Table 3.

IPO first-day return and ASVI

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
A S V I i	0.414***				0.400***	0.437***	0.397***	0.404***	0.357***
	(3.311)				(3.138)	(3.768)	(3.169)	(3.217)	(3.084)
O f f e r i n g s i z e i		-0.119			-0.094		-0.015	-0.130	-0.068
		(-1.090)			(-0.929)		(-0.153)	(-1.269)	(-0.685)
S e n t i m e n t i			0.112			0.003		-0.020			-0.039
			(0.876)			(0.025)		(-0.177)			(-0.242)
△S e n t i m e n t i				0.044					0.082			-0.037
				(0.345)					(0.711)			(-0.291)
${\mathit{\text{ASVI}}}_i^{\mathit{\text{POSSENT}},\mathit{\text{st}}}$										0.297**	0.275**	0.268**	0.344***
										(2.600)	(2.034)	(2.276)	(2.815)
${\mathit{\text{ASVI}}}_i^{\mathit{\text{NEGSENT}},\mathit{\text{st}}}$										0.163	0.152	0.136	0.280
										(1.231)	(1.253)	(1.260)	(1.539)
${\mathit{\text{ASVI}}}_i^{\mathit{\text{NOSENT}},\mathit{\text{st}}}$													0.268
													(1.365)
Constant	0.003	-0.045	-0.044	0.023	-0.065	-0.034	-0.019	-0.073	-0.089	-0.011	-0.048	-0.028	0.064
	(0.026)	(-0.443)	(-0.398)	(0.203)	(-0.681)	(-0.369)	(-0.190)	(-0.763)	(-0.936)	(-0.109)	(-0.484)	(-0.275)	(0.574)
N	70	72	67	70	67	65	67	63	66	69	68	67	66

The IPO first day return IR _i is the dependent variable in each regression. IR _i and the independent variables are defined in Table 1. *, **, and *** represent significance at the 10%, 5%, and 1% level, respectively, standard errors are shown in the parentheses. N is the number of observations.