146 INVESTMENT BANKING EXHIBIT 8.5 should be adjusted higher, depending on the country. It is also important to consider a wide range of potential growth rates. League tables for M&A activity in emerging markets countries are provided in Exhibit 8.5. Global IPO Market During 2007, global IPO financings raised nearly $300 billion in proceeds, with Brazil, Russia, India, and China, or BRIC countries, accounting for $105 billion (35%) of this volume. Three years earlier, in 2004, this same group of countries comprised just 11% of total global IPO pro- ceeds (see Exhibit 8.6). BRIC's share of the global IPO market temporarily decreased to 22% in 2008, mostly stemming from the ongoing uncertainty and market turmoil caused by the global credit crisis. During 2009, however, BRIC IPOs regained much of their prior momentum and comprised nearly half of global IPOs. Because of U.S. regulatory restraints, GAAP (Generally Accepted Accounting Principles) reporting requirements, high U.S. costs, and development of other equity capital markets, most of the world's IPOs are now launched outside of the United States (see Exhibit 8.7).