CAR [−1, 1]  CAR [−2, 2]
(A)  (B)
CIPHT  −0.001 **  −0.002 ***
(−2.533)  (−3.177)
CIPHT × High_Volatility  −0.001  −0.001
(−1.089)  (−1.022)
High_Volatility  0.002 **  0.002 ***
(2.448)  (2.765)
PRO_CASE  0.000 ***  0.001 ***
(3.114)  (3.930)
SIZE  −0.000  −0.000
(−0.586)  (−0.977)
ROA  −0.000  −0.000
(−0.986)  (−1.196)
CURR  −0.000 ***  −0.000 ***
(−3.672)  (−4.766)
R&D  0.000 **  0.000 ***
(2.519)  (3.122)
LOSS  −0.001  −0.001 *
(−1.549)  (−1.902)
LEV  −0.000  −0.000
(−1.010)  (−1.132)
OPCF  −0.004 ***  −0.008 ***
(−4.126)  (−5.551)
TURN  0.000  0.000
(0.867)  (1.132)
CEO_AGE  0.000  0.000
(0.133)  (0.077)
CEO_COM  0.000  0.000
(0.239)  (0.301)
CEO_TEN  0.000 ***  0.000 ***
(2.742)  (3.556)
CEO_DUA  −0.000  −0.001
(−1.253)  (−1.575)
Constant  0.003  0.004
(0.663)  (0.862)
Week FE  Yes  Yes
Industry FE  Yes  Yes
Province FE  Yes  Yes
Adjusted R2  0.003  0.005
Observations  178,805  178,805