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Table 7 Regression results of testing the relationship between sponsor reputation and IPO initial volatility

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

Variable Col. 1Col. 2Col. 3Col. 4
Intercept5.540 (1.550)7.881 (2.333)b5.627 (1.600)7.220 (2.125)b
SponRepMar−0.475 (−2.411)b   
SponRepIss −0.033 (−2.627)a  
SponRepLic  −0.211 (−3.270)a−0.196 (−2.944)a
UndRepMar−0.182 (−1.099) −0.292 (−2.238)b 
UndRepIss −0.015 (−1.507) −0.021 (−2.315)b
HighTech−0.299 (−0.437)−0.438 (−0.641)−0.350 (−0.515)−0.360 (−0.530)
lnProceeds0.055 (0.293)−0.055 (−0.311)0.093 (0.503)0.011 (0.061)
GrossSpread0.320 (1.329)0.285 (1.189)0.261 (1.091)0.257 (1.077)
OfferRange0.026 (1.299)0.030 (1.475)0.034 (1.708)c0.036 (1.762)c
lnSales−0.314 (−1.781)c−0.321 (−1.870)c−0.426 (−2.596)a−0.437 (−2.696)a
lnAge0.093 (0.380)0.068 (0.280)0.045 (0.186)0.041 (0.170)
MarketReturn−0.021 (−0.672)−0.027 (−0.874)−0.033 (−1.077)−0.037 (−1.202)
Industry fixed effectsYesYesYesYes
Observations315315315315
R20.2720.2800.2840.284
Adj. R20.2280.2370.2400.241
  1. Notes. The t-statistics are displayed in parenthesis where 1%, 5%, and 10% significance levels are highlighted with a, b, and c, respectively