Table 5 IPO Initial Returns and the Sub-indexes of Economic Freedom (July 1993–December 2014)

Constant

64.162

8.128

37.367

−4.492

70.893^b

72.454^a

58.206

40.675

58.758^a

116.013^a

PPR

−0.644^c

Crup

−0.668^c

FiscalL

0.233

FreeGov

0.347^c

Busi

−0.496^b

Labor

−0.122

Mny

0.065

FreeTrd

0.650

Ivst

−0.611^c

Fin

−0.425^b

GDP

11.062^b

13.802^b

2.551

4.034

7.922^a

3.315

2.639

−1.962

9.467^c

4.630^a

Bear

−16.350^b

−16.155^c

−18.349^c

−18.639^c

16.800^b

−17.725^c

−18.122^c

−17.966^c

−18.443^c

−19.930^c

Bull

7.701^c

7.773^b

8.353^c

8.186^c

8.284^c

9.034^c

8.534^c

8.443^c

7.743^b

8.048^c

AF

0.434

0.088

0.200

0.184

0.425

0.283

0.240

0.242

0.407

0.545

SPS

−0.464

0.119

0.403

0.563

−0.050

0.180

0.282

0.433

−0.269

−0.471

HCB

−2.359

−2.928^a

−4.372^c

−4.130^b

−2.919

−4.040^b

−4.131^c

−4.010^c

−2.126

−3.062^b

Democ

−1.709

−1.512^b

−1.094

−0.128

−1.428^b

−1.479^b

−1.425¹

−1.148

−1.317^b

−1.299^a

EM

0.386

0.441

0.966

0.988

0.760

1.078

1.044

1.317^a

0.571

0.185

Proceeds

−2.992^c

−2.925^c

−2.721^c

−2.532^b

3.125^c

−3.003^c

−2.929^c

−2.792^c

−2.535^b

−2.373^c

Oversold

−0.008

−0.006

−0.010

−0.011

−0.009

−0.010

−0.011

−0.006

−0.006

−0.004

Uwrt

−11.014^c

−11.109^b

−11.011^c

−10.904^b

−11.142^c

−10.937^b

−10.904^c

−12.718^c

−12.892^b

−12.602^c

ROE

1.333

1.423

0.754

0.596

0.22

1.218

1.111

1.309

0.877

0.409

Ind

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Adjusted-R square

0.141

0.139

0.126

0.129

0.131

0.126

0.125

0.130

0.146

0.135

Prob(F-stat)

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

No. of Obs

3728

3728

3728

3728

3728

3728

3728

3728

3728

3728