http://www.edegan.com/mediawiki/api.php?action=feedcontributions&user=WillC&feedformat=atomedegan.com - User contributions [en]2024-03-29T00:54:14ZUser contributionsMediaWiki 1.34.2http://www.edegan.com/mediawiki/index.php?title=Stock_and_Flows_of_Publicly_Traded_Companies_(Report)&diff=17989Stock and Flows of Publicly Traded Companies (Report)2017-04-21T20:13:34Z<p>WillC: /* To Do List */</p>
<hr />
<div>{{McNair Projects<br />
|Has title=Stock and Flows of Publicly Traded Companies (Report)<br />
|Has owner=Will Cleland<br />
|Has notes=<br />
|Is dependent on=<br />
|Depends upon it=<br />
|Has project status=Active<br />
}}<br />
== '''To Do List''' ==<br />
<br />
What are the returns of every stock in the data set over time? How do the returns of the merged/acquired stocks differ from others?<br />
<br />
AUM of PE over time alongside market cap of NYSE, NASDAQ, AMEX with a breakdown of operating companies and financial companies.<br />
<br />
Breakdown of why companies are delisting using SDC data<br />
<br />
Breakdown of where companies are going using SDC data (Financial acquirers vs. integration) PE as a subset of financial acquirers<br />
<br />
Do we want to look at another element by using VenturExpert to determine where are the startups going? IPO? Buyout? Failure?<br />
<br />
the story of a company bought and sold 7 times by PE co. for the report.<br />
<br />
Hypothesis:<br />
<br />
It is more efficient to have PE than public markets, but this comes with flaws, how does your average investor access the market, what does a PE bubble look like, does this stifle or improve innovation?<br />
<br />
== '''Done List''' ==<br />
<br />
Use permno as a key for CRSP<br />
<br />
Use every month to create delist codes <br />
<br />
redo graphs<br />
<br />
Pull Compustat data on Sales, TA, ... for merge with CRSP based on GVKEY<br />
<br />
Create Graph of trusts, REITs, and other investment vehicles over time<br />
<br />
IPOs per year<br />
<br />
Add stock ownership code to data<br />
<br />
Rework data so that it has groups for regional, ANN, and OTC<br />
<br />
Re-do the previous work in the listing gap- Thus, in a given year, we exclude: records that are not U.S. common stocks (Share Codes 10 and 11); stocks not listed on the AMEX, NASDAQ, or NYSE (Exchange Codes 1, 2, and 3); and, investment funds and trusts (SIC Codes 6722, 6726, 6798, and 6799) - graph with and without SIC codes<br />
<br />
Link to "The U.S. Listing Gap" PDF - http://www.nber.org/papers/w21181.pdf<br />
<br />
DROP the shares outstanding graph<br />
<br />
Foreign headquarters add to data<br />
<br />
== '''Notes''' ==<br />
<br />
IPO data from Compustat is poor. Not every company has an IPO date and there could be selection bias if compustat removes companies.<br />
<br />
The money flowing into PE continues to go up https://www.preqin.com/docs/reports/2016-Preqin-Global-Private-Equity-and-Venture-Capital-Report-Sample_Pages.pdf<br />
<br />
Delisting in the NASDAQ was terrible in 1998 a lot of small businesses went down. Validates CRSP data http://articles.latimes.com/1998/nov/02/business/fi-38584<br />
<br />
Delisting Codes here http://www.crsp.com/products/documentation/delisting-codes<br />
<br />
== '''Lit Review''' ==<br />
<br />
'''lit review from economist article-'''<br />
<br />
http://www.economist.com/news/briefing/21709007-private-equity-has-prospered-while-almost-every-other-approach-business-has-stumbled<br />
<br />
According to Preqin, a London-based research house, there were 24 private-equity firms in 1980. In 2015 there were 6,628, of which 620 were founded that year (see chart 2).<br />
<br />
In America, for which there are good data, the number of banks peaked in 1984; of mutual funds in 2001; companies in 2008; and hedge funds, probably, in 2015. Venture-capital companies are still multiplying; but they are effectively just private equity for fledglings.<br />
<br />
IS THE DECLINE IN COMPANIES PUBLIC AND PRIVATE OR ONLY PUBLIC?<br />
<br />
According to Bain, a management consultancy, in 2013 private-equity-backed companies accounted for 23% of America’s midsized companies and 11% of its large companies.<br />
<br />
Only half of the world’s private-equity firms, and 56% of their funds’ assets, are American. A quarter of private-equity assets are in Europe. There are funds in Barbados, Botswana, Namibia, Peru, Sierra Leone and Tunisia.<br />
<br />
Today rates can hardly go any lower, and should eventually rise. This is one of the reasons Mr Schulte and others see little growth to come.<br />
<br />
The political environment, too, may be changing. The industry benefits from two perverse aspects of the tax code—the incentive it provides for loading up companies with debt, and the reduced rate of tax the general partners benefit from owing to most of their personal income being taxed at the rate applied to capital gains. There are strong arguments for reform under both heads. In the second of the two cases a change looks quite likely.<br />
<br />
UNLIKELY WITH TRUMP<br />
<br />
There is also a broader political risk, identified in a paper published in January by professors at New York University and the Research Institute of Industrial Economics, a Swedish think-tank, called “Private Equity’s Unintended Dark Side: on the Economic Consequences of Excessive Delistings”. As companies shift from being owned by public shareholders to private-equity funds, direct individual exposure to corporate profits is lost. The public will become disengaged from the capital component of capitalism, and as a consequence will be ever less likely to support business-friendly government policies.<br />
<br />
IT’S BEEN DONE <br />
<br />
PRIVATE EQUITY ALSO GETS COMPETITION FROM ENDOWMENTS AND SOVEREIGN WEALTH FUNDS WHO WANT TO INVEST DIRECTLY<br />
<br />
The “internal rate of return” measure that private-equity companies tout can be fudged. This makes academic assessments of performance hard.<br />
<br />
This July, in an update of a previous study*, business-school professors at the Universities of Chicago, Oxford and Virginia found that, although in recent years buy-out funds had not done much better than stockmarket averages, those raised between 1984 and 2005 had outperformed the S&P 500, or its equivalent benchmarks in Europe, by three to four percentage points annually after fees. That is a lot. Ludovic Phalippou, also of Oxford, is more sceptical; he argues that when you control for the size and type of asset the funds invest in, their long-term results have never looked better than market-tracking indices. That said, getting the same size and type of assets by other means is not easy.<br />
<br />
The average return, disputed as it may be, does not tell the whole story. Studies find some evidence that private-equity managers who do well with one fund have been able to replicate their success (though again the effect seems to have decreased in the past decade). The biggest inducement to invest may simply be a lack of alternatives. Private equity’s current appeal rests not on whether it can repeat the absolute returns achieved in the past (which for the big firms were often said to be in excess of 20% annually) but on whether it has a plausible chance of doing better than today’s lacklustre alternatives. This is a particular issue for pension funds, which often need to earn 7% or 8% to meet their obligations.<br />
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.<br />
<br />
'''Bloomberg View'''<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
Also references a paper that was what I wanted to cover.<br />
<br />
According to figures published in The Economist, one in four mid-sized firms and one in ten large firms in the U.S. are under PE ownership as of 2016, with one PE firm (Carlyle) employing 725,000 people, second only to Walmart.6<br />
<br />
After rising from below 10% of taxpayers at the end of World War II to a high of 26.4% in 2000, stock market participation has fallen to 18.6% in 2014 (the latest year for which data are available).7<br />
<br />
Buyouts have, for example, been shown to lead to sizable improvements in accounting profits (Kaplan 1989), management 6 practices (Bloom, Sadun, and van Reenen 2015), productivity (Lichtenberg and Siegel 1990, Harris, Siegel, and Wright 2005, Davis et al. 2014), and innovation (Lichtenberg and Siegel 1990, Lerner, Sørensen, and Stromberg 2011).<br />
<br />
http://nvca.org/pressreleases/annual-venture-capital-investment-tops-48-billion-2014-reaching-highest-level-decade-according-moneytree-report/<br />
<br />
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/<br />
<br />
M&A Rate is the cause of it all but other interesting questions remain-<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt<br />
<br />
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016<br />
<br />
'''Exchange Codes'''<br />
http://finabase.blogspot.com/2014/09/interantional-stock-exchange-codes-for.html<br />
<br />
'''IPO Data'''<br />
https://site.warrington.ufl.edu/ritter/ipo-data/<br />
<br />
IPO historic underpricing<br />
https://site.warrington.ufl.edu/ritter/files/2016/02/Initial-Public-Offerings-Underpricing-2016-01-08.pdf<br />
<br />
IPO historic underwriting fee<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Underwriting-Statistics-Through-2015-2016-03-08.pdf<br />
7% Monopoly<br />
<br />
IPO historic returns<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Updated-Statistics-on-Long-run-Performance-2016-03-08.pdf<br />
<br />
IPO Rate<br />
http://www.renaissancecapital.com/ipohome/press/ipopricings.aspx<br />
<br />
Cool map of global market cap<br />
http://www.marketwatch.com/story/heres-the-map-of-the-world-if-size-was-determined-by-market-cap-2015-08-12</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Stock_and_Flows_of_Publicly_Traded_Companies_(Report)&diff=17988Stock and Flows of Publicly Traded Companies (Report)2017-04-21T19:46:30Z<p>WillC: /* Lit Review */</p>
<hr />
<div>{{McNair Projects<br />
|Has title=Stock and Flows of Publicly Traded Companies (Report)<br />
|Has owner=Will Cleland<br />
|Has notes=<br />
|Is dependent on=<br />
|Depends upon it=<br />
|Has project status=Active<br />
}}<br />
== '''To Do List''' ==<br />
<br />
What are the returns of every stock in the data set over time<br />
<br />
Why are companies delisting, PE? Costs? M&A? Bankruptcy? <br />
<br />
Use VenturExpert to answer where are the startups going? IPO? Buyout? Failure?<br />
<br />
Find data on PE AUM<br />
<br />
== '''Done List''' ==<br />
<br />
Use permno as a key for CRSP<br />
<br />
Use every month to create delist codes <br />
<br />
redo graphs<br />
<br />
Pull Compustat data on Sales, TA, ... for merge with CRSP based on GVKEY<br />
<br />
Create Graph of trusts, REITs, and other investment vehicles over time<br />
<br />
IPOs per year<br />
<br />
Add stock ownership code to data<br />
<br />
Rework data so that it has groups for regional, ANN, and OTC<br />
<br />
Re-do the previous work in the listing gap- Thus, in a given year, we exclude: records that are not U.S. common stocks (Share Codes 10 and 11); stocks not listed on the AMEX, NASDAQ, or NYSE (Exchange Codes 1, 2, and 3); and, investment funds and trusts (SIC Codes 6722, 6726, 6798, and 6799) - graph with and without SIC codes<br />
<br />
Link to "The U.S. Listing Gap" PDF - http://www.nber.org/papers/w21181.pdf<br />
