From: Does reputation of sponsors matter in IPO? Evidence from Hong Kong
Variable | Col. 1 | Col. 2 | Col. 3 | Col. 4 |
---|---|---|---|---|
Intercept | 3.593 (1.018) | 5.518 (1.648)c | 3.670 (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 | ||
Regulation | 3.081 (3.795)a | 3.478 (3.709)a | 3.145 (3.288)a | 3.160 (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) |
lnProceeds | 0.053 (0.291) | −0.053 (−0.306) | 0.087 (0.478) | 0.027 (0.154) |
GrossSpread | 0.358 (1.516) | 0.334 (1.424) | 0.307 (1.306) | 0.306 (1.307) |
OfferRange | 0.026 (1.319) | 0.029 (1.453) | 0.039 (1.939)c | 0.040 (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 effects | Yes | Yes | Yes | Yes |
Observations | 315 | 315 | 315 | 315 |
R2 | 0.309 | 0.319 | 0.319 | 0.321 |
Adj. R2 | 0.262 | 0.273 | 0.273 | 0.275 |