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The present paper investigates the IPO first day return and post ...

The present paper investigates the IPO first day return and post ...

Table 6 Determinants of

Table 6 Determinants of Entrepreneurial Firm to Establish Social Capital Political bridging social capital Pre-IPO Political bridging social capital 36 Post-IPO political bridging social capital External investorbridg ing social capital Logit logit logit OLS OLS Intra-group bonding social capital If CEO is chairman 0.45 1.398** -0.739 -0.018* 0.027 -0.88 (2.289) (-0.944) (-1.973) (0.205) Board size -0.443 -0.388 -0.582 0.042** -0.107 (-0.459) (-0.358) (-0.363) (2.456) (-0.419) Board independence 1.95 1.839 -1.682 -0.034 0.382 (0.698) (0.632) (-0.435) (-0.660) (0.503) ln_asset -0.271 -0.434 -0.353 -0.039*** 0.113 (-0.785) (-1.052) (-0.732) (-6.169) (1.200) average preiporoa -7.708 -6.184 -9.502 -0.512*** -1.678 (-1.539) (-1.094) (-1.169) (-6.003) (-1.326) constant 25.053*** 27.872 10.801 0.872*** -0.831 (3.508) . (1.032) (6.479) (-0.416) Adjusted R 2 0.531 0.465 F statistic 7.146 5.730 No. Obs. 148 148 98 175 175

Figure 1 Change in performance over sample period 37

IPOs as Lotteries: Expected Skewness and First-Day Returns