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

Table 4

Estimation of the IPO underpricing model of the STAR Market.

Variable	(1)	(2)	(3)	(4)	(5)
	OLS	MLE	Two-tier SFA	Two-tier SFA	Two-tier SFA
Age	0.040	0.021	0.054	0.030	−0.027
	(0.664)	(3.302)	(0.962)	(0.530)	(−0.499)
ROE	0.860	0.892	0.964	0.873	0.592
	(1.305)	(45.570)	(1.708)	(1.530)	(1.081)
Size	0.218	0.240	0.229	0.236	0.209
	(2.699)	(50.533)	(3.292)	(3.363)	(3.109)
Growth	−0.237	−0.285	−0.257	−0.250	−0.211
	(−2.775)	(−65.497)	(−3.390)	(−3.270)	(−2.892)
TFR	0.001	0.002	0.002	0.002	0.002
	(0.967)	(28.882)	(1.642)	(1.490)	(1.417)
URF	−0.006	−0.009	−0.011	−0.012	−0.009
	(−0.661)	(−16.954)	(−1.273)	(−1.324)	(−1.058)
UR	0.030	0.036	0.042	0.019	−0.007
	(0.649)	(6.950)	(0.957)	(0.442)	(−0.163)
FT	0.031	0.032	0.028	0.028	0.031
	(7.286)	(58.973)	(6.955)	(7.007)	(8.158)
PBR	−0.386	−0.330	−0.299	−0.495	−0.298
	(−1.632)	(−18.198)	(−1.292)	(−2.014)	(−1.283)
RRF	−0.001	−0.001	−0.001	−0.001	−0.001
	(v4.071)	(−27.938)	(−3.741)	(−3.962)	(−3.261)
Cons	−1.859	−1.422	−1.920	−1.821	−1.712
	(−1.978)	(−20.709)	(−2.255)	(−2.173)	(−2.151)
Industry	—	—	—	Control	Control
Year	—	—	—	—	Control
ω	—	—	−1.262	−1.334	−1.362
μ	—	—	−4.806	−4.798	−4.861
Adj-R^2	0.267	—	—	—	—
LL	−141.580	−317.207	−132.144	−124.768	−108.659
LR	—	—	370.13	384.88	417.10
value	—	—	0.000	0.000	0.000
N	322	322	322	322	322

Note. The symbols , , and , respectively, mean significant at the level of 10%, 5%, and 1%, respectively, and the values in brackets are t statistics.