ASEWAir and Space Expeditionary Wing
ASEWAlpine Software Engineering Workshop
ASEWAeronautics and Space Education Workshop (Istanbul, Turkey)
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Exhibit 2 also shows the average annual rates of return during the period January 1980 to December 1990 for each of the market size deciles, the FTA and the HGSC Indexes, as well as a specially constructed All Share Equally Weighted (ASEW) Index.(17) During the period 1980-1990, the ASEW Index outperformed the FTA and HGSC Indexes by an average 3.5% and 5.0% per annum, respectively.
Exhibit 9 reports the average three-year holding period total return for the sample of 712 IPOs and wealth relatives based on the FTA, HGSC and ASEW benchmarks; the average first day returns are also reported.
The ASEW was calculated for the purposes of this study.