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

Tong, Wilson H. S.; Wong, Michael B. T.

doi:10.1186/s11782-020-00081-7

Frontiers of Business Research in China

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	Regulation	HighTech	ln Proceeds	Gross Spread	Offer Range	lnSales	lnAge	Market Return	IniRtn	IniVol
SponRepMar	1	0.682^a	0.894^a	0.823^a	0.684^a	−0.194^a	0.012	0.583^a	−0.251^a	−0.028	0.640^a	−0.062	0.044	−0.254^a	−0.455^a
SponRepLic	0.682^a	1	0.749^a	0.586^a	0.607^a	−0.064	−0.013	0.462^a	−0.235^a	0.056	0.426^a	−0.097	−0.059	−0.264^a	−0.398^a
SponRepIss	0.894^a	0.749^a	1	0.754^a	0.755^a	−0.157^a	−0.048	0.496^a	−0.276^a	−0.008	0.614^a	−0.072	0.007	−0.256^a	−0.466^a
UndRepMar	0.823^a	0.586^a	0.754^a	1	0.838^a	−0.215^a	0.048	0.534^a	−0.218^a	0.020	0.529^a	−0.116^b	0.016	−0.214^a	−0.410^a
UndRepIss	0.684^a	0.607^a	0.755^a	0.838^a	1	−0.169^a	0.018	0.389^a	−0.211^a	0.060	0.473^a	−0.138^b	−0.062	−0.201^a	−0.404^a
Regulation	−0.194^a	−0.064	−0.157^a	−0.215^a	−0.169^a	1	0.083	−0.042	−0.055	−0.158^a	−00.107	0.187^a	−0.015	0.090	0.223^a
HighTech	0.012	−0.013	−0.048	0.048	0.018	0.083	1	0.056	0.003	0.012	−0.017	−0.122^b	−0.113^b	0.022	−0.026
lnProceeds	0.583^a	0.462^a	0.496^a	0.534^a	0.389^a	−0.042	0.056	1	−0.246^a	−0.085	0.534^a	0.046	0.161^a	−0.165^a	−0.296^a
GrossSpread	−0.251^a	−0.235^a	−0.276^a	−0.218^a	−0.211^a	−0.055	0.003	−0.246^a	1	0.167^a	−0.400^a	−0.016	0.140^b	0.219^a	0.237^a
OfferRange	−0.028	0.056	−0.008	0.020	0.060	−0.158^a	0.012	−0.085	0.167^a	1	−0.116^b	−0.083	−0.019	0.092	0.096
lnSales	0.640^a	0.426^a	0.614^a	0.529^a	0.473^a	−00.107	−0.017	0.534^a	−0.400^a	−0.116^b	1	0.068	−0.036	−0.224^a	−0.411^a
lnAge	−0.062	−0.097	−0.072	−0.116^b	−0.138^b	0.187^a	−0.122^b	0.046	−0.016	−0.083	0.068	1	−0.045	0.049	0.045
MarketReturn	0.044	−0.059	0.007	0.016	−0.062	−0.015	−0.113^b	0.161^a	0.140^b	−0.019	−0.036	−0.045	1	0.138^b	−0.014
IniRtn	−0.254^a	−0.264^a	−0.256^a	−0.214^a	−0.201^a	0.090	0.022	−0.165^a	0.219^a	0.092	−0.224^a	0.049	0.138^b	1	0.383^a
IniVol	−0.455^a	−0.398^a	−0.466^a	−0.410^a	−0.404^a	0.223^a	−0.026	−0.296^a	0.237^a	0.096	−0.411^a	0.045	−0.014	0.383^a	1

^aCorrelation is significant at the 1% level (2-tailed)
^bCorrelation is significant at the 5% level (2-tailed)
N = 315

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