Table 4.

IPO long-term performance and ASVI

	(1)	(2)	(3)	(4)	(5)
A S V I i	-0.171	-0.204*	-0.0662	-0.190	-0.187**
	(-1.19)	(-1.97)	(-0.63)	(-1.29)	(-2.15)
Constant	0.0292	0.0711	0.102	0.0265	0.0775
	(0.22)	(0.84)	(1.30)	(0.19)	(1.00)
N	59	60	59	59	60

The long-term performance LR _i and the independent variables are defined in Table 1. The columns show over which period the cumulative return is calculated: first day closing price to the (1) closing price one year, (2) half a year (3) and 91 days after IPO; and the closing price one month after IPO to (4) the closing price one year (5) and half a year after IPO. *, **, and *** represent significance at the 10%, 5%, and 1% level, respectively, standard errors are shown in the parentheses. N is the number of observations.