-to-door. But dude, have you ever tried to bake enough cookies and brownies to make any real money? It's such a hassle, and you've got to buy all the ingredients and stuff. With newspapers, it's just grab a bundle of 'em and go! All the hard work of putting the paper together was already done by other people.And another thing - cookies get stale after a while. But newspapers? They've always got fresh, new content every single day. So you're never going to be stuck trying to get rid of an old, crappy product that nobody wants. As long as there are new papers coming out, you'll always have something valuable to sell.Whenever my baseball team needs to raise money for a new pitching machine or jerseys or whatever, I just know that doing a newspaper sale is gonna be way more profitable than setting up a lousy car wash. Think about it - who actually enjoys washing their own car, much less a bunch of strangers' cars? It's the worst!You get soaking wet, you're there for hours on end, and your arms are dying from all that scrubbing. No thanks! I'd way rather just walk around with a bundle of papers under my arm.But let's say your whole class wants to raise money by selling newspapers. Well, now you've got a built-in team that can cover way more ground. You can split up the neighborhood into sections and clean it out fast. And since you're all working together for a common goal, it creates a fun bonding experience. Maybe you could even turn it into a contest to see who could sell the most papers and win a prize!So in conclusion, selling newspapers gets my top recommendation as the best way for kids to make some serious dough. It's easy and fun, you're doing an important community service, you get exercise, the products never get old, and you can work as a team. What more could you ask for?If your school or club or sports team needs cash for anything, just say no to bake sales, no to car washes, and yes to hitting the streets and hawking some newspapers! Trust me, your community will thank you, your arms won't be sore, and your piggy bank will be bursting with coins. Give it a try - you won't be disappointed! Now who wants to be the first saleskid on the block?篇4Selling Newspapers is the Best Way to Raise MoneyHi there! My name is Emily and I'm in 5th grade. Our class is trying to raise money for a field trip to the science museum. We had a class meeting to discuss different ideas for raising the money we need. Some kids suggested having a bake sale or car wash. Others thought we could do a readathon or recycling drive. But I think the best idea is to sell newspapers! Let me tell you why.First of all, selling newspapers is a classic way for kids to make money. It's been done for a really long time, even before our parents or grandparents were kids! There's a good reason it's such a popular idea - because it works! Kids have been raising money this way for field trips, sports teams, clubs and other activities for ages. If it wasn't a good way to make money, it wouldn't still be around after all these years, right?Another great thing about selling newspapers is that it teaches us important skills. We have to be responsible for picking up our bundle of papers on time and keeping track of them. We learn about handling money properly by making change and keeping good records. Selling also helps us buildconfidence by approaching people, making a pitch, and being friendly and polite. Those are skills we can use for the rest of our lives, no matter what we end up doing as grownups.It's also a lot of fun! We get to work together as a team and feel that team spirit. We can have competitions to see who can sell the most papers each day. Maybe we could even give out fun prizes! We'll get to spend time outside instead of just sitting in the classroom. And we'll meet lots of people in our community who we might not normally get to talk to. Getting to know our neighbors is important.Best of all, selling newspapers is a way to provide a product that people really want and need. The daily paper has all the latest news, comics, TV