Regressions of information disparity and the power-law exponent.

Models (1) and (2) test the association of information disparity and economic uncertainty; Models (3) and (4) test how the power-law exponent α deviates from unity due to information disparity. Models (5) and (6) test how collective behavior changed after the Regulation FD was introduced. R takes the value unity for years after Regulation FD was introduced and zero otherwise, I is the proxy for information disparity measured by the scaled forecast dispersion of the market, E is the economic uncertainty measure from Ref. [48] and c is constant. The numbers in parentheses are t-statistics calculated from heteroskedasticity and autocorrelation consistent standard errors according to Newey and West [49]. ** and *** represent significance at 5% and 1% levels, respectively.模型(1)与模型(2)用于检验信息差异与经济不确定性之间的相关性；模型(3)与模型(4)用于检验信息差异如何导致幂律指数α偏离1。模型(5)与模型(6)用于检验《公平披露规则（Regulation FD）》实施后，群体行为的变化情况。变量R在《公平披露规则》实施后的年份取值为1，其余年份取值为0；变量I为信息差异的代理变量，通过市场标准化预测离散度测算得到；变量E为参考文献[48]中的经济不确定性测度；c为常数项。括号内的数值为依据纽韦与韦斯特(Newey and West)[49]提出的异方差自相关稳健标准误计算得到的t统计量。**与***分别代表在5%和1%的显著性水平下显著。