Results from IPO workshop

Table 1: Significance of first day returns

	Mean	t-stat	Decision	Sample size
Whole sample	10.75%	10.15	Reject null	295
Prestigious underwriters
Non-prestigious

Table 2: Results sorted on Underwriter reputation

	High Reputation	Not High Rep	difference	t-stat	Decision
Whole sample	9.75%	11.47%	1.72%	0.85	Do not reject
Normal market	7.89%	10.88%	2.99%	1.65	Do not reject
Hot market

Comment on your results.  Does the evidence support the spinning hypothesis (maximum 150 words)

Portfolio: for tax evasion workshop

Table 1: Bivariate regressions

	(1)	(2)	(3)	(4)
Total sustainability	-8.1589 (7.25)
Environmental sustainability		-8.3176 (6.32)
Social sustainability
Infrastructure
Intercept	63.5886 (12.20)	63.9727 (10.63)
R2	0.4547	0.3882

In no more than 70 words, briefly comment on the results for t-test for the slope coefficients. 

Table 2: Multivariate regressions

	(1)	(2)	(3)	(4)
Total sustainability	-3.7082 (1.57)
Environmental sustainability
Social sustainability
Infrastructure
GDP per capita	-0.0446 (0.39)
Market size	-1.3895 (1.17)
Corruption	0.5030 (2.11)
Tax regulation	0.2830 (1.03)
Individualism	-0.0458 (0.66)
Power distance	0.0186 (0.25)
Uncertainty avoidance	0.0986 (1.58)
Masculinity	-0.1341 (2.60)
Legal system	2.7733 (0.99)
intercept	44.6473 (3.52)
R2	0.6088

In no more than 100 words, comment on the results for the coefficients for the four variables of interest (total sustainability, environmental sustainability, social sustainability and infrastructure).

Portfolio: ESG and Firm Value

Table 1: Bivariate regressions

	(1)	(2)
ESGLIST	1.466443	n/a
	(5.66)	n/a
ESGRANK	n/a
	n/a
Intercept	1.70706
	(16.80)
R2	0.0208

In no more than 70 words, briefly comment on the results for t-test for the slope coefficients. 

Table 2: Bivariate regressions with year effects

	(1)	(2)
ESGLIST	1.450462	n/a
	(5.62)	n/a
ESGRANK	n/a
	n/a
Intercept	2.150515
	(5.92)
R2	0.0372
Year effects	Yes

In no more than 70 words, briefly comment on the results for t-test for the slope coefficients. 

Table 3: Multivariate regressions with year effects

	(1)	(2)
ESGLIST	1.208327	n/a
	(6.79)	n/a
ESGRANK	n/a
	n/a
LOGTotalAssets	-0.3175688
	(-8.63)
ROA	6.540866
	(44.52)
LEVERAGE	2.142947
	(10.67)
Capital Exp	9.5⨯10-9
	(0.09)
Intercept	4.885909
	(9.18)
R2	0.6065
Year effects	Yes

In no more than 100 words, comment on the results for the coefficients for the six variables of interest (ESGLIST, ESGRANK, LogTotalAssets, ROA, Leverage, Capital Expenditure).