listings, advertisements and more. It's something useful that makes people's lives a little bit better every day. When we sell those papers, we're not just asking people for a handout - we're delivering something of value in return for their money. That's a good feeling!I can picture us now, set up on a street corner bright and early in the morning. We'd have on our colorful team shirts and big smiles. As people walk by on their way to work or shopping, we'd call out in our loudest, cheeriest voices: "Read all about it! Get your daily newspaper here!" Then we'd tell them why theyshould buy that day's paper from us instead of somewhere else. Maybe there's a huge sports story or a shocking celebrity news item. If it's a slow news day, we could get creative with our pitches and add some razzle dazzle to grab their attention.The newspaper staff would give us tips on the besthigh-traffic areas to sell. We'd take turns in shifts so nobody got too tired. At the end of each day, we'd excitedly count up our earnings and watch that money pile up higher and higher until we reached our goal. Then we'd get to go on our field trip and have a blast learning about science in a hands-on way. It would be such an amazing reward for all our hard work.I've gone door-to-door selling things before for other school fundraisers, but I think selling newspapers would be even better. When you go to someone's home, you're Sort of bothering them and interrupting their day. But when we're selling newspapers on street corners or in front of stores, we're offering a convenient service to people who are already out and about. They'll appreciate being able to grab their daily paper while running errands instead of having to make a separate stop. Some of them might even start looking forward to seeing us every morning!Sure, some of the other fundraising ideas could work too. But none of them get me as fired up as this one does. Sellingthose newspapers would be the perfect way for us kids to have fun together, learn great life skills, and really feel proud of ourselves for working as a team to achieve our big goal. Just imagine how accomplished we'd feel when we walked through those science museum doors, knowing that we earned every penny to get there. What could be better than that?I really, really hope my classmates agree that this is the way to go. I can't wait to start calling out headlines and hawking papers! Let's do this, gang! Who's with me?篇5Selling Newspapers is the Best Way to Raise MoneyHey there! My name is Jamie and I'm a 5th grader at Oakwood Elementary School. Our class has been trying to figure out the best way to raise money for our end-of-year field trip to the science museum. We've had a lot of different ideas, like bake sales, car washes, and even a talent show. But you know what I think is the absolute best idea? Selling newspapers!I know, I know. Newspapers? That's kind of old school, right? Well, let me tell you why I'm convinced it's the way to go.First of all, everybody reads the newspaper! Ok, maybe not everybody reads the actual paper newspaper anymore. A lot of people just read the news online now. But that's exactly why selling newspapers is such a great fundraiser - there's no other product that appeals to such a wide range of people from all different ages and backgrounds.My grandparents still get the paper delivered to their doorstep every morning without fail. And you better believe they'll buy one from me to support my class's field trip! Same goes for a lot of other older folks in our neighborhood.But it's not just grandpas and grandmas. I see businesspeople reading the newspaper at the cafe before work. College kids studying at the library are always looking stuff up in the paper for their research. Even some of our teachers get the daily paper. Everybody needs to stay informed!Plus, a lot of people feel guilty about not reading enough "real" news from trustworthy sources. When we go around selling the local papers door-to-door, I bet a bunch of people will buy them even if they don't regularly read a