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Financial Innovation

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
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