Examples of IR Consultant in a sentence
By an amendment dated October 31, 2015, the IR Agreement was amended to better reflect the compensation being paid to the IR Consultant by allowing that the IR Consultant could from time to time discount their monthly fee at their sole discretion.
Hence, we add an additional equation to the 2SLS system with Net Optimism as the dependent variable and with IR Consultant and the same set of control variables used in Table 3 as independent variables.
Specifically, IR Consultant is positively related to Trading Volume and negatively related to Bid-Ask Spread.
Specifically, we interact UW Agency Score and its two components (Issue Again and High Previous Underpricing) with IR Consultant, using the same estimation method and controls as in Table 2.The results are shown in Panel A of Table 5.
However, we do not show the first-stage regression in Table 4 for brevity.Results in Table 4 (models (12a) to (16a)) show that the estimated coefficient on IR Consultant is consistently positive and significant (p-value < 1%).
Put differently, local media impacts firm valuations exclusively through Net Optimism of their published articles.18 The F-statistics from the test of under-identification is 20.92 (i.e., greater than 10), which confirms the relevance of our selected instrument (Staiger and Stock, 1997).As in Table 3, we instrument IR Consultant with the previously described three instruments (Cohort IR, CEO Experience in Marketing and Sales, and Advertising Expenses of Seasoned Firms).
Finally, we define Small Institutional Investors as the proportion of institutional investors that are classified as small, according to the size of their investment portfolios at the end of the first quarter following the IPO date (see Appendix B).Table 7 presents the descriptive statistics and the results from various multivariate regressions of the above three measures of institutional participation on IR Consultant, using the same set of controls as in Table 2.
Furthermore, model (6a) shows that IR Consultant is negatively related to BHAR at the 1% significance level.
Furthermore, models (18b), (19b), and (20b) show that the long-run reversal (lower one-year BHAR) is greater for this set of IR-backed IPOs, as implied by the negative coefficients of both IR Consultant and the interaction term (insignificant at conventional levels for one of the three measures, High Previous Underpricing).
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