|
(1)
|
(2)
|
(3)
|
(4)
|
(5)
|
---|
A
S
V
I
i
| -0.171 | -0.204* | -0.0662 | -0.190 | -0.187** |
| (-1.19) | (-1.97) | (-0.63) | (-1.29) | (-2.15) |
Constant
| 0.0292 | 0.0711 | 0.102 | 0.0265 | 0.0775 |
| (0.22) | (0.84) | (1.30) | (0.19) | (1.00) |
N
| 59 | 60 | 59 | 59 | 60 |
- The long-term performance LR
i
and the independent variables are defined in Table 1. The columns show over which period the cumulative return is calculated: first day closing price to the (1) closing price one year, (2) half a year (3) and 91 days after IPO; and the closing price one month after IPO to (4) the closing price one year (5) and half a year after IPO. *, **, and *** represent significance at the 10%, 5%, and 1% level, respectively, standard errors are shown in the parentheses. N is the number of observations.