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Table 6 Regression results of testing the relationship between underwriter reputation and IPO initial volatility

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

Variable Col. 1Col. 2
Intercept7.094 (2.002)b9.205 (2.729)a
UndRepMar−0.450 (−3.658)a 
UndRepIss −0.032 (−3.976)a
HighTech−0.186 (−0.270)−0.227 (−0.331)
lnProceeds−0.024 (−0.131)−0.128 (−0.729)
GrossSpread0.315 (1.298)0.303 (1.255)
OfferRange0.027 (1.332)0.030 (1.473)
lnSales−0.463 (−2.787)a−0.467 (−2.846)a
lnAge0.111 (0.454)0.090 (0.368)
MarketReturn−0.022 (−0.716)−0.030 (−0.956)
Industry fixed effectsYesYes
Observations315315
R20.2580.263
Adj. R20.2150.221
  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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