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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. 1Col. 2
Intercept17.626 (0.652)28.018 (1.084)
UndRepMar−1.874 (−1.997)b 
UndRepIss −0.111 (−1.786)c
HighTech3.417 (0.651)3.384 (0.644)
lnProceeds−1.306 (−0.924)−1.841 (−1.367)
GrossSpread3.919 (2.119)b3.880 (2.095)b
OfferRange0.114 (0.738)0.120 (0.769)
lnSales−0.997 (−0.787)−1.158 (−0.922)
lnAge1.965 (1.049)2.007 (1.069)
MarketReturn0.410 (1.737)c0.388 (1.634)
Industry fixed effectsYesYes
Observations315315
R20.1380.136
Adj. R20.0890.086
  1. Notes. The t-statistics are displayed in parenthesis where 1%, 5%, and 10% significance levels are highlighted with a, b, and c, respectively
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