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 ***  −0.005 ***  −0.003 ***  −0.002 ***  −0.008 ***
(−4.580)  (−3.633)  (−4.666)  (−5.843)  (−4.384)  (−5.603)
CIPHT × High_FSALE  0.004 ***    0.007 ***
(7.277)    (9.758)
High_FSALE  −0.003 ***    −0.005 ***
(−9.163)    (−11.684)
CIPHT × High_OPCF   0.002 ***    0.004 ***
(4.330)    (5.222)
High_OPCF   −0.002 ***    −0.003 ***
(−5.731)    (−7.332)
CIPHT × Clean_OPIN    0.004 ***    0.006 ***
(4.067)    (4.877)
Clean_OPIN    −0.001    −0.001
(−0.887)    (−1.204)
PRO_CASE  0.000 ***  0.000 ***  0.000 ***  0.001 ***  0.001 ***  0.001 ***
(3.070)  (3.074)  (3.058)  (3.891)  (3.894)  (3.875)
SIZE  0.000  −0.000  −0.000  0.000  −0.000  −0.000
(1.476)  (−0.947)  (−0.818)  (1.558)  (−1.458)  (−1.234)
ROA  −0.000  −0.000  −0.000  −0.000  −0.000  −0.000
(−1.004)  (−1.015)  (−1.106)  (−1.219)  (−1.232)  (−1.333)
CURR  −0.000 ***  −0.000 ***  −0.000 ***  −0.000 ***  −0.000 ***  −0.000 ***
(−3.863)  (−3.299)  (−3.775)  (−5.000)  (−4.267)  (−4.879)
R&D  0.000 **  0.000 **  0.000 **  0.000 ***  0.000 ***  0.000 ***
(2.453)  (2.497)  (2.524)  (3.041)  (3.094)  (3.128)
LOSS  −0.001  −0.001 *  −0.001  −0.001 *  −0.001 **  −0.001 *
(−1.454)  (−1.657)  (−1.341)  (−1.787)  (−2.046)  (−1.672)
LEV  −0.000  −0.000  −0.000  −0.000  −0.000  −0.000
(−0.981)  (−1.039)  (−0.831)  (−1.099)  (−1.168)  (−0.940)
OPCF  −0.004 ***  −0.002 **  −0.004 ***  −0.008 ***  −0.004 ***  −0.008 ***
(−4.078)  (−1.998)  (−4.225)  (−5.497)  (−2.712)  (−5.668)
TURN  0.000  0.000  0.000  0.000  0.000  0.000
(1.086)  (0.862)  (0.955)  (1.401)  (1.127)  (1.226)
CEO_AGE  −0.000  0.000  0.000  −0.000  0.000  −0.000
(−0.077)  (0.233)  (0.020)  (−0.183)  (0.210)  (−0.048)
CEO_COM  0.000  0.000  0.000  0.000  0.000  0.000
(0.178)  (0.210)  (0.236)  (0.228)  (0.260)  (0.297)
CEO_TEN  0.000 ***  0.000 ***  0.000 ***  0.000 ***  0.000 ***  0.000 ***
(3.051)  (2.588)  (2.769)  (3.935)  (3.349)  (3.589)
CEO_DUA  −0.000  −0.000  −0.000  −0.001  −0.001  −0.001 *
(−1.177)  (−1.170)  (−1.326)  (−1.484)  (−1.463)  (−1.657)
Constant  −0.002  0.004  0.004  −0.002  0.006  0.007
(−0.404)  (1.001)  (1.017)  (−0.451)  (1.285)  (1.289)
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  0.006  0.005  0.005
Observations  178,805  178,805  178,805  178,805  178,805  178,805