Note: Table 2 shows the results of the OLS regression on institutional block-holders and family ownership in the level and the structure of informed trading. Dependent variable in Model 1, 2 and 3 is firm informed trading level (PIN). Dependent variable in model 4 is the structure of informed trading (DF). Variable definitions are given in Table 1. All coefficients are standardized; *p≤0.10; **p≤0.05; ***p≤0.01; t-statistics in parentheses.
Table 3. Different Type of Institutional Block-holders in Informed Trading and Its Structure