Table 2 Descriptive Statistics of the IPO Initial Returns and the Economic Freedom Index Scores. (July 1993–December 2014)

Australia

21.11

180.51

-25.14

31.44

80.91

83.10

75.59

1.68

Austria

5.33

27.80

-6.09

11.93

71.50

71.64

71.40

0.13

Belgium

8.95

33.00

-2.92

10.33

71.54

72.51

69.01

0.97

China

32.08

254.60

-27.14

43.64

52.78

54.76

51.20

0.82

Finland

2.80

4.54

-0.29

1.69

72.91

74.55

65.24

3.43

Greece

29.53

183.39

-12.70

62.55

59.70

60.98

58.82

0.89

India

18.40

182.02

-33.23

42.80

54.11

54.60

52.22

0.46

Indonesia

41.27

91.30

-8.77

70.76

52.95

52.95

52.95

0

Italy

8.09

55.44

-3.41

13.25

62.41

64.94

60.30

0.79

Japan

38.78

248.48

-29.98

53.18

69.86

73.25

64.28

3.51

Malaysia

19.67

176.19

-29.20

36.78

64.70

69.60

61.63

2.24

Netherlands

9.12

59.38

-9.45

18.91

74.78

77.35

69.18

3.05

Norway

2.41

14.04

-7.79

6.47

67.98

70.18

64.51

2.10

Philippines

22.39

140.07

-5.24

37.89

56.24

60.92

54.71

1.52

Poland

33.95

131.26

-8.53

38.60

60.56

67.00

58.11

2.12

Singapore

26.42

177.36

-24.43

39.92

87.99

89.40

86.10

0.79

Spain

−2.00

0.22

-7.03

3.06

69.50

70.07

68.19

0.85

Sweden

3.53

13.50

-4.18

6.14

70.17

71.90

63.34

2.53

Switzerland

10.45

35.71

-2.50

12.29

79.62

81.60

78.03

1.12

Thailand

53.17

198.00

-29.79

61.93

63.33

65.82

62.31

0.65

U.K.

10.76

146.81

-31.07

15.84

78.35

80.35

74.10

2.15

U.S.

18.65

242.10

-22.86

26.77

76.81

81.24

75.43

1.79

Whole Sample

25.13

254.60

-33.23

38.53

68.57

89.40

51.20

11.65