Note(s): This table estimates the effect of long-term institutional shareholdings (LT (%)) on the stock market response to target price revisions (|TP∆/P|), using an alternative dependent variable “Influence”. All the variables are defined in table A1 in Appendix. The t-statistics are reported in parentheses. Standard errors are clustered at the firm level. *, ** and *** denote statistical significance for the coefficients at 10%, 5% and 1% respectively