Question

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For merger type 1, the DR coef?cient is notsigni?cant but the regression coef?cient on the managerial OWN variable is positiveand signi?cant at the 5 and 10 percent level for model (1) and model (2), respectively. Similarly, formerger type 2, the DRhas an insigni?cant coef?cient butmanagerialOWNhas a regression coef?cient that is positive and signi?cant at 5 percent level for bothmodels. Hence, it seems that higher insider OWN induces acquiring ?rms to increaseadvertising intensity in pre-merger announcement period if the method of payment isstock.

Answer 1

合并1型，DR系数？大的是notsigni？只有回归系数？有效管理自己的变量是在积极的意义？在5和百分之10斜面模型（1）和模型（2），分别为。同样，formerger 2型的一个标志，drhas？斜面系数？大的butmanagerialownhas回归系数？大的，是积极的，显？在百分之5的水平bothmodels斜面。因此，它似乎更高的内部自身诱导获得？RMS increaseadvertising强度在合并前的公告期间如果付款isstock方法。