	First Stage: Dep. variable = $F I O C_{i, t}$	Second Stage: Dep. variable = $N C S K E W_{i, t + 1}$
Constant	−0.002	−0.090
	[−0.07]	[−2.51]**
Instrumented FIOC		−0.035
		[−4.19]***
FIOC^IV	0.171
	[27.09]***
FIOL	0.501	0.033
	[67.78]***	[3.35]***
NCSKEW	−0.033	0.015
	[−6.51]***	[2.00]**
lnCap	−0.335	0.117
	[−27.11]***	[7.87]***
MB	0.010	0.029
	[1.57]	[3.86]***
ROA	−0.003	−0.008
	[−0.44]	[−0.95]
ROAVol	0.002	−0.002
	[0.27]	[−0.23]
Debt	−0.015	0.020
	[−2.35]**	[2.66]***
Ret	0.064	0.051
	[6.91]***	[4.68]***
lnAmihud	0.117	0.082
	[13.16]***	[7.80]***
Sigma	0.017	−0.017
	[1.88]*	[−1.89]*
kurtosis	0.016	−0.019
	[2.51]**	[−2.55]**
Tenure	−0.021	0.006
	[−3.23]***	[0.83]
MOR	0.029	−0.007
	[4.70]***	[−1.00]
BSIZE	0.002	0.002
	[0.29]	[0.32]
BIND	0.005	−0.008
	[0.61]	[−0.95]
BOR	0.165	−0.007
	[20.34]***	[−0.69]
Bduality	0.022	−0.001
	[1.27]	[−0.18]
BLOCK	0.098	0.004
	[12.55]***	[0.42]
HI	−0.002	0.018
	[−0.28]	[2.39]**
DEV	−0.007	−0.012
	[−1.14]	[−1.67]*
ECR	−0.034	−0.020
	[−4.23]***	[−2.10]**
lnAnalyst	−0.075	0.059
	[−8.38]***	[5.55]***
lnMedia	0.003	0.011
	[0.34]	[0.96]
Big4	−0.001	−0.009
	[−0.17]	[−1.80]*

Industry-Fixed Effects	Yes	Yes
Year-Fixed Effects	Yes	Yes
N	19,319	19,319
Adjusted R²	33.21%	6.59%