| Id |
Subject |
Object |
Predicate |
Lexical cue |
| T181 |
0-72 |
Sentence |
denotes |
Model (2) contains several determinants of accumulative abnormal return. |
| T182 |
73-204 |
Sentence |
denotes |
Considering that provincial accumulated COVID-19 cases would affect the investors’ risk assessment, we add PRO_CASE into our model. |
| T183 |
205-341 |
Sentence |
denotes |
PRO_CASE is the six-day mean value of the provincial ratio of the daily accumulated confirmed COVID-19 cases to the resident population. |
| T184 |
342-453 |
Sentence |
denotes |
Moreover, along with prior studies, we control the firm attributes that will affect abnormal return [39,55,56]. |
| T185 |
454-860 |
Sentence |
denotes |
SIZE is the natural logarithm of total assets; ROA is the return on assets; CURR is the current ratio; R&D is the ratio of R&D expenses to sales; LOSS is an indicator variable that equals one if the firm suffered a loss and zero otherwise; LEV is the leverage ratio of total liabilities to total assets; OPCF is the ratio of the firm’s operating cash flow to total assets; TURN is the asset turnover ratio. |
| T186 |
861-972 |
Sentence |
denotes |
In addition, following prior studies [55,57,58,59], we add CEO attributes that will affect the market reaction. |
| T187 |
973-1308 |
Sentence |
denotes |
CEO_AGE is the age of the firm’s CEO; CEO_COM is the ratio of the firm’s CEO compensation to the net income; CEO_TEN is the tenure of the firm’s CEO that is defined as days of CEO’s tenure divided by 365; CEO_DUA is an indicator variable that equals one if the firm’s CEO holds a concurrent post in other work units and zero otherwise. |
| T188 |
1309-1396 |
Sentence |
denotes |
Finally, we add week fixed effects, industry fixed effects, and province fixed effects. |
| T189 |
1397-1447 |
Sentence |
denotes |
Appendix A presents detailed variable definitions. |
