Volume | Overall | Adjusted |
---|
Debt | 584.73*** (1.8897) | 584.73*** (1.8897) |
Equity | 488.33*** (4.8059) | 458.16*** (23.598) |
Difference | 1.1974*** (0.0124) | 1.2763** (0.0659) |
Explained | | 1.1973*** (0.0164) |
Unexplained | | 1.0709*** (0.0461) |
Observations | | 9726 |
- Dependent variable volume is the logarithm of the dollar volume of capital raised. The coefficients are generated after retransforming them into the original scale of millions of US dollars. The row ‘explained’ indicates the proportion of increase in equity to the level of debt issuance that would be generated by an adjustment in the list of determinants shown in “Appendix 2”. Probability of coefficient estimates from the model greater than standard statistics are provided in parentheses with ***p < 0.01, **p < 0.05, *p < 0.1***. Parentheses contain robust standard error estimates. Asterisks correspond to the outcome of the z-test from the model