Variables	Underlying stocks vs non-target stocks		Before event vs after event
	Panel 1		Panel 2
	D1	D2	D1	D2
Intercept	−0.837851	0.1945248	−0.1199753	0.1806921
	0.034	0.001	0.166	0.004
Event	−0.0195958	−0.012192	−0.0124266	−0.010976
	<0.0001	<0.0001	<0.0001	<0.0001
Exchange	−0.0626081	−0.0454082	−0.0725479	−0.0497728
	0.0002	0.001	<0.0001	0.001
Turnover	0.1811965	0.1170467	0.1689897	0.0992068
	<0.0001	<0.0001	<0.0001	<0.0001
Ln(value)	0.0695514	0.0490091	0.0886585	0.0590698
	<0.0001	<0.0001	<0.0001	<0.0001
Ln(pe)	0.0346074	0.027257	0.0181375	0.0167098
	0.006	0.002	0.151	0.073
R²	0.1575	0.1982	^0.1754	0.1473
Observations	930	930	852	852
Groups	155	155	71	71