Variable code

Variable explanation

Variable evaluation

CAR

Cumulative abnormal return

Cumulative abnormal return of the event window (−10, 10)

UE

Unexpected earning

(Earnings per share 2010 − Earnings per share 2009)/ Stock price of 1day before the event window 2010

CSR

The disclosure of SCR Report

If the sample disclosed SCR Report, CSR = 1; otherwise, CSR = 0

EPS

Earnings per share

Earnings per share 2009/Stock price of 1day before the event window 2009