Table 7.

Ma-Tsai model and ASVI

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	T D i	M R i	T D i	M R i	T D i	M R i	T D i	M R i
A S V I i	0.00754	0.221*
	(0.06)	(1.88)
A S V I×I R i			0.109	0.428*
			(0.62)	(1.86)
${\mathit{\text{ASVI}}}_i^{\mathit{\text{POSSENT}},\mathit{\text{st}}}$					-0.130	0.252
					(-0.717)	(1.641)
${\mathit{\text{ASVI}}}_i^{\mathit{\text{NOSENT}},\mathit{\text{st}}}$					-0.081	0.083
					(-0.494)	(0.482)
${\mathit{\text{ASVI}}}_i^{\mathit{\text{NEGSENT}},\mathit{\text{st}}}$					0.025	0.153
					(0.214)	(1.136)
P O S S E N T i							0.098	-0.013
							(0.464)	(-0.063)
N O S E N T i							-0.130	-0.042
							(-0.590)	(-0.190)
N E G S E N T i							0.027	0.066
							(0.114)	(0.276)
Constant	-0.0451	0.0946	-0.0406	0.0389	-0.067	0.051
	(-0.39)	(0.83)	(-0.39)	(0.31)	(-0.590)	(0.457)
N	58	56	56	57	56	55	62	62

The dependent variables are true discount TD _i and market reaction MR _i as defined by Ma & Tsai (2002). TD _i, MR _i and independent variables are defined in Table 1. *, **, and *** represent significance at the 10%, 5%, and 1% level, respectively, standard errors are shown in the parentheses. N is the number of observations.