<br />
DROP the shares outstanding graph<br />
<br />
Foreign headquarters add to data<br />
<br />
== '''Notes''' ==<br />
<br />
IPO data from Compustat is poor. Not every company has an IPO date and there could be selection bias if compustat removes companies.<br />
<br />
The money flowing into PE continues to go up https://www.preqin.com/docs/reports/2016-Preqin-Global-Private-Equity-and-Venture-Capital-Report-Sample_Pages.pdf<br />
<br />
Delisting in the NASDAQ was terrible in 1998 a lot of small businesses went down. Validates CRSP data http://articles.latimes.com/1998/nov/02/business/fi-38584<br />
<br />
Delisting Codes here http://www.crsp.com/products/documentation/delisting-codes<br />
<br />
== '''Lit Review''' ==<br />
<br />
'''lit review from economist article-'''<br />
<br />
http://www.economist.com/news/briefing/21709007-private-equity-has-prospered-while-almost-every-other-approach-business-has-stumbled<br />
<br />
According to Preqin, a London-based research house, there were 24 private-equity firms in 1980. In 2015 there were 6,628, of which 620 were founded that year (see chart 2).<br />
<br />
In America, for which there are good data, the number of banks peaked in 1984; of mutual funds in 2001; companies in 2008; and hedge funds, probably, in 2015. Venture-capital companies are still multiplying; but they are effectively just private equity for fledglings.<br />
<br />
IS THE DECLINE IN COMPANIES PUBLIC AND PRIVATE OR ONLY PUBLIC?<br />
<br />
According to Bain, a management consultancy, in 2013 private-equity-backed companies accounted for 23% of America’s midsized companies and 11% of its large companies.<br />
<br />
Only half of the world’s private-equity firms, and 56% of their funds’ assets, are American. A quarter of private-equity assets are in Europe. There are funds in Barbados, Botswana, Namibia, Peru, Sierra Leone and Tunisia.<br />
<br />
Today rates can hardly go any lower, and should eventually rise. This is one of the reasons Mr Schulte and others see little growth to come.<br />
<br />
The political environment, too, may be changing. The industry benefits from two perverse aspects of the tax code—the incentive it provides for loading up companies with debt, and the reduced rate of tax the general partners benefit from owing to most of their personal income being taxed at the rate applied to capital gains. There are strong arguments for reform under both heads. In the second of the two cases a change looks quite likely.<br />
<br />
UNLIKELY WITH TRUMP<br />
<br />
There is also a broader political risk, identified in a paper published in January by professors at New York University and the Research Institute of Industrial Economics, a Swedish think-tank, called “Private Equity’s Unintended Dark Side: on the Economic Consequences of Excessive Delistings”. As companies shift from being owned by public shareholders to private-equity funds, direct individual exposure to corporate profits is lost. The public will become disengaged from the capital component of capitalism, and as a consequence will be ever less likely to support business-friendly government policies.<br />
<br />
IT’S BEEN DONE <br />
<br />
PRIVATE EQUITY ALSO GETS COMPETITION FROM ENDOWMENTS AND SOVEREIGN WEALTH FUNDS WHO WANT TO INVEST DIRECTLY<br />
<br />
The “internal rate of return” measure that private-equity companies tout can be fudged. This makes academic assessments of performance hard.<br />
<br />
This July, in an update of a previous study*, business-school professors at the Universities of Chicago, Oxford and Virginia found that, although in recent years buy-out funds had not done much better than stockmarket averages, those raised between 1984 and 2005 had outperformed the S&P 500, or its equivalent benchmarks in Europe, by three to four percentage points annually after fees. That is a lot. Ludovic Phalippou, also of Oxford, is more sceptical; he argues that when you control for the size and type of asset the funds invest in, their long-term results have never looked better than market-tracking indices. That said, getting the same size and type of assets by other means is not easy.<br />
<br />
The average return, disputed as it may be, does not tell the whole story. Studies find some evidence that private-equity managers who do well with one fund have been able to replicate their success (though again the effect seems to have decreased in the past decade). The biggest inducement to invest may simply be a lack of alternatives. Private equity’s current appeal rests not on whether it can repeat the absolute returns achieved in the past (which for the big firms were often said to be in excess of 20% annually) but on whether it has a plausible chance of doing better than today’s lacklustre alternatives. This is a particular issue for pension funds, which often need to earn 7% or 8% to meet their obligations.<br />
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.<br />
<br />
'''Bloomberg View'''<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
Also references a paper that was what I wanted to cover.<br />
<br />
According to figures published in The Economist, one in four mid-sized firms and one in ten large firms in the U.S. are under PE ownership as of 2016, with one PE firm (Carlyle) employing 725,000 people, second only to Walmart.6<br />
<br />
After rising from below 10% of taxpayers at the end of World War II to a high of 26.4% in 2000, stock market participation has fallen to 18.6% in 2014 (the latest year for which data are available).7<br />
<br />
Buyouts have, for example, been shown to lead to sizable improvements in accounting profits (Kaplan 1989), management 6 practices (Bloom, Sadun, and van Reenen 2015), productivity (Lichtenberg and Siegel 1990, Harris, Siegel, and Wright 2005, Davis et al. 2014), and innovation (Lichtenberg and Siegel 1990, Lerner, Sørensen, and Stromberg 2011).<br />
<br />
http://nvca.org/pressreleases/annual-venture-capital-investment-tops-48-billion-2014-reaching-highest-level-decade-according-moneytree-report/<br />
<br />
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/<br />
<br />
M&A Rate is the cause of it all but other interesting questions remain-<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt<br />
<br />
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016<br />
<br />
'''Exchange Codes'''<br />
http://finabase.blogspot.com/2014/09/interantional-stock-exchange-codes-for.html<br />
<br />
'''IPO Data'''<br />
https://site.warrington.ufl.edu/ritter/ipo-data/<br />
<br />
IPO historic underpricing<br />
https://site.warrington.ufl.edu/ritter/files/2016/02/Initial-Public-Offerings-Underpricing-2016-01-08.pdf<br />
<br />
IPO historic underwriting fee<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Underwriting-Statistics-Through-2015-2016-03-08.pdf<br />
7% Monopoly<br />
<br />
IPO historic returns<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Updated-Statistics-on-Long-run-Performance-2016-03-08.pdf<br />
<br />
IPO Rate<br />
http://www.renaissancecapital.com/ipohome/press/ipopricings.aspx<br />
<br />
Cool map of global market cap<br />
http://www.marketwatch.com/story/heres-the-map-of-the-world-if-size-was-determined-by-market-cap-2015-08-12</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=17812Will Cleland (Work Log)2017-04-14T18:25:23Z<p>WillC: /* Second Semester */</p>
<hr />
<div><br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
=='''First Semester'''==<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
=='''Second Semester'''==<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'<br />
* 2/3/2017 - Created basic IPO birth rate graph, now will create others and pull SDC if time allows<br />
* 2/7/2017 - Met with Ed to get a better direction for paper<br />
* 2/14/2017 - Absent<br />
* 2/16/2017 - Absent<br />
* 2/17/2017 - Work towards goals established after meeting with Ed and pull more data<br />
* 2/21/2017 - Work towards goals established after meeting with Ed and pull more data Pt.2<br />
* 2/24/2017 - Data does not look like what other papers have so I will take a CRSP approach today<br />
* 2/28/2017 - I will contact Ed and get his view on the CRSP data I have compiled then see how to proceed<br />
* 3/2/2017 - Rework project page and work on new to do list starting at graph of financial companies<br />
* 3/3/2017 - Find delisting rates and add delisting code to my work to break out delistings, pull acquisition data from SDC, help others with SQL<br />
* 3/7/2017 - Track IPOs using CRSP, finish SDC pull from yesterday<br />
* 3/9/2017 - Find source of error in delisting codes from CRSP versus SQL method of finding delistings<br />
* 3/21/2017 - Determine source of error in delisting codes<br />
* 3/23/2017 - Redo bankruptcy codes and merge CRSP and Compustat data<br />
* 3/24/2017 - Merge CRSP + Compustat<br />
* 3/28/2017 - Meet with Ed to discuss the next steps, try to redo SDC pull, look at returns of stocks over time to compare to # of companies<br />
* 3/30/2017 - Redo SDC Pull<br />
* 4/4/2017 - CRSP work to fix some graphs<br />
* 4/6/2017 - Attempt SDC Pull -- spoiler it didn't work<br />
* 4/7/2017 - SDC Pull for real this time and data cleaning<br />
* 4/14/2017 - Work with SDC again<br />
[[Category:Work Log]]</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=17567Will Cleland (Work Log)2017-04-07T19:17:15Z<p>WillC: /* Second Semester */</p>
<hr />
<div><br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
=='''First Semester'''==<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
=='''Second Semester'''==<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'<br />
* 2/3/2017 - Created basic IPO birth rate graph, now will create others and pull SDC if time allows<br />
* 2/7/2017 - Met with Ed to get a better direction for paper<br />
* 2/14/2017 - Absent<br />
* 2/16/2017 - Absent<br />
* 2/17/2017 - Work towards goals established after meeting with Ed and pull more data<br />
* 2/21/2017 - Work towards goals established after meeting with Ed and pull more data Pt.2<br />
* 2/24/2017 - Data does not look like what other papers have so I will take a CRSP approach today<br />
* 2/28/2017 - I will contact Ed and get his view on the CRSP data I have compiled then see how to proceed<br />
* 3/2/2017 - Rework project page and work on new to do list starting at graph of financial companies<br />
* 3/3/2017 - Find delisting rates and add delisting code to my work to break out delistings, pull acquisition data from SDC, help others with SQL<br />
* 3/7/2017 - Track IPOs using CRSP, finish SDC pull from yesterday<br />
* 3/9/2017 - Find source of error in delisting codes from CRSP versus SQL method of finding delistings<br />
* 3/21/2017 - Determine source of error in delisting codes<br />
* 3/23/2017 - Redo bankruptcy codes and merge CRSP and Compustat data<br />
* 3/24/2017 - Merge CRSP + Compustat<br />
* 3/28/2017 - Meet with Ed to discuss the next steps, try to redo SDC pull, look at returns of stocks over time to compare to # of companies<br />
* 3/30/2017 - Redo SDC Pull<br />
* 4/4/2017 - CRSP work to fix some graphs<br />
* 4/6/2017 - Attempt SDC Pull -- spoiler it didn't work<br />
* 4/7/2017 - SDC Pull for real this time and data cleaning<br />
[[Category:Work Log]]</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=17315Will Cleland (Work Log)2017-04-04T15:03:00Z<p>WillC: /* Second Semester */</p>
