From: Does reputation of sponsors matter in IPO? Evidence from Hong Kong
Variable | Col. 1 | Col. 2 | Col. 3 | Col. 4 |
---|---|---|---|---|
Intercept | 6.488 (1.815)c | 9.108 (2.675)a | 6.354 (1.807)c | 7.912 (2.327)b |
SponRepMar | −0.571 (−2.853)a | |||
SponRepIss | −0.040 (−3.102)a | |||
SponRepLic | −0.261 (−3.799)a | −0.246 (−3.460)a | ||
UndRepMar | −0.195 (−1.189) | −0.289 (−2.226)b | ||
UndRepIss | −0.015 (−1.464) | −0.020 (−2.211)b | ||
HighTech | −1.911 (−1.931)c | −2.218 (−2.075)b | −2.166 (−1.939)c | −2.085 (−1.867)c |
HighTech × SponRepMar | 0.598 (2.242)b | |||
HighTech × SponRepIss | 0.045 (2.159)b | |||
HighTech × SponRepLic | 0.262 (2.043)b | 0.249 (1.940)c | ||
lnProceeds | 0.003 (0.015) | −0.120 (−0.673) | 0.061 (0.328) | −0.020 (−0.112) |
GrossSpread | 0.366 (1.525) | 0.324 (1.358) | 0.279 (1.170) | 0.274 (1.150) |
OfferRange | 0.026 (1.305) | 0.029 (1.443) | 0.035 (1.729)c | 0.036 (1.776)c |
lnSales | −0.271 (−1.540) | −0.290 (−1.694)c | −0.410 (−2.513)b | −0.426 (−2.637)a |
lnAge | 0.059 (0.245) | 0.049 (0.202) | 0.043 (0.180) | 0.043 (0.176) |
MarketReturn | −0.021 (−0.687) | −0.024 (−0.799) | −0.032 (−1.064) | −0.036 (−1.184) |
Industry fixed effects | Yes | Yes | Yes | Yes |
Observations | 315 | 315 | 315 | 315 |
R2 | 0.284 | 0.291 | 0.294 | 0.293 |
Adj. R2 | 0.238 | 0.246 | 0.248 | 0.248 |