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 |