		(1)	(2)	(3)	(4)	(5)	(6)
VARIABLES	LABELS	CAR3	CAR5	CAR11	BHAR12	BHAR24	BHAR36
							
treatpost	treatpost	0.053***	0.064***	0.073***	0.460***	0.538***	0.550***
		(0.004)	(0.006)	(0.010)	(0.025)	(0.033)	(0.079)
treat	treat	-0.000	-0.002	-0.010	-0.013	-0.054**	-0.071*
		(0.002)	(0.004)	(0.008)	(0.019)	(0.022)	(0.039)
gdshock	gdshock	0.010***	0.017***	0.021***	0.032**	0.055**	0.019
		(0.003)	(0.003)	(0.004)	(0.013)	(0.025)	(0.022)
TQ	ltobin	-0.004***	-0.007***	-0.009***	0.002	0.007	0.029*
		(0.001)	(0.002)	(0.002)	(0.013)	(0.018)	(0.016)
CF	lcflow	-0.008	-0.021	0.002	0.045	0.179	0.077
		(0.007)	(0.017)	(0.019)	(0.085)	(0.182)	(0.076)
Size	lsize	0.002***	0.005***	0.007***	-0.020**	-0.025**	-0.032**
		(0.000)	(0.001)	(0.001)	(0.008)	(0.011)	(0.012)
Age	lage	-0.000	0.000	0.000*	-0.000	-0.000	-0.002
		(0.000)	(0.000)	(0.000)	(0.001)	(0.002)	(0.003)
Leverage	ltl	0.001	0.003	0.013	0.177***	0.169***	0.077*
		(0.005)	(0.008)	(0.010)	(0.040)	(0.033)	(0.040)
MB	lmbratio	-0.015**	-0.040***	-0.049***	0.194***	0.262***	0.379***
		(0.006)	(0.009)	(0.010)	(0.037)	(0.043)	(0.055)
Top1	ltop1	-0.026**	-0.063***	-0.102***	0.091	0.508**	0.468*
		(0.012)	(0.012)	(0.017)	(0.096)	(0.186)	(0.225)
Top_Minus	ltop1_minus_2	0.022*	0.046***	0.074***	-0.030	-0.315**	-0.171
		(0.012)	(0.012)	(0.018)	(0.061)	(0.138)	(0.175)
Lnsalary	lLnsalary	-0.002*	-0.004*	-0.007***	-0.007	-0.001	0.026
		(0.001)	(0.002)	(0.002)	(0.009)	(0.016)	(0.027)
Boardsize	lBoardsize	-0.006*	-0.011*	-0.007	-0.077**	-0.150**	-0.132*
		(0.003)	(0.006)	(0.009)	(0.028)	(0.068)	(0.067)
Independent_Ratio	lInd_ratio	0.010	0.023	0.043	0.453**	0.299	0.403**
		(0.012)	(0.018)	(0.026)	(0.169)	(0.187)	(0.165)
Dual	lDual	0.001	0.001	0.001	0.004	-0.005	0.067*
		(0.002)	(0.004)	(0.005)	(0.022)	(0.018)	(0.031)
Seperation	lSeperation	0.005	-0.002	0.003	-0.044	-0.014	0.103
		(0.011)	(0.020)	(0.026)	(0.039)	(0.066)	(0.137)
Payment	支付方式	0.000	0.000	-0.003	0.004	0.007	0.043**
		(0.002)	(0.003)	(0.005)	(0.016)	(0.019)	(0.018)
Underlying_Type	标的类型	0.001	0.001	-0.001	-0.007	-0.031	-0.019
		(0.002)	(0.003)	(0.003)	(0.022)	(0.034)	(0.041)
Related_Mergers	关联交易	0.009***	0.013***	0.014***	-0.018	-0.056***	-0.077***
		(0.002)	(0.003)	(0.004)	(0.024)	(0.016)	(0.021)
Merger_Size	并购规模(并购价值/总资产)	0.053***	0.098***	0.128***	0.443***	0.506***	0.445***
		(0.003)	(0.007)	(0.011)	(0.084)	(0.089)	(0.104)
Area	东部地区(是=1)	0.000	-0.001	0.002	0.036***	-0.023	-0.037
		(0.001)	(0.003)	(0.003)	(0.012)	(0.035)	(0.037)
Pilot	是否政策试点	0.006	0.008	0.013	-0.026	-0.034	-0.027
		(0.003)	(0.006)	(0.008)	(0.022)	(0.049)	(0.086)
Second_City	Second_City	-0.001	-0.005*	-0.004*	0.009	-0.008	-0.012
		(0.002)	(0.002)	(0.002)	(0.010)	(0.015)	(0.023)
							
Observations		3,306	3,306	3,306	3,233	3,233	2,827
R-squared		0.141	0.147	0.154	0.127	0.099	0.099
Adjuested R-squared		0.129	0.135	0.142	0.115	0.0862	0.0843
Robust standard errors in parentheses							
*** p<0.01, ** p<0.05, * p<0.1							