<hr />
<div><br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
=='''First Semester'''==<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
=='''Second Semester'''==<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'<br />
* 2/3/2017 - Created basic IPO birth rate graph, now will create others and pull SDC if time allows<br />
* 2/7/2017 - Met with Ed to get a better direction for paper<br />
* 2/14/2017 - Absent<br />
* 2/16/2017 - Absent<br />
* 2/17/2017 - Work towards goals established after meeting with Ed and pull more data<br />
* 2/21/2017 - Work towards goals established after meeting with Ed and pull more data Pt.2<br />
* 2/24/2017 - Data does not look like what other papers have so I will take a CRSP approach today<br />
* 2/28/2017 - I will contact Ed and get his view on the CRSP data I have compiled then see how to proceed<br />
* 3/2/2017 - Rework project page and work on new to do list starting at graph of financial companies<br />
* 3/3/2017 - Find delisting rates and add delisting code to my work to break out delistings, pull acquisition data from SDC, help others with SQL<br />
* 3/7/2017 - Track IPOs using CRSP, finish SDC pull from yesterday<br />
* 3/9/2017 - Find source of error in delisting codes from CRSP versus SQL method of finding delistings<br />
* 3/21/2017 - Determine source of error in delisting codes<br />
* 3/23/2017 - Redo bankruptcy codes and merge CRSP and Compustat data<br />
* 3/24/2017 - Merge CRSP + Compustat<br />
* 3/28/2017 - Meet with Ed to discuss the next steps, try to redo SDC pull, look at returns of stocks over time to compare to # of companies<br />
* 3/30/2017 - Redo SDC Pull<br />
[[Category:Work Log]]</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Stock_and_Flows_of_Publicly_Traded_Companies_(Report)&diff=17116Stock and Flows of Publicly Traded Companies (Report)2017-03-28T14:44:33Z<p>WillC: </p>
<hr />
<div>{{McNair Projects<br />
|Has title=Stock and Flows of Publicly Traded Companies (Report)<br />
|Has owner=Will Cleland<br />
|Has notes=<br />
|Is dependent on=<br />
|Depends upon it=<br />
|Has project status=Active<br />
}}<br />
== '''To Do List''' ==<br />
<br />
What are the returns of every stock in the data set over time<br />
<br />
Why are companies delisting, PE? Costs? M&A? Bankruptcy? <br />
<br />
Use VenturExpert to answer where are the startups going? IPO? Buyout? Failure?<br />
<br />
Find data on PE AUM<br />
<br />
== '''Done List''' ==<br />
<br />
Use permno as a key for CRSP<br />
<br />
Use every month to create delist codes <br />
<br />
redo graphs<br />
<br />
Pull Compustat data on Sales, TA, ... for merge with CRSP based on GVKEY<br />
<br />
Create Graph of trusts, REITs, and other investment vehicles over time<br />
<br />
IPOs per year<br />
<br />
Add stock ownership code to data<br />
<br />
Rework data so that it has groups for regional, ANN, and OTC<br />
<br />
Re-do the previous work in the listing gap- Thus, in a given year, we exclude: records that are not U.S. common stocks (Share Codes 10 and 11); stocks not listed on the AMEX, NASDAQ, or NYSE (Exchange Codes 1, 2, and 3); and, investment funds and trusts (SIC Codes 6722, 6726, 6798, and 6799) - graph with and without SIC codes<br />
<br />
Link to "The U.S. Listing Gap" PDF - http://www.nber.org/papers/w21181.pdf<br />
<br />
DROP the shares outstanding graph<br />
<br />
Foreign headquarters add to data<br />
<br />
== '''Notes''' ==<br />
<br />
IPO data from Compustat is poor. Not every company has an IPO date and there could be selection bias if compustat removes companies.<br />
<br />
The money flowing into PE continues to go up https://www.preqin.com/docs/reports/2016-Preqin-Global-Private-Equity-and-Venture-Capital-Report-Sample_Pages.pdf<br />
<br />
Delisting in the NASDAQ was terrible in 1998 a lot of small businesses went down. Validates CRSP data http://articles.latimes.com/1998/nov/02/business/fi-38584<br />
<br />
Delisting Codes here http://www.crsp.com/products/documentation/delisting-codes<br />
<br />
== '''Lit Review''' ==<br />
<br />
'''lit review from economist article-'''<br />
<br />
http://www.economist.com/news/briefing/21709007-private-equity-has-prospered-while-almost-every-other-approach-business-has-stumbled<br />
<br />
According to Preqin, a London-based research house, there were 24 private-equity firms in 1980. In 2015 there were 6,628, of which 620 were founded that year (see chart 2).<br />
<br />
In America, for which there are good data, the number of banks peaked in 1984; of mutual funds in 2001; companies in 2008; and hedge funds, probably, in 2015. Venture-capital companies are still multiplying; but they are effectively just private equity for fledglings.<br />
<br />
IS THE DECLINE IN COMPANIES PUBLIC AND PRIVATE OR ONLY PUBLIC?<br />
<br />
According to Bain, a management consultancy, in 2013 private-equity-backed companies accounted for 23% of America’s midsized companies and 11% of its large companies.<br />
<br />
Only half of the world’s private-equity firms, and 56% of their funds’ assets, are American. A quarter of private-equity assets are in Europe. There are funds in Barbados, Botswana, Namibia, Peru, Sierra Leone and Tunisia.<br />
<br />
Today rates can hardly go any lower, and should eventually rise. This is one of the reasons Mr Schulte and others see little growth to come.<br />
<br />
The political environment, too, may be changing. The industry benefits from two perverse aspects of the tax code—the incentive it provides for loading up companies with debt, and the reduced rate of tax the general partners benefit from owing to most of their personal income being taxed at the rate applied to capital gains. There are strong arguments for reform under both heads. In the second of the two cases a change looks quite likely.<br />
<br />
UNLIKELY WITH TRUMP<br />
<br />
There is also a broader political risk, identified in a paper published in January by professors at New York University and the Research Institute of Industrial Economics, a Swedish think-tank, called “Private Equity’s Unintended Dark Side: on the Economic Consequences of Excessive Delistings”. As companies shift from being owned by public shareholders to private-equity funds, direct individual exposure to corporate profits is lost. The public will become disengaged from the capital component of capitalism, and as a consequence will be ever less likely to support business-friendly government policies.<br />
<br />
IT’S BEEN DONE <br />
<br />
PRIVATE EQUITY ALSO GETS COMPETITION FROM ENDOWMENTS AND SOVEREIGN WEALTH FUNDS WHO WANT TO INVEST DIRECTLY<br />
<br />
The “internal rate of return” measure that private-equity companies tout can be fudged. This makes academic assessments of performance hard.<br />
<br />
This July, in an update of a previous study*, business-school professors at the Universities of Chicago, Oxford and Virginia found that, although in recent years buy-out funds had not done much better than stockmarket averages, those raised between 1984 and 2005 had outperformed the S&P 500, or its equivalent benchmarks in Europe, by three to four percentage points annually after fees. That is a lot. Ludovic Phalippou, also of Oxford, is more sceptical; he argues that when you control for the size and type of asset the funds invest in, their long-term results have never looked better than market-tracking indices. That said, getting the same size and type of assets by other means is not easy.<br />
<br />
The average return, disputed as it may be, does not tell the whole story. Studies find some evidence that private-equity managers who do well with one fund have been able to replicate their success (though again the effect seems to have decreased in the past decade). The biggest inducement to invest may simply be a lack of alternatives. Private equity’s current appeal rests not on whether it can repeat the absolute returns achieved in the past (which for the big firms were often said to be in excess of 20% annually) but on whether it has a plausible chance of doing better than today’s lacklustre alternatives. This is a particular issue for pension funds, which often need to earn 7% or 8% to meet their obligations.<br />
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.<br />
<br />
'''Bloomberg View'''<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
Also references a paper that was what I wanted to cover.<br />
<br />
According to figures published in The Economist, one in four mid-sized firms and one in ten large firms in the U.S. are under PE ownership as of 2016, with one PE firm (Carlyle) employing 725,000 people, second only to Walmart.6<br />
<br />
After rising from below 10% of taxpayers at the end of World War II to a high of 26.4% in 2000, stock market participation has fallen to 18.6% in 2014 (the latest year for which data are available).7<br />
<br />
Buyouts have, for example, been shown to lead to sizable improvements in accounting profits (Kaplan 1989), management 6 practices (Bloom, Sadun, and van Reenen 2015), productivity (Lichtenberg and Siegel 1990, Harris, Siegel, and Wright 2005, Davis et al. 2014), and innovation (Lichtenberg and Siegel 1990, Lerner, Sørensen, and Stromberg 2011).<br />
<br />
http://nvca.org/pressreleases/annual-venture-capital-investment-tops-48-billion-2014-reaching-highest-level-decade-according-moneytree-report/<br />
<br />
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/<br />
<br />
M&A Rate is the cause of it all but other interesting questions remain-<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt<br />
<br />
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016<br />
<br />
'''Exchange Codes'''<br />
http://finabase.blogspot.com/2014/09/interantional-stock-exchange-codes-for.html<br />
<br />
'''IPO Data'''<br />
https://site.warrington.ufl.edu/ritter/ipo-data/<br />
<br />
IPO historic underpricing<br />
https://site.warrington.ufl.edu/ritter/files/2016/02/Initial-Public-Offerings-Underpricing-2016-01-08.pdf<br />
<br />
IPO historic underwriting fee<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Underwriting-Statistics-Through-2015-2016-03-08.pdf<br />
7% Monopoly<br />
<br />
IPO historic returns<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Updated-Statistics-on-Long-run-Performance-2016-03-08.pdf<br />
<br />
IPO Rate<br />
http://www.renaissancecapital.com/ipohome/press/ipopricings.aspx</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=17115Will Cleland (Work Log)2017-03-28T14:34:58Z<p>WillC: </p>
<hr />
<div><br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
=='''First Semester'''==<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
=='''Second Semester'''==<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'<br />
* 2/3/2017 - Created basic IPO birth rate graph, now will create others and pull SDC if time allows<br />
* 2/7/2017 - Met with Ed to get a better direction for paper<br />
* 2/14/2017 - Absent<br />
* 2/16/2017 - Absent<br />
* 2/17/2017 - Work towards goals established after meeting with Ed and pull more data<br />
* 2/21/2017 - Work towards goals established after meeting with Ed and pull more data Pt.2<br />
* 2/24/2017 - Data does not look like what other papers have so I will take a CRSP approach today<br />
