IR refers to IPO Initial return, which is the difference between the first day’s closing price and offer price. LnFS represents natural log of Firm Size and LnFA is the natural log of Firm Age. MCon refers to the weighted average of market returns three months prior to listing. LnUwR is the natural log of Underwriters’ reputation calculated based on Megginson-Weiss underwriter market share measure; AudR represents Auditor’s reputation – big-4 versus non-big-4; LnORtn measures the natural log of ownership retention. Legal refers to the Legal Origin of a country; common law or civil law. Civil Law country includes the French, Scandinavian and German Civil Law countries