5.2 lol 0 26.34 0 20.96 -2.98 26.94 1 0 0 0 0 1 0 0 1 10 1 0 0 0 1 0 1 0 0 1 1 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 0 35.98 7.61 28.34 -83.72 -21.21 -11.68 0.01 -21.73 -27.51 21.31 -3.43 0 0 -12.67 -19.88 9.87 -13.55 -8.11 -29.66 27.58 5.01 -20.81 0 -31.51 -36.98 22.58 0 7.85 6.84 -42.8 0 6.9 -12.09 -38.26 18.54 -6.58 8.75 8.37 -11.77 13.51 -24.77 -52.59 -2.31 -2.57 0 23.64 8.86 32.74 8.11 8.39 3.31 5.79 0 0 -19.7 7.93 2.92 3.01 0 12.31 -17.06 8.37 29.16 5.54 -3.31 25.81 10.43 0 8.04 23.43 32.87 19.67 0 -3.16 22.51 23.8 -5.15 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 ololo 259 260 261 262 263 264 265 9.77 13.6 6.39 27.26 0 23.2 4.2 -55.09 -36.62 -12.9 26.48 -19.38 2.03 -13.52 1 1 0 0 0 0 1 0 1 1 1 al 1 0 6.61 13.73 -4.62 0 50.79 15.3 0 -7.06 19.55 -3.24 4.8 -10.53 1.8 5.35 -3.85 -13.48 9.6 18.04 0 0 0 0 1 0 0 0 1 1 10 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 0.78 6.53 0.81 15.06 28.36 -11.01 9.55 -9.3 5.96 12.81 2.94 6.9 21.88 16.03 0 9.62 12.76 -24.23 -22.43 -20.77 -24.77 -1.3 -49.04 16.55 -15.48 5.33 6.07 19.85 -7.78 11.44 -35.95 -14.51 -10.5 -53.78 0 -2.72 -39.04 -37.9 -35.05 0 43.59 4.37 8.18 -25.17 -7.61 0 3.51 -8.46 13.31 11.31 -9.42 -11.32 -15 36.14 17.18 -0.31 6.08 0 6.49 -41.68 0 0 0 1 1 1 1 0 1 1 0 0 0 0 1 0 1 1 1 0 0 0 9.09 -5.58 0 6.84 29.8 0 0 0 1 1 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 -9.67 32.46 7.48 9.76 -6.28 4.61 3.27 10.51 4.89 1.68 0 -0.62 18.95 -21.64 11.31 -25.83 -48.79 -33.09 -5.75 -14.64 -16.97 -33.96 -6.18 19.47 16.86 3.45 -3.24 -11.4 -3.18 3.54 0 -11.98 -18.4 0 -10.05 -16.24 0 -28.46 -14.14 13.15 0 1 1 1 0 0 1 1 0 0 0 0 0 0 0 0 1 1 0 1 1 0 0 1 198 199 29.74 4.06 2.72 -16.71 -3.48 1.69 -2.2 27.38 -1.78 39.73 8.05 15.18 -2.49 -3.9 15.98 10.16 17.79 6.39 6.2 -9 0 -4.45 12.38 -2.46 0 -17.88 -2.9 30.34 -22.13 0 0 0 0 0 0 0 0 0 0 1 0 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 0 0 0 -2.83 4.76 -38.96 0 116.93 9.27 -15.56 -11.74 -3.52 -15.59 7.68 -18.51 -1.08 1.82 1 1 ololol 0 87 88 89 90 91 0 0 1 0 0 1 0 0 1 1 0 0 0 0 0 1 0 1 -19.52 0 5.19 0 13.58 -13.86 14.23 28.42 16.09 32.52 0 16.63 -26.57 6.48 -9.19 28.58 9.12 5.69 5.04 -3.51 -15.46 28.28 -6.09 -4.95 4.31 6.07 -9.33 0 0 -1.49 36.91 0 31.95 22.56 30.92 0.49 63.78 19.62 -1.11E-15 0 -17.22 0 49.39 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 0 -28.25 -11.46 -38.95 -3.03 38.55 31.85 6.94 0 34.39 -6.87 -16.94 0 3.1 -19.49 6.36 -28.71 2 -35.48 -2.91 -8.61 5.36 3.25 5.55 -5.98 -5.23 -7.01 0 -15.37 -21.05 25.39 -35.78 15.4 25.42 15.59 -11.16 12.06 25.55 -9.18 3.21 0 -5.81 3.31 1 0 0 0 0 0 1 1 0 0 1 1 0 1 0 0 1 0 0 0 0 1 0 One of the theories regarding initial public offering (IPO) pricing is that the initial return y (the percentage change from offer to open price) on an IPO depends on the price revision (the percentage change from pre-offer to offer price). Another factor that may influence the initial return is a high-tech dummy variable that equals 1 for high-tech firms and 0 otherwise. The following table shows a portion of the data on 264 IPO firms from January 2001 through September 2004. Initial Return 39.18 13.84 Price Revision -3.51 -28.90 High-Tech 0 4.20 -13.52 1 Click here for the Excel Data File a-1. Estimate y = Bo + B1x + B2d + where the dummy variable d equals 1 for firms that are high-tech. (Round your answers to 