Variable symbol | Variable interpretation |

S-Gini | $\text{S-Gini}={\displaystyle {\sum}_{j=1}^{N}{\left({S}_{j}-{X}_{j}\right)}^{2}}$ , ${S}_{j}$ represents the proportion of an industry in city j to the total size of the industry in the country, ${X}_{j}$ epresents the proportion of all industries in city j to all industries in the country, and N is the total number of cities in the country. |

FERR | At time t, the absolute value of the difference between the median value of all analysts’ predicted EPS of listed companies ( $\text{Med}\left({\text{FORECAST}}_{\text{i},\text{t}}\right)$ ) and the true value of EPS ( ${\text{MEPS}}_{\text{i},\text{t}}$ ) divided by the initial stock price ( ${\text{PRICE}}_{\text{i},\text{t}}$ ). |

Follow | Ln (1 + the Number of analysts). |

Horizon | Ln (The number of days between the announcement date of the analyst’s latest forecast of the current year’s earnings forecast and the forecast end). |

PB | Stock price per share divided by net assets per share. |

MV | Annual market value of individual shares after conversion by natural logarithmic function. |

VSALES | The company’s operating income in the last three years divided by the standard deviation of the total asset quotient. |

Lev | Total assets divided by total liabilities. |

SOE | If the actual controller of the company is state-owned, it is equal to 1, otherwise it is 0. |

Big4 | If the company’s audit agency in the current year belongs to the top four, it is equal to 1, otherwise it is 0. |

ROE | Ratio of operating profit adjusted by industry median and lagging first order processing to average total equity. |

Growth | The company’s main business revenue growth rate. |