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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 ...

! ! 14! Table 8:

! ! 14! Table 8: Predictions of Alternative Hypotheses for First-Stage Returns Theory Coefficient Prediction Coefficient Estimates Institutional Logics Income < 0 Growth > 0 Power and Agency PE Indicators a < 0 Substitution Costs Litigaton Risk > 0 Non-Bayesian Investor b Baker-Wurgler Index > 0 Shiller Index > 0 Sentiment Proxies c > 0 Non-SEU Issuer Management Ownership < 0 Secondary Portion < 0 Information Asymmetry Underwriter Status < 0 Market Conditions Dow Jones Sector Returns > 0 Market Volatility > 0 S&P 500 Index > 0 S&P 500 Returns > 0 Fundamentals Log Offering Size < 0 Log Age < 0 Debt to Cap > 0 Revenues < 0 Operating Cashflow < 0 Positive Earnings < 0 Income < 0 Growth > 0 PE Indicators a = 0 Litigation Risk ≤ 0 Baker-Wurgler Index = 0 Shiller Index = 0 Sentiment Proxies c ≤ 0 Management Ownership ≥ 0 Secondary Portion ≤ 0 Underwriter Status = 0 Dow Jones Sector Returns > 0 Market Volatility = 0 S&P 500 Index ≥ 0 S&P 500 Returns ≤ 0 Log Offering Size > 0 Log Age ≤ 0 Debt to Cap = 0 Revenues < 0 Operating Cashflow = 0 Positive Earnings > 0 Note: Coefficient estimates refer to estimates across final models for first-stage return outcomes controlling for offering year fixed effects and issuer industry sector random effects (models 6 and 7 in Tables 3 and 4, and all models from Tables 6 and 7). If coefficient estimate is never significant in any final model, then coefficient is regarded as equal to zero. Inequality signs refer to coefficient estimates that are statistically significantly in all final models. Finally, ≥ and ≤ refer to coefficient estimates that are consistently greater than or less than zero, respectively, but whose statistical significance is sometimes above the p

! ! 15! Table 9: Venture Capital-controlled Issuer Debt Comparison N Offer-price return 95% Confidence Interval VC-controlled issuer with debt ≤0.59 160 mean -2.79 (s.d. 16.04) [-5.29, -0.28] VC-controlled issuer with with debt >0.59 28 mean -3.45 (s.d. 16.25) t-Test Difference in Means 188 t =0.20 (d.f. 186); p < 0.84 [-9.94, 3.04] Note: Debt refers to debt-to-capitalization ratio, inverse coded for negative values. One VC-controlled issuer missing offer price information. (VC = Venture Capital).

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