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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

 VariableCol. 1Col. 2Col. 3Col. 4
Intercept7.366 (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)
HighTech2.668 (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)
GrossSpread3.951 (2.149)b3.762 (2.043)b3.620 (1.968)b3.594 (1.952)c
OfferRange0.109 (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)
lnAge1.841 (0.988)1.867 (1.000)1.596 (0.856)1.701 (0.911)
MarketReturn0.420 (1.789)c0.406 (1.718)c0.350 (1.484)0.343 (1.450)
Industry fixed effectsYesYesYesYes
Observations315315315315
R20.1500.1490.1540.152
Adj. R20.0990.0970.1030.100
  1. Notes. The t-statistics are displayed in parenthesis where 1%, 5%, and 10% significance levels are highlighted with a, b, and c, respectively