CEFD: the value-weighted average discount rate of closed-end mutual funds. 
TURN: natural log of monthly market trading volume divided by average market value, detrended by the five-month moving average. 
NIPO: the monthly number of initial public offerings. 
RIPO: the average market-adjusted first-day returns of initial public offerings. 
Eshare: the ratio of equity issues to total equity issues and bank borrowing. 
DSG: the growth rate of savings deposits controlling for the growth of money supply (M0). 
NACT: the natural log number of new investment accounts (in thousands).
IPG: the growth in industrial production 
CG: the consumption growth rate
sentiment: the sentiment index
EP: the market-level earnings-to-price ratio. 
RF: the risk-free rate, measured by the monthly interest rate on one-year fixed deposits. 
INFL: the monthly rate of inflation. 
ExRET: the excess return on the market portfolio of stocks. 
SMB (HML): the difference, each month, between average returns on the small-stock portfolio (the high-BE/ME portfolio) and average returns on the large-stock portfolio (the low-BE/ME portfolio).
cr_eq_f`i': the i-month future market return.
Opacity: the proxy for the opacity of financial reports. It is calculated as the three-year moving sum of the fractional ranking of the absolute value of discretionary accruals.
BIG4: a binary variable that is set equal to 1 if the auditor is one of the Big 4 firms 
OPIN: a binary variable that is set equal to 1 if the audit opinion is qualified, negative, or a disclaimer. 
Complexity of RPTs: the complexity index of related-party transactions. 
SOEs: equal to 1 if the firm's dominant owner is a government-related entity, 0 for privately controlled firms.
Local SOEs: equal to 1 if the firm is controlled by the local government. 
Central SOEs: equal to 1 if the firm is controlled by the central government. 
Stock Liquidity: the aggregate monthly volume of trade divided by the market value of equity over the past twelve months.


 