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

From: Does reputation of sponsors matter in IPO? Evidence from Hong Kong

Variable Col. 1Col. 2Col. 3Col. 4
Intercept10.731 (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 × UndRepMar3.252 (1.474)   
HighSponRepIss × UndRepIss 0.126 (0.833)  
HighSponRepLic × UndRepMar  4.320 (2.641)a 
HighSponRepLic × UndRepIss   0.231 (1.911)c
HighTech2.671 (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)
GrossSpread3.879 (2.100)b3.861 (2.077)b3.788 (2.058)b3.739 (2.019)b
OfferRange0.136 (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)
lnAge1.818 (0.971)1.948 (1.033)1.629 (0.874)1.924 (1.025)
MarketReturn0.409 (1.730)c0.382 (1.603)0.377 (1.607)0.362 (1.528)
Industry fixed effectsYesYesYesYes
Observations315315315315
R20.1460.1380.1610.149
Adj. R20.0910.0820.1070.094
  1. Notes. The t-statistics are displayed in parenthesis where 1%, 5%, and 10% significance levels are highlighted with a, b, and c, respectively
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