Changes

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.

*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)*iacstatmkvall*iacstatdevstage- Binary variable for Development Stage: Sales < 0.5b**iacstatrandd- R&D expenditure*iacstatranddl*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)*patents*patentcount