Table 1 Sample selection and industry...

Table 1

Sample selection and industry distribution for the IPO sample (1993-2015; N = 2,997)

Panel A: Sample selection procedure	Firm-year
Total number of firm-year observations from 1993–2015 with Compustat, CRSP, IPO Ritter, SDC and ISS Database	186,543
Less: financials and utility firm	7,673
Less: missing values for variables used in the regressions	171,626
Final sample	2,997
Number of unique firms	642
Failure firms	220
Non-failure firms	422

Panel A: Sample selection procedure	Firm-year
Total number of firm-year observations from 1993–2015 with Compustat, CRSP, IPO Ritter, SDC and ISS Database	186,543
Less: financials and utility firm	7,673
Less: missing values for variables used in the regressions	171,626
Final sample	2,997
Number of unique firms	642
Failure firms	220
Non-failure firms	422

Panel B: Industry distribution of IPOs
		Pooled sample		Delisted for negative reasons		Survivors
Industry	SIC	Freq	%	Freq	%	Freq	%
Mining	10-14	127	4.24	29	3.88	98	4.36
Construction	15-17	25	0.84	1	0.13	24	1.07
Manufacturing	20-39	1,561	52.09	414	55.24	1,148	51.03
Transportation	50-51	22	0.73	2	0.27	20	0.89
Wholesale trade	52-59	370	12.34	78	10.41	292	12.98
Retail trade	70-89	892	29.76	224	30.07	667	29.67
Total		2,997	100	748	100	2,249	100

Panel B: Industry distribution of IPOs
		Pooled sample		Delisted for negative reasons		Survivors
Industry	SIC	Freq	%	Freq	%	Freq	%
Mining	10-14	127	4.24	29	3.88	98	4.36
Construction	15-17	25	0.84	1	0.13	24	1.07
Manufacturing	20-39	1,561	52.09	414	55.24	1,148	51.03
Transportation	50-51	22	0.73	2	0.27	20	0.89
Wholesale trade	52-59	370	12.34	78	10.41	292	12.98
Retail trade	70-89	892	29.76	224	30.07	667	29.67
Total		2,997	100	748	100	2,249	100

Note(s): This table reports time and industry distributions for the pooled IPO sample, IPOs delisted for negative reasons and non-failed IPOs. Panel A presents the time distribution, while Panel B presents the industry distribution

Source(s): Table by authors

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