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Table 11 Regression results of testing the impact of the new sponsor regulatory regime launched in 2013 on the relationship between sponsor reputation and IPO initial volatility

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

Variable Col. 1Col. 2Col. 3Col. 4
Intercept3.593 (1.018)5.518 (1.648)c3.670 (1.055)4.814 (1.425)
SponRepMar−0.173 (−0.752)   
SponRepIss −0.007 (−0.433)  
SponRepLic  −0.099 (−1.018)−0.084 (−0.859)
UndRepMar−0.105 (−0.645) −0.222 (−1.723)c 
UndRepIss −0.012 (−1.168) −0.017 (−1.997)b
Regulation3.081 (3.795)a3.478 (3.709)a3.145 (3.288)a3.160 (3.318)a
Regulation × SponRepMar−0.513 (−2.342)b   
Regulation × SponRepIss −0.039 (−2.281)b  
Regulation × SponRepLic  −0.195 (−1.747)c−0.192 (−1.720)c
HighTech−0.666 (−0.985)−0.853 (−1.263)−0.719 (−1.070)−0.738 (−1.101)
lnProceeds0.053 (0.291)−0.053 (−0.306)0.087 (0.478)0.027 (0.154)
GrossSpread0.358 (1.516)0.334 (1.424)0.307 (1.306)0.306 (1.307)
OfferRange0.026 (1.319)0.029 (1.453)0.039 (1.939)c0.040 (2.006)b
lnSales−0.255 (−1.477)−0.243 (−1.440)−0.352 (−2.178)b−0.351 (−2.197)b
lnAge−0.110 (−0.452)−0.164 (−0.672)−0.176 (−0.722)−0.189 (−0.774)
MarketReturn−0.026 (−0.847)−0.032 (−1.080)−0.037 (−1.221)−0.040 (−1.333)
Industry fixed effectsYesYesYesYes
Observations315315315315
R20.3090.3190.3190.321
Adj. R20.2620.2730.2730.275
  1. Notes. The t-statistics are displayed in parenthesis where 1%, 5%, and 10% significance levels are highlighted with a, b, and c, respectively