COR is an abbreviation for coefficient of restitution. It measures the energy after the collision (in this case the ball and bat) vs. the energy prior to the collision. Energy is lost during the collision to sound waves, heat, ball and bat deformation etc. The bat that transfers this energy to the ball in a more efficient manner will have a higher COR, meaning less energy is wasted.
So to answer your question, higher COR is better - a "hotter", more efficient bat. There will never be a 1.0 or higher bat as that would increase the amount of energy in the system and contradict one of Newton's laws of Physics.
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