Variable | Variable definitions |

| the natural logarithm of one plus the number of research reports published by analyst |

| the alternative variable of |

| the natural logarithm of market value, while market value = ln (the number of A-share * current close price of A share + the number of B-share * current close price of B share * current close exchange rate + total liabilities at the end of the period). |

| the share turnover, calculated as the trading volume scaled by shares outstanding of stock |

| the firm’s cumulative market-adjusted return of stock |

| the standard deviation of annual returns of stock |

| the market-to-book ratio, calculated as total assets divided by market value at the end of the period of stock |

| analysts’ career experience, calculated as the years between first forecast of analyst |

| a dummy variable that equals one if analyst |

| a dummy variable of analysts’ gender, which equals one if analyst |

| the education level of analyst |

| the number of analysts employed by the brokerage firm which analyst |

| a dummy variable of years. |

| a dummy variable of industry factors, referring to SFC 2012 Edition Industry Classification. |

| the firm-analyst relationship, which is calculated as the standard residuals of regression by separating the observable technical components attributable to firm’s financial characteristics and analysts’ characteristics from analyst coverage proxies. |

| the alternative variable of |

| the rating information of stock recommendations which ranges from 1 to 5, specifically, 1 for “Strong Buy”, 2 for “Buy”, 3 for “Hold”, 4 for “Sell”, and 5 for “Strong Sell”. |

| a dummy variable of recommendations downgrades, which equals one if the last stock recommendation of analyst |

| the analyst coverage, is calculated the natural logarithm of one plus the number of analysts who cover firm |

| the asset-liability ratio, calculated as total liabilities divided by total assets at the end of the period of stock |

| the natural logarithm of the trading volume of stock |

| the natural logarithm of the number of firms in the industry of stock |

| the natural logarithm of stocks number covered by analyst |

| the number of analysts employed by the brokerage firm which analyst |

| the relative forecasting accuracy of analyst |

| the mean value of |

| the volatility of |