Table 4 Regional economic incentives and...

Table 4

Regional economic incentives and underwriters' market share: additional test

	IPO_Num market share	IPO_Num market share	IPO_Num market share	IPO_Num market share
	(1)	(2)	(3)	(4)
Regional Economic Incentives	0.018 (0.10)
Central Economic Incentives		−0.490** (−2.31)
Local Economic Incentives			1.455*** (17.89)
Diff in loc_cen Economic Incentives				0.677*** (5.94)
Control Var	Y	Y	Y	Y
Year F.E	Y	Y	Y	Y
Industry F.E	Y	Y	Y	Y
Adjust R²	0.4583	0.4626	0.4793	0.4740
N	1,596	1,596	1,596	1,596

	IPO_Num market share	IPO_Num market share	IPO_Num market share	IPO_Num market share
	(1)	(2)	(3)	(4)
Regional Economic Incentives	0.018 (0.10)
Central Economic Incentives		−0.490** (−2.31)
Local Economic Incentives			1.455*** (17.89)
Diff in loc_cen Economic Incentives				0.677*** (5.94)
Control Var	Y	Y	Y	Y
Year F.E	Y	Y	Y	Y
Industry F.E	Y	Y	Y	Y
Adjust R²	0.4583	0.4626	0.4793	0.4740
N	1,596	1,596	1,596	1,596

Note(s): See Table 1 for the variable definitions. The intercept is included but not tabulated. T-statistics are given in brackets. Standard errors are clustered at the industry level. *, ** and *** indicate significance at the 10, 5 and 1% levels, respectively. The control variables in Table 4 are the same as those in Table 3 and are untabulated for brevity

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