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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 ...

! ! 12! Table 7:

! ! 12! Table 7: Offer-Price Return –Tobit Models (10 year period 2001-2010) (1) a (2) b Institutional Logics Income -3.758 ** -3.521 * (1.453) (1.453) Growth 2.399 * 2.475 * (1.196) (1.197) Power / Agency Private Equity (PE) Ownership -2.477 -1.949 (1.855) (1.851) PE Tie to Underwriter 1.162 0.854 (1.320) (1.321) PE Fund Size (bn) 0.00288 0.00161 (0.00478) (0.00478) Cost Substitution Litigation Risk -2.651 -3.388 (2.021) (1.929) Non-Bayesian Investor Shiller Investor Confidence Index 0.213 0.221 (0.200) (0.199) Number of IPOs in Month -0.0792 -0.0701 (0.0687) (0.0688) Dividend Premium -0.160 -0.218 (0.160) (0.159) NYSE Monthly Turnover -1.227 -0.843 (4.662) (4.683) Closed-End Fund Discount -0.0477 -0.119 (0.272) (0.272) Equity Share of Total Issuance -19.94 * -20.10 * (10.05) (9.979) Non-SEU Issuer Management Ownership 2.480 2.840 (1.742) (1.727) Secondary Portion -4.067 * -3.895 * (1.684) (1.680) Information Asymmetry Average Underwriter Status 0.249 0.182 (0.406) (0.405) Market Conditions Dow Jones Industry Sector Index 0.233 *** 0.259 *** (0.0619) (0.0634) Market Volatility (VIX) 0.172 0.251 (0.199) (0.199) Log S&P500 Index 25.11 * 26.48 * (12.04) (12.12) S&P500 One-day Return -0.807 -0.653 (0.450) (0.448) S&P500 One-month Return 0.112 0.0772 (0.135) (0.134) Fundamentals Log Offering Size (mm) 4.782 *** 4.794 *** (0.627) (0.636) Log Age (years) -1.681 ** -1.624 ** (0.584) (0.583) Debt to Cap (inverse for negative) 0.0196 0.0410 (0.0564) (0.0555) Revenues (standardized) -1.726 *** -1.838 *** (0.517) (0.512) Operating Cashflow (standardized) -0.665 -0.656

! ! 13! (0.436) (0.433) Positive Earnings 4.714 *** 4.857 *** (0.976) (0.977) Employment Growth 0.0885 0.0816 (0.0586) (0.0589) Macroeconomic Recession Month 3.282 3.136 (2.354) (2.356) Industrial Production Growth 0.0153 0.0138 (0.00898) (0.00893) Real Consumption Growth -0.00783 -0.00539 (0.00888) (0.00876) Intercept -221.1 * -233.7 * (92.37) (92.91) RANDOM EFFECTS Sector Standard Deviation 3.273 *** 2.517 ** Residual Standard Deviation 10.88 *** 11.13 *** Observations 803 803 Wald χ 2 202.0 *** 197.7 *** Log-likelihood -3013.9 -3013.3 AIC 6111.8 6110.6 BIC 6308.7 6307.5 Note: Two-limit Tobit models with upper and lower bounds of +/-30 percent controlling for offering year fixed effect. Issuers must refile with the SEC if they price the offering more than 20 percent outside the price range; with the bounds of the price range primarily between $10 to $20, this approximates an offer-price return of +/-30 percent. Offering years’ fixed effects not shown. Missing data: list-wise deletion applied to 10 cases missing underwriter status or pricing above the range information (total sample 813). (PE = Private Equity). a Model 1: Two-limit Tobit model controlling for offering year fixed effects and clustering issuers by four-digit SIC codes. b Model 2: Two-limit Tobit model controlling for offering year fixed effects 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. * p < 0.05, ** p < 0.01, *** p < 0.001 (two-tailed tests)

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