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This page provides a summary details from the [[Information Asymmetry in Acquisitions Lit Review]] and the begining of the build notes for these variables.
==New Measures== The prior usage of these measures (except for distance and patents) is in the table in the next section ([[#Table of Measure Usage|Table of Measure Usage]]). The build notes for each of these measures are included in the [[#Build Notes|Build Notes]] section below.  '''Deal-level IA Measures:'''*iagoogledist - The distance between the target and acquirer HQ as calculated by Google Maps*iagoogledur - The driving time between the target and acquirer HQ as calculated by Google Maps*iagoogledur20m - Binary variable: Whether the target is within 20mins drive of the acquirer (the 20minute rule)*iagoogledur60m - Binary variable: Whether the target is within 1hr drive of the acquirer *iagoogledur120m - Binary variable: Whether the target is within 2hr drive of the acquirer *samestate - Whether the target and the acquirer are headquartered in the same state  '''Target-level IA Measures:'''*patents - Binary Variable: Whether the target has patents*patentcount - The count of patents held by the target  '''Industry-Year IA Measures (Industry defined at 3dg NAIC, year is transaction year):'''*From Compustat (Accounting Measures):**iacstatmktba - The Market-to-Book Value of Assets ratio**iacstatmktbe - The Market-to-Book Value of Assets ratio**iacstatepratio - Earnings-to-Price Ratio**iacstattotalassets - Total Assets**iacstatmkval - Matket value (Shares Outstanding x Price)**iacstatdevstage - Binary variable for Development Stage: Sales < 0.5b**iacstatrandd - R&D expenditure**iacstattotalrandd - Total R&D expenditure (includes R&D in process)**iacstatranddsaleratio - Ration of R&D to Sales**iacstatintan - Intangible assets on balance sheet**iacstatintanratio - Ratio of intangible to tangible assets*From CRSP (Stock Market Measures):**iacrspvolratio - Ratio of shares traded to shares outstanding**iacrsprmse - Idiosyncratic volatility (Root mean squared error) of stock returns (see below)*FROM IBES (Analyst measures):**iaibesrange - Range of forecasts**iaibesnumest - Number of estimates made by analysts**iaibesforecasterror - Forecast error (see below)**iaibesforecastsd - Std. Deviation of forecase error (see below)  The following variables are also provided in '''log form''' (note the 'l' on the end):*iagoogledistl*iagoogledurl*iacstattotalassetsl**iacstatmkvall**iacstatranddl*iacstattotalranddl*iacstatintanl*patentcountl 
==Table of Measure Usage==
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