Table A.3.

Correlation analysis. This table reports pairwise correlation coefficients for our variables where ${}^{*}$ indicates significance at the $5\%$ level or lower. All variables are defined in detail in Table A.1 in the appendix.

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)	(23)	(24)	(25)
(1)	1.00*
(2)	0.82*	1.00*
(3)	0.22*	0.12*	1.00*
(4)	0.20*	0.13*	0.52*	1.00*
(5)	0.08*	0.05	0.16*	0.54*	1.00*
(6)	0.17*	0.13*	0.60*	0.42*	−0.09*	1.00*
(7)	0.10*	0.04	0.16*	0.76*	0.74*	−0.07*	1.00*
(8)	0.19*	0.15*	0.62*	0.61*	−0.07*	0.74*	−0.04	1.00*
(9)	0.12*	−0.00	0.39*	0.37*	0.26*	0.16*	0.25*	0.27*	1.00*
(10)	0.08*	0.08*	0.17*	0.12*	0.03	0.13*	0.05	0.14*	0.26*	1.00*
(11)	0.11*	0.16*	0.03	0.09*	0.02	0.10*	0.02	0.11*	−0.24*	−0.12*	1.00*
(12)	0.05	0.11*	0.02	0.08*	0.01	0.11*	0.01	0.10*	−0.20*	−0.12*	0.81*	1.00*
(13)	−0.02	−0.23*	−0.19*	−0.16*	−0.14*	−0.09*	−0.10*	−0.12*	−0.37*	−0.38*	0.05	0.01	1.00*
(14)	0.11*	0.08*	−0.09*	−0.11*	−0.11*	−0.03	−0.13*	−0.00	−0.33*	−0.10*	0.26*	0.15*	0.22*	1.00*
(15)	−0.07*	−0.04	−0.05	0.01	0.06	−0.08*	0.05	−0.05	0.10*	−0.01	−0.15*	−0.07*	−0.01	−0.22*	1.00*
(16)	−0.20*	−0.13*	−0.03	−0.00	0.04	−0.00	−0.01	0.01	0.03	−0.05	−0.08*	0.02	−0.05	−0.29*	0.16*	1.00*
(17)	−0.19*	0.20*	0.04	0.02	0.03	0.04	−0.03	0.07*	−0.00	0.04	0.12*	0.15*	−0.43*	−0.11*	−0.01	0.15*	1.00*
(18)	0.21*	0.00	0.49*	0.32*	0.14*	0.26*	0.14*	0.33*	0.61*	0.12*	0.00	−0.02	−0.21*	−0.15*	−0.09*	−0.03	−0.07*	1.00*
(19)	−0.04	0.07	−0.18*	−0.15*	−0.08*	−0.11*	−0.09*	−0.12*	−0.20*	−0.08*	0.04	0.04	0.11*	−0.01	0.10*	0.03	0.05	−0.31*	1.00*
(20)	−0.10*	−0.09*	−0.02	−0.18*	−0.21*	0.03	−0.23*	0.01	−0.09*	−0.07*	0.11*	0.09*	0.08*	0.02	−0.04	0.00	0.06	−0.02	−0.02	1.00*
(21)	0.11*	0.06	0.14*	0.20*	0.20*	−0.01	0.26*	−0.01	0.17*	−0.04	0.01	−0.00	−0.02	0.10*	−0.03	−0.03	0.01	0.18*	−0.17*	−0.05	1.00*
(22)	0.15*	0.09*	0.23*	0.25*	0.18*	0.09*	0.18*	0.17*	0.51*	0.03	−0.12*	−0.09*	−0.21*	−0.15*	0.07	0.01	0.03	0.42*	−0.10*	−0.11*	0.13*	1.00*
(23)	0.13*	0.00	0.21*	0.12*	0.12*	0.07*	0.08*	0.09*	0.43*	0.05	−0.22*	−0.18*	−0.15*	−0.11*	0.09*	−0.03	−0.09*	0.37*	0.04	−0.23*	0.04	0.38*	1.00*
(24)	0.03	0.00	0.12*	0.15*	0.17*	0.11*	0.14*	0.07*	0.20*	0.00	0.01	−0.01	−0.11*	−0.00	−0.05	−0.02	0.07*	0.21*	−0.33*	0.12*	0.17*	0.22*	−0.07	1.00*
(25)	0.03	−0.03	0.25*	0.19*	0.13*	0.14*	0.13*	0.15*	0.39*	0.07*	−0.05	−0.05	−0.13*	−0.10*	−0.03	0.02	0.06	0.38*	−0.33*	0.00	0.15*	0.40*	0.17*	0.42*	1.00*
Number	Variable
(1)	Abnormal returns
(2)	Raw returns
(3)	High IR
(4)	$log$(IR Score)
(5)	Public IR
(6)	Private IR
(7)	Public IR Score
(8)	Private IR Score
(9)	Size
(10)	ROE
(11)	Tobins’s Q
(12)	Market-to-Book
(13)	Historical Vola
(14)	Cash / Assets
(15)	Short-term Debt / Assets
(16)	Long-term Debt / Assets
(17)	Momentum
(18)	Analyst Following
(19)	Blockholder
(20)	Institutional Ownership
(21)	US Listing
(22)	High ES
(23)	Board Size
(24)	Board Independence
(25)	Board Governance Score