Table 2.
Definition of variables.
| Variables | Definition |
|---|---|
| Proxies for overshooting | |
| OB-SOI | OB-SOI is the proportion of a year's trading days that fall into K ≧ 80. |
| OS-SOI | OS-SOI is the proportion of a year's trading days that fall into K ≦ 20 |
| OB-RSI | OB-RSI is the proportion of a year's trading days that fall into RSI ≧ 70. |
| OS-RSI | OS-RSI is the proportion of a year's trading days that fall into RSI ≦ 30. |
| Ownership structure | |
| Directors' shareholding | Directors' shareholdings/Outstanding shares |
| Top ten shareholding | Top ten shareholdings/Outstanding shares |
| Managers' shareholding | Managers' shareholdings/Outstanding shares |
| Directors' pledge | Directors' pledged shareholdings/Directors' shareholdings |
| Board size | Total board directors |
| CEO duality DM | If a company's chairman is also its CEO, set to 1; otherwise, 0. |
| Financial statements and others | |
| Leverage | Debts/Assets |
| Net profit | Net profit/Revenue |
| Asset turnover | Sales/Assets |
| Firm size | ln (market value) |