| |
(1)
|
(2)
|
(3)
|
(4)
|
(5)
|
(1)
|
(2)
|
(3)
|
(4)
|
(5)
|
|---|
I
R
i
| -0.143 | -0.053 | -0.020 | -0.221** | -0.162** | | | | | |
| | (-1.263) | (-0.566) | (-0.237) | (-2.083) | (-2.052) | | | | | |
A
S
V
I×I
R
i
| | | | | | -0.387* | -0.317** | 0.112 | -0.411** | -0.293** |
| | | | | | | (-1.94) | (-2.19) | (1.07) | (-2.47) | (-2.16) |
Constant
| 0.221** | 0.218*** | 0.197*** | 0.195** | 0.200*** | 0.0185 | 0.0768 | 0.176*** | -0.0229 | 0.104 |
| | (2.477) | (3.094) | (3.048) | (2.245) | (3.185) | (0.14) | (0.93) | (2.76) | (-0.18) | (1.35) |
N
| 56 | 56 | 57 | 57 | 57 | 58 | 59 | 58 | 60 | 60 |
- The cumulative long-term return LR
i
is the dependent variable in each regression. 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.
