A. Dependent variables
$N C S K E W_{i, t + 1}$	NCSKEW is the negative coefficient of skewness. See Equation (2) for detail
$D U V O L_{i, t + 1}$	DUVOL is the down-to-up volatility. See Equation (3) for detail
B. Independent variables
$C o v e r a g e_{i, t}$	Number of analysts who issued earnings for cast for a firm in fiscal year
$S t a r_{i, t}$	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.
$n o n S t a r_{i, t}$	Number of non-star analysts for firm i in year t. It is the difference between Coverage and Star
$R a t i o_{i, t}$	The ratio between Star and Coverage
C. Control variables
$N C S K E W_{i, t}$	The lagged value of NCSKEW
$R E T_{i, t}$	RET is the mean of firm-specific weekly returns in year t
$S I G M A_{i, t}$	SIGMA is the standard deviation of firm-specific returns in year t
$L E V_{i, t}$	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
$S I Z E_{i, t}$	SIZE is the log of firm’s total assets
$D T U R N_{i, t}$	DTURN is the average monthly share turnover for t year minus the average monthly share turnover for t − 1 year.
$R O A_{i, t}$	ROA is income divided by total assets
$I n s h o l d_{i, t}$	Inshold is the shareholding of institution investor
$T o p 10_{i, t}$	Top10 is the shareholding of top10 shareholder
$O p a q u e_{i, t}$	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. $O p a q u e_{i, t} = \frac{a b s (D A_{i, t}) + a b s (D A_{i, t - 1}) + a b s (D A_{i, t - 2})}{3}$ (12)
$e x p_c o v_{i, t}$	Expected analyst coverage if firm i in year t. See Equation (8) and Equation (9) for detail
$e x p_s t a r_{i, t}$	Expected star analyst coverage if firm i in year t. See Equation (10) and Equation (11) for detail
$e x p_n o n s t a r_{i, t}$	Expected non-star analyst coverage if firm i in year t. See Equation (10) and Equation (11) for detail