(Round intermediate calculations to at least 4 decimal
places.)
One of the theories regarding initial public offering (IPO)
pricing is that the initial return y (change from offer to
open price) on an IPO depends on the price revision x
(change from pre-offer to offer price). Another factor that may
influence the initial return is whether or not it is a high-tech
firm. The following table shows a portion of the data on 264 IPO
firms from January 2001 through September 2004; the entire data
set, can be found on the excel link. Please be really
detail so that i can understand, thank you
| Initial Return (%) | Price Revision (%) |
High-tech |
| 37.08 | -8.01 | No |
| 10.92 | -30.82 | No |
| -5.2 | -4.29 | No |
| 32.53 | -55.33 | Yes |
| 0 | -18.02 | No |
| 10.72 | 0 | Yes |
| 19.57 | 0 | Yes |
| 0 | -26.63 | No |
| 0 | -9.85 | No |
| 0 | -7.06 | No |
| -31.71 | -7.37 | No |
| 1.98 | 17.49 | No |
| -6.92 | 6.45 | No |
| 8.67 | 14.21 | Yes |
| -7.19 | -29.92 | Yes |
| 41.66 | -41.91 | Yes |
| -15.57 | 2.87 | Yes |
| 15.52 | -50.94 | Yes |
| -4.34 | -17.3 | No |
| 10.91 | 23.84 | Yes |
| -38.72 | -6 | No |
| -10.9 | 5.19 | No |
| 16.88 | 56.69 | Yes |
| 15.99 | -0.28 | No |
| -9.73 | 0.76 | Yes |
| 6.53 | -36.96 | Yes |
| -0.57 | -9.04 | Yes |
| 0 | -33.52 | No |
| 4.71 | 7.02 | No |
| 18.86 | 0 | Yes |
| 10.95 | 0 | No |
| 8.18 | -18.71 | Yes |
| 16.82 | -30.93 | No |
| 6.8 | 0.63 | No |
| -1.93 | -24.27 | Yes |
| -9.7 | 0 | No |
| 20.31 | 0 | Yes |
| 7.84 | 9.87 | No |
| 34.09 | 16.82 | No |
| 58.83 | 8.46 | No |
| 0.7 | 7.2 | Yes |
| 0 | -21.02 | No |
| 11.51 | -22.24 | Yes |
| 22.12 | -17.75 | No |
| 7.99 | -3.69 | No |
| 0 | 0 | No |
| 13.58 | -6.26 | Yes |
| 19.63 | 6.43 | No |
| 18.82 | 28.34 | Yes |
| 0 | -29.79 | Yes |
| 0.46 | -37.91 | No |
| -19.13 | -11.16 | Yes |
| 18.24 | 5.27 | Yes |
| 0 | -0.42 | No |
| 5.61 | -21.24 | No |
| 0 | -7.07 | No |
| 9.04 | -6.29 | Yes |
| 24.8 | 17.85 | No |
| 17 | 25.94 | No |
| 10.93 | -6.82 | Yes |
| 17.97 | -48.97 | Yes |
| 0 | -5.59 | No |
| -4.27 | -4.21 | No |
| 14.64 | 3.02 | No |
| 19.57 | 54.43 | Yes |
| -4.46 | -40.01 | Yes |
| 13.64 | 3.93 | No |
| 10.79 | 0 | No |
| 14.35 | 1.59 | No |
| 6.44 | -7.11 | Yes |
| 7.42 | -10.26 | No |
| -7.17 | 0 | No |
| 27.3 | 21.65 | Yes |
| 0 | -31 | No |
| 6.64 | -19.14 | Yes |
| -4.62 | 2.6 | Yes |
| -4.34 | -23.19 | Yes |
| 0 | 6.83 | No |
| 21.32 | -13.63 | Yes |
| 26.66 | -9.06 | No |
| 49.03 | 35.88 | Yes |
| 14.69 | -53.62 | Yes |
| 44.57 | 7.72 | No |
