Views
5 years ago

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

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

! ! 10! Table 6: Pricing

! ! 10! Table 6: Pricing Above the Range – Alternative Sector Clustering (10 year period 2001-2010) FIXED EFFECTS (1) (2) (3) (4) Institutional Logics Income -0.818* -0.921* -0.824* -0.962* (0.385) (0.438) (0.385) (0.483) Growth 0.855** 0.852** 0.863** 0.915* (0.303) (0.304) (0.307) (0.356) Power / Agency Private Equity (PE) Ownership -0.312 -0.305 -0.308 -0.358 (0.480) (0.483) (0.480) (0.485) PE Tie to Underwriter 0.295 0.282 0.292 0.286 (0.343) (0.346) (0.343) (0.349) PE Fund Size ($ billions) -0.000 -0.000 -0.000 -0.000 (0.001) (0.001) (0.001) (0.001) Cost Substitution Litigation Risk -2.421* -2.420* -2.406* -2.521* (1.070) (1.073) (1.070) (1.080) Non-Bayesian Investor Shiller Investor Confidence Index 0.070 0.076 0.071 0.073 (0.051) (0.051) (0.051) (0.051) Number of IPOs in Month -0.002 -0.002 -0.002 -0.001 (0.017) (0.017) (0.017) (0.017) Dividend Premium -0.045 -0.044 -0.045 -0.045 (0.041) (0.042) (0.042) (0.042) NYSE Monthly Turnover -1.297 -1.432 -1.302 -1.433 (1.302) (1.312) (1.304) (1.321) Closed-End Fund Discount 0.013 0.016 0.015 0.011 (0.072) (0.072) (0.072) (0.072) Equity Share of Total Issuance -4.539 -4.611 -4.477 -4.529 (3.629) (3.644) (3.627) (3.649) Non-SEU Issuer Management Ownership 1.032* 1.047* 1.021* 1.093** (0.416) (0.419) (0.416) (0.422) Secondary Portion -0.525 -0.535 -0.526 -0.545 (0.413) (0.416) (0.413) (0.418) Information Asymmetry Average Underwriter Status 0.122 0.121 0.122 0.126 (0.112) (0.112) (0.112) (0.113) Market Conditions Dow Jones Industry Sector Index 0.077*** 0.078*** 0.076*** 0.080*** (0.017) (0.018) (0.017) (0.018) Market Volatility (VIX) 0.058 0.064 0.058 0.063 (0.055) (0.055) (0.055) (0.055) Log S&P500 Index 5.000 5.159 4.987 5.078 (3.135) (3.152) (3.135) (3.167) S&P500 One-day Return 0.009 0.010 0.012 0.024 (0.121) (0.121) (0.121) (0.122) S&P500 One-month Return 0.000 0.001 0.001 0.002 (0.036) (0.036) (0.036) (0.036) Fundamentals Log Offering Size ($ millions) 0.798*** 0.804*** 0.793*** 0.831*** (0.162) (0.163) (0.162) (0.164) Log Age (years) -0.231 -0.229 -0.231 -0.231 (0.143) (0.145) (0.143) (0.145) Debt to Cap (inverse for negative) -0.015 -0.015 -0.016 -0.018 (0.045) (0.046) (0.045) (0.046) Revenues (standardized) -0.402* -0.416* -0.401* -0.434* (0.179) (0.180) (0.179) (0.183)

! ! 11! Operating Cashflow (standardized) -0.092 -0.091 -0.091 -0.099 (0.099) (0.099) (0.099) (0.099) Positive Earnings 0.513* 0.529* 0.503* 0.503* (0.245) (0.248) (0.246) (0.247) Macroeconomic Employment Growth 0.023 0.024 0.023 0.024 (0.016) (0.016) (0.016) (0.016) Recession Month 0.707 0.707 0.682 0.752 (0.681) (0.685) (0.680) (0.692) Industrial Production Growth 0.003 0.003 0.003 0.003 (0.003) (0.003) (0.003) (0.003) Real Consumption Growth -0.001 -0.002 -0.001 -0.002 (0.003) (0.003) (0.003) (0.003) Intercept -48.873* -50.547* -48.826* -49.911* (23.857) (23.988) (23.859) (24.099) RANDOM EFFECTS Sector Standard Deviation 0.535 0.618 0.507 0.641 Income Standard Deviation 0.583 0.832 Growth Standard Deviation 0.104 0.499 Observations 808 808 808 808 Pseudo R 2 0.187 0.202 0.201 0.218 Log-likelihood -331.573 -325.455 -325.796 -318.751 AIC 745.146 736.909 737.591 729.503 BIC 937.623 938.776 939.458 945.452 Note: Mixed effect logit models controlling for offering year fixed effect and clustering issuers by ten Dow Jones Industry Sectors: Basic Materials, Consumer Goods, Consumer Services, Industrials, Oil and Gas, Financials, Healthcare, Technology, Telecommunications, and Utilities. Estimation fit using adaptive Gauss-Hermite approximation with 7 integration points; covariance structure for random effect coefficients are not assumed to be independent. Offering years’ fixed effects not shown. Missing data: listwise deletion applied to [5] cases missing underwriter status or pricing above the range information (total sample [813]). Multiple imputation of missing data does not alter results (implemented in R with Amelia and Zelig). McFadden pseudo-R 2 calculated on log likelihood of -407.6 for null model. (PE = Private Equity). * p < 0.05, ** p < 0.01, *** p < 0.001 (two-tailed tests)

We would like to thank the owner, Frank LoPreste. and skipper ...
First and foremost, I would like to thank Peter Jordens, Christine ...
Letters: Psych Ed Rev.doc I would like to thank Peter Sutherland for ...
Dear Parents/Carers, I would like to begin by thanking our superb ...
Thank you Peter [Roberts] I would like to ... - Rio Tinto Iron Ore
Christoph Sauer, Frank T. Peters, Roland F. Staack, Giselher Fritschi ...
I would like to thank, in particular, the Bank of ... - RFJ Legislation
To the editor: I would like to thank Dr. Bray for ... - Protein Power
I would like to take this time to sincerely thank - City of Hutchinson ...
MY PERCEPTION OF LEADERSHIP I would like to thank ... - Thermax
(1)Ladies and gentlemen: First, I would like to thank Mr. Theo ...
Group Volunteering at IndyHumane I would like to thank you for your ...
I would like to thank the American Alpine Club for the support it has ...
Mr. sectary, I would like to thank you - US Department of Agriculture
First of all, I would like to thank - The Raw Food Coach
Speech of Germany I would like to thank ( ) for giving me their ...
I would like to thank the post for - Atlantic County Clerk's Office
Robert, thank you for inviting me. I also would like to welcome Dr ...
Hello Everyone! Dear Friends! First I would like to say thank you. I ...
07/30/2012 Test of the TIM Call Tree I would like to thank everyone ...
Montreal 2011 First off I would just like to say thank you to the ACS ...
Hi Jo-Anne Mark and I would like to thank you and all the staff at the ...