* 2/28/2017 - I will contact Ed and get his view on the CRSP data I have compiled then see how to proceed<br />
* 3/2/2017 - Rework project page and work on new to do list starting at graph of financial companies<br />
* 3/3/2017 - Find delisting rates and add delisting code to my work to break out delistings, pull acquisition data from SDC, help others with SQL<br />
* 3/7/2017 - Track IPOs using CRSP, finish SDC pull from yesterday<br />
* 3/9/2017 - Find source of error in delisting codes from CRSP versus SQL method of finding delistings<br />
* 3/21/2017 - Determine source of error in delisting codes<br />
* 3/23/2017 - Redo bankruptcy codes and merge CRSP and Compustat data<br />
* 3/24/2017 - Merge CRSP + Compustat<br />
* 3/28/2017 - Try to redo SDC pull, look at returns of stocks over time to compare to # of companies<br />
* 3/30/2017 - <br />
[[Category:Work Log]]</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=16957Will Cleland (Work Log)2017-03-24T18:49:07Z<p>WillC: /* Second Semester */</p>
<hr />
<div><br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
=='''First Semester'''==<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
=='''Second Semester'''==<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'<br />
* 2/3/2017 - Created basic IPO birth rate graph, now will create others and pull SDC if time allows<br />
* 2/7/2017 - Met with Ed to get a better direction for paper<br />
* 2/14/2017 - Absent<br />
* 2/16/2017 - Absent<br />
* 2/17/2017 - Work towards goals established after meeting with Ed and pull more data<br />
* 2/21/2017 - Work towards goals established after meeting with Ed and pull more data Pt.2<br />
* 2/24/2017 - Data does not look like what other papers have so I will take a CRSP approach today<br />
* 2/28/2017 - I will contact Ed and get his view on the CRSP data I have compiled then see how to proceed<br />
* 3/2/2017 - Rework project page and work on new to do list starting at graph of financial companies<br />
* 3/3/2017 - Find delisting rates and add delisting code to my work to break out delistings, pull acquisition data from SDC, help others with SQL<br />
* 3/7/2017 - Track IPOs using CRSP, finish SDC pull from yesterday<br />
* 3/9/2017 - Find source of error in delisting codes from CRSP versus SQL method of finding delistings<br />
* 3/21/2017 - Determine source of error in delisting codes<br />
* 3/9/2017 - Redo bankruptcy codes and merge CRSP and Compustat data<br />
* 3/10/2017 - Merge CRSP + Compustat<br />
[[Category:Work Log]]</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=16855Will Cleland (Work Log)2017-03-23T14:28:38Z<p>WillC: /* Second Semester */</p>
<hr />
<div><br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
=='''First Semester'''==<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
=='''Second Semester'''==<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'<br />
* 2/3/2017 - Created basic IPO birth rate graph, now will create others and pull SDC if time allows<br />
* 2/7/2017 - Met with Ed to get a better direction for paper<br />
* 2/14/2017 - Absent<br />
* 2/16/2017 - Absent<br />
* 2/17/2017 - Work towards goals established after meeting with Ed and pull more data<br />
* 2/21/2017 - Work towards goals established after meeting with Ed and pull more data Pt.2<br />
* 2/24/2017 - Data does not look like what other papers have so I will take a CRSP approach today<br />
* 2/28/2017 - I will contact Ed and get his view on the CRSP data I have compiled then see how to proceed<br />
* 3/2/2017 - Rework project page and work on new to do list starting at graph of financial companies<br />
* 3/3/2017 - Find delisting rates and add delisting code to my work to break out delistings, pull acquisition data from SDC, help others with SQL<br />
* 3/7/2017 - Track IPOs using CRSP, finish SDC pull from yesterday<br />
* 3/9/2017 - Find source of error in delisting codes from CRSP versus SQL method of finding delistings<br />
* 3/21/2017 - Determine source of error in delisting codes<br />
* 3/9/2017 - Redo bankruptcy codes and merge CRSP and Compustat data<br />
* 3/10/2017 -<br />
[[Category:Work Log]]</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=16854Will Cleland (Work Log)2017-03-23T14:28:12Z<p>WillC: /* Second Semester */</p>
<hr />
<div><br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
=='''First Semester'''==<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
=='''Second Semester'''==<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'<br />
* 2/3/2017 - Created basic IPO birth rate graph, now will create others and pull SDC if time allows<br />
* 2/7/2017 - Met with Ed to get a better direction for paper<br />
* 2/14/2017 - Absent<br />
* 2/16/2017 - Absent<br />
* 2/17/2017 - Work towards goals established after meeting with Ed and pull more data<br />
* 2/21/2017 - Work towards goals established after meeting with Ed and pull more data Pt.2<br />
* 2/24/2017 - Data does not look like what other papers have so I will take a CRSP approach today<br />
* 2/28/2017 - I will contact Ed and get his view on the CRSP data I have compiled then see how to proceed<br />
* 3/2/2017 - Rework project page and work on new to do list starting at graph of financial companies<br />
* 3/3/2017 - Find delisting rates and add delisting code to my work to break out delistings, pull acquisition data from SDC, help others with SQL<br />
* 3/7/2017 - Track IPOs using CRSP, finish SDC pull from yesterday<br />
* 3/9/2017 - Find source of error in delisting codes from CRSP versus SQL method of finding delistings<br />
* 3/21/2017 - Determine source of error in delisting codes<br />
* 3/9/2017 - Merge CRSP and Compustat data<br />
* 3/10/2017 -<br />
[[Category:Work Log]]</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=16402Will Cleland (Work Log)2017-03-21T15:49:23Z<p>WillC: </p>
<hr />
<div><br />
[[Category:Work Log]]<br />
[[Category:Internal]]<br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
=='''First Semester'''==<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
=='''Second Semester'''==<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'<br />
* 2/3/2017 - Created basic IPO birth rate graph, now will create others and pull SDC if time allows<br />
* 2/7/2017 - Met with Ed to get a better direction for paper<br />
* 2/14/2017 - Absent<br />
* 2/16/2017 - Absent<br />
* 2/17/2017 - Work towards goals established after meeting with Ed and pull more data<br />
* 2/21/2017 - Work towards goals established after meeting with Ed and pull more data Pt.2<br />
* 2/24/2017 - Data does not look like what other papers have so I will take a CRSP approach today<br />
* 2/28/2017 - I will contact Ed and get his view on the CRSP data I have compiled then see how to proceed<br />
* 3/2/2017 - Rework project page and work on new to do list starting at graph of financial companies<br />
* 3/3/2017 - Find delisting rates and add delisting code to my work to break out delistings, pull acquisition data from SDC, help others with SQL<br />
* 3/7/2017 - Track IPOs using CRSP, finish SDC pull from yesterday<br />
* 3/9/2017 - Find source of error in delisting codes from CRSP versus SQL method of finding delistings<br />
* 3/21/2017 - Determine source of error in delisting codes<br />
* 3/9/2017 - <br />
* 3/10/2017 -</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Stock_and_Flows_of_Publicly_Traded_Companies_(Report)&diff=15991Stock and Flows of Publicly Traded Companies (Report)2017-03-09T17:55:25Z<p>WillC: </p>
<hr />
<div>{{McNair Projects<br />
|Has title=Stock and Flows of Publicly Traded Companies (Report)<br />
|Has owner=Will Cleland<br />
|Has notes=<br />
|Is dependent on=<br />
|Depends upon it=<br />
|Has project status=Active<br />
}}<br />
== '''To Do List''' ==<br />
<br />
Use permno as a key for CRSP<br />
<br />
Use every month to create delist codes <br />
<br />
redo graphs<br />
<br />
Pull Compustat data on Sales, TA, ... for merge with CRSP based on GVKEY<br />
<br />
Why are companies delisting, PE? Costs? M&A? Bankruptcy? <br />
<br />
Use VenturExpert to answer where are the startups going? IPO? Buyout? Failure?<br />
<br />
Find data on PE AUM<br />
<br />
== '''Done List''' ==<br />
<br />
Create Graph of trusts, REITs, and other investment vehicles over time<br />
<br />
IPOs per year<br />
<br />
Add stock ownership code to data<br />
<br />
Rework data so that it has groups for regional, ANN, and OTC<br />
<br />
Re-do the previous work in the listing gap- Thus, in a given year, we exclude: records that are not U.S. common stocks (Share Codes 10 and 11); stocks not listed on the AMEX, NASDAQ, or NYSE (Exchange Codes 1, 2, and 3); and, investment funds and trusts (SIC Codes 6722, 6726, 6798, and 6799) - graph with and without SIC codes<br />
<br />
Link to "The U.S. Listing Gap" PDF - http://www.nber.org/papers/w21181.pdf<br />
<br />
DROP the shares outstanding graph<br />
<br />
Foreign headquarters add to data<br />
<br />
== '''Notes''' ==<br />
<br />
IPO data from Compustat is poor. Not every company has an IPO date and there could be selection bias if compustat removes companies.<br />
<br />
The money flowing into PE continues to go up https://www.preqin.com/docs/reports/2016-Preqin-Global-Private-Equity-and-Venture-Capital-Report-Sample_Pages.pdf<br />
<br />
Delisting in the NASDAQ was terrible in 1998 a lot of small businesses went down. Validates CRSP data http://articles.latimes.com/1998/nov/02/business/fi-38584<br />
<br />
Delisting Codes here http://www.crsp.com/products/documentation/delisting-codes<br />
<br />
== '''Lit Review''' ==<br />
<br />
'''lit review from economist article-'''<br />
<br />
http://www.economist.com/news/briefing/21709007-private-equity-has-prospered-while-almost-every-other-approach-business-has-stumbled<br />
<br />
According to Preqin, a London-based research house, there were 24 private-equity firms in 1980. In 2015 there were 6,628, of which 620 were founded that year (see chart 2).<br />
<br />
In America, for which there are good data, the number of banks peaked in 1984; of mutual funds in 2001; companies in 2008; and hedge funds, probably, in 2015. Venture-capital companies are still multiplying; but they are effectively just private equity for fledglings.<br />
<br />
IS THE DECLINE IN COMPANIES PUBLIC AND PRIVATE OR ONLY PUBLIC?<br />
<br />
According to Bain, a management consultancy, in 2013 private-equity-backed companies accounted for 23% of America’s midsized companies and 11% of its large companies.<br />
<br />
Only half of the world’s private-equity firms, and 56% of their funds’ assets, are American. A quarter of private-equity assets are in Europe. There are funds in Barbados, Botswana, Namibia, Peru, Sierra Leone and Tunisia.<br />
<br />
Today rates can hardly go any lower, and should eventually rise. This is one of the reasons Mr Schulte and others see little growth to come.<br />
<br />
The political environment, too, may be changing. The industry benefits from two perverse aspects of the tax code—the incentive it provides for loading up companies with debt, and the reduced rate of tax the general partners benefit from owing to most of their personal income being taxed at the rate applied to capital gains. There are strong arguments for reform under both heads. In the second of the two cases a change looks quite likely.<br />
<br />
UNLIKELY WITH TRUMP<br />
<br />
