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

Table 5

Estimation of the IPO underpricing model of the Nasdaq Market.

Variable	(1)	(2)	(3)	(4)	(5)
	OLS	MLE	Two-tier SFA	Two-tier SFA	Two-tier SFA
Age	−0.017	−0.005	−0.004	−0.004	−0.005
	(−2.668)	(−5.749)	(−84.549)	(−31.270)	(−83.440)
ROE	−0.209	0.008	0.022	0.047	0.082
	(−0.648)	(0.164)	(6.280)	(11.972)	(30.353)
Size	−0.010	−0.005	−0.005	−0.002	−0.004
	(−2.573)	(−9.186)	(−152.128)	(−49.039)	(−302.304)
Growth	0.084	0.063	0.060	0.063	0.060
	(1.136)	(9.594)	(127.438)	(296.781)	(368.263)
TFR	−0.018	−0.001	−0.001	−0.006	−0.005
	(−3.493)	(−1.614)	(−9.220)	(−140.157)	(−223.433)
URF	0.003	−0.008	−0.008	−0.004	−0.005
	(0.294)	(−15.346)	(−184.969)	(−33.996)	(−60.248)
UR	0.016	−0.010	−0.011	−0.001	0.009
	(0.498)	(−0.506)	(−60.357)	(−1.813)	(28.826)
FT	−0.813	0.291	0.300	0.091	0.006
	(−3.770)	(10.436)	(159.561)	(9.596)	(0.978)
PBR	0.034	0.005	0.005	0.003	0.003
	(2.243)	(5.899)	(81.583)	(74.837)	(75.164)
RRF	0.026	0.0321	0.0321	0.0301	0.0301
	(32.898)	(100.647)	(2588.458)	(1935.413)	(3619.262)
Cons	1.110	0.436	0.484	0.541	0.528
	(5.944)	(17.184)	(164.738)	(561.612)	(902.236)
Industry	—	—	—	Control	Control
Year	—	—	—	—	Control
ω	—	—	−2.475	−2.432	−2.443
μ	—	—	−2.508	−2.606	−2.619
Adj-R^2	0.661	—	—	—	—
LL	242.977	−475.642	489.565	503.903	511.132
LR	—	—	1930.41	1959.09	1973.55
-value	—	—	0.000	0.000	0.000
N	613	613	613	613	613

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