254 B.E. Eckbo et al.
Ta b l e 4
Annual distribution the total of $12,820 billion issue proceeds from the population of 80,627 U.S. security
issues, 1980–2003 (all numbers in $billion)
Year Equity IPOs Seasoned equity offerings Public straight debt offerings
All Regular Unit All Regular Shelf All Regular Shelf
1980 1. 23 1. 15 0. 08 11. 57 11. 57 0. 00 32. 26 32. 26 0. 00
1981 2. 96 2. 76 0. 19 12. 17 12. 17 0. 00 26. 69 26. 69 0. 00
1982 1. 33 1. 27 0. 06 15. 33 13. 48 1. 84 32. 47 18. 59 13. 87
1983 12. 37 12. 02 0. 35 25. 80 19. 06 6. 73 30. 69 11. 36 19. 33
1984 3. 83 3. 53 0. 30 6. 14 5. 63 0. 50 46. 12 20. 05 26. 08
1985 8. 44 8. 10 0. 34 16. 40 15. 58 0. 83 66. 56 25. 89 40. 67
1986 21. 57 21. 21 0. 36 21. 04 20. 52 0. 52 130. 61 45. 60 85. 00
1987 23. 88 23. 44 0. 45 17. 34 17. 23 0. 10 97. 65 37. 04 60. 61
1988 23. 75 23. 44 0. 31 6. 13 6. 08 0. 04 88. 26 36. 24 52. 02
1989 13. 39 13. 16 0. 23 9. 35 9. 28 0. 07 94. 56 36. 01 58. 55
1990 10. 11 9. 92 0. 19 9. 04 8. 93 0. 11 79. 40 21. 36 58. 04
1991 25. 71 25. 37 0. 34 33. 38 32. 09 1. 28 164. 12 62. 90 101. 22
1992 40. 30 39. 68 0. 62 34. 29 33. 41 0. 88 235. 56 99. 52 136. 04
1993 56. 45 55. 89 0. 56 49. 75 45. 80 3. 94 316. 84 147. 13 169. 71
1994 33. 32 32. 65 0. 67 31. 83 27. 76 4. 08 243. 10 130. 09 113. 02
1995 30. 14 29. 36 0. 77 52. 23 44. 47 7. 76 350. 95 189. 06 161. 90
1996 49. 50 48. 74 0. 75 66. 36 56. 44 9. 92 410. 91 228. 62 182. 28
1997 41. 04 40. 61 0. 43 75. 05 48. 97 26. 08 542. 47 297. 81 244. 66
1998 42. 60 42. 50 0. 10 62. 06 41. 89 20. 16 799. 35 431. 16 368. 19
1999 59. 37 59. 29 0. 07 86. 95 67. 79 19. 16 845. 74 491. 40 354. 34
2000 54. 43 54. 40 0. 03 99. 19 70. 20 28. 99 835. 86 444. 07 391. 79
2001 38. 39 38. 07 0. 32 78. 05 39. 00 39. 06 1075. 83 594. 64 481. 19
2002 42. 08 41. 96 0. 12 68. 59 32. 76 35. 83 974. 32 560. 79 413. 54
2003 40. 87 40. 87 0. 00 70. 99 35. 51 35. 48 1107. 35 701. 98 405. 37
All 677. 05 669. 40 7. 65 959. 00 715. 64 243. 36 8 , 627. 70 4 , 690. 26 3 , 937. 43
Year PP straight debt PP common stock Conv. debt ADR
All Regular Reg-144a All Regular Reg-144a
1980 0. 08 0. 08 0. 00 0. 00 0. 00 0. 00 4. 23 0. 09
1981 10. 89 10. 89 0. 00 0. 16 0. 16 0. 00 4. 57 0. 06
1982 15. 63 15. 63 0. 00 0. 27 0. 27 0. 00 3. 18 0. 19
1983 21. 24 21. 24 0. 00 0. 34 0. 34 0. 00 6. 11 0. 62
1984 25. 31 25. 31 0. 00 0. 60 0. 60 0. 00 4. 09 0. 61
1985 43. 63 43. 63 0. 00 1. 31 1. 31 0. 00 7. 10 0. 03
1986 65. 52 65. 52 0. 00 1. 78 1. 78 0. 00 9. 71 0. 37
1987 65. 67 65. 67 0. 00 2. 12 2. 12 0. 00 9. 68 4. 40
1988 102. 10 101. 61 0. 48 2. 84 2. 84 0. 00 3. 14 1. 10
1989 99. 64 99. 64 0. 00 7. 27 7. 27 0. 00 5. 42 0. 91
1990 66. 54 64. 51 2. 03 3. 83 3. 79 0. 03 4. 76 0. 14
1991 56. 46 48. 64 7. 83 4. 03 2. 62 1. 41 7. 83 3. 13
1992 52. 82 35. 98 16. 84 3. 86 3. 48 0. 39 6. 71 4. 23
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