| -2.52 | -48.81 | No |
| 11.56 | -10.53 | No |
| -17.12 | 0 | No |
| 0 | -31.62 | No |
| 3.96 | -6.96 | No |
| 0 | -44.07 | Yes |
| 12.65 | -5.33 | No |
| -19.31 | 48.46 | No |
| 16.45 | 22.89 | Yes |
| 25.45 | 1.56 | No |
| 15.23 | 0 | No |
| 31.36 | 32.64 | Yes |
| 0 | -9.71 | Yes |
| 19.95 | -11.69 | No |
| -29.35 | 0 | No |
| 7.6 | 11.39 | No |
| -6.04 | -17.45 | No |
| 22.72 | -1.15 | No |
| 4.43 | -33.65 | Yes |
| 14.71 | 3.21 | No |
| 0.05 | -39.91 | Yes |
| -3.99 | 2.64 | Yes |
| -10.11 | -2.2 | No |
| 23.47 | 13.89 | No |
| -1.14 | -4.44 | No |
| -3.63 | 3.21 | No |
| -5.74 | -6.03 | No |
| 8.95 | 0.64 | Yes |
| -2.9 | -12.52 | Yes |
| 0 | 0 | No |
| 0 | -11.5 | No |
| -8.09 | -15.84 | Yes |
| 50.31 | 23.81 | Yes |
| 0 | -40.62 | No |
| 36.74 | 18.14 | Yes |
| 22.33 | 29.2 | No |
| 40.34 | 14.18 | Yes |
| -2.17 | -5.46 | No |
| 68.86 | 10.77 | Yes |
| 11.4 | 18.82 | No |
| 0.01 | -7.63 | No |
| 0 | 4.22 | No |
| -20.49 | 0 | No |
| 0 | 3.87 | Yes |
| 51.08 | 1 | No |
| 0 | -23.7 | No |
| 4.27 | -24.42 | Yes |
| 18.57 | -22.29 | Yes |
| -1.41 | -21.51 | Yes |
| 0 | 3.03 | No |
| 50.99 | -52.09 | Yes |
| 12.87 | 19.16 | Yes |
| 0 | -16.38 | No |
| -3.02 | 5.34 | No |
| 19.37 | -5.21 | No |
| -11.65 | 20.32 | No |
| 1.43 | -8.4 | Yes |
| -4.36 | 13.56 | No |
| 3.9 | -28.68 | No |
| 13.41 | -12.67 | No |
| -0.48 | -16.11 | Yes |
| -8.14 | -59.15 | Yes |
| 11.62 | 0 | No |
| 16.89 | 2.6 | No |
| 0 | -35.56 | No |
| 3.73 | -26.53 | Yes |
| 5.67 | -43.01 | Yes |
| -3.22 | 0 | Yes |
| 15.71 | -42.67 | Yes |
| 20.57 | -9.31 | No |
| -10.94 | 12.67 | Yes |
| -3.26 | -26.99 | Yes |
| -13.44 | -3.67 | No |
| 3.46 | 0 | No |
| 14.56 | -2.45 | No |
| 4.07 | -6.88 | No |
| -2.83 | 18.36 | Yes |
| 26.49 | 16.25 | No |
| 13.29 | -16.76 | Yes |
| 0 | -11.15 | Yes |
| 17.84 | -4.74 | Yes |
| 22.23 | 41.15 | No |
| 0 | 16.34 | No |
| 5.28 | 2.33 | No |
| -7.83 | 10.47 | No |
| 0 | 0 | No |
| 15.87 | 5.21 | Yes |
| 31.81 | -36.7 | Yes |
| -2.94 | -17.03 | Yes |
| 32.63 | 12.23 | Yes |
| 7.9 | -31.66 | Yes |
| 21.12 | -44.61 | No |
| -4.66 | -35.84 | No |
| 4.96 | 1.8 | Yes |
| 4.15 | -14.06 | Yes |
| 9.7 | -9.79 | No |
| 10.56 | -43.79 | No |
| -6.23 | -5.83 | No |
| 0 | 22.14 | No |
| 1.36 | 12.02 | No |
| 17.3 | -2.2 | No |
| 0 | -2.48 | No |
| 29.95 | -16 | No |
| -3.42 | -1.38 | Yes |
| -3.33 | 8.45 | Yes |
| -17.79 | 0 | No |
| 5.72 | -10.24 | Yes |
| 1.55 | -15.57 | Yes |
| -4.99 | 0
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