CAR [−1, 1]  CAR [−1, 1]  CAR [−1, 1]  CAR [−2, 2]  CAR [−2, 2]  CAR [−2, 2]
(A)  (B)   (C)  (D)  (E)  (F)
CIPHT  −0.002 ***  −0.002 ***  −0.002 ***  −0.002 ***  −0.004 ***  −0.003 ***
(−3.570)  (−5.012)  (−4.678)  (−4.423)  (−6.268)  (−5.810)
CIPHT × High_WEB  0.002 ***    0.003 ***
(3.461)    (4.455)
High_WEB  −0.002    −0.003
(−0.896)    (−1.024)
CIPHT × High_MED   0.003 ***    0.004 ***
(5.500)    (7.032)
High_MED   −0.002    −0.002
(−0.732)    (−0.908)
CIPHT × High_MOB    0.003 ***    0.004 ***
(5.163)    (6.550)
High_MOB    −0.001    −0.001
(−0.363)    (−0.428)
PRO_CASE  0.000 ***  0.001 ***  0.001 ***  0.001 ***  0.001 ***  0.001 ***
(3.109)  (3.247)  (3.249)  (3.940)  (4.116)  (4.116)
SIZE  −0.000  −0.000  −0.000  −0.000  −0.000  −0.000
(−0.588)  (−0.586)  (−0.588)  (−0.979)  (−0.977)  (−0.979)
ROA  −0.000  −0.000  −0.000  −0.000  −0.000  −0.000
(−0.985)  (−0.986)  (−0.986)  (−1.195)  (−1.196)  (−1.196)
CURR  −0.000 ***  −0.000 ***  −0.000 ***  −0.000 ***  −0.000 ***  −0.000 ***
(−3.670)  (−3.661)  (−3.664)  (−4.763)  (−4.753)  (−4.757)
R&D  0.000 **  0.000 **  0.000 **  0.000 ***  0.000 ***  0.000 ***
(2.519)  (2.519)  (2.519)  (3.122)  (3.122)  (3.122)
LOSS  −0.001  −0.001  −0.001  −0.001 *  −0.001 *  −0.001 *
(−1.548)  (−1.549)  (−1.548)  (−1.900)  (−1.902)  (−1.901)
LEV  −0.000  −0.000  −0.000  −0.000  −0.000  −0.000
(−1.009)  (−1.009)  (−1.010)  (−1.130)  (−1.129)  (−1.132)
OPCF  −0.004 ***  −0.004 ***  −0.004 ***  −0.008 ***  −0.008 ***  −0.008 ***
(−4.122)  (−4.125)  (−4.141)  (−5.546)  (−5.550)  (−5.571)
TURN  0.000  0.000  0.000  0.000  0.000  0.000
(0.871)  (0.872)  (0.861)  (1.138)  (1.140)  (1.125)
CEO_AGE  0.000  0.000  0.000  0.000  0.000  0.000
(0.134)  (0.134)  (0.135)  (0.078)  (0.077)  (0.079)
CEO_COM  0.000  0.000  0.000  0.000  0.000  0.000
(0.239)  (0.239)  (0.239)  (0.301)  (0.301)  (0.300)
CEO_TEN  0.000 ***  0.000 ***  0.000 ***  0.000 ***  0.000 ***  0.000 ***
(2.742)  (2.743)  (2.740)  (3.557)  (3.558)  (3.554)
CEO_DUA  −0.000  −0.000  −0.000  −0.001  −0.001  −0.001
(−1.254)  (−1.250)  (−1.250)  (−1.577)  (−1.572)  (−1.572)
Constant  0.003  0.002  0.003  0.005  0.004  0.005
(0.762)  (0.530)  (0.829)  (0.972)  (0.741)  (1.103)
Week FE  Yes  Yes  Yes  Yes  Yes  Yes
Industry FE  Yes  Yes  Yes  Yes  Yes  Yes
Province FE  Yes  Yes  Yes  Yes  Yes  Yes
Adjusted R2  0.003  0.003  0.003  0.005  0.005  0.005
Observations  178,805  178,805  178,805  178,805  178,805  178,805