A. Dependent variables $NCSKE{W}_{i,t+1}$ NCSKEW is the negative coefficient of skewness. See Equation (2) for detail $DUVO{L}_{i,t+1}$ DUVOL is the down-to-up volatility. See Equation (3) for detail B. Independent variables $Coverag{e}_{i,t}$ Number of analysts who issued earnings for cast for a firm in fiscal year $Sta{r}_{i,t}$ Number of star analysts for firm i in year t. If an analyst is selected by New Fortune magazine as the best analyst in year t − 1, he or she is considered as a star analyst in year t. $nonSta{r}_{i,t}$ Number of non-star analysts for firm i in year t. It is the difference between Coverage and Star $Rati{o}_{i,t}$ The ratio between Star and Coverage C. Control variables $NCSKE{W}_{i,t}$ The lagged value of NCSKEW $RE{T}_{i,t}$ RET is the mean of firm-specific weekly returns in year t $SIGM{A}_{i,t}$ SIGMA is the standard deviation of firm-specific returns in year t $LE{V}_{i,t}$ LEV is the book value of all liabilities scaled by the book value of assets. $M{B}_{i,t}$ MB is the market-to-book ratio $SIZ{E}_{i,t}$ SIZE is the log of firm’s total assets $DTUR{N}_{i,t}$ DTURN is the average monthly share turnover for t year minus the average monthly share turnover for t − 1 year. $RO{A}_{i,t}$ ROA is income divided by total assets $Inshol{d}_{i,t}$ Inshold is the shareholding of institution investor $Top{10}_{i,t}$ Top10 is the shareholding of top10 shareholder $Opaqu{e}_{i,t}$ Opaque represent the information opaque in year t. Firstly, estimate the discretionary accurals, denote DA, using modified Jones model (Dechow et al. 1995) [32] . Then use Equation (12) to estimate Opaque. $Opaqu{e}_{i,t}=\frac{abs\left(D{A}_{i,t}\right)+abs\left(D{A}_{i,t-1}\right)+abs\left(D{A}_{i,t-2}\right)}{3}$ (12) $exp\text{_}co{v}_{i,t}$ Expected analyst coverage if firm i in year t. See Equation (8) and Equation (9) for detail $exp\text{_}sta{r}_{i,t}$ Expected star analyst coverage if firm i in year t. See Equation (10) and Equation (11) for detail $exp\text{_}nonsta{r}_{i,t}$ Expected non-star analyst coverage if firm i in year t. See Equation (10) and Equation (11) for detail