278 B.E. Eckbo et al.
Ta b l e 8
(Continued)Study Sample period Explanatory variable Sign
Issuer leverage −
Over-allotment option −
Li and Masulis (2006) 1993–2000 Prior market return +
Underwriter reputation +
Venture capitalist share sale +
Internet issuer +
Global offering +
Prior market return +
New shares issued (%) −
Bank shareholdings −
Insurance co. shareholdings −
Issuer bank loans −
Venture capitalist shareholdings −
CEO shareholdings −
Fin’l institution shareholdings −
Log(total assets) −
IPO registration period −
Big 6 auditor −
B. SEO studies
Bhagat, Marr, and Thompson (1985) 1982–1983 Stock return residual variance +
Market return variance +
Stock beta −
Utility firms −
Safieddine and Wilhelm (1996) 1980–1988 Abnormal short interest +
Lead underwriter rank −
Utility issuers −
1989–1991 Stock with listed options +
(Rule 10b-21) Lead underwriter rank −
Utility issuers −
Corwin (2003) 1980–1998 Stk ret stnd deviation (prior 30 days) +
Increase in shares outstanding (%) +
Lowest market cap quartile +
Highest standard deviation quartile +
Lowest stock price quartile +
Prior CAR<0 (week prior to offer) +
Offer price tick size< 1 / 4 +
Rule 10b-21 in force +
IPO underpricing in same month +
Close−Bid on day−1(%)∗Nasdaq +
Log(stock price on day−1) −
Log(stock price)∗Tick size< 1 / 4 −
Prior CAR< 0 ∗Rule 10b-21 −
NYSE listed −
Altinkilic and Hansen (2003) 1990–1997 Nasdaq listing +
Relative offer size +
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