2 decimal places.) Initial Return Price Revision + High-Tech a-2. Use the estimated model to predict the initial return of a high-tech firm with a 10% price revision. (Round coefficient estimates to at least 4 decimal places and final answer to 2 decimal places.) Predicted return of a high-tech firm a-3. Find the corresponding predicted return of a firm that is not high-tech. (Round coefficient estimates to at least 4 decimal places and final answer to 2 decimal places.) Predicted return of a non high-tech firm b-1. Estimate y = Bo + B1X + B2d + where the dummy variable d equals 1 for firms that are not high-tech. (Negative values should be indicated by a minus sign. Round your answers to 2 decimal place.) Initial Return Price Revision + CHigh-Tech b-2. Use the estimated model to predict the initial return of a high-tech firm with a 10% price revision. (Round coefficient estimates to at least 4 decimal places and final answer to 2 decimal places.) Predicted the initial return of a high-tech firm b-3. Find the corresponding predicted return of a firm that is not high-tech. (Round coefficient estimates to at least 4 decimal places and final answer to 2 decimal places.) Predicted return of a non high-tech firm C-1. In the high-tech models, determine if the dummy variable is significant at the 5% level. The dummy variable is significant since the p-value is less than 0.05. The dummy variable is not significant since the p-value is more than 0.05. The dummy variable is significant since the p-value is more than 0.05. The dummy variable is not significant since the p-value is less than 0.05. c-2. In the not high-tech models, determine if the dummy variable is significant at the 5% level. The dummy variable is significant since the p-value is less than 0.05. The dummy variable is not significant since the p-value is more than 0.05. The dummy variable is significant since the p-value is more than 0.05. The dummy variable is not significant since the p-value is less than 0.05. 1 High-tech 2 3 4 5 6 ololo 7 8 9 1 0 1 1 0 0 0 0 0 0 1 1 1 1 1 0 1 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Initial Return 39.18 13.84 -8.79 21.09 0 9.66 21.76 0 0 0 -21.9 1.49 - 10.5 14.29 -11.37 31.53 -12.13 18.2 -1.64 13.82 -31.56 -12.69 18.44 21.67 -5.96 8.07 3.79 0 8.64 17.33 5.56 7.06 12.4 12.78 3.83 2.65 17.87 2.04 46.1 57.92 -1.33 0 Price Revision -3.51 -28.9 -7.85 -50.52 -11.79 0 0 -31.19 -14.36 1.47 -6.87 15.32 7.76 12.61 -30.32 -35.31 5.23 -52.47 -16.56 14.02 -8.64 1.95 55.58 -3.61 -5.49 -41.03 -17.83 -36.9 9.93 0 0 -18.99 -21.56 4.19 -29.3 0 0 4.65 22.7 -1.83 10.11 -11.62 0 0 1 0 1 1 1 0 0 0 1 0 0 1 0 1 0 0 41 42 43 0 1 0 1 0 44 45 46 47 48 49 olol 1 0 1 1 50 51 52 53 54 55 56 57 58 59 60 61 62 63 0 1 1 0 0 0 1 0 0 1 1 10.72 21.43 4.64 0 12.84 21.18 19.03 0 3.39 -14.99 26.98 0 4.83 0 6.73 28.77 12.43 5.52 22.48 0 0.39 7.78 20.04 -7.58 18.28 8.83 12.74 9.47 15.53 - 12.1 24.39 0 -0.69 -1.23 -3.94 0 11.75 24.65 42.67 7.99 40.87 -3.48 5.04 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 -13.56 -21.19 0.84 0 -2.55 2.91 24.04 -31.72 -40.24 -17.7 -3.52 3.66 - 17.1 -12.56 -2.78 18.6 31.58 0.14 -42.49 -10.05 -4.71 -2.53 48.44 -39.21 1.14 0 5.81 -9.43 -15.74 0 23.73 -29.92 -21.35 1.28 -18.86 2.41 -19.98 -14.56 32.72 -48.07 3.64 -58.92 -9.44 ololo 1 0 0 0 1 0 0 1 1 1 1 0 1 0 1 1 85 OOO 86 