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Information Asymmetry Measures (view source)
Revision as of 18:21, 25 July 2013
, 18:21, 25 July 2013→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
*iacstatmktbaiagoogledur20m - Binary variable: Whether the target is within 20mins drive of the acquirer (the 20minute rule)*iacstatmktbeiagoogledur60m - Binary variable: Whether the target is within 1hr drive of the acquirer *iacstatepratioiagoogledur120m - Binary variable: Whether the target is within 2hr drive of the acquirer *iacstattotalassets*iacstatmkval*iacstatmkvall*iacstatdevstage*iacstatrandd*iacstatranddl*iacstattotalrandd*iacstatranddsaleratio*iacstatintan*iacstatintanratio*iacrspvolratio*iacrsprmse*iaibesrange*iaibesnumest*iaibesforecasterror*iaibesforecastsd*patents*patentcountsamestate - 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 available in log form:
*iagoogledistl
*iagoogledurl
*iacstattotalassetsl
**iacstatmkvall
**iacstatranddl
*iacstattotalranddl
*iacstatintanl
*patentcountl
==Table of Measure Usage==
