		(1)	(2)	(3)	(4)	(5)	(6)
VARIABLES	LABELS	CAR3	CAR5	CAR11	BHAR12	BHAR24	BHAR36
							
treatpost	treatpost	0.052***	0.060***	0.067***	0.437***	0.532***	0.535***
		(0.004)	(0.008)	(0.011)	(0.035)	(0.035)	(0.061)
treat	treat	-0.003	-0.004	-0.012	-0.006	-0.034	-0.037
		(0.003)	(0.005)	(0.009)	(0.020)	(0.023)	(0.036)
TQ	ltobin	-0.002	-0.002	-0.001	0.018	0.032	0.050
		(0.003)	(0.004)	(0.004)	(0.020)	(0.028)	(0.030)
CF	lcflow	-0.018	-0.046	-0.051	0.308	0.352	0.312**
		(0.011)	(0.028)	(0.036)	(0.226)	(0.253)	(0.115)
Size	lsize	0.002***	0.004***	0.005***	-0.019	-0.021	-0.025**
		(0.000)	(0.001)	(0.002)	(0.013)	(0.014)	(0.010)
Age	lage	-0.000	0.000	0.000	0.001	0.001	0.001
		(0.000)	(0.000)	(0.000)	(0.002)	(0.004)	(0.004)
Leverage	ltl	-0.004	-0.006	0.007	0.153**	0.178***	0.066
		(0.006)	(0.010)	(0.016)	(0.057)	(0.042)	(0.044)
MB	lmbratio	-0.008	-0.018	-0.016	0.347***	0.383***	0.471***
		(0.011)	(0.012)	(0.014)	(0.064)	(0.090)	(0.105)
Top1	ltop1	-0.018	-0.040	-0.068	0.016	0.394	0.812***
		(0.018)	(0.031)	(0.039)	(0.159)	(0.421)	(0.259)
Top_Minus	ltop1_minus_2	0.004	0.021	0.038	0.009	-0.087	-0.262
		(0.017)	(0.030)	(0.037)	(0.128)	(0.352)	(0.187)
Lnsalary	lLnsalary	-0.002**	-0.001	-0.004	-0.014	-0.026**	0.005
		(0.001)	(0.001)	(0.003)	(0.011)	(0.011)	(0.019)
Boardsize	lBoardsize	-0.005	-0.006	-0.000	-0.026	-0.096	-0.159
		(0.006)	(0.008)	(0.012)	(0.044)	(0.107)	(0.111)
Independent_Ratio	lInd_ratio	-0.028*	-0.031	-0.027	0.530*	0.387	0.463**
		(0.014)	(0.023)	(0.033)	(0.271)	(0.266)	(0.198)
Dual	lDual	-0.002	-0.000	-0.001	-0.015	-0.007	0.090***
		(0.003)	(0.007)	(0.010)	(0.027)	(0.026)	(0.027)
Seperation	lSeperation	0.025	0.040	0.042	-0.105	-0.178	-0.524***
		(0.020)	(0.034)	(0.042)	(0.102)	(0.104)	(0.145)
Payment	支付方式	-0.002	-0.004	-0.009**	-0.000	0.012	0.089***
		(0.003)	(0.003)	(0.004)	(0.027)	(0.033)	(0.022)
Underlying_Type	标的类型	0.001	0.004	0.003	-0.027	-0.043	-0.018
		(0.002)	(0.003)	(0.003)	(0.022)	(0.038)	(0.050)
Related_Mergers	关联交易	0.007***	0.009*	0.011*	-0.019	-0.054**	-0.053*
		(0.002)	(0.005)	(0.005)	(0.022)	(0.020)	(0.028)
Merger_Size	并购规模(并购价值/总资产)	0.047***	0.087***	0.114***	0.378**	0.474***	0.406***
		(0.005)	(0.011)	(0.018)	(0.145)	(0.119)	(0.105)
Area	东部地区(是=1)	-0.007**	-0.008	-0.005	0.021	-0.018	-0.024
		(0.003)	(0.005)	(0.005)	(0.022)	(0.041)	(0.039)
Pilot	是否政策试点	0.011	0.008	0.008	-0.035	-0.050	-0.079
		(0.009)	(0.011)	(0.015)	(0.022)	(0.045)	(0.073)
Second_City	Second_City	0.000	-0.003	-0.002	0.023**	-0.051***	-0.075**
		(0.003)	(0.005)	(0.005)	(0.011)	(0.017)	(0.034)
							
Observations		1,833	1,833	1,833	1,802	1,802	1,582
R-squared		0.145	0.140	0.142	0.149	0.137	0.141
Adjuested R2		0.124	0.118	0.120	0.127	0.115	0.116
Robust standard errors in parentheses							
*** p<0.01, ** p<0.05, * p<0.1							
