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Table 10 Regression results of testing the impact of the new sponsor regulatory regime launched in 2013 on the relationship between sponsor reputation and IPO initial return

From: Does reputation of sponsors matter in IPO? Evidence from Hong Kong

Variable Col. 1Col. 2Col. 3Col. 4
Intercept2.746 (0.100)12.174 (0.462)2.789 (0.102)7.087 (0.267)
SponRepMar−2.921 (−1.622)   
SponRepIss −0.150 (−1.161)  
SponRepLic  −0.916 (−1.202)−0.954 (−1.237)
UndRepMar0.071 (0.056) −0.741 (−0.733) 
UndRepIss 0.005 (0.058) −0.027 (−0.398)
Regulation6.864 (1.082)10.214 (1.385)10.200 (1.360)10.549 (1.409)
Regulation× SponRepMar−0.341 (−0.199)   
Regulation × SponRepIss −0.084 (−0.625)  
Regulation × SponRepLic  −0.484 (−0.553)−0.497 (−0.567)
HighTech1.526 (0.289)0.645 (0.121)1.125 (0.214)1.111 (0.211)
lnProceeds−0.798 (−0.559)−1.352 (−0.998)−0.660 (−0.463)−0.897 (−0.648)
GrossSpread4.157 (2.254)b3.971 (2.153)b3.817 (2.073)b3.805 (2.065)b
OfferRange0.130 (0.828)0.129 (0.819)0.177 (1.130)0.177 (1.132)
lnSales0.153 (0.113)0.017 (0.013)−0.538 (−0.425)−0.670 (−0.533)
lnAge1.267 (0.665)1.107 (0.577)0.821 (0.429)0.873 (0.455)
MarketReturn0.412 (1.753)c0.391 (1.656)c0.337 (1.433)0.332 (1.407)
Industry fixed effectsYesYesYesYes
Observations315315315315
R20.1570.1580.1630.162
Adj. R20.1000.1010.1060.105
  1. Notes. The t-statistics are displayed in parenthesis where 1%, 5%, and 10% significance levels are highlighted with a, b, and c, respectively