Stuart L. Gillan, Jay C. Hartzell, Andrew Koch, and ... - Pitt Business

C. Governance
(1) (2) (3) (4) (5) (6)
Lead chg. in
% instl.
ownership
Lead chg. in
% instl.
ownership
Lead chg. in
% instl.
ownership
Lag change in
strength score -0.000522
(-0.22)
Lag change in
concerns score -0.000946
(-0.53)
Lag change in net
score 0.000427
(0.30)
Lag change in
instl.ownership
Lead chg. in
strength
score
Lead chg. in
strength
score
Lead chg. in
net score
0.0243 -0.106** 0.130**
(0.72) (-2.11) (2.11)
Market equity 0.000315 0.000324 0.000313 0.0105*** 0.0103*** 0.000270
(0.57) (0.58) (0.56) (4.93) (4.16) (0.08)
Price -0.00405*** -0.00404*** -0.00404*** -0.00876* 0.0243*** -0.0330***
(-2.64) (-2.63) (-2.63) (-1.80) (4.00) (-4.15)
Std . deviation -0.00961*** -0.00961*** -0.00961*** 0.00496 0.0225* -0.0175
(-3.11) (-3.11) (-3.11) (0.50) (1.87) (-1.09)
Firm age -0.00264* -0.00265* -0.00264* -0.00338 -0.0158*** 0.0124**
(-1.92) (-1.93) (-1.92) (-0.96) (-3.59) (2.16)
Dividend yield -1.038** -1.041** -1.041** 1.256 1.971 -0.716
(-2.17) (-2.17) (-2.17) (0.57) (1.00) (-0.26)
Turnover -0.0156*** -0.0156*** -0.0156*** -0.0227*** 0.0485*** -0.0712***
(-4.69) (-4.67) (-4.67) (-2.69) (4.44) (-5.10)
Previous return 0.00729* 0.00724* 0.00726* -0.0133 -0.000226 -0.0131
(1.75) (1.73) (1.74) (-1.09) (-0.01) (-0.64)
Observations 11767 11767 11767 12213 12213 12213
R-squared 0.10 0.10 0.10 0.02 0.06 0.04
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