This table reports the regression coefficients when the returns of the size-institutional ownership portfolio (columns 1 and 2) returns are regressed on three variables: a constant (column 3), the stock market returns (column 4), and the change of the value weighted discount of the closed end fund industry (column 6). Columns 5 and 7 report the corresponding t- statistics of the coefficient estimates. Note that a t-statistic with an absolute value above 1.96 means the coefficient estimate is significantly different from 0 at the 1% level. Column 8 reports the R square of the regressions. Column 9 reports the mean institutional ownership of each portfolio. The last column reports the F-statistics for a multivariate test of the null hypothesis that the coefficient on AVWD in the Low (L) ownership portfolio is equal to the High (H) ownership portfolio. Two-tailed p-values are in parentheses. 1. (2 points) What is the main finding of this Table? 2. (3 points) What is the explanation for the finding?Table 3.6 The Weekly Time Series Relations Between Size-institutional Ownership Portfolio Returns, Market Returns and Changes in Closed End Fund Discounts Over 1/2/81 to 12/28/90 Size Inst. Intercept VWNY t-statistic AVWD t-statistic Adj. R 2 Mean F -statistic on Institutional 4 VWD (H Ownership 0:L=H) (% ) L 0.00105 0.718 16.57 -0.00206 -2.85 0.3507 0.99 0.018 M 0.00031 0.711 17.31 -0.00233 -3.39 0.3712 5.05 (0.892) I 0.00031 0.671 16.79 0.00216 3.22 0.3570 16.83 L -0.00044 0.712 -0.00249 4.38 0.4653 2.73 1.550 NN 20.98 M 0.00021 0.811 25.30 0.00166 -3.08 0.5586 8.60 (0.214) 0.00002 0.802 24.79 0.00192 .3.54 0.5481 23.64 0.00001 0.825 26.42 0.00228 -4.35 0.5794 3.64 1.340 W W W N M 0.00068 0.878 29.28 0.00186 3.71 0.6290 12.21 0.248) -0.00024 0.892 30.84 -0.00179 -3.70 0.6531 30.41 0.00082 0.808 29.26 0.00212 4.58 .6285 1.82 1.177 -0.00070 0.910 34.71 -0.00199 -4.54 0.7045 16.82 (0.279) 0.00006 0.966 33.95 0.00164 3.44 0.6957 36.06 -0.00035 0.814 32.09 -0.00176 -4.15 0.6707 6.64 1.123 M 0.00015 0.899 35.86 0.00105 -2.50 0.7193 21.73 (0.290) -0.00005 0.968 36.05 0.00132 -2.93 0.7210 42.89 0.00004 0.830 36.78 0.00151 4.00 0.7284 9.30 3.264 0.00016 0.932 41.63 -0.00131 3.49 0.7751 27.76 (0.071) -0.00004 0.996 39.97 0.00080 -1.92 0.7619 50.16 0.00012 0.838 11.21 0.00137 4.01 0.7713 .0.80 0.866 0.00030 0.997 48.46 0.00094 -2.71 0.8245 32.21 (0.352) 0.00013 1.095 17.04 0.00097 2.48 0.8157 53.25 0 00 00 - 0.00032 0.870 45.21 -0.00123 -3.80 0.8026 15.37 8.706 M 0.00010 1.054 66.78 0.00038 1.43 0.9000 38.36 (0.003) 0.00015 1.126 56.89 -0.00002 -0.05 0.8679 58.44 0.00005 0.934 51.72 -0.00070 -2.31 0.8429 22.85 6.946 0.00020 1.048 76.11 -0.00014 -0.61 0.9215 15.16 (0.009) 0.00026 1.167 67.28 0.00035 1.20 0.9024 62.21 10 0.00032 0.963 71.10 -0.00008 0.34 0.9111 28.42 3.490 10 0.00019 1.117 95.67 0.00023 1.17 0.9491 19.46 (0.062) 10 H -0.00026 1.118 78.43 0.00065 2.74 0.9267 66.50