IPO

Trade sale

Liquidation

Cross-border

0.2456***

−0.3353**

0.1280

(0.0832)

(0.1575)

(0.2900)

Follow-on

0.0544

0.1837**

0.3012*

(0.0545)

(0.0807)

(0.1717)

Syndicate size

0.0252**

−0.0153

−0.0091

(0.0106)

(0.0206)

(0.0454)

Equity amount deal

0.2324***

−0.0111

−0.0819

(0.0191)

(0.0284)

(0.0574)

VC experience

−0.2644***

−0.2354**

−0.5223***

(0.0628)

(0.0934)

(0.1834)

Market liquidity

5.2169

−20.6723***

−3.4645

(3.8200)

(5.7019)

(14.0005)

Legal rights

6.8356***

7.6990***

−3.0169

(1.1152)

(1.7036)

(4.2056)

GDP growth

9.9921***

18.9938***

7.2039

(2.5390)

(3.6812)

(8.3839)

N

23810

23810

23810