Note(s): This table reports the estimated coefficients from the long-run interrupted time-series (ITS) regression results for institutional and foreign investor participation around the offshore listing of MSCI Korea Index Futures. Panel A estimates the Institutional Value Share (Models 1–2), and Panel B evaluates the Foreign Value Share (Models 3–4) and Foreign Net Buying (Model 5). Post is an indicator equal to one for trading days on or after the offshore listing event and zero otherwise. Trend and Post × Trend are scaled by 100 trading days. In Model 5, the global CBOE VIX index uniquely substitutes VKOSPI to capture international risk-appetite bounds and global systematic fear metrics that directly condition directional cross-border capital flows, while simultaneously evading severe multi-collinearity within the localized uncertainty specification. Newey-West standard errors with five lags are used. t-statistics are reported in parentheses. ***, **, and * denote significance at the 1%, 5%, and 10% levels, respectively