Table 6 Short-run effects on investor...

Table 6

Short-run effects on investor participation

Variables	Pre	Post	Diff (pre–post)	t-stat
Panel A. (−20, +20) Event window
Foreign Value Share	0.363	0.358	0.005	0.56
Institutional Value Share	0.228	0.244	−0.016	−2.13**
Foreign Net Buying	−0.003	0.010	−0.013	−2.49**
Panel B. (−30, +30) Event window
Foreign Value Share	0.376	0.375	0.001	0.10
Institutional Value Share	0.228	0.242	−0.014	−1.77*
Foreign Net Buying	0.004	0.004	0.000	−0.06

Variables	Pre	Post	Diff (pre–post)	t-stat
Panel A. (−20, +20) Event window
Foreign Value Share	0.363	0.358	0.005	0.56
Institutional Value Share	0.228	0.244	−0.016	−2.13**
Foreign Net Buying	−0.003	0.010	−0.013	−2.49**
Panel B. (−30, +30) Event window
Foreign Value Share	0.376	0.375	0.001	0.10
Institutional Value Share	0.228	0.242	−0.014	−1.77*
Foreign Net Buying	0.004	0.004	0.000	−0.06

Note(s): This table reports short-run mean differences in investor participation around the offshore listing event. Panel A uses the (−20, +20) trading-day event window, and Panel B uses the (−30, +30) trading-day event window. Diff is calculated as the pre-event mean minus the post-event mean. Foreign Value Share is defined as foreign investors' trading value divided by total trading value across investor types. Institutional Value Share is defined analogously for institutional investors. Foreign Net Buying is defined as foreign investors' net buying value divided by total trading value across investor types, where net buying value is buy-side trading value minus sell-side trading value. t-statistics are reported for tests of mean differences. ***, **, and * denote significance at the 1%, 5%, and 10% levels, respectively

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