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| Variable name | Definition |
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| Explained variables | Price_info | The index of stock price information content, measured by model 1 and 2 |
| Delay | The index of price delay measured by model 3 and 4 |
| Explanatory variables | Post | The dummy variable of opening time of capital market. The value equals 1 if after opening, otherwise 0. |
| Open | The dummy variable whether SHKSC sample. The value equals 1 if it is, otherwise 0. |
| Size | Natural logarithm of the market value of net asset at the end of the fiscal year |
| Leverage | Ratio of total debts to total assets |
| Control variables | Performance | ROA | Return of asset, equals the radio of net income to total assets |
| Growth | The growth rate of firm’s operating income, measured by the difference between this year and last year’s operating income divided by last year’s operating income |
| Ownership structure | Firstholder | The radio of number of shares held by the largest shareholder to total number of shares |
| Managershare | The radio of number of shares held by management to total number of shares |
| Corporate governance | Boardsize | Board of directors’ numbers |
| Independ | The value equals the number of independent directors divided by the number of board |
| SOE | Whether state-owned or not, when the ultimate controller is the state, agency or institution, the value is 1, otherwise 0 |
| Dual | Whether the chairman and manager are the same person, if so, the value is 1, otherwise 0 |
| Big4 | Whether the auditor is from Big Four, if so, the value is 1, otherwise 0 |
| Market-level variables | Analyst | The number of analysts following |
| Liquidity | A-share market’s liquidity, equals the average of the ratio of the absolute value of the return to the transaction volume on the effective transaction date |
| MB | Equals the value of market value divided by book value |
| Turnover | The radio of trading volume to total number of shares issued in a certain period |
| Age | The years of listing in the market |
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