Table 9 Regression results of testing the relationship between underwriter reputation and IPO initial return when sponsor reputation is high

Intercept

10.731 (0.391)

24.983 (0.950)

10.222 (0.379)

19.621 (0.749)

HighSponRepMar

−15.280 (−1.673)^c

HighSponRepIss

−6.919 (−0.700)

HighSponRepLic

−16.227 (−2.671)^a

−15.649 (−2.156)^b

UndRepMar

−3.064 (−1.936)^c

−4.066 (−3.027)^a

UndRepIss

−0.159 (−1.784)^c

−0.197 (−2.319)^b

HighSponRepMar × UndRepMar

3.252 (1.474)

HighSponRepIss × UndRepIss

0.126 (0.833)

HighSponRepLic × UndRepMar

4.320 (2.641)^a

HighSponRepLic × UndRepIss

0.231 (1.911)^c

HighTech

2.671 (0.508)

3.418 (0.648)

2.551 (0.490)

3.350 (0.640)

lnProceeds

−0.966 (−0.677)

−1.603 (−1.157)

−0.885 (−0.625)

−1.351 (−0.984)

GrossSpread

3.879 (2.100)^b

3.861 (2.077)^b

3.788 (2.058)^b

3.739 (2.019)^b

OfferRange

0.136 (0.874)

0.123 (0.789)

0.217 (1.373)

0.190 (1.198)

lnSales

−0.277 (−0.204)

−1.077 (−0.812)

−0.582 (−0.460)

−0.923 (−0.735)

lnAge

1.818 (0.971)

1.948 (1.033)

1.629 (0.874)

1.924 (1.025)

MarketReturn

0.409 (1.730)^c

0.382 (1.603)

0.377 (1.607)

0.362 (1.528)

Industry fixed effects

Yes

Yes

Yes

Yes

Observations

315

315

315

315

R²

0.146

0.138

0.161

0.149

Adj. R²

0.091

0.082

0.107

0.094