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 |