Ch. 6: Security Offerings 277
Ta b l e 8
(Continued)Study Sample period Explanatory variable SignLog(offer size) −
Leverage (Debt/Assets) −
EBIT/Offer Proceeds −
Habib and Ljungqvist (2001) 1991–1995 Underwriter spread estimate +
Filing midpoint−offer price +
Firm age −
Log(sales) −
Leverage −
Increase in shares outstanding −
Secondary shares (%) −
Other expenses −
Ljungqvist and Wilhelm (2003) 1996–2000 Targeted direct share programs +
Proceeds for operating expenses +
Estimated price revision +
Estimated+price revision +
High tech industry +
Internet firm +
1999–2000 period +
Venture capital shareholdings −
Investment bank shareholdings −
Corporate shareholdings −
CEO shareholdings×Internet firm −
Ownership concentration −
Insider share sales −
Venture capital share sales −
Log(1+firm age) −
Secondary offer (%) −
Increase in shares outstanding (%) −
Edelen and Kadlec (2005) 1985–2000 Venture backing +
Underwriter rank +
Industry stk retns (filing to offer) +
IPO underpricing (prior 30 days)a +
Ave IPO offer price revision (30 day)a +
IPO offer price-filing midpointa +
Log(offer size at filing) −
IPO offer price revision< 0 a −
Estimated probability of withdrawal −
Kim, Palia, and Saunders (2005a) 1970–2000 Underwriter spread estimate +
Underwriter rank (market share) +
Lead underwriter not in top 25 +
Commercial banks enter market +
Herfindahl index in I-banking +
Cumulative mkt. ret. (prior 15 days) +
Issuer profitability −
(Continued on next page)