physical newspaper.Speaking of going door-to-door, that's another big advantage of this fundraiser idea. We can sell newspapers all around the neighborhood, at the grocery store, at the park -wherever there are people! With a bake sale or car wash, people have to go out of their way to come to us. But we can bring the product right to our customers with newspaper sales.Oh, and products is another key word there! When you're selling something like lemonade or cookies or whatever, after it's gone, it's gone. You can't really re-sell it. But newspapers are a renewable product. Each and every day, we can get a fresh new batch to sell!This is also a fundraiser that basically runs itself once we get it started. We don't have to spend a ton of time pre-selling tickets or baking hundreds of cupcakes or anything like that. We just have to take orders, pick up the newspapers, and go sell them. Easy peasy!Now let me do some quick math to show you why newspaper sales could make us some serious money. Let's say we buy the daily papers for 75 cents each and sell them for 1. Even if each kid in our class only sells 10 papers per day, that's a 2.50 profit. With 25 kids in our class, that's 62.50 a day! If we did this fundraiser for just two weeks, that would be...does some calculations on scratch paper... 875 Definitely enough for our field trip and probably enough left over for a pizza party too.I haven't even mentioned one of the biggest benefits yet - we'll be helping support our local newspaper too. You know how hard it can be for smaller publications to stay in business these days with all the online news sites and everything. By getting the community to buy more newspapers, we're doing a good deed and helping an important cause. It's a total win-win!Selling newspapers obviously takes a little bit of effort. We'll have to wake up early, be friendly and persuasive with customers, keep track of our inventory and money carefully. But I think it's worth it for such an easy, potentially high-earning fundraiser that anyone can participate in.What do you guys think? I definitely vote for the newspaper sales as our big fundraiser this year. We can make a ton of money, get the whole neighborhood involved, practice our business skills, and support local journalism at the same time. To me, that's the best win-win-win-win situation I can imagine! Let's do this!篇6Selling Newspapers is the Best Way to Raise MoneyHi friends! Today I want to tell you why selling newspapers is the bestest way to raise money for our school. It's so much fun and you can make a ton of money if you work really hard!First of all, selling newspapers is easy. All you have to do is walk around your neighborhood and knock on doors. When people answer, you give them a big smile and say "Good morning! Would you like to buy a newspaper today? They're only one dollar!" Then if they say yes, you take their money and give them the paper. Simple as that!Some of you might be thinking "But I'm too shy to knock on strangers' doors." Don't worry, it's not scary at all! The neighbors are all really nice people. And your parents or a teacher can go with you if you're nervous at first. After you do it a couple times, you'll see there's nothing to be afraid of.Another great thing about selling newspapers is you can do it whenever you want. You don't have to go to a certain place at a certain time like with other jobs. Just grab your newspapers and start knocking whenever you have free time - before school, after school, or on the weekends! You're in charge of your own schedule.Plus, selling newspapers is great exercise. You get to walk around outside and visit lots of houses instead of just sittinginside all day. It keeps you active and energized! Whenever I sell papers, I come home feeling so healthy and accomplished.But the number one reason why selling newspapers is the best way to make money is...you can earn A LOT of cash! Let me break it down for you:Let's say you sell 100 newspapers in one day. At one dollar per paper, that's already 100 right there! Maybe some days