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Table 5 Determinants of First Day IPOs Underpricing and Aftermarket Long-run IPOs Performance for Public and Private Owned Firms

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

  First Day IPOs Underpricing Long-run IPOs Performance
Dependent variable: First day market adjusted return Dependent variable: buy and hold abnormal return over 5 years
Coefficient t-Statistic Coefficient t-Statistic
MAR_1    −1.13*** −3.19
Pub 0.08 0.63 0.82 1.27
M_Volt −0.37 −1.19 0.16*** 2.81
I_Proceeds −0.05 −1.25 −0.11 −0.68
F_Size −0.04*** −2.15 −0.02 −0.27
Ret_own −0.24 −0.76 0.19*** 2.53
Risk 0. 14*** 2.10 0.16 1.05
Subs 0.04*** 2.04 0.06 0.84
Constant −0.45* −1.78 −1.28 −1.18
R2 0.48   0.28  
F Stat (p value) 0.0000   0.0004  
  1. Note: OLS estimation with standard errors adjusted using White’s (1980) heteroscedasticity consistent covariance matrix. ***, **, and * indicate significance at 1, 5, and 10%, respectively