variables

(1)

(2)

(3)

(4)

Abnormal accrual

announcement

High

Low

High

Low

inf_a

0.017

−0.224***

−0.139**

−0.098*

(0.30)

(−3.24)

(−2.09)

(−1.78)

std_a

−0.164**

0.080

−0.056

−0.032

(−2.39)

(1.16)

(−0.82)

(−0.48)

size

0.158***

0.098***

0.186***

0.115***

(6.58)

(3.68)

(7.33)

(4.67)

lev

−0.734***

−0.658***

−0.815***

−0.427***

(−5.44)

(−4.32)

(−5.27)

(−3.21)

roa

−1.633***

−1.678***

−2.116***

−1.137**

(−3.57)

(−2.73)

(−3.64)

(−2.45)

bm

−0.015

0.041*

0.013

0.024

(−0.72)

(1.83)

(0.70)

(0.96)

turnover

−0.369***

−0.459***

−0.363***

−0.377***

(−4.63)

(−5.08)

(−3.96)

(−4.92)

age

−0.044

−0.058

−0.070*

−0.031

(−1.19)

(−1.58)

(−1.84)

(−0.81)

soe

0.171***

0.264***

0.218***

0.064

(3.57)

(5.39)

(4.31)

(1.36)

Industry

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

N

1546

1524

1478

1592

adj. R²

0.37

0.34

0.36

0.36