| Dependent variables | |
---|---|---|
IDR | BHAR2Y | |
Post | 0.024 |  − 0.757** |
 | (0.883) | (− 2.262) |
Treatment | 0.243 |  − 0.334 |
 | (0.392) | (− 0.994) |
IFRS (Post*Treatment) |  − 0.077 | 1.014*** |
 | (− 0.886) | (2.973) |
Firm-level controls | Â | Â |
Size |  − 0.005 |  − 0.021 |
 | (− 0.923) | (− 0.904) |
Age |  − 0.010 | 0.095 |
 | (− 0.859) | (1.389) |
Offer Rate |  − 0.003 |  − 0.003 |
 | (− 0.385) | (− 0.829) |
ROA |  − 0.026*** |  − 0.040 |
 | (− 2.850) | (− 0.209) |
Proceeds | 0.009 |  − 0.058 |
 | (0.353) | (− 0.582) |
Leverage |  − 0.005 | 0.008 |
 | (− 0.993) | (0.352) |
Market-level Controls | Â | Â |
BIST100 |  − 0.007** | 0.059*** |
 | (− 1.853) | (3.171) |
VOL | 0.040 |  − 0.086 |
 | (1.035) | (− 0.647) |
HOT | 0.039 |  − 0.701*** |
 | (0.799) | (− 4.010) |
Institutional |  − 0.003 |  − 0.046 |
 | (− 0.117) | (− 0.356) |
Bull dummy*Retail | 0.056*** |  − 0.004 |
 | (3.064) | (− 0.052) |
Prestige |  − 0.001 |  − 0.023 |
 | (− 0.047) | (− 0.225) |
Intercept | 0.001 | 0.355 |
 | (1.278) | (0.417) |
YE and IE | Included | Included |
Observations | 188 | 137 |
Adj. R2 | 0.039 | 0.389 |
Prob. of F-Statistics | 0.256 | 0.000 |