1. Average Annual First-day Returns and Volume, for China, Italy, Japan, Taiwan, and the US Prof. Jay R. Ritter University of Florida August 2014

2. Number of Offerings and Average First-day Returns on Chinese IPOs, 1990-2013 (There were no IPOs in 2013, due to a CSRC moratorium starting in October 2012) Source: Jia, Xie, and Zhang (2014)

3. Number of Offerings and Average First-day Returns on Italian IPOs, 1985-2013 Source: Silvio Vismara and others

4. Number of Offerings and Average First-day Returns on Japanese IPOs, 1980-2013 Source: Takashi Kaneko and others

5. Annual Volume of IPOs and Average First-day Returns for Taiwan, 1980- 2013 Source: Hsuan-Chi Chen and Yao-Min Chiang

6. 6 Number of Offerings (bars) and Average First-day Returns (yellow) on US IPOs, 1980-2013 Source: Jay Ritter, University of Florida. The number of IPOs excludes closed-end funds, REITs, SPACs, natural resource limited partnerships, ADRs, bank and S&L IPOs, IPOs with an offer price below $5 per share, unit offers, and IPOs that are not CRSP-listed within six months of the IPO.