you'll sell less, but other days you could sell even more. The money can really start adding up fast.Now imagine if 20 kids from our school sold 100 papers each.20 kids x 100 each = 2,000! Oh my God, we'd have enough money for new playground equipment, books for the library, or whatever we need! Just from one day of selling papers after school. Isn't that incredible?That's why I truly believe selling newspapers is the number one best way for our school to raise money this year. It's easy and fun, you can do it on your own schedule, you get exercise, and most importantly - you can make a fortune if we all work hard!So what do you think? Who's ready to become a newspaper selling superstar with me? We're going to knock on doors, makethose sales, and earn tons of cash for our school! Just wait, by the end of the year our playground is going to be the nicest in the entire state. All thanks to our awesome newspaper selling skills!Let's make it happen, guys! Grab some newspapers and start knocking!。

Initial Public Offerings: International InsightsTim LoughranUniversity of Notre DameJay R. RitterUniversity of FloridaKristian RydqvistBinghamton University (State University of New York)published in the June 1994 Pacific-Basin Finance JournalVol. 2, pp. 165-199Updated February 15, 2010ABSTRACT OF ARTICLEThis paper discusses evidence on the short-run and long-run performance ofcompanies going public in many countries. Differences in average initial returns areanalyzed in terms of binding regulations, contractual mechanisms, and thecharacteristics of the firms going public. The evidence suggests that the move inrecent years by most East Asian countries to reduce regulatory interference in thesetting of offering prices should result in less short-run underpricing in the 1990sthan in the 1980s. Evidence is presented that companies successfully time theirofferings for periods when valuations are high, with investors receiving low returnsin the long-run. Implications for investors, issuers, and regulators are discussed.The following table updates Table 1 of the Pacific-Basin Finance Journal article, with the inclusion of data from Argentina, Austria, Bulgaria, China, Cyprus, Denmark, Greece, India, Indonesia, Iran, Ireland, Israel, Nigeria, Norway, the Philippines, Poland, Russia, South Africa, Sri Lanka, and Turkey, and updated information from all of the original 25 countries. For recent years, Dealogic is the source of most of the data.Table 1Equally weighted average initial returns for 45 countriesSample Time Avg.Initial Country Source Size Period Return Argentina Eijgenhuijsen & van der Valk 20 1991-1994 4.4% Australia Lee, Taylor & Walter; Woo; Pham; Ritter 1,103 1976-2006 19.8% Austria Aussenegg 96 1971-2006 6.5% Belgium Rogiers, Manigart & Ooghe; ManigartDuMortier; Ritter 114 1984-2006 13.5% Brazil Aggarwal, Leal & Hernandez; Saito 180 1979-2006 48.7% Bulgaria Nikolov 9 2004-2007 36.5% Canada Jog & Riding; Jog & Srivastava; 635 1971-2006 7.1% Kryzanowski, Lazrak & Rakita; RitterChile Aggarwal, Leal & Hernandez; 65 1982-2006 8.4% Celis & Maturana; RitterChina Chen, Choi, and Jiang (A shares) 1,394 1990-2005 164.5% Cyprus Gounopoulos, Nounis, and Stylianides 51 1999-2002 23.7% Denmark Jakobsen & Sorensen; Ritter 145 1984-2006 8.1% Finland Keloharju 162 1971-2006 17.2% France Husson & Jacquillat; Leleux & Muzyka; 686 1983-2006 10.7% Paliard & Belletante; Derrien & Womack;Chahine; RitterGermany Ljungqvist; Rocholl: Ritter; Vismara 700 1978-2008 25.3% Greece Nounis, Kazantzis & Thomas; 372 1976-2007 50.9% Thomadakis, Gounopoulos & NounisHong Kong McGuinness; Zhao & Wu; Ljungqvist & 1,008 1980-2006 15.9% Yu; Fung, Gul, and Radhakrishnan; RitterIndia Marisetty and Subrahmanyam 2,811 1990-2007 92.7% Indonesia Hanafi; Danny; Suherman 339 1989-2008 21.5% Iran Bagherzadeh 279 1991-2004 22.4% Ireland Ritter 31 1999-2006 23.7% Israel Kandel, Sarig & Wohl; Amihud & Hauser; 348 1990-2006 13.8% RitterItaly Arosio, Giudici & Paleari; 268 1985-2008 16.4% Cassia, Paleari & Redondi; VismaraJapan Fukuda; Dawson & Hiraki; Hebner & 2,628 