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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. 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

  1. Notes. The t-statistics are displayed in parenthesis where 1%, 5%, and 10% significance levels are highlighted with a, b, and c, respectively