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

Table 7

Shareholding of long-term and short-term institutional investors and stock mispricing.

Variable	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	Overval	Misval	Overval	Misval	Overval	Misval	Overval	Misval
pLIO3	−0.0146 (0.00787)	−0.0195 (0.00885)
pLIO4			−0.0222 (0.00691)	−0.0220 (0.00815)
pSIO3					0.0248 (0.00734)	0.0109 (0.00825)
pSIO4							0.0213 (0.00795)	0.0103 (0.00919)
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
	0.025	0.015	0.026	0.015	0.026	0.015	0.026	0.015
F test	7.60	4.27	7.68	4.28	7.65	4.27	7.63	4.27
Hausman test	265.42	100.04	430.26	102.18	294.19	96.09	269.00	105.69

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