1970-2008 40.1% Hiraki; Pettway & Kaneko; Hamao,Packer, & Ritter; Kaneko & Pettway;Ritter; Korea Dhatt, Kim & Lim; Ihm; Choi & Heo; 1,490 1980-2008 55.2% Mosharian & Ng; Cho; RitterMalaysia Isa; Isa & Yong; Yong 350 1980-2006 69.6% Mexico Aggarwal, Leal & Hernandez; 88 1987-1994 15.9% Eijgenhuijsen & van der ValkNetherlands Wessels; Eijgenhuijsen & Buijs; 181 1982-2006 10.2%Jenkinson, Ljungqvist, & Wilhelm; RitterSample Time Avg.Initial Country Source Size Period Return New Zealand Vos & Cheung; Camp & Munro; Ritter 214 1979-2006 20.3% Nigeria Ikoku; Achua 114 1989-2006 12.7% Norway Emilsen, Pedersen & Saettem; Liden; Ritter 153 1984-2006 9.6% Philippines Sullivan & Unite; Ritter 123 1987-2006 21.2% Poland Jelic & Briston; Ritter 224 1991-2006 22.9% Portugal Almeida & Duque; Ritter 28 1992-2006 11.6% Russia Ritter 40 1999-2006 4.2% Singapore Lee, Taylor & Walter; Dawson; Ritter 519 1973-2008 27.4% South Africa Page & Reyneke 118 1980-1991 32.7% Spain Ansotegui & Fabregat; Alvarez Otera 128 1986-2006 10.9% Sri Lanka Samarakoon 115 1987-2007 48.9% Sweden Rydqvist; Schuster; Simonov; Ritter 406 1980-2006 27.3% Switzerland Kunz,Drobetz, Kammermann & Walchli; 159 1983-2008 28.0% RitterTaiwan Chen 1,312 1980-2006 37.2% Thailand Wethyavivorn & Koo-smith; Lonkani & 459 1987-2007 36.6% Tirapat; Ekkayokkaya and PengnitiTurkey Kiymaz; Durukan; Ince; Kucukkocaoglu 315 1990-2008 10.6% United Kingdom Dimson; Levis 4,198 1959-2008 16.3% United States Ibbotson, Sindelar & Ritter; Ritter 12,028 1960-2008 16.9% Sources: See references listed in the published article. Where more than one set of authors is listed as a source of information, combined sample sizes have been constructed. Average initial returns are constructed in different manners from study to study. In general, in countries where market prices are available immediately after offerings, the one-day raw return is reported. In countries where there is a delay before unconstrained market prices are reported, market-adjusted returns over an interval of several weeks are reported. All of the averages weight each IPO equally.The Argentine numbers are from Hans Eijgenhuijsen and Rob van der Valk. The Australian numbers for 1990-95 are from Li-Anne Woo’s University of New South Wales (UNSW) dissertation. The 1996-2005 Australian numbers are from Peter Pham at the UNSW. The 2006 numbers are from Dealogic. The Austrian numbers are from Wolfgang Aussenegg’s Vienna University of Technology working paper. The updated Belgian numbers come from Sophie Manigart of the University of Ghent, with assistance from Alexander Ljungqvist of NYU. For 2000-2004, the Belgian numbers are from Christophe DuMortier. For 2005-2006, the Belgian numbers are from Dealogic.The Brazilian numbers (62 IPOs with 78.5% underpricing) from 1979-1990 are from Aggarwal, Leal, & Hernandez, and (44 IPOs with 6.7% underpricing) from 2004-2006 are from Dealogic. There are also 74 IPOs from 1995-2003 with unknown underpricing. Richard Saito has also provided numbers from 2004-2006. The 1997-2006 volume numbers are from Emerson Faria, based on information at .br. The Bulgarian numbers for 2004-January 2007 are from von Georgi Nikolov’s University of Innsbruck dissertation. The updated Canadian numbers are from Lawrence Kryzanowski, Skander Lazrak, and Ian Rakita’s 2006 Multinational Finance Journal article “The Behavior of Prices, Trades and Spreads for Canadian IPOs.” For 2003-2006, I have used numbers calculated from Dealogic. The updated Chilean numbers are from Cristian Celis and Gustavo Maturana’s 1998 Revista ABANTE article.The Chinese numbers are Zhaohui Chen, Jongmoo Jay Choi, and Cao Jiang’s 2007 Temple University working paper “Corruption in State Owned Firms: Evidence from China’s IPOs.” Their numbers are consistent with Lihui Tian and William Megginson’s 2006 Peking University and University of Oklahoma working paper “Extreme Underpricing: Determinants of Chinese IPO Initial Returns” for 1992-2000 and Shiguang Ma and Robert Faff’s April 2007 Pacific-Basin Finance Journal article “Market Conditions and the Optimal IPO Allocation Mechanism in China” for 1994-2003, with all three studies using A shares traded domestically.Data from Cyprus is provided by Dimitrios Gounopoulos, Christos Nounis, and Paris Stylianides for 1999-2002, whose 2007 forthcoming Journal of Financial Decision Making article “The Short and Long Term Performance of Initial Public Offerings in the Cyprus Stock Exchange” reports numbers for 75 IPOs. The numbers for 51 IPOs reported here exclude 24 IPOs that raised less than U.S.