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

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Table 6 IPO long-term performance, ASVI and sentiment

	(1)	(2)	(3)	(4)	(5)	(1)	(2)	(3)	(4)	(5)
\({ASVI}_{i}^{POSSENT,st}\)	-0.388**	-0.206**	0.007	-0.326***	-0.094
	(-2.340)	(-2.300)	(0.067)	(-2.932)	(-0.813)
\({ASVI}_{i}^{NOSENT,st}\)	-0.033	-0.019	0.247	-0.008	-0.019
	(-0.189)	(-0.099)	(1.127)	(-0.048)	(-0.101)
\({ASVI}_{i}^{NEGSENT,st}\)	0.056	-0.052	0.034	0.085	0.013
	(0.449)	(-0.573)	(0.410)	(0.729)	(0.134)
P O S S E N T _i						-0.414**	-0.058	-0.003	-0.423**	-0.053
						(-2.066)	(-0.273)	(-0.014)	(-2.116)	(-0.252)
N O S E N T _i						0.189	-0.073	-0.044	0.163	-0.118
						(0.900)	(-0.329)	(-0.200)	(0.780)	(-0.538)
N E G S E N T _i						0.309	0.158	0.055	0.350	0.206
						(1.363)	(0.665)	(0.232)	(1.550)	(0.866)
Constant	0.031	0.111	0.208**	0.056	0.160*
	(0.281)	(1.232)	(2.302)	(0.552)	(1.823)
N	54	57	56	55	55	62	62	62	62	62

The cumulative long-term return LR _iis 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.