	(1)	(2)	(3)	(4)	(5)	(6)
VARIABLES	CAR3	BHAR12	CAR3	BHAR12	CAR3	BHAR12
						
1.treatpost	0.029**	0.163***	0.061***	0.510***	0.033***	0.305***
	(0.012)	(0.034)	(0.005)	(0.028)	(0.006)	(0.038)
KV指数	0.012***	0.061***				
	(0.004)	(0.019)				
0b.treatpost#co.KV指数	0.000	0.000				
	(0.000)	(0.000)				
1.treatpost#c.KV指数	0.013*	0.209***				
	(0.007)	(0.026)				
treat	0.000	-0.012	-0.001	-0.024	0.000	-0.011
	(0.002)	(0.019)	(0.002)	(0.017)	(0.002)	(0.019)
TQ	-0.004***	0.002	-0.004***	0.001	-0.004***	0.001
	(0.001)	(0.013)	(0.001)	(0.014)	(0.001)	(0.014)
CF	-0.008	0.038	-0.010	0.030	-0.008	0.041
	(0.006)	(0.086)	(0.007)	(0.078)	(0.007)	(0.089)
Size	0.002***	-0.018**	0.002***	-0.022**	0.002***	-0.020**
	(0.000)	(0.008)	(0.000)	(0.008)	(0.000)	(0.008)
Age	0.000	0.000	-0.000*	-0.002**	-0.000	-0.000
	(0.000)	(0.001)	(0.000)	(0.001)	(0.000)	(0.001)
Leverage	0.001	0.170***	-0.001	0.160***	0.000	0.169***
	(0.005)	(0.038)	(0.006)	(0.039)	(0.005)	(0.040)
MB	-0.015**	0.196***	-0.014**	0.198***	-0.015**	0.187***
	(0.006)	(0.036)	(0.006)	(0.036)	(0.006)	(0.034)
Top1	-0.029**	0.071	-0.025**	0.101	-0.026*	0.092
	(0.012)	(0.088)	(0.010)	(0.097)	(0.012)	(0.093)
Top_Minus	0.024*	-0.021	0.021*	-0.045	0.024**	-0.017
	(0.012)	(0.055)	(0.011)	(0.066)	(0.011)	(0.065)
Lnsalary	-0.002*	-0.007	-0.003*	-0.013	-0.002	-0.005
	(0.001)	(0.009)	(0.001)	(0.009)	(0.001)	(0.009)
Boardsize	-0.005	-0.069**	-0.007*	-0.085**	-0.004	-0.062*
	(0.003)	(0.027)	(0.004)	(0.031)	(0.003)	(0.033)
Independent_Ratio	0.008	0.440**	0.008	0.436**	0.003	0.404**
	(0.011)	(0.168)	(0.011)	(0.163)	(0.009)	(0.164)
Dual	0.001	0.003	0.001	0.005	-0.001	-0.010
	(0.002)	(0.021)	(0.002)	(0.021)	(0.002)	(0.024)
Seperation	0.004	-0.052	-0.001	-0.095*	0.008	-0.018
	(0.011)	(0.042)	(0.012)	(0.051)	(0.011)	(0.040)
Payment	0.000	0.005	0.000	0.007	0.000	0.003
	(0.002)	(0.016)	(0.002)	(0.017)	(0.002)	(0.018)
Underlying_Type	0.000	-0.009	0.000	-0.008	0.000	-0.008
	(0.001)	(0.021)	(0.001)	(0.022)	(0.001)	(0.022)
Related_Mergers	0.008***	-0.022	0.009***	-0.020	0.009***	-0.019
	(0.002)	(0.023)	(0.002)	(0.025)	(0.002)	(0.023)
Merger_Size	0.053***	0.442***	0.053***	0.447***	0.053***	0.442***
	(0.003)	(0.083)	(0.003)	(0.085)	(0.003)	(0.084)
Area	0.000	0.038***	-0.001	0.029**	-0.000	0.035***
	(0.001)	(0.013)	(0.001)	(0.012)	(0.001)	(0.012)
Pilot	0.004	-0.033	0.005	-0.024	0.005	-0.027
	(0.004)	(0.020)	(0.003)	(0.022)	(0.003)	(0.021)
Second_City	-0.001	0.009	-0.001	0.010	-0.001	0.008
	(0.002)	(0.009)	(0.002)	(0.010)	(0.002)	(0.010)
glccg			-0.013***	-0.169***		
			(0.004)	(0.036)		
0b.treatpost#co.glccg			0.000	0.000		
			(0.000)	(0.000)		
1.treatpost#c.glccg			-0.087***	-0.653***		
			(0.027)	(0.115)		
CorGovindex					0.004*	0.029**
					(0.002)	(0.013)
0b.treatpost#co.CorGovindex					0.000	0.000
					(0.000)	(0.000)
1.treatpost#c.CorGovindex					-0.024***	-0.187***
					(0.003)	(0.024)
						
Observations	3,306	3,233	3,306	3,233	3,306	3,233
R-squared	0.144	0.132	0.143	0.133	0.144	0.132
Adjuested R-squared	0.131	0.119	0.131	0.120	0.132	0.119
Robust standard errors in parentheses						
*** p<0.01, ** p<0.05, * p<0.1						
