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Table 5 Regression results of testing the relationship between sponsor reputation and IPO initial return for issuers involving business of high technology

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

Variable Col. 1Col. 2Col. 3Col. 4
Intercept14.004 (0.512)27.412 (1.044)16.487 (0.613)22.608 (0.867)
SponRepMar−3.808 (−2.486)b   
SponRepIss −0.250 (−2.532)b  
SponRepLic  −1.651 (−3.142)a−1.731 (−3.170)a
UndRepMar−0.196 (−0.156) −0.965 (−0.971) 
UndRepIss −0.002 (−0.026) −0.029 (−0.422)
HighTech−8.618 (−1.138)−9.154 (−1.111)−14.989 (−1.753)c−14.832 (−1.732)c
HighTech ×SponRepMar4.184 (2.052)b   
HighTech × SponRepIss 0.284 (1.763)c  
HighTech × SponRepLic  2.526 (2.570)b2.513 (2.550)b
lnProceeds−1.148 (−0.803)−1.787 (−1.304)−0.966 (−0.680)−1.285 (−0.933)
GrossSpread4.275 (2.329)b4.012 (2.180)b3.790 (2.079)b3.759 (2.060)b
OfferRange0.108 (0.705)0.113 (0.733)0.157 (1.026)0.156 (1.013)
lnSales0.288 (0.214)−0.045 (−0.034)−0.641 (−0.512)−0.861 (−0.696)
lnAge1.608 (0.866)1.746 (0.938)1.581 (0.856)1.715 (0.927)
MarketReturn0.418 (1.789)c0.421 (1.788)c0.356 (1.522)0.350 (1.495)
Industry fixed effectsYesYesYesYes
Observations315315315315
R20.1620.1580.1720.170
Adj. R20.1080.1040.1190.117
  1. Notes. The t-statistics are displayed in parenthesis where 1%, 5%, and 10% significance levels are highlighted with a, b, and c, respectively