whereNBj,k,t −3is the buy orders me

whereNBj,k,t −3is the buy orders measured in numbers of shares offered for stock j on dayk,andNSj,k,-3tis the sell orders
measured in numbers of shares offered for stockj on dayk.
In addition to the original BSI, we constructed the residual BSIto remove the common component in investor net demand that
is due to overall market movements. Precisely, we performed the following regressions:

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whereNBj, k, t −3is mua đơn hàng đo trong số cổ phần được cung cấp cho chứng khoán j dayk, andNSj, k-3tis bán đơn đặt hàngđo số lượng cổ phần được cung cấp cho stockj trên dayk.Ngoài BSI ban đầu, chúng tôi xây dựng loại bỏ BSIto dư các thành phần phổ biến trong đầu tư net nhu cầu đólà do phong trào thị trường tổng thể. Chính xác, chúng tôi thực hiện regressions sau đây:

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Results (Vietnamese) 2:[Copy]

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Results (Vietnamese) 3:[Copy]

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