From: Does reputation of sponsors matter in IPO? Evidence from Hong Kong
Variable | Col. 1 | Col. 2 | Col. 3 | Col. 4 |
---|---|---|---|---|
Intercept | 2.746 (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) | ||
UndRepMar | 0.071 (0.056) | −0.741 (−0.733) | ||
UndRepIss | 0.005 (0.058) | −0.027 (−0.398) | ||
Regulation | 6.864 (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) | ||
HighTech | 1.526 (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) |
GrossSpread | 4.157 (2.254)b | 3.971 (2.153)b | 3.817 (2.073)b | 3.805 (2.065)b |
OfferRange | 0.130 (0.828) | 0.129 (0.819) | 0.177 (1.130) | 0.177 (1.132) |
lnSales | 0.153 (0.113) | 0.017 (0.013) | −0.538 (−0.425) | −0.670 (−0.533) |
lnAge | 1.267 (0.665) | 1.107 (0.577) | 0.821 (0.429) | 0.873 (0.455) |
MarketReturn | 0.412 (1.753)c | 0.391 (1.656)c | 0.337 (1.433) | 0.332 (1.407) |
Industry fixed effects | Yes | Yes | Yes | Yes |
Observations | 315 | 315 | 315 | 315 |
R2 | 0.157 | 0.158 | 0.163 | 0.162 |
Adj. R2 | 0.100 | 0.101 | 0.106 | 0.105 |