Assignment Task:

Hypothesis:

1. The lottery rate(winning rate) and IPO initial return are positively correlated in China market
2. The quality of underwriter (reputation and amount) are negatively correlated in IPO underpricing
3. The age of firm in inversely related to IPO underpricing.

Basic Requirement:

1. Explain the theories and models being tested. 
State clearly and explain the null and alternative hypotheses. 

2. Explain and summarise your data, 
e.g. what industry portfolio you are using, how many months, means, median, stdev, etc. 

3. Estimate regressions and present the findings
create your own tables, do not use screenshots for tables. 

4. Interpret the findings relating back to the hypotheses and theories. 
Perform diagnostic tests to evaluate the goodness of fit of your regressions. 

5.Perform analysis of residuals: 
Explain the possible bias. 
Demonstrate how these potential bias could be corrected. 
Compare the results before and after the adjustment. 

Any other data, tests, or information that you feel are interesting and relevant to the empirical tests. 

Checklist:

Have you interpreted your regression results correctly? 
Have you discussed diagnostic tests? 
Have you checked the residuals for heteroscedasticity and autocorrelation? Have you explained what they are and how would they affect your results? 
If you have detected these problems, have you estimated regressions using adjusted standard errors or other adjustments? 
Have you reported the adjusted results and compare before and after an adjustment? 
How does the adjustment affect your results? Does your main conclusion remain similar after the adjustment? 
Would there be a problem of multicollinearity between the independent variables? E.g. between log assets and log sales? How do you deal with it? 
Can you estimate different model specifications? Start from a smaller model (maybe only firm size?) and then adding more independent variables? 


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  • Uploaded By : Alex Cerry
  • Posted on : February 18th, 2019

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