There is also a broader political risk, identified in a paper published in January by professors at New York University and the Research Institute of Industrial Economics, a Swedish think-tank, called “Private Equity’s Unintended Dark Side: on the Economic Consequences of Excessive Delistings”. As companies shift from being owned by public shareholders to private-equity funds, direct individual exposure to corporate profits is lost. The public will become disengaged from the capital component of capitalism, and as a consequence will be ever less likely to support business-friendly government policies.<br />
<br />
IT’S BEEN DONE <br />
<br />
PRIVATE EQUITY ALSO GETS COMPETITION FROM ENDOWMENTS AND SOVEREIGN WEALTH FUNDS WHO WANT TO INVEST DIRECTLY<br />
<br />
The “internal rate of return” measure that private-equity companies tout can be fudged. This makes academic assessments of performance hard.<br />
<br />
This July, in an update of a previous study*, business-school professors at the Universities of Chicago, Oxford and Virginia found that, although in recent years buy-out funds had not done much better than stockmarket averages, those raised between 1984 and 2005 had outperformed the S&P 500, or its equivalent benchmarks in Europe, by three to four percentage points annually after fees. That is a lot. Ludovic Phalippou, also of Oxford, is more sceptical; he argues that when you control for the size and type of asset the funds invest in, their long-term results have never looked better than market-tracking indices. That said, getting the same size and type of assets by other means is not easy.<br />
<br />
The average return, disputed as it may be, does not tell the whole story. Studies find some evidence that private-equity managers who do well with one fund have been able to replicate their success (though again the effect seems to have decreased in the past decade). The biggest inducement to invest may simply be a lack of alternatives. Private equity’s current appeal rests not on whether it can repeat the absolute returns achieved in the past (which for the big firms were often said to be in excess of 20% annually) but on whether it has a plausible chance of doing better than today’s lacklustre alternatives. This is a particular issue for pension funds, which often need to earn 7% or 8% to meet their obligations.<br />
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.<br />
<br />
'''Bloomberg View'''<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
Also references a paper that was what I wanted to cover.<br />
<br />
According to figures published in The Economist, one in four mid-sized firms and one in ten large firms in the U.S. are under PE ownership as of 2016, with one PE firm (Carlyle) employing 725,000 people, second only to Walmart.6<br />
<br />
After rising from below 10% of taxpayers at the end of World War II to a high of 26.4% in 2000, stock market participation has fallen to 18.6% in 2014 (the latest year for which data are available).7<br />
<br />
Buyouts have, for example, been shown to lead to sizable improvements in accounting profits (Kaplan 1989), management 6 practices (Bloom, Sadun, and van Reenen 2015), productivity (Lichtenberg and Siegel 1990, Harris, Siegel, and Wright 2005, Davis et al. 2014), and innovation (Lichtenberg and Siegel 1990, Lerner, Sørensen, and Stromberg 2011).<br />
<br />
http://nvca.org/pressreleases/annual-venture-capital-investment-tops-48-billion-2014-reaching-highest-level-decade-according-moneytree-report/<br />
<br />
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/<br />
<br />
M&A Rate is the cause of it all but other interesting questions remain-<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt<br />
<br />
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016<br />
<br />
'''Exchange Codes'''<br />
http://finabase.blogspot.com/2014/09/interantional-stock-exchange-codes-for.html<br />
<br />
'''IPO Data'''<br />
https://site.warrington.ufl.edu/ritter/ipo-data/<br />
<br />
IPO historic underpricing<br />
https://site.warrington.ufl.edu/ritter/files/2016/02/Initial-Public-Offerings-Underpricing-2016-01-08.pdf<br />
<br />
IPO historic underwriting fee<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Underwriting-Statistics-Through-2015-2016-03-08.pdf<br />
7% Monopoly<br />
<br />
IPO historic returns<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Updated-Statistics-on-Long-run-Performance-2016-03-08.pdf<br />
<br />
IPO Rate<br />
http://www.renaissancecapital.com/ipohome/press/ipopricings.aspx</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=15981Will Cleland (Work Log)2017-03-09T16:04:18Z<p>WillC: /* Second Semester */</p>
<hr />
<div><br />
[[Category:Work Log]]<br />
[[Category:Internal]]<br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
=='''First Semester'''==<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
=='''Second Semester'''==<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'<br />
* 2/3/2017 - Created basic IPO birth rate graph, now will create others and pull SDC if time allows<br />
* 2/7/2017 - Met with Ed to get a better direction for paper<br />
* 2/14/2017 - Absent<br />
* 2/16/2017 - Absent<br />
* 2/17/2017 - Work towards goals established after meeting with Ed and pull more data<br />
* 2/21/2017 - Work towards goals established after meeting with Ed and pull more data Pt.2<br />
* 2/24/2017 - Data does not look like what other papers have so I will take a CRSP approach today<br />
* 2/28/2017 - I will contact Ed and get his view on the CRSP data I have compiled then see how to proceed<br />
* 3/2/2017 - Rework project page and work on new to do list starting at graph of financial companies<br />
* 3/3/2017 - Find delisting rates and add delisting code to my work to break out delistings, pull acquisition data from SDC, help others with SQL<br />
* 3/7/2017 - Track IPOs using CRSP, finish SDC pull from yesterday<br />
* 3/9/2017 - Find source of error in delisting codes from CRSP versus SQL method of finding delistings</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=15865Will Cleland (Work Log)2017-03-07T16:06:25Z<p>WillC: </p>
<hr />
<div><br />
[[Category:Work Log]]<br />
[[Category:Internal]]<br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
=='''First Semester'''==<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
=='''Second Semester'''==<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'<br />
* 2/3/2017 - Created basic IPO birth rate graph, now will create others and pull SDC if time allows<br />
* 2/7/2017 - Met with Ed to get a better direction for paper<br />
* 2/14/2017 - Absent<br />
* 2/16/2017 - Absent<br />
* 2/17/2017 - Work towards goals established after meeting with Ed and pull more data<br />
* 2/21/2017 - Work towards goals established after meeting with Ed and pull more data Pt.2<br />
* 2/24/2017 - Data does not look like what other papers have so I will take a CRSP approach today<br />
* 2/28/2017 - I will contact Ed and get his view on the CRSP data I have compiled then see how to proceed<br />
* 3/2/2017 - Rework project page and work on new to do list starting at graph of financial companies<br />
* 3/3/2017 - Find delisting rates and add delisting code to my work to break out delistings, pull acquisition data from SDC, help others with SQL<br />
* 3/7/2017 - Track IPOs using CRSP, finish SDC pull from yesterday<br />
* 3/9/2017 -</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=15749Will Cleland (Work Log)2017-03-03T22:13:55Z<p>WillC: </p>
<hr />
<div><br />
[[Category:Work Log]]<br />
[[Category:Internal]]<br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
=='''Second Semester'''==<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'<br />
* 2/3/2017 - Created basic IPO birth rate graph, now will create others and pull SDC if time allows<br />
* 2/7/2017 - Met with Ed to get a better direction for paper<br />
* 2/14/2017 - Absent<br />
* 2/16/2017 - Absent<br />
* 2/17/2017 - Work towards goals established after meeting with Ed and pull more data<br />
* 2/21/2017 - Work towards goals established after meeting with Ed and pull more data Pt.2<br />
* 2/24/2017 - Data does not look like what other papers have so I will take a CRSP approach today<br />
* 2/28/2017 - I will contact Ed and get his view on the CRSP data I have compiled then see how to proceed<br />
* 3/2/2017 - Rework project page and work on new to do list starting at graph of financial companies<br />
* 3/3/2017 - Find delisting rates and add delisting code to my work to break out delistings, pull acquisition data from SDC, help others with SQL</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Stock_and_Flows_of_Publicly_Traded_Companies_(Report)&diff=15747Stock and Flows of Publicly Traded Companies (Report)2017-03-03T22:12:24Z<p>WillC: /* Notes */</p>
<hr />
<div>{{McNair Projects<br />
|Has title=Stock and Flows of Publicly Traded Companies (Report)<br />
|Has owner=Will Cleland<br />
|Has notes=<br />
|Is dependent on=<br />
|Depends upon it=<br />
|Has project status=Active<br />
}}<br />
== '''To Do List''' ==<br />
<br />
Create Graph of trusts, REITs, and other investment vehicles over time<br />
<br />
IPOs per year<br />
<br />
Pull Compustat data on Sales, TA, ... for merge with CRSP based on GVKEY<br />
<br />
Why are companies delisting, PE? Costs? M&A? Bankruptcy? <br />
<br />
Use VenturExpert to answer where are the startups going? IPO? Buyout? Failure?<br />
<br />
Find data on PE AUM<br />
<br />
== '''Done List''' ==<br />
<br />
Add stock ownership code to data<br />
<br />
Rework data so that it has groups for regional, ANN, and OTC<br />
<br />
Re-do the previous work in the listing gap- Thus, in a given year, we exclude: records that are not U.S. common stocks (Share Codes 10 and 11); stocks not listed on the AMEX, NASDAQ, or NYSE (Exchange Codes 1, 2, and 3); and, investment funds and trusts (SIC Codes 6722, 6726, 6798, and 6799) - graph with and without SIC codes<br />
<br />
Link to "The U.S. Listing Gap" PDF - http://www.nber.org/papers/w21181.pdf<br />
<br />
DROP the shares outstanding graph<br />
<br />
Foreign headquarters add to data<br />
<br />
== '''Notes''' ==<br />
<br />
IPO data from Compustat is poor. Not every company has an IPO date and there could be selection bias if compustat removes companies.<br />
<br />
The money flowing into PE continues to go up https://www.preqin.com/docs/reports/2016-Preqin-Global-Private-Equity-and-Venture-Capital-Report-Sample_Pages.pdf<br />
<br />
Delisting in the NASDAQ was terrible in 1998 a lot of small businesses went down. Validates CRSP data http://articles.latimes.com/1998/nov/02/business/fi-38584<br />
<br />
Delisting Codes here http://www.crsp.com/products/documentation/delisting-codes<br />
<br />
== '''Lit Review''' ==<br />
<br />
'''lit review from economist article-'''<br />
<br />
http://www.economist.com/news/briefing/21709007-private-equity-has-prospered-while-almost-every-other-approach-business-has-stumbled<br />
<br />
According to Preqin, a London-based research house, there were 24 private-equity firms in 1980. In 2015 there were 6,628, of which 620 were founded that year (see chart 2).<br />
<br />
In America, for which there are good data, the number of banks peaked in 1984; of mutual funds in 2001; companies in 2008; and hedge funds, probably, in 2015. Venture-capital companies are still multiplying; but they are effectively just private equity for fledglings.<br />