5.2 lol 0 26.34 0 20.96 -2.98 26.94 1 0 0 0 0 1 0 0 1 10 1 0 0 0 1 0 1 0 0 1 1 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 0 35.98 7.61 28.34 -83.72 -21.21 -11.68 0.01 -21.73 -27.51 21.31 -3.43 0 0 -12.67 -19.88 9.87 -13.55 -8.11 -29.66 27.58 5.01 -20.81 0 -31.51 -36.98 22.58 0 7.85 6.84 -42.8 0 6.9 -12.09 -38.26 18.54 -6.58 8.75 8.37 -11.77 13.51 -24.77 -52.59 -2.31 -2.57 0 23.64 8.86 32.74 8.11 8.39 3.31 5.79 0 0 -19.7 7.93 2.92 3.01 0 12.31 -17.06 8.37 29.16 5.54 -3.31 25.81 10.43 0 8.04 23.43 32.87 19.67 0 -3.16 22.51 23.8 -5.15 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 ololo 259 260 261 262 263 264 265 9.77 13.6 6.39 27.26 0 23.2 4.2 -55.09 -36.62 -12.9 26.48 -19.38 2.03 -13.52 1 1 0 0 0 0 1 0 1 1 1 al 1 0 6.61 13.73 -4.62 0 50.79 15.3 0 -7.06 19.55 -3.24 4.8 -10.53 1.8 5.35 -3.85 -13.48 9.6 18.04 0 0 0 0 1 0 0 0 1 1 10 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 0.78 6.53 0.81 15.06 28.36 -11.01 9.55 -9.3 5.96 12.81 2.94 6.9 21.88 16.03 0 9.62 12.76 -24.23 -22.43 -20.77 -24.77 -1.3 -49.04 16.55 -15.48 5.33 6.07 19.85 -7.78 11.44 -35.95 -14.51 -10.5 -53.78 0 -2.72 -39.04 -37.9 -35.05 0 43.59 4.37 8.18 -25.17 -7.61 0 3.51 -8.46 13.31 11.31 -9.42 -11.32 -15 36.14 17.18 -0.31 6.08 0 6.49 -41.68 0 0 0 1 1 1 1 0 1 1 0 0 0 0 1 0 1 1 1 0 0 0 9.09 -5.58 0 6.84 29.8 0 0 0 1 1 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 -9.67 32.46 7.48 9.76 -6.28 4.61 3.27 10.51 4.89 1.68 0 -0.62 18.95 -21.64 11.31 -25.83 -48.79 -33.09 -5.75 -14.64 -16.97 -33.96 -6.18 19.47 16.86 3.45 -3.24 -11.4 -3.18 3.54 0 -11.98 -18.4 0 -10.05 -16.24 0 -28.46 -14.14 13.15 0 1 1 1 0 0 1 1 0 0 0 0 0 0 0 0 1 1 0 1 1 0 0 1 198 199 29.74 4.06 2.72 -16.71 -3.48 1.69 -2.2 27.38 -1.78 39.73 8.05 15.18 -2.49 -3.9 15.98 10.16 17.79 6.39 6.2 -9 0 -4.45 12.38 -2.46 0 -17.88 -2.9 30.34 -22.13 0 0 0 0 0 0 0 0 0 0 1 0 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 0 0 0 -2.83 4.76 -38.96 0 116.93 9.27 -15.56 -11.74 -3.52 -15.59 7.68 -18.51 -1.08 1.82 1 1 ololol 0 87 88 89 90 91 0 0 1 0 0 1 0 0 1 1 0 0 0 0 0 1 0 1 -19.52 0 5.19 0 13.58 -13.86 14.23 28.42 16.09 32.52 0 16.63 -26.57 6.48 -9.19 28.58 9.12 5.69 5.04 -3.51 -15.46 28.28 -6.09 -4.95 4.31 6.07 -9.33 0 0 -1.49 36.91 0 31.95 22.56 30.92 0.49 63.78 19.62 -1.11E-15 0 -17.22 0 49.39 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 0 -28.25 -11.46 -38.95 -3.03 38.55 31.85 6.94 0 34.39 -6.87 -16.94 0 3.1 -19.49 6.36 -28.71 2 -35.48 -2.91 -8.61 5.36 3.25 5.55 -5.98 -5.23 -7.01 0 -15.37 -21.05 25.39 -35.78 15.4 25.42 15.59 -11.16 12.06 25.55 -9.18 3.21 0 -5.81 3.31 1 0 0 0 0 0 1 1 0 0 1 1 0 1 0 0 1 0 0 0 0 1 0 One of the theories regarding initial public offering (IPO) pricing is that the initial return y (the percentage change from offer to open price) on an IPO depends on the price revision (the percentage change from pre-offer to offer price). Another factor that may influence the initial return is a high-tech dummy variable that equals 1 for high-tech firms and 0 otherwise. The following table shows a portion of the data on 264 IPO firms from January 2001 through September 2004. Initial Return 39.18 13.84 Price Revision -3.51 -28.90 High-Tech 0 4.20 -13.52 1 Click here for the Excel Data File a-1. Estimate y = Bo + B1x + B2d + where the dummy variable d equals 1 for firms that are high-tech. (Round your answers to 