Underpricing.=a+阝MEDA;+阝2 TECHCRASH;+阝3 MKTSENTIMENT;+β4BURN;+ 阝5QGCi+β6 SINSTOWNER i+β ONTROL i+β Retained i+β 9SIGMA_180;+ β0 PROSPRISK i+β MAGe i+β12 ACCTREPUTE+β3 AUDREPUTE;+ β14 UWREPUTE;+β1 SDELAYi+阝16LNE( PROCEEDS)i+β 7LN TA;+β SUNITi+ 阝9l/ PRICE;+Ei(1) Definition and measurement of the specific variables are discussed below. We first consider three alternative measures of the dependent variable, the level of underpricing. We then consider, in turn, variable measurement for the three hypotheses of interest, and other variables expected to impact the underpricing for Australian technology firms. Definition and measurement of the specific variables are summarised in Table 2 IINSERT TABLE 2 HEREI Underpricing Consistent with the extant australian literature we use three distinct measures of the underpricing phenomenon. First, an unadjusted measure of underpricing (Lee et al., 1996a) RawRtn, is calculated as the closing sale price on the first day of listing divided by the subscription price per share, minus unity. Secondly, a continuously compounded measure of underpricing( How et al., 1995), LnRtn, is calculated as the natural logarithm of the closing price of the first day of listing divided by the subscription price per share. This measure reduces the influence of outlying observations and increases the normality of the distribution of returns Finally, a market index adjusted measure of underpricing(Lee et al., 1996a), MktAdjRtn, is calculated as per the unadjusted underpricing measure(RawRtn)less the New All Ordinaries value on the listing date divided by the New All Ordinaries value on the prospectus registration date, minus unity. These underpricing metrics are calculated using aftermarket data obtained from the Securities Industry Research Centre of the Asia-Pacific("SIRCA") for each firm included in the sampl A market index adjusted measure of underpricing is of particular relevance in an Australian capital markets setting where issuance procedures prevent the issuing firm from changing the offer price and (or )the quantity of shares issued pursuant to the prospectus lodged with ASIC. An adjustment to the offer price and (or) quantity may only be made by lodging a supplementary prospectus with ASIC. This represents an important difference from the prevailing US13 Underpricingi = a + b1MEDIA i + b2TECHCRASHi + b3MKTSENTIMENTi + b4BURN i + b5QGC i + b6INSTOWNER i + b7CONTROLi + b8RETAINED i + b9SIGMA_180 i + b10PROSPRISK i + b11AGEi + b12ACCTREPUTEi + b13AUDREPUTE i + b14UWREPUTEi + b15DELAYi + b16LN_E(PROCEEDS)i + b17LN_TA i + b18UNIT i + b191/PRICEi + ei (1) Definition and measurement of the specific variables are discussed below. We first consider three alternative measures of the dependent variable, the level of underpricing. We then consider, in turn, variable measurement for the three hypotheses of interest, and other variables expected to impact the underpricing for Australian technology firms. Definition and measurement of the specific variables are summarised in Table 2. [INSERT TABLE 2 HERE] Underpricing Consistent with the extant Australian literature, we use three distinct measures of the underpricing phenomenon. First, an unadjusted measure of underpricing (Lee et al., 1996a), RawRtn, is calculated as the closing sale price on the first day of listing divided by the subscription price per share, minus unity. Secondly, a continuously compounded measure of underpricing (How et al., 1995), LnRtn, is calculated as the natural logarithm of the closing price of the first day of listing divided by the subscription price per share. This measure reduces the influence of outlying observations and increases the normality of the distribution of returns. Finally, a market index adjusted measure of underpricing (Lee et al., 1996a), MktAdjRtn, is calculated as per the unadjusted underpricing measure (RawRtn) less the New All Ordinaries value on the listing date divided by the New All Ordinaries value on the prospectus registration date, minus unity. These underpricing metrics are calculated using aftermarket data obtained from the Securities Industry Research Centre of the Asia-Pacific (“SIRCA”) for each firm included in the sample. A market index adjusted measure of underpricing is of particular relevance in an Australian capital markets setting where issuance procedures prevent the issuing firm from changing the offer price and (or) the quantity of shares issued pursuant to the prospectus lodged with ASIC. An adjustment to the offer price and (or) quantity may only be made by lodging a supplementary prospectus with ASIC. This represents an important difference from the prevailing US