Table 5.

IPO long-term performance, ASVI and initial returns

	(1)	(2)	(3)	(4)	(5)	(1)	(2)	(3)	(4)	(5)
I R i	-0.143	-0.053	-0.020	-0.221**	-0.162**
	(-1.263)	(-0.566)	(-0.237)	(-2.083)	(-2.052)
A S V I×I R i						-0.387*	-0.317**	0.112	-0.411**	-0.293**
						(-1.94)	(-2.19)	(1.07)	(-2.47)	(-2.16)
Constant	0.221**	0.218***	0.197***	0.195**	0.200***	0.0185	0.0768	0.176***	-0.0229	0.104
	(2.477)	(3.094)	(3.048)	(2.245)	(3.185)	(0.14)	(0.93)	(2.76)	(-0.18)	(1.35)
N	56	56	57	57	57	58	59	58	60	60

The cumulative long-term return LR _i is the dependent variable in each regression. 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.