Variable Name

Symbol

Variable Definition

Explained Variable

Stock Price Synchronicity

SYNCH

Explanatory Variable

Dummy Variable of Institutional Investors Holding

DUM

If there is institutional investors holding, it is 1, otherwise it is 0.

Dummy Variable of Institutional Investors Long-term Holding

HOLDL

If there is institutional investors long-term holding, it is 1, otherwise it is 0.

Dummy Variable of Institutional Investors Short-term Holding

HOLDS

If there is institutional investors short-term holding, it is 1, otherwise it is 0.

Shareholding Ratio of Institutional Investors

IS

Data comes from the WIND database.

Controlled Variable

Turnover Rate

TURNO

The average turnover rate in the quarter.

Company Size

TA

ln(year-end total assets).

Rate of Return on Common Stockholders’ Equity

ROE

Data comes from the WIND database.

Corporate Capital Structure

LEV

The date of asset-liability ratio comes from the WIND database.

Book-to-Market

BM

total assets/circulation market value.

Company Age

AGE

ln(1 + corporate life).

The Proportion of the First Largest Shareholder

TOP1

Quarterly data comes from the WIND database.