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 $1\mathrm{.}96$

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 $\backslash$Delta VWD in the Low $($L$)$ ownership portfolio is equal to the

High $($H$)$ ownership portfolio. Two$-$tailed p$-$values are in parentheses.

$1.$What is the main finding of this Table?

$2.$What is the explanation for the finding?