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. 1 | Col. 2 |
|---|---|---|
Intercept | 7.094 (2.002)b | 9.205 (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) |
GrossSpread | 0.315 (1.298) | 0.303 (1.255) |
OfferRange | 0.027 (1.332) | 0.030 (1.473) |
lnSales | −0.463 (−2.787)a | −0.467 (−2.846)a |
lnAge | 0.111 (0.454) | 0.090 (0.368) |
MarketReturn | −0.022 (−0.716) | −0.030 (−0.956) |
Industry fixed effects | Yes | Yes |
Observations | 315 | 315 |
R2 | 0.258 | 0.263 |
Adj. R2 | 0.215 | 0.221 |