In the literature of IS, marketing, and finance, abnormal return is a common measure for the change in a firm’s market value (e.g., Dewan and Ren 2007, Luo et al. 2013, Chen et al. 2014, Homburg et al. 2014, Huang 2018). This change implies the anticipated decrease or increase in a firms’ future cash flow. Following prior studies, we compute the monthly abnormal returns as the difference between raw returns minus one-month T-bill rate (Huang 2018). Table 1 presents the summary statistics of the main variables.