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

Intercept

14.004 (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 ×SponRepMar

4.184 (2.052)^b

HighTech × SponRepIss

0.284 (1.763)^c

HighTech × SponRepLic

2.526 (2.570)^b

2.513 (2.550)^b

lnProceeds

−1.148 (−0.803)

−1.787 (−1.304)

−0.966 (−0.680)

−1.285 (−0.933)

GrossSpread

4.275 (2.329)^b

4.012 (2.180)^b

3.790 (2.079)^b

3.759 (2.060)^b

OfferRange

0.108 (0.705)

0.113 (0.733)

0.157 (1.026)

0.156 (1.013)

lnSales

0.288 (0.214)

−0.045 (−0.034)

−0.641 (−0.512)

−0.861 (−0.696)

lnAge

1.608 (0.866)

1.746 (0.938)

1.581 (0.856)

1.715 (0.927)

MarketReturn

0.418 (1.789)^c

0.421 (1.788)^c

0.356 (1.522)

0.350 (1.495)

Industry fixed effects

Yes

Yes

Yes

Yes

Observations

315

315

315

315

R²

0.162

0.158

0.172

0.170

Adj. R²

0.108

0.104

0.119

0.117