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Table 6 Effects of Underpricing on Ownership for Private and Privatization IPOs

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

  Dependent Variable: Block Dependent Variable: HHI
Coefficient t-Statistic Coefficient t-Statistic
Pub 0.06 0.65 0.06 1.07
F_Size −0.04** −2.46 −0.02** −2.50
MAR −0.14** −2.40 −0.07*** −2.69
Risk −1.01** −2.57 −0.46** −2.18
ROA 0.06* 1.80 0.02 1.14
Subs 0.02** 1.84 0.05** 1.91
Constant 1.08* 3.11 0.64*** 3.28
R2 0.25   0.27  
F Stat (p value) 0.04   0.04  
  1. Note: OLS estimation with standard errors adjusted using White’s (1980) heteroscedasticity consistent covariance matrix. The ***, **, and * indicate significance at 1%, 5%, and 10%, respectively based on t-test