Table 9.

Relationship between PIN and NPL

Variables	PIN
	1	2	3	4
NPL	0.0084
	(1.12)
NPL rate		0.0199**
		(2.03)
NPL Tbank			0.0057
			(0.66)
NPL Nbank				0.0034
				(1.37)
Controls	Yes	Yes	Yes	Yes
Year $\times$ industry-fixed effect	Yes	Yes	Yes	Yes
Firm-fixed effect	Yes	Yes	Yes	Yes
Adjusted $R^2$	0.0681	0.0682	0.0681	0.0681
Obs.	26,893	26,893	26,893	26,893

This table reports the OLS results of the tests on the relationships between PIN and non-performing loans. It represents the results of the regression: $PI{N}_{i,t}=\alpha +{\beta }_1\times Loan\_defaul{t}_{i,t}+\sum {\beta }_i\times \times Contro{l}_{i,t}+{\epsilon }_{i,t}$, where PIN is a measure for information asymmetry in the stock market. In this table, variables of bad news in the loan market are NPL, NPL rate, NPL Tbank, and NPL Nbank. The control variables in previous tables are included in the regressions, and the t-statistics reported are based on standard errors clustered by firm. Symbols *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively