Note(s): The coefficient difference between groups is tested using the bootstrap method. AbTone represents abnormal positive tone, and ET denotes external blockholder exit threat. Standard errors are clustered by firm. t-statistics are reported in parentheses. All regressions include control variables, year-fixed effects and industry-fixed effects. The coefficient difference between groups is tested using the bootstrap method (based on 1,000 replications with clustered standard errors), as implemented by the bdiff command. ***, ** and * indicate significance at the 1%, 5% and 10% levels, respectively. Variable definitions are provided in Table 1