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Table 8 Regression results of testing the relationship between sponsor reputation and IPO initial volatility for issuers involving business of high technology

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

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