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.