$1 million (2007 purchasing power). The Danish numbers are from Jan Jacobsen and Ole Sorensen at Copenhagen Business School for 1984-1998, with Dealogic being the source for 1999-2006 (with confirmation from Christian Nielsen). The Finnish numbers are from Matti Keloharju.The French numbers from 1993-98 are from Francois Derrien and Kent Womack. The French numbers from 1999-2000 are from Salim Chahine. The French numbers from 2001-2006 are for 115 IPOs from Dealogic, and exclude Marché Libre IPOs. The German numbers are a weighted average of 27.7% for 407 IPOs from 1978-1999 from Alexander Ljungqvist and 41.0% for 138 Neuer Market IPOs from 2000-2001, with the latter numbers from Jorg Rocholl’s 2005 University of North Carolina working paper. For 2002-2006, data on the 107 IPOs comes from Dealogic. For 2007-2008, Silvio Vismara has supplied numbers from the EurIPO Factbook.The Greek numbers for 1987-1994 can be found in a chapter in Mario Levis’ 1996 book Empirical Issues in Raising Equity Capital, but the reported numbers for 1976-1989 are from a working paper by Christos Nounis of the National and Kapodistrian University of Athens, and the 1990-2006 numbers are from “Price Cap Effect in the Performance of Greek IPOs” by S. Thomadakis, D. Gounopoulos, and C. Nounis, which uses the first unconstrained market price. Zhao and Wu’s Hong Kong numbers are from a City University of Hong Kong working paper. For 1997-2001, the Hong Kong numbers are from Alexander Ljungqvist and Xiaoyun Yu’s 2003 working paper “Stock market development, liquidity, and corporate governance.” For 2002-2003, the Hong Kong numbers are from Simon Yu Kit Fung, Ferdinand A. Gul, and Suresh Radhakrishnan’s “Investment Banks’ Repeated IPO Business Opportunities and IPO Underpricing.” For 2004-2006, the Hong Kong numbers are from Dealogic. Steve Dawson of the University of Hawaii has confirmed the Hong Kong numbers for most years.The average initial return for India from 1990-2004 is from the NYU working paper "Group Affiliation and the Performance of Initial Public Offerings in the Indian Stock Market," by Vijaya B Marisetty and Marti G. Subrahmanyam. The average initial return for 1992-93 would be only 35.3% based upon IPOs with an offer price of above 10 Rupees, with the data coming from the 2002 Managerial Finance article by Chandra Krishnamurti and Pradeep Kumar. This is only about one-third of the unconditional average for these two years. Indian data for 2005-2007 has been supplied by Vijayi Marisetty. The Indonesian numbers for 1989-1994 are from Arosio, Giudici and Paleiri’s Italian working paper, in which they cite Hanafi’s (1997) working paper “Efisiensi Emisi Sahan Baru di Bursa Efek Jakarta (1989-1994).” The Indonesian numbers from 1995-2008 are from Suherman of the State University of Jakarta, confirmed for 2002-2003 by Freddy Danny.The Iranian numbers from 1991-2004 are from Saeed Bagherzadeh’s 2006 University of Tehran working paper “The Initial Public Offerings Underpricing and Long-Run Underperformance in the Iranian Emerging Stock Market: Some Empirical Evidence.” The Irish numbers are from Dealogic. The Israeli numbers are from Yakov Amihud and Shmuel Hauser’s 2001 NYU working paper. Kandel, Sarig, and Wohl’s Review of Financial Studies article covers the period after Isreali auctions with no price limits became mandatory. For 1999-2006, the numbers for 63 Israeli IPOs are from Dealogic. The updated Italian numbers are from a working paper by Arosio, Giudici and Paleari of Politecnico di Milano and Universita degli Studi