Skip to main content

Table 2 Correlation matrix

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

Variable SponRep
Mar
SponRep
Lic
SponRep
Iss
UndRep
Mar
UndRep
Iss
RegulationHighTechln
Proceeds
Gross
Spread
Offer
Range
lnSaleslnAgeMarket
Return
IniRtnIniVol
SponRepMar10.682a0.894a0.823a0.684a−0.194a0.0120.583a−0.251a−0.0280.640a−0.0620.044−0.254a−0.455a
SponRepLic0.682a10.749a0.586a0.607a−0.064−0.0130.462a−0.235a0.0560.426a−0.097−0.059−0.264a−0.398a
SponRepIss0.894a0.749a10.754a0.755a−0.157a−0.0480.496a−0.276a−0.0080.614a−0.0720.007−0.256a−0.466a
UndRepMar0.823a0.586a0.754a10.838a−0.215a0.0480.534a−0.218a0.0200.529a−0.116b0.016−0.214a−0.410a
UndRepIss0.684a0.607a0.755a0.838a1−0.169a0.0180.389a−0.211a0.0600.473a−0.138b−0.062−0.201a−0.404a
Regulation−0.194a−0.064−0.157a−0.215a−0.169a10.083−0.042−0.055−0.158a−00.1070.187a−0.0150.0900.223a
HighTech0.012−0.013−0.0480.0480.0180.08310.0560.0030.012−0.017−0.122b−0.113b0.022−0.026
lnProceeds0.583a0.462a0.496a0.534a0.389a−0.0420.0561−0.246a−0.0850.534a0.0460.161a−0.165a−0.296a
GrossSpread−0.251a−0.235a−0.276a−0.218a−0.211a−0.0550.003−0.246a10.167a−0.400a−0.0160.140b0.219a0.237a
OfferRange−0.0280.056−0.0080.0200.060−0.158a0.012−0.0850.167a1−0.116b−0.083−0.0190.0920.096
lnSales0.640a0.426a0.614a0.529a0.473a−00.107−0.0170.534a−0.400a−0.116b10.068−0.036−0.224a−0.411a
lnAge−0.062−0.097−0.072−0.116b−0.138b0.187a−0.122b0.046−0.016−0.0830.0681−0.0450.0490.045
MarketReturn0.044−0.0590.0070.016−0.062−0.015−0.113b0.161a0.140b−0.019−0.036−0.04510.138b−0.014
IniRtn−0.254a−0.264a−0.256a−0.214a−0.201a0.0900.022−0.165a0.219a0.092−0.224a0.0490.138b10.383a
IniVol−0.455a−0.398a−0.466a−0.410a−0.404a0.223a−0.026−0.296a0.237a0.096−0.411a0.045−0.0140.383a1
  1. aCorrelation is significant at the 1% level (2-tailed)
  2. bCorrelation is significant at the 5% level (2-tailed)
  3. N = 315
\