Skip to main content
SpringerPlus

Table 3 IPO first-day return and ASVI

From: Underpricing, underperformance and overreaction in initial public offerings: Evidence from investor attention using online searches

 

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

A S V I i

0.414***

   

0.400***

0.437***

0.397***

0.404***

0.357***

    
 

(3.311)

   

(3.138)

(3.768)

(3.169)

(3.217)

(3.084)

    

O f f e r i n g s i z e i

 

-0.119

  

-0.094

 

-0.015

-0.130

-0.068

    
  

(-1.090)

  

(-0.929)

 

(-0.153)

(-1.269)

(-0.685)

    

S e n t i m e n t i

  

0.112

  

0.003

 

-0.020

  

-0.039

  
   

(0.876)

  

(0.025)

 

(-0.177)

  

(-0.242)

  

△S e n t i m e n t i

   

0.044

    

0.082

  

-0.037

 
    

(0.345)

    

(0.711)

  

(-0.291)

 

\({ASVI}_{i}^{POSSENT,st}\)

         

0.297**

0.275**

0.268**

0.344***

          

(2.600)

(2.034)

(2.276)

(2.815)

\({ASVI}_{i}^{NEGSENT,st}\)

         

0.163

0.152

0.136

0.280

          

(1.231)

(1.253)

(1.260)

(1.539)

\({ASVI}_{i}^{NOSENT,st}\)

            

0.268

             

(1.365)

Constant

0.003

-0.045

-0.044

0.023

-0.065

-0.034

-0.019

-0.073

-0.089

-0.011

-0.048

-0.028

0.064

 

(0.026)

(-0.443)

(-0.398)

(0.203)

(-0.681)

(-0.369)

(-0.190)

(-0.763)

(-0.936)

(-0.109)

(-0.484)

(-0.275)

(0.574)

N

70

72

67

70

67

65

67

63

66

69

68

67

66

  1. The IPO first day return IR i is the dependent variable in each regression. IR i and the independent variables are defined in Table 1. *, **, and *** represent significance at the 10%, 5%, and 1% level, respectively, standard errors are shown in the parentheses. N is the number of observations.
Back to article page