di Bergamo through 2000, and from Cassia, Paleari & Redondi for 2001. For 2002-2006, the numbers have been supplied by Silvio Vismara.The updated Japanese numbers are from Hamao, Packer and Ritter’s 2000 Pacific-Basin Finance Journal article for 1989-1995 OTC firms, and from Takashi Kaneko and Richard Pettway’s “Auctions versus Book-Building Underwriting of Japanese IPOs: OTC, Mothers, and Nasdaq-Japan Issues” for 1996-2001. Takashi Kaneko also supplied numbers on TSE-listed IPOs from 1992-2000. Numbers from 2002-2006 are from Dealogic. It should be noted that the Japanese average initial returns are sensitive to whether some very small issues are included, and whether the first trading day close is used or the close on the first day that price limits are not a binding constraint. For example, in December 2006, Piped Bits raised ¥420 million (about $4 million) by selling 2,000 shares at an offer price of ¥210,000 per share, with a first-day close of ¥430,000 (probably constrained by price limits) and a one-week close of ¥1,200,000 (up 471%). Alsoin December 2006, eBase sold 1,000 shares at ¥185,000 per share, raising less than $2 million. The stock closed at ¥428,000 on the first day and ¥890,000 after one week (up 381%). Another December 2006 IPO was that of Advantage Risk Management, which sold 25,000 shares at ¥20,000 per share, raising about $5 million. The stock closed at ¥47,000 after one day, and ¥55,000 after one week, up 175%. For 2007, data from is used.The updated Korean numbers are from Byung Kyun Ihm’s 1997 Korean Journal of Financial Management and Choi and Heo’s 2000 Korean Journal of Finance articles, for years through 1996. For 1997-1999, David Ng has supplied the data. For 2000-2008, 956 IPOs from the Korean Stock Exchange are used, with Dealogic returns for 2000-2003 and KSE returns for 2004-2008 supplied by Sungil Cho of Chung-Ang University. The numbers for Malaysia come from several sources: Isa, Isa and Yong, and Othman Yong. The numbers for most years have been confirmed by Steve Dawson of the University of Hawaii. In general, only Main Board IPOs are included for 1993 and later. There is a 2007 Journal of Business Finance & Accounting article by Ahmad, Cambell, and Goodacre that covers 1990-2000. Numbers for several European countries for the 1992-99 period are supplied by Jenkinson, Ljungqvist, and Wilhelm, who complied data for their 2003 Review of Financial Studies article. The Mexican numbers for 1991-1994 (51 IPOs with 3.45% underpricing) are from Hans Eijgenhuijsen and Rob van der Valk.The New Zealand numbers for 1992-99 are from a University of Auckland and University of Melbourne working paper by Graeme Camp and Robert Munro. Data for 2005-2006 come from Dealogic. For the Netherlands, the 2000-2006 numbers are from Dealogic and Silvio Vismara, and 1983-1999 numbers have been supplied by Tjalling van der Goot of the University of Amsterdam. The 2000-2004 numbers for New Zealand have been supplied by Graeme Camp. The Nigerian numbers for 61 IPOs from 1989-1993 are from a University of Southern California working paper by Ikoku. For the 51 IPOs from 1995-2006, the source is Joseph Achua’s 2007 University of Nigeria dissertation “Price Performance of Initial Public Offerings: Empirical Evidence from Deregulated Nigerian Capital Market.” Data for 1994 is missing.The Norwegian numbers for 1984-1996 are from N. Haug Emilsen , K. Pedersen, and Frode Saettem,1997, Børsintroduksjoner, BETA - Tidsskrift for bedriftsøkonomi 11, 1-13 (in Norwegian). For 1997-2001, they are from Erik Liden, and from 2002-2006, they are from Dealogic. The Philippine numbers are from Michael Sullivan and Angelo Unite’s 2001 Pacific-Basin Finance Journal article for 1987-1997, and Dealogic of 1999-2006. The Polish numbers are from Jelic and Briston’s 2003 European Financial Management article for 1991-1998, and from Dealogic for 1999-2006. The Portuguese numbers are from Miguel Almeida and Joao Duque’s chapter in Initial Public Offerings: An International Perspective, edited by Greg. N. Gregoriou (Elsevier, 