Investor Sentiment and Stock Price Crash Risk in the Chinese Stock Market

Table 1

The correlation coefficients between the preliminary investor sentiment index and the new proxy variable.

New proxy variable	Fundt	Nipot	Ripot	Turnt	Acct	Ccit
Correlation coefficient	0.4346	0.8887	0.2122	0.0020	0.3531	0.7486
New proxy variable	Fundt − 1	Nipot − 1	Ripot − 1	Turnt − 1	Acct − 1	Ccit − 1
Correlation coefficient	0.4349	0.8921	0.1001	0.0033	0.3595	0.7568

Note. , , and indicate significant levels at 1%, 5%, and 10%, respectively.