2 decimal places.) Initial Return Price Revision + High-Tech a-2. Use the estimated model to predict the initial return of a high-tech firm with a 10% price revision. (Round coefficient estimates to at least 4 decimal places and final answer to 2 decimal places.) Predicted return of a high-tech firm a-3. Find the corresponding predicted return of a firm that is not high-tech. (Round coefficient estimates to at least 4 decimal places and final answer to 2 decimal places.) Predicted return of a non high-tech firm b-1. Estimate y = Bo + B1X + B2d + where the dummy variable d equals 1 for firms that are not high-tech. (Negative values should be indicated by a minus sign. Round your answers to 2 decimal place.) Initial Return Price Revision + CHigh-Tech b-2. Use the estimated model to predict the initial return of a high-tech firm with a 10% price revision. (Round coefficient estimates to at least 4 decimal places and final answer to 2 decimal places.) Predicted the initial return of a high-tech firm b-3. Find the corresponding predicted return of a firm that is not high-tech. (Round coefficient estimates to at least 4 decimal places and final answer to 2 decimal places.) Predicted return of a non high-tech firm C-1. In the high-tech models, determine if the dummy variable is significant at the 5% level. The dummy variable is significant since the p-value is less than 0.05. The dummy variable is not significant since the p-value is more than 0.05. The dummy variable is significant since the p-value is more than 0.05. The dummy variable is not significant since the p-value is less than 0.05. c-2. In the not high-tech models, determine if the dummy variable is significant at the 5% level. The dummy variable is significant since the p-value is less than 0.05. The dummy variable is not significant since the p-value is more than 0.05. The dummy variable is significant since the p-value is more than 0.05. The dummy variable is not significant since the p-value is less than 0.05. 1 High-tech 2 3 4 5 6 ololo 7 8 9 1 0 1 1 0 0 0 0 0 0 1 1 1 1 1 0 1 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Initial Return 39.18 13.84 -8.79 21.09 0 9.66 21.76 0 0 0 -21.9 1.49 - 10.5 14.29 -11.37 31.53 -12.13 18.2 -1.64 13.82 -31.56 -12.69 18.44 21.67 -5.96 8.07 3.79 0 8.64 17.33 5.56 7.06 12.4 12.78 3.83 2.65 17.87 2.04 46.1 57.92 -1.33 0 Price Revision -3.51 -28.9 -7.85 -50.52 -11.79 0 0 -31.19 -14.36 1.47 -6.87 15.32 7.76 12.61 -30.32 -35.31 5.23 -52.47 -16.56 14.02 -8.64 1.95 55.58 -3.61 -5.49 -41.03 -17.83 -36.9 9.93 0 0 -18.99 -21.56 4.19 -29.3 0 0 4.65 22.7 -1.83 10.11 -11.62 0 0 1 0 1 1 1 0 0 0 1 0 0 1 0 1 0 0 41 42 43 0 1 0 1 0 44 45 46 47 48 49 olol 1 0 1 1 50 51 52 53 54 55 56 57 58 59 60 61 62 63 0 1 1 0 0 0 1 0 0 1 1 10.72 21.43 4.64 0 12.84 21.18 19.03 0 3.39 -14.99 26.98 0 4.83 0 6.73 28.77 12.43 5.52 22.48 0 0.39 7.78 20.04 -7.58 18.28 8.83 12.74 9.47 15.53 - 12.1 24.39 0 -0.69 -1.23 -3.94 0 11.75 24.65 42.67 7.99 40.87 -3.48 5.04 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 -13.56 -21.19 0.84 0 -2.55 2.91 24.04 -31.72 -40.24 -17.7 -3.52 3.66 - 17.1 -12.56 -2.78 18.6 31.58 0.14 -42.49 -10.05 -4.71 -2.53 48.44 -39.21 1.14 0 5.81 -9.43 -15.74 0 23.73 -29.92 -21.35 1.28 -18.86 2.41 -19.98 -14.56 32.72 -48.07 3.64 -58.92 -9.44 ololo 1 0 0 0 1 0 0 1 1 1 1 0 1 0 1 1 85 OOO 86