Model 1

Model 2

Model 3 (restrictions on institutional sales)

Model 4 (restrictions on institutional sales)

Model 5 (No restrictions on institutional sales)

Model 6 (No restrictions on institutional sales)

Total share capital after issuance

−1.25E−12**

(5.15E−13)

4.63E−13

(5.81E−13)

−1.29E−11*

(6.84E12)

Firm age (days)

−5.61E−5***

(2.58E−6)

−2.51E−5***

(7.97E−6)

−1.23E−5***

(2.9E−6)

Listing time lag (days)

0.013***

(0.002751)

0.013468***

(0.002608)

0.005***

(0.000328)

0.00155***

(0.000294)

Allocation rate (%)

−0.03154***

(0.00416)

−0.01884***

(0.004099)

−0.0041***

(0.001614)

−0.01***

(0.001337)

Price suppression

0.001***

(0.000259)

0.001024***

(0.000243)

0.001939***

(0.000172)

0.00105***

(0.000145)

Turnover rate (%)

0.003724***

(0.000176)

0.007530***

(0.000769)

0.004939***

(0.000238)

observations

2540

2540

725

725

1815

1815

Adjusted R²

0.16

0.15

0.13

0.24

0.18

0.45