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)

$Ins{t}_{t-1}$

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