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Table 3 Regression results of testing the relationship between underwriter reputation and IPO initial return

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

Variable 

Col. 1

Col. 2

Intercept

17.626 (0.652)

28.018 (1.084)

UndRepMar

−1.874 (−1.997)b

 

UndRepIss

 

−0.111 (−1.786)c

HighTech

3.417 (0.651)

3.384 (0.644)

lnProceeds

−1.306 (−0.924)

−1.841 (−1.367)

GrossSpread

3.919 (2.119)b

3.880 (2.095)b

OfferRange

0.114 (0.738)

0.120 (0.769)

lnSales

−0.997 (−0.787)

−1.158 (−0.922)

lnAge

1.965 (1.049)

2.007 (1.069)

MarketReturn

0.410 (1.737)c

0.388 (1.634)

Industry fixed effects

Yes

Yes

Observations

315

315

R2

0.138

0.136

Adj. R2

0.089

0.086

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