IPO

Trade sale

Liquidation

Cross-border

0.1623

−0.2711

0.1638

(0.1032)

(0.1822)

(0.3219)

Follow-on

0.1860**

0.0641

0.2693

(0.0900)

(0.1554)

(0.3391)

Syndicate size

0.0341**

−0.0994**

0.0279

(0.0160)

(0.0439)

(0.0598)

Equity amount deal

0.2568***

0.0648

0.0402

(0.0299)

(0.0469)

(0.1038)

VC experience

0.0986

−0.3555**

−0.5927*

(0.1091)

(0.1694)

(0.3305)

Market liquidity

2.2365

−46.8143***

26.7680

(5.5546)

(14.1710)

(22.4216)

Legal rights

5.8391***

11.8239***

−10.6704

(1.7399)

(3.3459)

(7.0285)

GDP growth

3.4346

34.2945***

−5.6190

(3.7400)

(8.0970)

(12.2196)

N

6611

6611

6611