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IPO workshop Table 1: Significance of first day returns Whole sample Prestigious underwriters Non-prestigious Mean 10

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IPO workshop Table 1: Significance of first day returns Whole sample Prestigious underwriters Non-prestigious Mean 10.75% t-stat 10.15 Decision Reject null Sample size 295 Not High Rep difference t-stat Decision 11.47% 10.88% 1.72% 2.99% 0.85 1.65 Do not reject Do not reject Table 2: Results sorted on Underwriter reputation Whole sample Normal market Hot market High Reputation 9.75% 7.89% Comment on your results. Does the evidence support the spinning hypothesis (maximum 150 words) Portfolio: for tax evasion workshop Table 1: Bivariate regressions Total sustainability (1) -8.1589 (7.25) Environmental sustainability Social sustainability Infrastructure Intercept R2 (2) (3) (4) -8.3176 (6.32) 63.5886 (12.20) 0.4547 63.9727 (10.63) 0.3882 In no more than 70 words, briefly comment on the results for t-test for the slope coefficients. Table 2: Multivariate regressions Total sustainability Environmental sustainability (1) -3.7082 (1.57) (2) (3) (4) Social sustainability Infrastructure GDP per capita Market size Corruption Tax regulation Individualism Power distance Uncertainty avoidance Masculinity Legal system intercept R2 -0.0446 (0.39) -1.3895 (1.17) 0.5030 (2.11) 0.2830 (1.03) -0.0458 (0.66) 0.0186 (0.25) 0.0986 (1.58) -0.1341 (2.60) 2.7733 (0.99) 44.6473 (3.52) 0.6088 In no more than 100 words, comment on the results for the coefficients for the four variables of interest (total sustainability, environmental sustainability, social sustainability and infrastructure). Portfolio: ESG and Firm Value Table 1: Bivariate regressions ESGLIST ESGRANK Intercept R2 (1) 1.466443 (5.66) n/a n/a 1.70706 (16.80) 0.0208 (2) n/a n/a In no more than 70 words, briefly comment on the results for t-test for the slope coefficients. Table 2: Bivariate regressions with year effects ESGLIST ESGRANK Intercept R2 Year effects (1) 1.450462 (5.62) n/a n/a 2.150515 (5.92) 0.0372 Yes (2) n/a n/a In no more than 70 words, briefly comment on the results for t-test for the slope coefficients. Table 3: Multivariate regressions with year effects ESGLIST ESGRANK (1) 1.208327 (6.79) n/a (2) n/a n/a LOGTotalAssets ROA LEVERAGE Capital Exp Intercept R2 Year effects n/a -0.3175688 (-8.63) 6.540866 (44.52) 2.142947 (10.67) 9.5?10-9 (0.09) 4.885909 (9.18) 0.6065 Yes In no more than 100 words, comment on the results for the coefficients for the six variables of interest (ESGLIST, ESGRANK, LogTotalAssets, ROA, Leverage, Capital Expenditure).