[Retracted] Minimum Shareholding Proportion of Equity Funds and Stock Volatility Evidence from a Quasi-Natural Experiment

Table 5

Estimation results of PSM-DID.

	(1)	(2)
TreatAfter	0.945	0.897
	(0.308)	(0.320)
TreatAfterFund	0.730	1.419
	(0.405)	(0.456)
ROA		0.024
		(0.026)
LMV		1.630
		(0.226)
PB		0.000
		(0.001)
EPS		0.333
		(0.106)
Qturn		1.509
		(0.130)
Cons	19.185	24.199
	(0.713)	(5.635)
Individual	Control	Control
Year	Control	Control
Observers	22905	22905
Adj.	0.0743	0.1042

Note. Standard error values are shown in brackets; the symbols , , and represent significant at the level of 10%, 5%, and 1%, respectively; individual indicates the individual effect, and year indicates the time effect.