A regression analysis was carried out of the stock return on the first day of an IPO (initial public offering) based on four variables: assessed benefit of the IPO, assessed improved market perception, assessed perception of market strength at the time of the IPO, and assessed growth potential due to patent or copyright ownership. The adjusted R2 was 2.1%, and the F value was 2.27. The sample consisted of 438 responses from the chief financial officers of firms who issued IPOs from January 1, 1996, through June 15, 2002. Analyze these results.

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