Name

Definition

SYN

Stock price synchronicity, the co-movement of individual volatility and market volatility of stock price. Equation (5) demonstrates the calculation.

inf

Trait information, calculated from normalized text vector of questions and answers records in e-interaction platform. Equation (3) demonstrates the calculation.

std

General information, calculated from normalized text vector of questions and answers records in e-interaction platform. Equation (3) demonstrates the calculation.

size

The logarithm of the book value of total asset for the current year.

lev

Firm leverage, measured as total debt divided by total asset for the current year.

roa

Return of asset, measured as net profit divided by total asset for the current year.

bm

Book-to-market assets ratio, measured as book value of asset divided by market value of asset.

turnover

Monthly averaged turnover of company for the current year

age

Firm listing history, measured as the natural logarithm of the year number that firm is listed on A share market.

soe

Stated owned enterprise, measured as 1 if the controlling owner is State Asset Regulatory Commission, and 0 otherwise.

abs_da

Accounting information quality, measured through Modified Jones model

top1

Share proportion of the biggest shareholder

big10

Auditing quality, measured as 1 if annual report is audited by big10 auditor. The rank of auditors is based on the rating result of China Certified Public Accounting Association.

record

The amount of public disclosure issued by company in official publication channel.