Research Article
The Influence of Long-Term and Short-Term Institutional Investors on Complicated Mispricing of Stocks
Table 6
The role of long-term and short-term institutional investors in stock mispricing under the attention of analysts.
| | Variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | | Overval | Misval | Overval | Misval | Overval | Misval | Overval | Misval |
| | pLIO1 | −0.00217 (0.0108) | −0.0110 (0.0124) | | | | | | | | −0.00336 (0.000521) | −0.00269 (0.000593) | | | | | | | | pLIO2 | | | −0.0167 (0.0106) | −0.0146 (0.0120) | | | | | | | | −0.00292 (0.000481) | −0.00251 (0.000548) | | | | | | pSIO1 | | | | | 0.00955 (0.0121) | −0.00474 (0.0137) | | | | | | | | 0.00379 (0.000681) | 0.00300 (0.000776) | | | | pSIO2 | | | | | | | −0.000329 (0.0124) | −0.0114 (0.0142) | | | | | | | | 0.00396 (0.000693) | 0.00318 (0.000790) | | NumEst | 0.00199 (0.000223) | 0.000908 (0.000253) | 0.00195 (0.000227) | 0.000947 (0.000258) | 0.000099 (0.000207) | −0.000575 (0.000236) | 0.000227 (0.000193) | −0.000491 (0.000220) | | 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 | 13,726 | 13,726 | 13,726 | 13,726 | 13,726 | 13,726 | 13,726 | 13,726 | | 0.033 | 0.017 | 0.034 | 0.018 | 0.033 | 0.016 | 0.032 | 0.016 | | F test | 7.04 | 4.27 | 7.05 | 4.27 | 7.17 | 4.26 | 7.17 | 4.26 | | Hausman test | 1022.78 | 146.44 | 1192.62 | 180.80 | 534.78 | 122.52 | 479.47 | 128.00 |
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Symbols , , and represent that they are significant at the level of 10%, 5% and 1%, respectively. |
