The Influence of Long-Term and Short-Term Institutional Investors on Complicated Mispricing of Stocks

Table 4

The role of long-term institutional investors in stock mispricing under the difference of information opacity.

Variable	Group with high information opacity				Group with low information opacity
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	Overval	Misval	Overval	Misval	Overval	Misval	Overval	Misval
pLIO1	−0.0516 (0.0150)	−0.0530 (0.0171)			−0.0283 (0.0148)	−0.0153 (0.0168)
pLIO2			−0.0551 (0.0147)	−0.0522 (0.0167)			−0.0387 (0.0140)	−0.0204 (0.0158)
Control variable	Under control	Under control	Under control	Under control	Under control	Under control	Under control	Under control
Time effect	Under control	Under control	Under control	Under control	Under control	Under control	Under control	Under control
Industrial effect	Under control	Under control	Under control	Under control	Under control	Under control	Under control	Under control
Sample size	6,737	6,737	6,737	6,737	6,989	6,989	6,989	6,989
	0.031	0.023	0.032	0.023	0.026	0.018	0.027	0.018
F test	4.73	2.90	4.73	2.90	4.69	2.88	4.70	2.88
Hausman test	184.46	63.98	195.70	63.98	218.39	53.88	228.82	53.90

Symbols , , and represent that they are significant at the level of 10%, 5% and 1%, respectively.