TABLE 4

CALCULATED VALUES OF DISCOUNTS
FOR TRANSACTIONS 150 DAYS PRIOR TO IPO

Sample Period

Intercept (Discount when IPO is less than month away) (From Table 3)

Coefficient on time (No. of basis points for each day before IPO) (From Table 3)

Calculated Discount

1987-89

0.242

0.00192

0.530

1990-92

0.182

0.00250

0.557

1992-93

0.264

0.00203

0.569

1994-95

0.240

0.00196

0.534

1995-97

0.293

0.00134

0.493

All (1980-97)

0.292

0.00158

0.529