		(1)	(2)	(3)	(4)
VARIABLES	LABELS	CAR3	CAR3	BHAR12	BHAR12
					
treatpost	treatpost	0.042***	0.069***	0.358***	0.640***
		(0.005)	(0.006)	(0.027)	(0.075)
treat	treat	-0.000	-0.000	-0.012	-0.009
		(0.002)	(0.002)	(0.018)	(0.019)
TQ	ltobin	-0.004***	-0.004***	-0.001	-0.004
		(0.001)	(0.001)	(0.014)	(0.012)
CF	lcflow	-0.014*	-0.005	-0.026	0.113
		(0.007)	(0.007)	(0.085)	(0.094)
Size	lsize	0.002***	0.002***	-0.019**	-0.023***
		(0.000)	(0.000)	(0.009)	(0.007)
Age	lage	-0.000	-0.000	-0.001	0.000
		(0.000)	(0.000)	(0.001)	(0.001)
Leverage	ltl	0.001	0.001	0.168***	0.182***
		(0.005)	(0.006)	(0.042)	(0.045)
MB	lmbratio	-0.013*	-0.016**	0.215***	0.137***
		(0.007)	(0.006)	(0.050)	(0.038)
Top1	ltop1	-0.025	-0.033**	0.096	0.006
		(0.014)	(0.012)	(0.083)	(0.079)
Top_Minus	ltop1_minus_2	0.022	0.025**	-0.049	0.035
		(0.014)	(0.012)	(0.060)	(0.054)
Lnsalary	lLnsalary	-0.003	-0.002*	-0.010	0.007
		(0.001)	(0.001)	(0.009)	(0.009)
Boardsize	lBoardsize	-0.004	-0.007*	-0.062**	-0.115***
		(0.004)	(0.004)	(0.027)	(0.038)
Independent_Ratio	lInd_ratio	0.008	0.008	0.463**	0.437**
		(0.010)	(0.011)	(0.162)	(0.170)
Dual	lDual	0.001	0.001	0.004	0.000
		(0.002)	(0.002)	(0.022)	(0.020)
Seperation	lSeperation	0.001	0.005	-0.036	0.010
		(0.011)	(0.011)	(0.037)	(0.040)
Payment	支付方式	-0.000	-0.001	0.001	0.012
		(0.002)	(0.002)	(0.018)	(0.013)
Underlying_Type	标的类型	0.000	0.000	0.003	-0.028
		(0.002)	(0.002)	(0.022)	(0.028)
Related_Mergers	关联交易	0.009***	0.009***	-0.024	0.001
		(0.002)	(0.002)	(0.026)	(0.019)
Merger_Size	并购规模(并购价值/总资产)	0.056***	0.053***	0.461***	0.427***
		(0.003)	(0.003)	(0.085)	(0.082)
Area	东部地区(是=1)	0.001	-0.000	0.046***	0.024
		(0.001)	(0.001)	(0.012)	(0.016)
Pilot	是否政策试点	0.005	0.005	-0.028	-0.028
		(0.003)	(0.003)	(0.020)	(0.020)
Second_City	Second_City	-0.002	-0.001	0.016	-0.010
		(0.002)	(0.001)	(0.010)	(0.010)
					
Observations		3,194	3,236	3,122	3,167
R-squared		0.132	0.146	0.112	0.127
Adjuested R-squared		0.120	0.134	0.0988	0.115
Robust standard errors in parentheses					
*** p<0.01, ** p<0.05, * p<0.1					
