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Table 2 Descriptive Statistics of Initial Returns of Private and Privatizing IPOs

From: Performance and capital structure of IPOs in Pakistan from 2000 to 2015

  Initial Raw Return Initial Market adjusted Return
All Privatized Private All Privatized Private
Mean (p-value) 23.485
0.008***
27.323
0.687
22.792
0.033***
23.320
0.015***
27.652
0.654
22.539
0.048***
Mean Difference between public & private (p-value) 4.53 (0.75)    5.11 (0.72)
Median 9.198 20.943 8.158 8.940 19.763 6.956
Maximum 144.186 75.056 144.186 142.459 74.186 142.459
Minimum −96.496 −9.531 −96.496 −98.101 −10.107 −98.101
Std.dev 43.114 26.333 45.616 43.377 27.022 45.835
Obs. 72 11 61 72 11 61
  1. Note: To test mean difference between private and privatized IPOs initial returns in short run (first trading day) p-values are presented in the parenthesis. The *** and ** indicates significance at 1% and 5% level respectively