IPO Pricing, Investor Behavior, and IPO Underpricing of High-Tech Companies: Evidence from SSE STAR Market and Nasdaq Market

Table 1

Variable symbols and definitions.

Variable type		Variable name	Variable symbol	Variable description
Explained variable		IPO underpricing	UP	IPO underpricing = ln ((first day closing price initial price)/initial price)
Explanatory variable	Enterprise-level metrics	Enterprise age	Age	Logarithm of time from establishment to IPO
		Profitability	ROE	Return on net assets
		Enterprise scale	Size	Logarithm of total assets of the enterprise
		Growth	Growth	Logarithm of enterprise net profit
	Primary market measurement indicators	Total IPO funds raised	TFR	Logarithm of total IPO funds raised
		IPO underwriting and recommendation fee	URF	IPO underwriting and recommendation fee
		Underwriter reputation	UR	Dummy variable, if the underwriter is the top ten underwriters of the year, the value is 1, otherwise it is 0
	Secondary market metrics	Turnover rate on the first day of listing	FT	Turnover rate on the first day of stock listing
		Price to book ratio on the first day of listing	PBR	Price to book ratio on the first day of stock listing
		Relative market rise and fall	RRF	The first day of stock listing rose or fell relative to the market