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Table 4 Effects of foreign residency rights on Post-IPO buy-and-hold abnormal returns

From: The effects of entrepreneurial long-term commitment on post-IPO performance: Chinese evidence

Panel A: Univariate analysis
   BHAR_1YEAR BHAR_2YEAR BHAR_3YEAR
  No. of obs. Mean Median Mean Median Mean Median
Full sample 918 −0.060a − 0.113a 0.104a − 0.058 0.399a 0.083a
(1) With foreign residency 119 −0.081a −0.139a 0.085 −0.115 0.277a −0.043c
(2)Without foreign residency 799 −0.057a −0.112a 0.106a −0.048 0.417a 0.093a
Diff(1–2)   −0.024 −0.027 − 0.022 −0.067 − 0.140 −0.136c
Matched sample 454 −0.078a −0.128a 0.080a −0.091 0.371a 0.034a
(3) With foreign residency 116 −0.078b −0.136a 0.087 −0.118 0.284a −0.044c
(4) Without foreign residency 338 −0.077a −0.119a 0.077b −0.085 0.401a 0.070a
Diff(3–4)   −0.001 −0.017 0.010 −0.033 − 0.118 −0.114
Panel B: Regression results
  BHAR_3YEAR
  Full sample Matched sample
  (1) (2)
TREATED −0.176a (−4.72) −0.115c (−1.92)
UNDERPRICE_MKTADJ −0.320a (− 18.37) −0.399a (− 4.40)
SIZE_IPO − 0.187a (−5.50) −0.189 (− 1.22)
ROA_IPO − 0.419 (− 1.32) −0.631 (− 1.04)
LEV_IPO − 0.212 (− 1.47) 0.474 (0.99)
OFFER_SIZE − 0.186a (−3.11) −0.169 (− 0.79)
LEADERUNDERWRITER 0.086c (1.87) −0.026 (− 0.27)
Industry fixed effects included? Yes Yes
Year fixed effects included? Yes Yes
No. of obs. 898 454
Adjusted R2 0.247 0.227
  1. This table presents results of univariate analysis and regression analysis for post-IPO buy-and-hold abnormal returns (BHARs). Panel A presents the univariate tests on 1-year, 2-year and 3-year BHARs for full sample and matched sample respectively. Panel B reports the OLS results for BHAR_3YEAR. t-values are reported in parentheses. Standard error is clustered at the industry level. The sample includes 918 non-state IPO firms for the period 2006 to 2012 that have the post-IPO period of at least 3 years. See Appendix for variable definitions
  2. a, b, and c stand for significance at the 1, 5, and 10% level, respectively