问号屋：如何构建企业投资者信任变量？

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文献来源 Investor trust For each year end, we regressed firms' three-day cumulative characteristic-adjusted abnormal returns DGTW_CAR3 according to Daniel et al. (1997) surrounding the firm's earnings announcement on the SUE over the past 20 quarters. This procedure enabled us to derive the firm's investor trust measure. [We select a firm's fiscal quarter end closest to the calendar year end. Hence, the fiscal quarter end could be October, November, or December.] Following the methodology outlined by Akbas (2016), we defined a firm's SUE using (1) and described the regression with (2). The firm's measure of investor trust is the absolute magnitude of the coefficient, denoted as ABS(PRTS), which represents the price response to the SUE. Obtaining a firm's ABS(PRTS) requires 20 quarters' worth of SUE and DGTW_CAR3 data. Therefore, to compute the first ABS(PRTS) in 1990, we required data for SUE and DGTW_CAR3 from the first quarter in 1986. Furthermore, to calculate a firm's SUE in th ………………………………