Note: This table shows the results of the OLS regression on family owners and different type of institutional block-holders in informed trading and its structure. Variable definitions are given in Table 1. Model 5 and 6 use original 447 sample while Model 7 and 8 use the propensity score matched sample in which we match 361 family to 361 nonfamily firms based on pressure-resistant institutional block-holders ownership, pressure-sensitive institutional block-holders ownership, pressure-uncertain institutional block-holders ownership, market capitalization, liquidity, daily return risk, return on equity, growth, analyst coverage, and firm age. Dependent variable in Model 5 and 7 is firm informed trading level (PIN). Dependent variable in Model 6 and 8 is the structure of informed trading (DF). All coefficients are standardized; *p≤0.10; **p≤0.05; ***p≤0.01; t-statistics in parentheses.
Note: This table shows the results of the informed trading and its structure in company valuation. Dependent variable is Tobin’s Q. E[PIN] is the firm-level private information estimated based on Model 5 in Table 3. E[DF] is the explainable structure of informed trading to investors estimated based on Model 6 in Table 3. Variable definitions are given in Table 1. All coefficients are standardized; *p≤0.10; **p≤0.05; ***p≤0.01; t-statistics in parentheses.
1 See Cap 485 Mandatory Provident Fund Schemes Ordinance Ord. No. 4 of 1998 and Mandatory provident fund schemes authority website http://www.mpfa.org.hk for more information about the Mandatory Provident Fund Schemes in Hong Kong,