Table 1.
Variable definitions.
Table 2.
Descriptive statistics of the main variables.
Fig 1.
(a) Abnormal returns of positive unanticipated earnings during a window period. (b) Abnormal returns of negative unanticipated earnings during a window period.
Table 3.
Baseline regression results.
Table 4.
Robustness test.
Fig 2.
Propensity score distribution before and after matching.
(a) Before matching (b) After matching.
Fig 3.
Comparison of covariate differences before and after matching.
Table 5.
Regression results of further study.