|
|
High degree of informational asymmetry |
Low degree of informational asymmetry |
| Inst |
Inst |
|
| Num_cam |
0.4474* |
0.2686 |
| (0.0640) |
(0.1737) |
|
| Freq_num |
6.0683** |
3.0199 |
| (0.0302) |
(0.2943) |
|
| Freq_per |
64.4019 |
15.6895 |
| (0.1622) |
(0.7733) |
|
| Freq_spe |
0.1248 |
0.2356 |
| (0.8001) |
(0.6218) |
|
| The Form |
0.5229* |
0.0440 |
| (0.0995) |
(0.8785) |
|
|
|
0.8505*** |
0.8298*** |
| (0.0000) |
(0.0000) |
|
| Lev |
0.0752 |
1.0175 |
| (0.9404) |
(0.2942) |
|
| Eps |
0.4433 |
0.0622 |
| (0.2617) |
(0.8488) |
|
| The Size |
0.2882 |
0.5645*** |
| (0.1661) |
(0.0000) |
|
| Ocfps |
0.0687 |
0.0183 |
| (0.5829) |
(0.7713) |
|
| Price, |
0.0085 |
0.0087 |
| (0.6477) |
(0.6589) |
|
| Divi |
0.0704 |
0.4279 |
| (0.8508) |
(0.1851) |
|
| The State |
0.7307*** |
0.2640 |
| (0.0079) |
(0.4001) |
|
| Opi |
0.7342 |
0.1696 |
| (0.6915) |
(0.7848) |
|
| measure |
0.0189 |
0.1280 |
| (0.9661) |
(0.6834) |
|
| _cons |
2.6356 |
10.9560*** |
| (0.5383) |
(0.0001) |
|
| Industry |
Yes |
Yes |
| N |
515 |
516 |
| Adj. R-sq |
0.759 |
0.803 |