	(1)	(2)	(3)	(4)
VARIABLES	Online_Vote	MA_Discussion	Network_Attention	Analyst_Coverage
				
treatpost	0.097***	0.594***	0.186***	0.726***
	(0.010)	(0.051)	(0.021)	(0.075)
treat	0.002	0.003	0.020	0.023
	(0.010)	(0.032)	(0.023)	(0.048)
TQ	-0.000	-0.010	-0.001	-0.040*
	(0.001)	(0.016)	(0.010)	(0.022)
CF	-0.021	-0.244*	0.174**	3.786***
	(0.034)	(0.124)	(0.079)	(0.294)
Size	0.002	0.001	0.014***	0.099***
	(0.001)	(0.003)	(0.000)	(0.005)
Age	-0.001**	-0.002*	0.003*	-0.009**
	(0.000)	(0.001)	(0.001)	(0.004)
Leverage	0.041***	0.173***	0.132***	0.312
	(0.007)	(0.044)	(0.024)	(0.195)
MB	-0.015	0.028	-0.105***	-0.826***
	(0.011)	(0.081)	(0.032)	(0.099)
Top1	-0.106***	-0.173*	-0.202**	-0.082
	(0.032)	(0.094)	(0.070)	(0.333)
Top_Minus	0.090***	0.110	0.167**	0.192
	(0.022)	(0.113)	(0.060)	(0.337)
Lnsalary	-0.001	-0.031***	0.066***	0.409***
	(0.002)	(0.007)	(0.007)	(0.026)
Boardsize	-0.009	0.094***	0.025**	-0.104
	(0.007)	(0.026)	(0.011)	(0.096)
Independent_Ratio	-0.012	-0.140*	0.099***	0.157
	(0.016)	(0.071)	(0.029)	(0.152)
Dual	0.016***	0.032**	0.018*	0.031
	(0.005)	(0.013)	(0.009)	(0.048)
Seperation	-0.021	0.229*	-0.065	0.347
	(0.018)	(0.117)	(0.039)	(0.225)
Payment	0.008**	0.002	0.004	0.069
	(0.003)	(0.013)	(0.015)	(0.046)
Underlying_Type	-0.001	0.003	0.009	0.002
	(0.002)	(0.020)	(0.009)	(0.034)
Related_Mergers	0.018***	0.173***	0.024**	-0.032
	(0.003)	(0.009)	(0.010)	(0.035)
Merger_Size	0.003	0.076*	0.004	-0.218***
	(0.003)	(0.037)	(0.006)	(0.054)
Area	0.002	-0.005	-0.029***	0.086
	(0.003)	(0.016)	(0.009)	(0.051)
Pilot	-0.011	-0.039	0.026	-0.082
	(0.016)	(0.045)	(0.033)	(0.070)
Second_City	0.012***	0.002	-0.007	-0.016
	(0.003)	(0.008)	(0.009)	(0.022)
				
Observations	3,306	3,306	3,306	2,923
R-squared	0.724	0.136	0.326	0.255
Control	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes
Adjuested R-squared	0.720	0.124	0.317	0.244
Robust standard errors in parentheses				
*** p<0.01, ** p<0.05, * p<0.1				