<br />
IS THE DECLINE IN COMPANIES PUBLIC AND PRIVATE OR ONLY PUBLIC?<br />
<br />
According to Bain, a management consultancy, in 2013 private-equity-backed companies accounted for 23% of America’s midsized companies and 11% of its large companies.<br />
<br />
Only half of the world’s private-equity firms, and 56% of their funds’ assets, are American. A quarter of private-equity assets are in Europe. There are funds in Barbados, Botswana, Namibia, Peru, Sierra Leone and Tunisia.<br />
<br />
Today rates can hardly go any lower, and should eventually rise. This is one of the reasons Mr Schulte and others see little growth to come.<br />
<br />
The political environment, too, may be changing. The industry benefits from two perverse aspects of the tax code—the incentive it provides for loading up companies with debt, and the reduced rate of tax the general partners benefit from owing to most of their personal income being taxed at the rate applied to capital gains. There are strong arguments for reform under both heads. In the second of the two cases a change looks quite likely.<br />
<br />
UNLIKELY WITH TRUMP<br />
<br />
There is also a broader political risk, identified in a paper published in January by professors at New York University and the Research Institute of Industrial Economics, a Swedish think-tank, called “Private Equity’s Unintended Dark Side: on the Economic Consequences of Excessive Delistings”. As companies shift from being owned by public shareholders to private-equity funds, direct individual exposure to corporate profits is lost. The public will become disengaged from the capital component of capitalism, and as a consequence will be ever less likely to support business-friendly government policies.<br />
<br />
IT’S BEEN DONE <br />
<br />
PRIVATE EQUITY ALSO GETS COMPETITION FROM ENDOWMENTS AND SOVEREIGN WEALTH FUNDS WHO WANT TO INVEST DIRECTLY<br />
<br />
The “internal rate of return” measure that private-equity companies tout can be fudged. This makes academic assessments of performance hard.<br />
<br />
This July, in an update of a previous study*, business-school professors at the Universities of Chicago, Oxford and Virginia found that, although in recent years buy-out funds had not done much better than stockmarket averages, those raised between 1984 and 2005 had outperformed the S&P 500, or its equivalent benchmarks in Europe, by three to four percentage points annually after fees. That is a lot. Ludovic Phalippou, also of Oxford, is more sceptical; he argues that when you control for the size and type of asset the funds invest in, their long-term results have never looked better than market-tracking indices. That said, getting the same size and type of assets by other means is not easy.<br />
<br />
The average return, disputed as it may be, does not tell the whole story. Studies find some evidence that private-equity managers who do well with one fund have been able to replicate their success (though again the effect seems to have decreased in the past decade). The biggest inducement to invest may simply be a lack of alternatives. Private equity’s current appeal rests not on whether it can repeat the absolute returns achieved in the past (which for the big firms were often said to be in excess of 20% annually) but on whether it has a plausible chance of doing better than today’s lacklustre alternatives. This is a particular issue for pension funds, which often need to earn 7% or 8% to meet their obligations.<br />
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.<br />
<br />
'''Bloomberg View'''<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
Also references a paper that was what I wanted to cover.<br />
<br />
According to figures published in The Economist, one in four mid-sized firms and one in ten large firms in the U.S. are under PE ownership as of 2016, with one PE firm (Carlyle) employing 725,000 people, second only to Walmart.6<br />
<br />
After rising from below 10% of taxpayers at the end of World War II to a high of 26.4% in 2000, stock market participation has fallen to 18.6% in 2014 (the latest year for which data are available).7<br />
<br />
Buyouts have, for example, been shown to lead to sizable improvements in accounting profits (Kaplan 1989), management 6 practices (Bloom, Sadun, and van Reenen 2015), productivity (Lichtenberg and Siegel 1990, Harris, Siegel, and Wright 2005, Davis et al. 2014), and innovation (Lichtenberg and Siegel 1990, Lerner, Sørensen, and Stromberg 2011).<br />
<br />
http://nvca.org/pressreleases/annual-venture-capital-investment-tops-48-billion-2014-reaching-highest-level-decade-according-moneytree-report/<br />
<br />
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/<br />
<br />
M&A Rate is the cause of it all but other interesting questions remain-<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt<br />
<br />
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016<br />
<br />
'''Exchange Codes'''<br />
http://finabase.blogspot.com/2014/09/interantional-stock-exchange-codes-for.html<br />
<br />
'''IPO Data'''<br />
https://site.warrington.ufl.edu/ritter/ipo-data/<br />
<br />
IPO historic underpricing<br />
https://site.warrington.ufl.edu/ritter/files/2016/02/Initial-Public-Offerings-Underpricing-2016-01-08.pdf<br />
<br />
IPO historic underwriting fee<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Underwriting-Statistics-Through-2015-2016-03-08.pdf<br />
7% Monopoly<br />
<br />
IPO historic returns<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Updated-Statistics-on-Long-run-Performance-2016-03-08.pdf<br />
<br />
IPO Rate<br />
http://www.renaissancecapital.com/ipohome/press/ipopricings.aspx</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Stock_and_Flows_of_Publicly_Traded_Companies_(Report)&diff=15685Stock and Flows of Publicly Traded Companies (Report)2017-03-03T20:23:07Z<p>WillC: /* Notes */</p>
<hr />
<div>{{McNair Projects<br />
|Has title=Stock and Flows of Publicly Traded Companies (Report)<br />
|Has owner=Will Cleland<br />
|Has notes=<br />
|Is dependent on=<br />
|Depends upon it=<br />
|Has project status=Active<br />
}}<br />
== '''To Do List''' ==<br />
<br />
Create Graph of trusts, REITs, and other investment vehicles over time<br />
<br />
IPOs per year<br />
<br />
Pull Compustat data on Sales, TA, ... for merge with CRSP based on GVKEY<br />
<br />
Why are companies delisting, PE? Costs? M&A? Bankruptcy? <br />
<br />
Use VenturExpert to answer where are the startups going? IPO? Buyout? Failure?<br />
<br />
Find data on PE AUM<br />
<br />
== '''Done List''' ==<br />
<br />
Add stock ownership code to data<br />
<br />
Rework data so that it has groups for regional, ANN, and OTC<br />
<br />
Re-do the previous work in the listing gap- Thus, in a given year, we exclude: records that are not U.S. common stocks (Share Codes 10 and 11); stocks not listed on the AMEX, NASDAQ, or NYSE (Exchange Codes 1, 2, and 3); and, investment funds and trusts (SIC Codes 6722, 6726, 6798, and 6799) - graph with and without SIC codes<br />
<br />
Link to "The U.S. Listing Gap" PDF - http://www.nber.org/papers/w21181.pdf<br />
<br />
DROP the shares outstanding graph<br />
<br />
Foreign headquarters add to data<br />
<br />
== '''Notes''' ==<br />
<br />
IPO data from Compustat is poor. Not every company has an IPO date and there could be selection bias if compustat removes companies.<br />
<br />
The money flowing into PE continues to go up https://www.preqin.com/docs/reports/2016-Preqin-Global-Private-Equity-and-Venture-Capital-Report-Sample_Pages.pdf<br />
<br />
Delisting in the NASDAQ was terrible in 1998 a lot of small businesses went down. Validates CRSP data http://articles.latimes.com/1998/nov/02/business/fi-38584<br />
<br />
== '''Lit Review''' ==<br />
<br />
'''lit review from economist article-'''<br />
<br />
http://www.economist.com/news/briefing/21709007-private-equity-has-prospered-while-almost-every-other-approach-business-has-stumbled<br />
<br />
According to Preqin, a London-based research house, there were 24 private-equity firms in 1980. In 2015 there were 6,628, of which 620 were founded that year (see chart 2).<br />
<br />
In America, for which there are good data, the number of banks peaked in 1984; of mutual funds in 2001; companies in 2008; and hedge funds, probably, in 2015. Venture-capital companies are still multiplying; but they are effectively just private equity for fledglings.<br />
<br />
IS THE DECLINE IN COMPANIES PUBLIC AND PRIVATE OR ONLY PUBLIC?<br />
<br />
According to Bain, a management consultancy, in 2013 private-equity-backed companies accounted for 23% of America’s midsized companies and 11% of its large companies.<br />
<br />
Only half of the world’s private-equity firms, and 56% of their funds’ assets, are American. A quarter of private-equity assets are in Europe. There are funds in Barbados, Botswana, Namibia, Peru, Sierra Leone and Tunisia.<br />
<br />
Today rates can hardly go any lower, and should eventually rise. This is one of the reasons Mr Schulte and others see little growth to come.<br />
<br />
The political environment, too, may be changing. The industry benefits from two perverse aspects of the tax code—the incentive it provides for loading up companies with debt, and the reduced rate of tax the general partners benefit from owing to most of their personal income being taxed at the rate applied to capital gains. There are strong arguments for reform under both heads. In the second of the two cases a change looks quite likely.<br />
<br />
UNLIKELY WITH TRUMP<br />
<br />
There is also a broader political risk, identified in a paper published in January by professors at New York University and the Research Institute of Industrial Economics, a Swedish think-tank, called “Private Equity’s Unintended Dark Side: on the Economic Consequences of Excessive Delistings”. As companies shift from being owned by public shareholders to private-equity funds, direct individual exposure to corporate profits is lost. The public will become disengaged from the capital component of capitalism, and as a consequence will be ever less likely to support business-friendly government policies.<br />
<br />
IT’S BEEN DONE <br />
<br />
PRIVATE EQUITY ALSO GETS COMPETITION FROM ENDOWMENTS AND SOVEREIGN WEALTH FUNDS WHO WANT TO INVEST DIRECTLY<br />
<br />
The “internal rate of return” measure that private-equity companies tout can be fudged. This makes academic assessments of performance hard.<br />
<br />
This July, in an update of a previous study*, business-school professors at the Universities of Chicago, Oxford and Virginia found that, although in recent years buy-out funds had not done much better than stockmarket averages, those raised between 1984 and 2005 had outperformed the S&P 500, or its equivalent benchmarks in Europe, by three to four percentage points annually after fees. That is a lot. Ludovic Phalippou, also of Oxford, is more sceptical; he argues that when you control for the size and type of asset the funds invest in, their long-term results have never looked better than market-tracking indices. That said, getting the same size and type of assets by other means is not easy.<br />
<br />