2006) for 1992-1998, and from Dealogic for 1999-2006. Russian numbers are from Dealogic.Numbers for Singapore from 1992-2001 are from Steve Dawson of the University of Hawaii. Singaporean numbers for 2002-2006 are from Dealogic. The South African numbers are from Page and Reyneke’s Oct-Dec 1997 Journal of Business, Finance, and Accounting article “The Timing and Subsequent Performance of Initial Public Offeings on the Johannesburg Stock Exchange.” The updated Spanish numbers are from an ESADE working paper by Carmen Ansotegui and Jordi Fabregat and working papers by Susana Alvarez Otera. For 2005-2006, Spanish numbers are from Dealogic. Sri Lanka numbers come from the 2008 working paper “The Short-run Underpricing of Initial Public Offerings in the Sri Lankan Stock Market” by Lalith P. Samarakoon of the University of St. Thomas in Minnesota. Swedish numbers for 81 IPOs from 1995-1998 are from Josef Schuster’s LSE dissertation. Andrei Simonov provided data from 1995-2000, and I have used Dealogic data for 1999-2006. The Swiss numbers are from a University of Basel working paper by Wolfgang Drobetz, Matthias Kammermann, and Urs Walchli, and for 2001-2006 from Dealogic. For 2007-2008, the numbers are from the EurIPO Factbooks.The updated Taiwanese numbers are from Hsuan-Chi Chen of the University of New Mexico. Published numbers for smaller samples are contained in a 1997 Journal of Financial Studies article by Lin and Sheu and a Hong Kong University of Science and Technology working paper by Gwohorng Liaw, Yu-Jane Liu, and John Wei for 52 auctions from 1995-1998. For the auctions, the average first-day return of 15.06% is computed as an average of the quantity-weighted average price paid in the discriminatory auction tranche and the fixed price paid for the other tranche. Each tranche has a 50% weight. Thai numbers are from a working paper by Ravi Lonkani (Payap University) and Sunti Tirapat (Chulalongkorn University), for 2000-2006 from Dealogic, and for 2007 from Manapol Ekkayokkaya and Pengniti’s Chulalongkorn University working paper “Governance Reforms and IPO Underpricing.” The later paper covers 1990-2007.The Turkish numbers are from Halil Kitmaz’s June 2000 Journal of Multinational Financial Management article “The Initial and Aftermarket Performance of IPOs in an Emerging Market: Evidence from Istanbul Stock Exchange” for 1990-1996, and for 1997-2004 from Prof. Banu Durukan of Dokuz Eylal University. The Turkish numbers have been calculated with assistance from Prof. Ozgur Ince of Virginia Tech. For 2005-2008, the Turkish numbers are from Guray Kucukkocaoglu, based on the Baskent University working paper with Ozge Sezgin “IPO Mechanism Selection by Using Classification and Regression Trees (CART).” The U.K. numbers for 2000-2006 are from Mario Levis of the Cass Business School of City University. UK numbers from 2007-2008 have been supplied by Silvio Vismara using EurIPO Factbook information.The numbers for some countries represent the average first-day return on IPOs for which the company is headquartered in that country. For Belgium, for example, during 1991-1999, 61 companies went public, for which first-day return information is available on 41 IPOs. Of the 61 IPOs, 39 went public on the Brussels Stock Exchange, 3 on Nasdaq, 9 on Easdaq, and 10 on Euro.NM. Of the 3 Nasdaq IPOs by Belgian companies (Lernout et Hauspie, Xiekon, and ICOS Vision Systems), only Xiekon was an American Depository Share (ADS) issue. The other 2 Nasdaq IPOs have been included in the U.S. totals, resulting in double-counting. The U.S. numbers exclude ADS issues, but in general include other foreign firms going public in the U.S., especially on Nasdaq. Many larger Canadian companies and Israeli tech companies went public in the U.S. in the 1990s. The Israeli numbers in the table are based on Israeli companies going public in Israel.Special thanks are owed to Alexander Ljungqvist, Josef Schuster, Ozde Oztekin, and Dealogic, in addition to the many other individuals who have provided information.file: c:/My Documents/int。