Does Going Public Affect Innovation(9)

TableIIFirstStage

Thistablereportsthe?rst-stageestimationoftheinstrumentalvariablesanalysis.Thedependentvariableisadummyvariablethatequalsoneifa?rmcompletestheIPO?ling,andzerootherwise.NASDAQReturnsisconstructeddi?erentlyacrossspeci?cations.Incolumns(1)to(4),NASDAQreturnsarethetwo-monthreturnsaftertheIPO?lingdate.Incolumns(5)and(6),NASDAQreturnsarecalculatedovertheentirebook-buildingperiod,thatis,fromthedateoftheinitialregistrationstatementtothecompletionorwithdrawaldate.Finally,columns(7)and(8)useadummyvariablethatisequaltooneifa?rmdoesnotexperienceaNASDAQdrop,wherea?rmissaidtohaveexperiencedaNASDAQdropifthetwo-monthNASDAQreturnsfromthedateoftheIPO?lingarewithinthebottom25%ofall?lersinthesameyear.Incolumns(3)and(4)thesampleisrestrictedtoIPO?lingsbefore2000.Whencontrolvariablesareincluded,thefollowingvariablesareaddedtothespeci?cation:three-monthNASDAQreturnspriortotheIPO?ling,numberofpatentsinthethreeyearsbeforetheIPO?ling,VCBacked,Pioneer,andEarlyFollower.Allvariablesarede?nedintheAppendix.ThemodelisestimatedusingOLS,androbuststandarderrorsarepresentedinparentheses.*,**,and***indicatethatthecoe?cientisstatisticallysigni?cantatthe10%,5%,and1%level,respectively.

(1)FullTwoMonths

(2)FullTwoMonths

(3)Pre-2000TwoMonths

(4)Pre-2000TwoMonths

(5)FullAll

(6)FullAll

(7)FullBinary

(8)FullBinary

Accepted ArticleSample

InstrumentNADSAQreturnsObservationsR2

FilingyearFEIndustryFE

ControlvariablesF-statistic

0.704***0.763***0.690***0.723***0.381***0.400***0.106***0.111***(0.102)(0.106)(0.128)(0.132)(0.080)(0.081)(0.022)(0.022)1,8010.138yesyesno47.79

1,8010.149yesyesyes52.03

1,4580.082yesyesno28.9

1,4580.089yesyesyes29.9

1,8010.127yesyesno22.63

1,8010.136yesyesyes24.13

1,8010.124yesyesno24.16

1,8010.134yesyesyes25.99

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TableIII

NASDAQDropsandFirmCharacteristics

Tablepresentsdi?erencesin?rmcharacteristicsandinnovationperformancebetweenIPO?lersthatexperienceaNASDAQdropandother?lersinthesameyear.A?rmissaidtohaveexperiencedaNASDAQdropifitstwomonthNASDAQreturnsfollowingtheIPO?lingisatthebottomofthedistributionofallIPO?lersinthesameyear.Incolumn(1)Bottom10%referstoall?rmsthatexperiencethelowest10%NASDAQreturnsofallIPO?lerswithinayear,andincolumn(2)Top90%referstotheremaining?rms.Incolumn(4)Bottom25%referstoall?rmsthatexperiencethelowest25%NASDAQreturnswithinayear,andincolumn(5)Top75%referstoallremaining?rms.Allvariablesarede?nedintheAppendix.*,**,and***indicatethatdi?erencesinmeansarestatisticallysigni?cantatthe10%,5%,and1%level,respectively.

Accepted Article(1)(2)(3)(4)(5)(6)

NASDAQReturnsThreshold:BottomTopDi?erenceBottomTopDi?erence

10?%u%

Pre-FilingFinancialInformationTotalAssets3.163.060.1043.133.050.077R&D/Assets0.260.260.0070.260.26?0.002NetIncome/Assets?0.32?0.330.008?0.34?0.33?0.014Cash/Assets0.320.280.0360.300.290.013Sales/Assets0.860.89?0.0240.850.90?0.051IPOCharacterisitics

LeadUnderwriterRankingFirmAgeatFilingVCBacked

8.2211.870.468.0911.810.490.1240.068?0.0298.1911.100.498.0812.050.500.110?0.946?0.011

Pre-FilingPatentCharacteristicsCitations13.38ScaledCitations1.81NumberofPatents8.53ScaledNumberofPatents3.21ScaledGenerality1.11ScaledOriginality1.03ScaledBestPatent4.06

12.48

1.877.922.881.121.074.260.905?0.0700.6030.330?0.020?0.039?0.19712.631.926.972.671.141.064.4512.571.858.322.991.121.074.170.0640.072?1.354?0.3260.023?0.0170.277

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TableIVPlaceboTest

Thistablereportsaplacebotesttoassessthevalidityoftheinstrumentalvariableexclusionre-striction.Thedependentvariableistheaveragescaledcitationsinthe?veyearsaftertheIPO?ling.ReturnsfollowingIPO?lingarethetwo-monthNASDAQreturnscalculatedfromtheIPO?lingdate.ReturnsfollowingIPOoutcomearethetwo-monthNASDAQreturnscalculatedfromeitherthedateoftheequityissuanceorthedateoftheIPO?lingwithdrawal.WhenthedateofIPO?lingwithdrawalisnotavailable,270dayssubsequenttothelastamendmentoftheIPO?lingisassumed(Lerner(1994)).ReturnsinyearbeforeIPO?lingarethetwo-monthNASDAQreturnscalculatedfromayearbeforetheIPO?ling.ReturnsinyearafterIPO?lingarethetwo-monthNASDAQreturnscalculatedfromayearaftertheIPO?ling.Thevariablesincludedintheregressionsarepre-?lingaveragescaledcitations,pre-?lingnumberofpatents,VCBacked,Pioneer,EarlyFollower,andthethree-monthNASDAQreturnsbeforetheIPO?ling.Allvariablesarede?nedintheAppendix.ThemodelisestimatedusingOLS,androbuststandarderrorsarereportedinparentheses.*,**,and***indicatethatthecoe?cientisstatisticallysigni?cantatthe10%,5%,and1%level,respectively.

(1)

(2)

(3)

(4)

(5)

(6)

(7)

Accepted ArticleDependentVariableReturnsfollowingIPO?lingReturnsfollowingIPOoutcomeReturnsinyearbeforeIPO?ling

ScaledScaledScaledScaledScaledScaledScaledCitationsCitationsCitationsCitationsCitationsCitationsCitations?0.498**(0.239)

0.207(0.251)

0.201(0.254)

?0.482**?0.495**?0.509**(0.237)(0.237)(0.241)0.162(0.248)

0.193(0.252)

0.0060.037(0.096)(0.094)10790.239yesyesyes

10790.242yesyesyes

10790.242yesyesyes

10790.242yesyesyes

ReturnsinyearafterIPO?lingObservationsR2

FilingyearFEIndustryFE

Controlvariables

10790.242yesyesyes

10790.240yesyesyes

10790.239yesyesyes

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TableVReducedForm

Thistablereportsdi?erencesinthe?ve-yearinnovationperformancefollowingtheIPO?lingbe-tween?lersthatexperienceaNASDAQdropandother?lersinthesameyear.A?rmissaidtohaveexperiencedaNASDAQdropifthetwo-monthNASDAQreturnsaftertheIPO?lingarewithinthebottom25%ofall?lersinthesameyear.IPOisadummyvariableequaltooneifa?rmcompleteitsIPO?ling,andzerootherwise.Allvariablesarede?nedinthe …… 此处隐藏：5546字，全部文档内容请下载后查看。喜欢就下载吧 ……