		(1)	(2)	(3)	(4)	(5)	(6)
VARIABLES	LABELS	CAR3	CAR5	CAR11	BHAR12	BHAR24	BHAR36
							
treatpost	treatpost	0.053***	0.064***	0.072***	0.459***	0.537***	0.549***
		(0.004)	(0.006)	(0.010)	(0.025)	(0.033)	(0.079)
treat	treat	-0.000	-0.002	-0.010	-0.013	-0.054**	-0.071*
		(0.002)	(0.004)	(0.008)	(0.019)	(0.022)	(0.039)
o.post	post = o,	-	-	-	-	-	-
							
TQ	ltobin	-0.004***	-0.007***	-0.009***	0.002	0.007	0.029*
		(0.001)	(0.002)	(0.002)	(0.013)	(0.018)	(0.016)
CF	lcflow	-0.008	-0.021	0.003	0.045	0.179	0.077
		(0.007)	(0.017)	(0.020)	(0.085)	(0.182)	(0.076)
Size	lsize	0.002***	0.005***	0.007***	-0.020**	-0.024**	-0.032**
		(0.000)	(0.001)	(0.001)	(0.008)	(0.011)	(0.011)
Age	lage	-0.000	0.000	0.000**	-0.000	0.000	-0.002
		(0.000)	(0.000)	(0.000)	(0.001)	(0.002)	(0.003)
Leverage	ltl	0.001	0.003	0.013	0.176***	0.168***	0.076*
		(0.005)	(0.008)	(0.010)	(0.040)	(0.034)	(0.040)
MB	lmbratio	-0.015**	-0.041***	-0.050***	0.193***	0.260***	0.378***
		(0.006)	(0.009)	(0.009)	(0.037)	(0.042)	(0.054)
Top1	ltop1	-0.027**	-0.064***	-0.103***	0.089	0.504**	0.466*
		(0.011)	(0.012)	(0.016)	(0.097)	(0.181)	(0.223)
Top_Minus	ltop1_minus_2	0.023*	0.048***	0.076***	-0.026	-0.310**	-0.169
		(0.012)	(0.012)	(0.018)	(0.062)	(0.133)	(0.173)
Lnsalary	lLnsalary	-0.002	-0.003*	-0.007***	-0.006	-0.000	0.027
		(0.001)	(0.002)	(0.002)	(0.009)	(0.016)	(0.027)
Boardsize	lBoardsize	-0.006*	-0.011*	-0.007	-0.077**	-0.151**	-0.132*
		(0.003)	(0.006)	(0.009)	(0.028)	(0.068)	(0.067)
Independent_Ratio	lInd_ratio	0.010	0.022	0.042	0.451**	0.296	0.402**
		(0.011)	(0.017)	(0.026)	(0.168)	(0.184)	(0.164)
Dual	lDual	0.001	0.001	0.001	0.004	-0.005	0.067*
		(0.002)	(0.004)	(0.005)	(0.022)	(0.018)	(0.031)
Seperation	lSeperation	0.004	-0.003	0.001	-0.046	-0.018	0.102
		(0.011)	(0.021)	(0.026)	(0.039)	(0.066)	(0.137)
Payment	支付方式	0.000	-0.000	-0.003	0.004	0.007	0.043**
		(0.002)	(0.003)	(0.005)	(0.016)	(0.019)	(0.018)
Underlying_Type	标的类型	0.000	0.000	-0.001	-0.008	-0.032	-0.019
		(0.002)	(0.003)	(0.003)	(0.022)	(0.034)	(0.041)
Related_Mergers	关联交易	0.009***	0.013***	0.014***	-0.019	-0.056***	-0.078***
		(0.002)	(0.003)	(0.004)	(0.024)	(0.015)	(0.020)
Merger_Size	并购规模(并购价值/总资产)	0.053***	0.098***	0.128***	0.443***	0.507***	0.445***
		(0.003)	(0.007)	(0.011)	(0.084)	(0.089)	(0.104)
Area	东部地区(是=1)	0.000	-0.001	0.002	0.036***	-0.023	-0.037
		(0.001)	(0.002)	(0.003)	(0.012)	(0.035)	(0.037)
Pilot	是否政策试点	0.005	0.008	0.012	-0.027	-0.037	-0.028
		(0.003)	(0.006)	(0.008)	(0.021)	(0.047)	(0.085)
Second_City	Second_City	-0.001	-0.005*	-0.005*	0.009	-0.009	-0.012
		(0.002)	(0.002)	(0.002)	(0.010)	(0.014)	(0.022)
							
Observations		3,306	3,306	3,306	3,233	3,233	2,827
R-squared		0.140	0.145	0.152	0.127	0.099	0.099
Control		Yes	Yes	Yes	Yes	Yes	Yes
Industry		Yes	Yes	Yes	Yes	Yes	Yes
Year		Yes	Yes	Yes	Yes	Yes	Yes
Adjuested R-squared		0.128	0.134	0.141	0.115	0.0862	0.0846
Robust standard errors in parentheses							
*** p<0.01, ** p<0.05, * p<0.1							
