Firm Characteristics by sector.

Firm age is computed as the difference between the founding date and IPO date. JD/Ph.D/MD refers to the number of corporate elites in the firm with a Juris Doctorate, Medical doctorate or Ph.D. Regulatory expertise refers to the number of corporate elites with legal training and/or experience in regulatory work. Number of VCs refers to the number of venture capitalists sitting on the board of directors. Venture capital invested is the total amount of dollars invested by venture capitalists in the firm. Number of shares locked up refers to those shares owned by insiders that cannot be sold within a stipulated holding period. We divide the difference between IPO gross proceeds and IPO net proceeds by IPO gross proceeds to compute a measure of gross spreads.