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5 years ago

* I would like to thank Frank Dobbin, Christopher Marquis, Peter ...

* I would like to thank Frank Dobbin, Christopher Marquis, Peter ...

! ! 6! Table 4:

! ! 6! Table 4: Offer-Price Return – OLS Regressions (10 year period 2001-2010) FIXED EFFECTS (1) (2) (3) (4) (5) a (6) a, b (7) a, b Institutional Logics Income -5.263 *** -3.457 * -3.275 * -3.548 * -3.502 * (1.370) (1.625) (1.631) (1.583) (1.578) Growth 4.270 *** 2.739 * 2.778 * 2.812 * 2.765 * (1.123) (1.332) (1.350) (1.308) (1.299) Power / Agency Private Equity (PE) Ownership -2.869 -0.491 -2.705 -1.202 -1.527 -2.104 -2.060 (1.983) (2.061) (1.966) (2.085) (2.095) (2.019) (2.016) PE Tie to Underwriter 0.386 0.189 0.367 0.244 0.466 0.792 0.773 (1.502) (1.490) (1.489) (1.487) (1.494) (1.439) (1.437) PE Fund Size (bn) 0.00351 0.00354 0.00305 0.00323 0.00351 0.00399 0.00342 (0.00544) (0.00539) (0.00540) (0.00538) (0.00540) (0.00521) (0.00520) Cost Substitution Litigation Risk -6.374 ** -6.499 ** -6.695 ** -6.662 ** -6.519 ** -3.943 -3.647 (2.107) (2.089) (2.091) (2.086) (2.113) (2.134) (2.128) Non-Bayesian Investor Shiller Investor Confidence Index 0.273 * 0.290 * 0.307 * 0.306 * 0.0381 0.0916 0.0954 (0.130) (0.129) (0.129) (0.129) (0.211) (0.204) (0.217) Baker-Wurgler Sentiment Index 2.142 2.211 2.532 * 2.437 * 1.006 0.696 (1.179) (1.169) (1.174) (1.172) (2.821) (2.738) Number of IPOs in Month -0.104 (0.0746) Dividend Premium -0.175 (0.174) NYSE Monthly Turnover -0.446 (5.069) Closed-End Fund Discount -0.0696 (0.295) Equity Share of Total Issuance -19.57 (10.93) Non-SEU Issuer Management Ownership 4.370 * 3.431 6.514 *** 5.129 ** 5.292 ** 4.406 * 4.323 * (1.755) (1.757) (1.829) (1.938) (1.955) (1.902) (1.887) Secondary Portion -2.029 -2.530 -1.794 -2.207 -2.347 -2.864 -2.761 (1.899) (1.887) (1.884) (1.890) (1.899) (1.832) (1.827) Information Asymmetry Average Underwriter Status 0.344 0.380 0.0944 0.208 0.231 0.142 0.215 (0.447) (0.443) (0.448) (0.450) (0.452) (0.441) (0.441) Market Conditions Dow Jones Industry Sector Index 0.214 ** 0.217 *** 0.198 ** 0.205 ** 0.213 ** 0.200 ** 0.224 *** (0.0655) (0.0649) (0.0650) (0.0650) (0.0703) (0.0681) (0.0674) Market Volatility (VIX) 0.0868 0.0526 0.0554 0.0442 0.0197 0.0252 0.202 (0.131) (0.130) (0.130) (0.130) (0.188) (0.180) (0.216) Log S&P500 Index 3.351 3.439 2.513 2.871 17.68 19.26 29.96 * (5.473) (5.426) (5.431) (5.421) (13.57) (13.02) (13.07) S&P500 One-day Return -0.828 -0.755 -0.776 -0.746 -0.908 -0.972 * -0.993 * (0.499) (0.495) (0.495) (0.494) (0.507) (0.490) (0.489) S&P500 One-month Return 0.273 0.221 0.277 0.242 0.186 0.219 0.141 (0.147) (0.146) (0.146) (0.146) (0.163) (0.157) (0.146) Fundamentals Log Offering Size (mm) 4.968 *** 5.323 *** 5.810 *** 5.741 *** 5.710 *** 5.592 *** 5.591 *** (0.650) (0.651) (0.681) (0.681) (0.694) (0.684) (0.680) Log Age (years) -2.361 *** -1.960 ** -1.992 ** -1.861 ** -1.783 ** -1.820 ** -1.846 ** (0.645) (0.648) (0.647) (0.648) (0.652) (0.636) (0.634) Debt to Cap (inverse for negative) -0.00420 0.0192 0.0118 0.0214 0.0172 0.00816 0.0192 (0.0632) (0.0629) (0.0628) (0.0628) (0.0629) (0.0613) (0.0613)