The average return, disputed as it may be, does not tell the whole story. Studies find some evidence that private-equity managers who do well with one fund have been able to replicate their success (though again the effect seems to have decreased in the past decade). The biggest inducement to invest may simply be a lack of alternatives. Private equity’s current appeal rests not on whether it can repeat the absolute returns achieved in the past (which for the big firms were often said to be in excess of 20% annually) but on whether it has a plausible chance of doing better than today’s lacklustre alternatives. This is a particular issue for pension funds, which often need to earn 7% or 8% to meet their obligations.<br />
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.<br />
<br />
'''Bloomberg View'''<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
Also references a paper that was what I wanted to cover.<br />
<br />
According to figures published in The Economist, one in four mid-sized firms and one in ten large firms in the U.S. are under PE ownership as of 2016, with one PE firm (Carlyle) employing 725,000 people, second only to Walmart.6<br />
<br />
After rising from below 10% of taxpayers at the end of World War II to a high of 26.4% in 2000, stock market participation has fallen to 18.6% in 2014 (the latest year for which data are available).7<br />
<br />
Buyouts have, for example, been shown to lead to sizable improvements in accounting profits (Kaplan 1989), management 6 practices (Bloom, Sadun, and van Reenen 2015), productivity (Lichtenberg and Siegel 1990, Harris, Siegel, and Wright 2005, Davis et al. 2014), and innovation (Lichtenberg and Siegel 1990, Lerner, Sørensen, and Stromberg 2011).<br />
<br />
http://nvca.org/pressreleases/annual-venture-capital-investment-tops-48-billion-2014-reaching-highest-level-decade-according-moneytree-report/<br />
<br />
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/<br />
<br />
M&A Rate is the cause of it all but other interesting questions remain-<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt<br />
<br />
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016<br />
<br />
'''Exchange Codes'''<br />
http://finabase.blogspot.com/2014/09/interantional-stock-exchange-codes-for.html<br />
<br />
'''IPO Data'''<br />
https://site.warrington.ufl.edu/ritter/ipo-data/<br />
<br />
IPO historic underpricing<br />
https://site.warrington.ufl.edu/ritter/files/2016/02/Initial-Public-Offerings-Underpricing-2016-01-08.pdf<br />
<br />
IPO historic underwriting fee<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Underwriting-Statistics-Through-2015-2016-03-08.pdf<br />
7% Monopoly<br />
<br />
IPO historic returns<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Updated-Statistics-on-Long-run-Performance-2016-03-08.pdf<br />
<br />
IPO Rate<br />
http://www.renaissancecapital.com/ipohome/press/ipopricings.aspx</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Stock_and_Flows_of_Publicly_Traded_Companies_(Report)&diff=14972Stock and Flows of Publicly Traded Companies (Report)2017-03-02T17:41:59Z<p>WillC: </p>
<hr />
<div>{{McNair Projects<br />
|Has title=Stock and Flows of Publicly Traded Companies (Report)<br />
|Has owner=Will Cleland<br />
|Has project status=Active<br />
|Has notes=<br />
|Has project status=<br />
|Is dependent on=<br />
|Depends upon it=<br />
}}<br />
== '''To Do List''' ==<br />
<br />
Create Graph of trusts, REITs, and other investment vehicles over time<br />
<br />
IPOs per year<br />
<br />
Pull Compustat data on Sales, TA, ... for merge with CRSP based on GVKEY<br />
<br />
Why are companies delisting, PE? Costs? M&A? Bankruptcy? <br />
<br />
Use VenturExpert to answer where are the startups going? IPO? Buyout? Failure?<br />
<br />
Find data on PE AUM<br />
<br />
== '''Done List''' ==<br />
<br />
Add stock ownership code to data<br />
<br />
Rework data so that it has groups for regional, ANN, and OTC<br />
<br />
Re-do the previous work in the listing gap- Thus, in a given year, we exclude: records that are not U.S. common stocks (Share Codes 10 and 11); stocks not listed on the AMEX, NASDAQ, or NYSE (Exchange Codes 1, 2, and 3); and, investment funds and trusts (SIC Codes 6722, 6726, 6798, and 6799) - graph with and without SIC codes<br />
<br />
Link to "The U.S. Listing Gap" PDF - http://www.nber.org/papers/w21181.pdf<br />
<br />
DROP the shares outstanding graph<br />
<br />
Foreign headquarters add to data<br />
<br />
== '''Notes''' ==<br />
<br />
IPO data from Compustat is poor. Not every company has an IPO date and there could be selection bias if compustat removes companies.<br />
<br />
The money flowing into PE continues to go up https://www.preqin.com/docs/reports/2016-Preqin-Global-Private-Equity-and-Venture-Capital-Report-Sample_Pages.pdf<br />
<br />
== '''Lit Review''' ==<br />
<br />
'''lit review from economist article-'''<br />
<br />
http://www.economist.com/news/briefing/21709007-private-equity-has-prospered-while-almost-every-other-approach-business-has-stumbled<br />
<br />
According to Preqin, a London-based research house, there were 24 private-equity firms in 1980. In 2015 there were 6,628, of which 620 were founded that year (see chart 2).<br />
<br />
In America, for which there are good data, the number of banks peaked in 1984; of mutual funds in 2001; companies in 2008; and hedge funds, probably, in 2015. Venture-capital companies are still multiplying; but they are effectively just private equity for fledglings.<br />
<br />
IS THE DECLINE IN COMPANIES PUBLIC AND PRIVATE OR ONLY PUBLIC?<br />
<br />
According to Bain, a management consultancy, in 2013 private-equity-backed companies accounted for 23% of America’s midsized companies and 11% of its large companies.<br />
<br />
Only half of the world’s private-equity firms, and 56% of their funds’ assets, are American. A quarter of private-equity assets are in Europe. There are funds in Barbados, Botswana, Namibia, Peru, Sierra Leone and Tunisia.<br />
<br />
Today rates can hardly go any lower, and should eventually rise. This is one of the reasons Mr Schulte and others see little growth to come.<br />
<br />
The political environment, too, may be changing. The industry benefits from two perverse aspects of the tax code—the incentive it provides for loading up companies with debt, and the reduced rate of tax the general partners benefit from owing to most of their personal income being taxed at the rate applied to capital gains. There are strong arguments for reform under both heads. In the second of the two cases a change looks quite likely.<br />
<br />
UNLIKELY WITH TRUMP<br />
<br />
There is also a broader political risk, identified in a paper published in January by professors at New York University and the Research Institute of Industrial Economics, a Swedish think-tank, called “Private Equity’s Unintended Dark Side: on the Economic Consequences of Excessive Delistings”. As companies shift from being owned by public shareholders to private-equity funds, direct individual exposure to corporate profits is lost. The public will become disengaged from the capital component of capitalism, and as a consequence will be ever less likely to support business-friendly government policies.<br />
<br />
IT’S BEEN DONE <br />
<br />
PRIVATE EQUITY ALSO GETS COMPETITION FROM ENDOWMENTS AND SOVEREIGN WEALTH FUNDS WHO WANT TO INVEST DIRECTLY<br />
<br />
The “internal rate of return” measure that private-equity companies tout can be fudged. This makes academic assessments of performance hard.<br />
<br />
This July, in an update of a previous study*, business-school professors at the Universities of Chicago, Oxford and Virginia found that, although in recent years buy-out funds had not done much better than stockmarket averages, those raised between 1984 and 2005 had outperformed the S&P 500, or its equivalent benchmarks in Europe, by three to four percentage points annually after fees. That is a lot. Ludovic Phalippou, also of Oxford, is more sceptical; he argues that when you control for the size and type of asset the funds invest in, their long-term results have never looked better than market-tracking indices. That said, getting the same size and type of assets by other means is not easy.<br />
<br />
The average return, disputed as it may be, does not tell the whole story. Studies find some evidence that private-equity managers who do well with one fund have been able to replicate their success (though again the effect seems to have decreased in the past decade). The biggest inducement to invest may simply be a lack of alternatives. Private equity’s current appeal rests not on whether it can repeat the absolute returns achieved in the past (which for the big firms were often said to be in excess of 20% annually) but on whether it has a plausible chance of doing better than today’s lacklustre alternatives. This is a particular issue for pension funds, which often need to earn 7% or 8% to meet their obligations.<br />
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.<br />
<br />
'''Bloomberg View'''<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
Also references a paper that was what I wanted to cover.<br />
<br />
According to figures published in The Economist, one in four mid-sized firms and one in ten large firms in the U.S. are under PE ownership as of 2016, with one PE firm (Carlyle) employing 725,000 people, second only to Walmart.6<br />
<br />
After rising from below 10% of taxpayers at the end of World War II to a high of 26.4% in 2000, stock market participation has fallen to 18.6% in 2014 (the latest year for which data are available).7<br />
<br />
Buyouts have, for example, been shown to lead to sizable improvements in accounting profits (Kaplan 1989), management 6 practices (Bloom, Sadun, and van Reenen 2015), productivity (Lichtenberg and Siegel 1990, Harris, Siegel, and Wright 2005, Davis et al. 2014), and innovation (Lichtenberg and Siegel 1990, Lerner, Sørensen, and Stromberg 2011).<br />
<br />
http://nvca.org/pressreleases/annual-venture-capital-investment-tops-48-billion-2014-reaching-highest-level-decade-according-moneytree-report/<br />
<br />
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/<br />
<br />
M&A Rate is the cause of it all but other interesting questions remain-<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt<br />
<br />
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016<br />
<br />
'''Exchange Codes'''<br />
http://finabase.blogspot.com/2014/09/interantional-stock-exchange-codes-for.html<br />
<br />
'''IPO Data'''<br />
https://site.warrington.ufl.edu/ritter/ipo-data/<br />
<br />
IPO historic underpricing<br />
https://site.warrington.ufl.edu/ritter/files/2016/02/Initial-Public-Offerings-Underpricing-2016-01-08.pdf<br />
<br />
IPO historic underwriting fee<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Underwriting-Statistics-Through-2015-2016-03-08.pdf<br />
7% Monopoly<br />
<br />
IPO historic returns<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Updated-Statistics-on-Long-run-Performance-2016-03-08.pdf<br />
<br />
IPO Rate<br />
http://www.renaissancecapital.com/ipohome/press/ipopricings.aspx</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Stock_and_Flows_of_Publicly_Traded_Companies_(Report)&diff=14968Stock and Flows of Publicly Traded Companies (Report)2017-03-02T17:11:42Z<p>WillC: </p>
<hr />
<div>{{McNair Projects<br />
