Note(s): This table estimates the effect of long-term motivated institutional shareholdings (LT Motivated (%)) and long-term non-motivated institutional shareholdings (LT Non-Motivated (%)) on the stock market response (CARs) to target price revisions (TP∆/P). 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