Institutional Investor Information Sharing, Stock Market Extreme Risk, and Financial Systemic Risk

Table 1

Control variable name and meaning.

Control variable	Meaning and computation method
Asslia	Asset-liability ratio, total liabilities divided by total assets
Holder	Shareholding ratio of major shareholders, the sum of the shareholding ratios of the top five shareholders in the listed companies
Pe	Price earning ratio, stock price divided by earnings per share
Lncapi	Company size, natural logarithm of market capitalization
Retcap	Ratio of returns to market value
Turnover	Individual stock turnover, ratio of trading volume to the total number of shares issued
Vari	Standard deviation of returns, standard deviation of stocks relative to benchmark returns in the fund network
Momen	Price momentum, an indicator analyzing the trend of the stock price based on the variations of the speed of the stock price changes
Willing	Sentiment indicator, popular willingness