		(1)	(2)	(3)	(4)
VARIABLES	LABELS	CAR3	CAR3	BHAR12	BHAR12
					
treatpost	treatpost	0.068***	0.051***	0.818***	0.335***
		(0.008)	(0.004)	(0.105)	(0.028)
treat	treat	-0.000	-0.000	-0.009	-0.012
		(0.002)	(0.002)	(0.019)	(0.019)
TQ	ltobin	-0.004***	-0.004***	-0.005	-0.001
		(0.001)	(0.001)	(0.012)	(0.014)
CF	lcflow	-0.008	-0.010	0.062	0.001
		(0.007)	(0.007)	(0.108)	(0.081)
Size	lsize	0.002***	0.002***	-0.024***	-0.019**
		(0.000)	(0.000)	(0.007)	(0.008)
Age	lage	-0.000	0.000	0.000	-0.001
		(0.000)	(0.000)	(0.001)	(0.001)
Leverage	ltl	0.001	0.001	0.176***	0.168***
		(0.006)	(0.006)	(0.043)	(0.041)
MB	lmbratio	-0.015**	-0.014*	0.125***	0.222***
		(0.006)	(0.007)	(0.030)	(0.047)
Top1	ltop1	-0.030**	-0.026*	0.045	0.094
		(0.013)	(0.012)	(0.083)	(0.084)
Top_Minus	ltop1_minus_2	0.022	0.024*	-0.000	-0.045
		(0.013)	(0.013)	(0.064)	(0.055)
Lnsalary	lLnsalary	-0.002	-0.003*	0.010	-0.011
		(0.001)	(0.001)	(0.009)	(0.009)
Boardsize	lBoardsize	-0.007*	-0.004	-0.120***	-0.055*
		(0.004)	(0.003)	(0.034)	(0.029)
Independent_Ratio	lInd_ratio	0.008	0.007	0.428**	0.469**
		(0.011)	(0.010)	(0.166)	(0.160)
Dual	lDual	0.001	0.001	-0.004	0.008
		(0.002)	(0.002)	(0.023)	(0.020)
Seperation	lSeperation	0.006	-0.002	0.006	-0.033
		(0.011)	(0.011)	(0.040)	(0.036)
Payment	支付方式	-0.001	0.000	0.016	0.000
		(0.002)	(0.002)	(0.015)	(0.018)
Underlying_Type	标的类型	0.000	0.001	-0.027	0.002
		(0.002)	(0.002)	(0.028)	(0.022)
Related_Mergers	关联交易	0.009***	0.008***	-0.003	-0.024
		(0.002)	(0.002)	(0.020)	(0.026)
Merger_Size	并购规模(并购价值/总资产)	0.053***	0.056***	0.422***	0.463***
		(0.003)	(0.003)	(0.083)	(0.085)
Area	东部地区(是=1)	-0.000	0.001	0.030	0.045***
		(0.001)	(0.001)	(0.017)	(0.011)
Pilot	是否政策试点	0.005	0.005	-0.030	-0.027
		(0.003)	(0.003)	(0.019)	(0.021)
Second_City	Second_City	-0.002	-0.001	-0.007	0.016
		(0.002)	(0.001)	(0.010)	(0.010)
					
Observations		3,185	3,245	3,116	3,173
R-squared		0.140	0.137	0.133	0.114
Adjuested R-squared		0.128	0.125	0.120	0.102
Robust standard errors in parentheses					
*** p<0.01, ** p<0.05, * p<0.1					