! ! 7! Revenues (standardized) -1.832 ** -1.940 *** -1.977 *** -1.996 *** -1.986 *** -1.980 *** -1.929 *** (0.577) (0.573) (0.574) (0.572) (0.578) (0.564) (0.562) Operating Cashflow (standardized) -0.744 -0.769 -0.807 -0.801 -0.787 -0.752 -0.772 (0.493) (0.489) (0.489) (0.488) (0.491) (0.477) (0.475) Positive Earnings 5.637 *** 5.739 *** 5.792 *** 5.803 *** 5.897 *** 5.028 *** 4.861 *** (1.051) (1.042) (1.042) (1.040) (1.050) (1.044) (1.042) Macroeconomic Employment Growth 0.106 0.103 0.103 0.102 0.0877 0.0987 0.103 (0.0578) (0.0573) (0.0573) (0.0572) (0.0648) (0.0622) (0.0637) Recession Month 0.259 0.537 0.207 0.408 0.240 -0.228 1.359 (2.135) (2.117) (2.117) (2.114) (2.545) (2.452) (2.555) Industrial Production Growth 0.00294 0.00295 0.00494 0.00423 0.00691 0.00871 0.0117 (0.00927) (0.00919) (0.00921) (0.00919) (0.00982) (0.00950) (0.00971) Real Consumption Growth -0.00300 -0.00414 -0.00423 -0.00454 -0.00531 -0.00871 -0.00800 (0.00958) (0.00950) (0.00950) (0.00948) (0.00993) (0.00961) (0.00961) Intercept -74.72 -78.91 -76.48 -78.60 -157.0 -169.7 -247.6 * (47.51) (47.11) (47.11) (47.02) (101.6) (97.49) (100.4) RANDOM EFFECTS SIC Log Standard Deviation 1.186 *** 1.187 *** Residual Log Standard Deviation 2.481 *** 2.476 *** Observations 803 803 803 803 803 803 803 R 2 0.196 0.211 0.210 0.215 0.225 Adjusted R 2 0.171 0.185 0.185 0.189 0.189 Log-likelihood -3176.4 -3168.8 -3169.0 -3166.6 -3161.6 -3154.4 -3150.5 AIC 6402.8 6389.6 6390.0 6387.3 6395.1 6384.8 6385.0 BIC 6520.0 6511.5 6511.9 6513.9 6563.9 6562.9 6581.9 Note: Unadjusted standard errors in parentheses. Missing data: list-wise deletion applied to 10 cases missing underwriter status or offer price information (total sample 813). Multiple imputation of missing data does not alter results (implemented in R with Amelia and Zelig). (PE = Private Equity). a Models 5, 6 and 7: Fixed effect models controlling for offering year. Offering years’ fixed effects not shown. b Models 6 and 7: Mixed effect models simultaneously clustering issuers by four-digit SIC codes (estimation fit using REML) and controlling for offering year fixed effect with dummy variables. Offering years’ fixed effects not shown. * p < 0.05, ** p < 0.01, *** p < 0.001 (two-tailed tests)

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