| 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. |