Table 5.

Results of RSI-defined overreaction proxies.

Dep. Var.	OB-RSI			OS-RSI
Ind. Var.	(IIIa)	(IIIb)	(IIIc)	(IVa)	(IVb)	(IVc)
Directors' shareholding	−0.1277***	−0.1072**	−0.1081***	−0.008	−0.0148	−0.0196
	(0.0456)	(0.0471)	(0.0374)	(0.0519)	(0.0543)	(0.0462)
Top ten shareholding	0.004	0.0101	0.0228	0.0229	0.0194	0.0126
	(0.0338)	(0.0346)	(0.0207)	(0.0324)	(0.0335)	(0.0178)
Managers' shareholding	−0.1078	−0.1652	−0.0381	0.0183	0.0532	0.0021
	(0.2341)	(0.2276)	(0.2826)	(0.3926)	(0.3989)	(0.4335)
Directors' pledge	−0.0287	−0.0291	−0.0344	0.0017	0.0027	0.0067
	(0.0241)	(0.0243)	(0.0215)	(0.028)	(0.0284)	(0.0225)
CEO duality	0.0003	0.0013	0.0065	0.0129	0.0126	0.0093
	(0.0123)	(0.0122)	(0.0063)	(0.0126)	(0.0128)	(0.0113)
Board size	0.001	0.0009	0.0006	−0.0014	−0.0018	−0.0014
	(0.0021)	(0.0024)	(0.0014)	(0.0024)	(0.0026)	(0.0019)
Leverage	0.0275	0.0263	0.009	0.0216	0.0157	0.0274
	(0.0331)	(0.0372)	(0.0322)	(0.0392)	(0.045)	(0.0587)
Net profit	−0.0101	−0.0217	−0.0289	0.0254	0.0211	0.0288
	(0.022)	(0.0332)	(0.219)	(0.023)	(0.0344)	(0.0431)
Asset turnover	−0.0079	−0.0179*	−0.0204**	−0.0024	0.001	0.0032
	(0.0103)	(0.0099)	(0.0081)	(0.0076)	(0.0097)	(0.0107)
Firm size	−0.0093	−0.0066	−0.0016	0.0062	0.006	0.0024
	(0.0061)	(0.007)	(0.0079)	(0.0066)	(0.0076)	(0.0098)
Const.	0.255***	0.2158**	0.1782	0.0292	0.0383	0.078
	(0.0844)	(0.0912)	(0.1187)	(0.0979)	(0.1077)	(0.1373)
yearly dummies	Y	Y	N	Y	Y	N
Outliers excluded	N	Y	Y	N	Y	Y
Adj R2	0.2059	0.2143	0.1399	0.0873	0.0775	0.0329
Coeff. Est.	GLS	GLS	Petersen	GLS	GLS	Petersen
Std, Err.	White	White	Cluster F&T	White	White	Clusster F&T