Skip to main content

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. 1

Col. 2

Col. 3

Col. 4

Intercept

5.540 (1.550)

7.881 (2.333)b

5.627 (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)

lnProceeds

0.055 (0.293)

−0.055 (−0.311)

0.093 (0.503)

0.011 (0.061)

GrossSpread

0.320 (1.329)

0.285 (1.189)

0.261 (1.091)

0.257 (1.077)

OfferRange

0.026 (1.299)

0.030 (1.475)

0.034 (1.708)c

0.036 (1.762)c

lnSales

−0.314 (−1.781)c

−0.321 (−1.870)c

−0.426 (−2.596)a

−0.437 (−2.696)a

lnAge

0.093 (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 effects

Yes

Yes

Yes

Yes

Observations

315

315

315

315

R2

0.272

0.280

0.284

0.284

Adj. R2

0.228

0.237

0.240

0.241

  1. Notes. The t-statistics are displayed in parenthesis where 1%, 5%, and 10% significance levels are highlighted with a, b, and c, respectively