Table 4 Regression results of testing the relationship between sponsor reputation and IPO initial return
From: Does reputation of sponsors matter in IPO? Evidence from Hong Kong
Variable | Col. 1 | Col. 2 | Col. 3 | Col. 4 |
|---|---|---|---|---|
Intercept | 7.366 (0.270) | 19.683 (0.758) | 9.483 (0.351) | 15.627 (0.597) |
SponRepMar | −3.133 (−2.083)b | |||
SponRepIss | −0.206 (−2.151)b | |||
SponRepLic | −1.170 (−2.361)b | −1.225 (−2.387)b | ||
UndRepMar | −0.101 (−0.080) | −0.995 (−0.992) | ||
UndRepIss | −0.005 (−0.067) | −0.039 (−0.562) | ||
HighTech | 2.668 (0.510) | 2.055 (0.391) | 2.507 (0.480) | 2.555 (0.489) |
lnProceeds | −0.785 (−0.550) | −1.379 (−1.018) | −0.653 (−0.457) | −0.972 (−0.702) |
GrossSpread | 3.951 (2.149)b | 3.762 (2.043)b | 3.620 (1.968)b | 3.594 (1.952)c |
OfferRange | 0.109 (0.704) | 0.118 (0.763) | 0.155 (1.001) | 0.155 (0.996) |
lnSales | −0.010 (−0.007) | −0.240 (−0.182) | −0.789 (−0.626) | −0.974 (−0.780) |
lnAge | 1.841 (0.988) | 1.867 (1.000) | 1.596 (0.856) | 1.701 (0.911) |
MarketReturn | 0.420 (1.789)c | 0.406 (1.718)c | 0.350 (1.484) | 0.343 (1.450) |
Industry fixed effects | Yes | Yes | Yes | Yes |
Observations | 315 | 315 | 315 | 315 |
R2 | 0.150 | 0.149 | 0.154 | 0.152 |
Adj. R2 | 0.099 | 0.097 | 0.103 | 0.100 |