Results from IPO workshop

Table 1: Significance of first day returns

 Meant-statDecisionSample size
Whole sample10.75%10.15Reject null295
Prestigious underwriters    
Non-prestigious    

Table 2: Results sorted on Underwriter reputation

 High ReputationNot High Repdifferencet-statDecision
Whole sample9.75%11.47%1.72%0.85Do not reject
Normal market7.89%10.88%2.99%1.65Do 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    
Intercept63.5886 (12.20)63.9727 (10.63)  
R20.45470.3882  

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)   
Corruption0.5030 (2.11)   
Tax regulation0.2830 (1.03)   
Individualism-0.0458 (0.66)   
Power distance0.0186 (0.25)   
Uncertainty avoidance0.0986 (1.58)   
Masculinity-0.1341 (2.60)   
Legal system2.7733 (0.99)   
intercept44.6473 (3.52)   
R20.6088   

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)
ESGLIST1.466443n/a
 (5.66)n/a
ESGRANKn/a 
 n/a 
Intercept1.70706 
 (16.80) 
R20.0208 

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)
ESGLIST1.450462n/a
 (5.62)n/a
ESGRANKn/a 
 n/a 
Intercept2.150515 
 (5.92) 
R20.0372 
Year effectsYes 

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)
ESGLIST1.208327n/a
 (6.79)n/a
ESGRANKn/a 
 n/a 
LOGTotalAssets-0.3175688 
 (-8.63) 
ROA6.540866 
 (44.52) 
LEVERAGE2.142947 
 (10.67) 
Capital Exp9.5тип10-9 
 (0.09) 
Intercept4.885909 
 (9.18) 
R20.6065 
Year effectsYes 

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).