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英语翻译
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.
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.
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