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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. 1Col. 2Col. 3Col. 4
Intercept6.488 (1.815)c9.108 (2.675)a6.354 (1.807)c7.912 (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 × SponRepMar0.598 (2.242)b   
HighTech × SponRepIss 0.045 (2.159)b  
HighTech × SponRepLic  0.262 (2.043)b0.249 (1.940)c
lnProceeds0.003 (0.015)−0.120 (−0.673)0.061 (0.328)−0.020 (−0.112)
GrossSpread0.366 (1.525)0.324 (1.358)0.279 (1.170)0.274 (1.150)
OfferRange0.026 (1.305)0.029 (1.443)0.035 (1.729)c0.036 (1.776)c
lnSales−0.271 (−1.540)−0.290 (−1.694)c−0.410 (−2.513)b−0.426 (−2.637)a
lnAge0.059 (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 effectsYesYesYesYes
Observations315315315315
R20.2840.2910.2940.293
Adj. R20.2380.2460.2480.248
  1. Notes. The t-statistics are displayed in parenthesis where 1%, 5%, and 10% significance levels are highlighted with a, b, and c, respectively