Changes

==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 

*===Rejecting for now...=== All of the capital structure measures. :*Sources include 'Thompson 13' (Tetlock 2010), 'Value Line Investment Survey' (Emery and Switzer 1999), 'Compact Disclosure' data base of 13f filings (Utama and Cready 1997), 'CDA/Investnet' (Aboody and Lev 2000), etc. *It appears that Thomson 13, which was formerly CDA/Spectrum is now available through WRDS.*Likewise, also under Thompson Reuters is the S12 data which details mutual fund holdings.*There is also BlockHolders data in WRDS that covers 1,913 firms for the period 1996-2001. This is clean data from the paper by Gompers et al. ===Microstructure Measures=== We are '''not''' using Microstructure measures and don't have any of them.plan to.But NYSE TAQ is available through WRDS to some subscribers (not me).

Data:*From drawn from I/B/E/S Detail Summary file pull:*Jan1978-Jan2012

*Analyst CodeID: CUSIP, Company Name, OFTIC, TICKER*Other: Forecast Period End Date, Number of Estimates, Mean Estimate , Median Estimate, Standard Deviation, High Est., Low Est., Actual Value, US Firm*Sort: Cusip, Forecast period End*Output: Tab delimited, None, YYMMDDn8 Get file:*Actual Valueb5191ac65df7b6c4.txt (197.3 MB, 2569173 observations 15 variables

Match back to COMPUSTAT to get NAICS.See: http://wrds-web.wharton.upenn.edu/wrds/support/Data/_010Linking%20Databases/_000Linking%20IBES%20and%20CRSP%20Data.cfm

*ID: Company Name, Ticker Symbol, CUSIP, Stock Exchange Code, Fiscal Year-End

*Bal: AT, CEQ, MKVAL, TEQ, INTAN, ATRE*Inc: REEBIT, EBITEBITDA, EPSPI, RDIP, SALE, XRD*Misc: CSHPRI, RDIPTEQ*Sup: PRCC_F, MKVAL

fe1b6bba6be3a4e1*0d1f67dfbaded51a.txt (4150.3 0 MB, 347184 observations 18 24 variables)

We can pass 2,500 requests 'elements' per IP address per day (24hrs) to this service, with a max of 100 elements per query and a max of 100 elements per 10 seconds. Note that URLs are restricted to 2048 characters, before URL encoding (particularly relevant if using multiple elements)and an element is an origin-destination pair. Returned data includes:*Road Distances (in meters/ft (?) in the value field, and km/miles/km in text)

The sensible thing is probably to fire one element per query all targets (up - as there is no gain to some limit, say 25, depending on the length of address strings) for a single acquirer in onedoing multiple elements. Useful code references include:*[http://search.cpan.org/~gaas/libwww-perl-6.04/lib/LWP.pm#The_User_Agent LWP]*[http://search.cpan.org/~makamaka/JSON-shot2.53/lib/JSON.pm#decode_json JSON]