|Has title=Stock and Flows of Publicly Traded Companies (Report)<br />
|Has owner=Will Cleland<br />
|Has project status=Active<br />
|Has notes=<br />
|Has project status=<br />
|Is dependent on=<br />
|Depends upon it=<br />
}}<br />
== '''To Do List''' ==<br />
<br />
Create Graph of trusts, REITs, and other investment vehicles over time<br />
<br />
IPOs per year<br />
<br />
Pull Compustat data on Sales, TA, ... for merge with CRSP based on GVKEY<br />
<br />
Why are companies delisting, PE? Costs? M&A? Bankruptcy? <br />
<br />
Use VenturExpert to answer where are the startups going? IPO? Buyout? Failure?<br />
<br />
Find data on PE AUM<br />
<br />
== '''Done List''' ==<br />
<br />
Add stock ownership code to data<br />
<br />
Rework data so that it has groups for regional, ANN, and OTC<br />
<br />
Re-do the previous work in the listing gap- Thus, in a given year, we exclude: records that are not U.S. common stocks (Share Codes 10 and 11); stocks not listed on the AMEX, NASDAQ, or NYSE (Exchange Codes 1, 2, and 3); and, investment funds and trusts (SIC Codes 6722, 6726, 6798, and 6799) - graph with and without SIC codes<br />
<br />
Link to "The U.S. Listing Gap" PDF - http://www.nber.org/papers/w21181.pdf<br />
<br />
DROP the shares outstanding graph<br />
<br />
Foreign headquarters add to data<br />
<br />
== '''Notes''' ==<br />
<br />
IPO data from Compustat is poor. Not every company has an IPO date and there could be selection bias if compustat removes companies.<br />
<br />
== '''Lit Review''' ==<br />
<br />
'''lit review from economist article-'''<br />
<br />
http://www.economist.com/news/briefing/21709007-private-equity-has-prospered-while-almost-every-other-approach-business-has-stumbled<br />
<br />
According to Preqin, a London-based research house, there were 24 private-equity firms in 1980. In 2015 there were 6,628, of which 620 were founded that year (see chart 2).<br />
<br />
In America, for which there are good data, the number of banks peaked in 1984; of mutual funds in 2001; companies in 2008; and hedge funds, probably, in 2015. Venture-capital companies are still multiplying; but they are effectively just private equity for fledglings.<br />
<br />
IS THE DECLINE IN COMPANIES PUBLIC AND PRIVATE OR ONLY PUBLIC?<br />
<br />
According to Bain, a management consultancy, in 2013 private-equity-backed companies accounted for 23% of America’s midsized companies and 11% of its large companies.<br />
<br />
Only half of the world’s private-equity firms, and 56% of their funds’ assets, are American. A quarter of private-equity assets are in Europe. There are funds in Barbados, Botswana, Namibia, Peru, Sierra Leone and Tunisia.<br />
<br />
Today rates can hardly go any lower, and should eventually rise. This is one of the reasons Mr Schulte and others see little growth to come.<br />
<br />
The political environment, too, may be changing. The industry benefits from two perverse aspects of the tax code—the incentive it provides for loading up companies with debt, and the reduced rate of tax the general partners benefit from owing to most of their personal income being taxed at the rate applied to capital gains. There are strong arguments for reform under both heads. In the second of the two cases a change looks quite likely.<br />
<br />
UNLIKELY WITH TRUMP<br />
<br />
There is also a broader political risk, identified in a paper published in January by professors at New York University and the Research Institute of Industrial Economics, a Swedish think-tank, called “Private Equity’s Unintended Dark Side: on the Economic Consequences of Excessive Delistings”. As companies shift from being owned by public shareholders to private-equity funds, direct individual exposure to corporate profits is lost. The public will become disengaged from the capital component of capitalism, and as a consequence will be ever less likely to support business-friendly government policies.<br />
<br />
IT’S BEEN DONE <br />
<br />
PRIVATE EQUITY ALSO GETS COMPETITION FROM ENDOWMENTS AND SOVEREIGN WEALTH FUNDS WHO WANT TO INVEST DIRECTLY<br />
<br />
The “internal rate of return” measure that private-equity companies tout can be fudged. This makes academic assessments of performance hard.<br />
<br />
This July, in an update of a previous study*, business-school professors at the Universities of Chicago, Oxford and Virginia found that, although in recent years buy-out funds had not done much better than stockmarket averages, those raised between 1984 and 2005 had outperformed the S&P 500, or its equivalent benchmarks in Europe, by three to four percentage points annually after fees. That is a lot. Ludovic Phalippou, also of Oxford, is more sceptical; he argues that when you control for the size and type of asset the funds invest in, their long-term results have never looked better than market-tracking indices. That said, getting the same size and type of assets by other means is not easy.<br />
<br />
The average return, disputed as it may be, does not tell the whole story. Studies find some evidence that private-equity managers who do well with one fund have been able to replicate their success (though again the effect seems to have decreased in the past decade). The biggest inducement to invest may simply be a lack of alternatives. Private equity’s current appeal rests not on whether it can repeat the absolute returns achieved in the past (which for the big firms were often said to be in excess of 20% annually) but on whether it has a plausible chance of doing better than today’s lacklustre alternatives. This is a particular issue for pension funds, which often need to earn 7% or 8% to meet their obligations.<br />
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.<br />
<br />
'''Bloomberg View'''<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
Also references a paper that was what I wanted to cover.<br />
<br />
According to figures published in The Economist, one in four mid-sized firms and one in ten large firms in the U.S. are under PE ownership as of 2016, with one PE firm (Carlyle) employing 725,000 people, second only to Walmart.6<br />
<br />
After rising from below 10% of taxpayers at the end of World War II to a high of 26.4% in 2000, stock market participation has fallen to 18.6% in 2014 (the latest year for which data are available).7<br />
<br />
Buyouts have, for example, been shown to lead to sizable improvements in accounting profits (Kaplan 1989), management 6 practices (Bloom, Sadun, and van Reenen 2015), productivity (Lichtenberg and Siegel 1990, Harris, Siegel, and Wright 2005, Davis et al. 2014), and innovation (Lichtenberg and Siegel 1990, Lerner, Sørensen, and Stromberg 2011).<br />
<br />
http://nvca.org/pressreleases/annual-venture-capital-investment-tops-48-billion-2014-reaching-highest-level-decade-according-moneytree-report/<br />
<br />
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/<br />
<br />
M&A Rate is the cause of it all but other interesting questions remain-<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt<br />
<br />
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016<br />
<br />
'''Exchange Codes'''<br />
http://finabase.blogspot.com/2014/09/interantional-stock-exchange-codes-for.html<br />
<br />
'''IPO Data'''<br />
https://site.warrington.ufl.edu/ritter/ipo-data/<br />
<br />
IPO historic underpricing<br />
https://site.warrington.ufl.edu/ritter/files/2016/02/Initial-Public-Offerings-Underpricing-2016-01-08.pdf<br />
<br />
IPO historic underwriting fee<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Underwriting-Statistics-Through-2015-2016-03-08.pdf<br />
7% Monopoly<br />
<br />
IPO historic returns<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Updated-Statistics-on-Long-run-Performance-2016-03-08.pdf<br />
<br />
IPO Rate<br />
http://www.renaissancecapital.com/ipohome/press/ipopricings.aspx</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Stock_and_Flows_of_Publicly_Traded_Companies_(Report)&diff=14964Stock and Flows of Publicly Traded Companies (Report)2017-03-02T16:07:43Z<p>WillC: </p>
<hr />
<div>{{McNair Projects<br />
|Has title=Stock and Flows of Publicly Traded Companies (Report)<br />
|Has owner=Will Cleland<br />
|Has project status=Active<br />
|Has notes=<br />
|Has project status=<br />
|Is dependent on=<br />
|Depends upon it=<br />
}}<br />
== '''To Do List''' ==<br />
<br />
Create Graph of trusts, REITs, and other investment vehicles over time<br />
<br />
IPOs per year<br />
<br />
Pull Compustat data on Sales, TA, ... for merge with CRSP based on GVKEY<br />
<br />
Why are companies delisting, PE? Costs? M&A? Bankruptcy? <br />
<br />
Use VenturExpert to answer where are the startups going? IPO? Buyout? Failure?<br />
<br />
Find data on PE AUM<br />
<br />
== '''Done List''' ==<br />
<br />
Add stock ownership code to data<br />
<br />
Rework data so that it has groups for regional, ANN, and OTC<br />
<br />
Re-do the previous work in the listing gap- Thus, in a given year, we exclude: records that are not U.S. common stocks (Share Codes 10 and 11); stocks not listed on the AMEX, NASDAQ, or NYSE (Exchange Codes 1, 2, and 3); and, investment funds and trusts (SIC Codes 6722, 6726, 6798, and 6799) - graph with and without SIC codes<br />
<br />
Link to "The U.S. Listing Gap" PDF - http://www.nber.org/papers/w21181.pdf<br />
<br />
DROP the shares outstanding graph<br />
<br />
Foreign headquarters add to data<br />
<br />
== '''Notes''' ==<br />
<br />
'''lit review from economist article-'''<br />
<br />
http://www.economist.com/news/briefing/21709007-private-equity-has-prospered-while-almost-every-other-approach-business-has-stumbled<br />
<br />
According to Preqin, a London-based research house, there were 24 private-equity firms in 1980. In 2015 there were 6,628, of which 620 were founded that year (see chart 2).<br />
<br />
In America, for which there are good data, the number of banks peaked in 1984; of mutual funds in 2001; companies in 2008; and hedge funds, probably, in 2015. Venture-capital companies are still multiplying; but they are effectively just private equity for fledglings.<br />
<br />
IS THE DECLINE IN COMPANIES PUBLIC AND PRIVATE OR ONLY PUBLIC?<br />
<br />
According to Bain, a management consultancy, in 2013 private-equity-backed companies accounted for 23% of America’s midsized companies and 11% of its large companies.<br />
<br />
Only half of the world’s private-equity firms, and 56% of their funds’ assets, are American. A quarter of private-equity assets are in Europe. There are funds in Barbados, Botswana, Namibia, Peru, Sierra Leone and Tunisia.<br />
<br />
Today rates can hardly go any lower, and should eventually rise. This is one of the reasons Mr Schulte and others see little growth to come.<br />
<br />
The political environment, too, may be changing. The industry benefits from two perverse aspects of the tax code—the incentive it provides for loading up companies with debt, and the reduced rate of tax the general partners benefit from owing to most of their personal income being taxed at the rate applied to capital gains. There are strong arguments for reform under both heads. In the second of the two cases a change looks quite likely.<br />
<br />
UNLIKELY WITH TRUMP<br />
<br />
There is also a broader political risk, identified in a paper published in January by professors at New York University and the Research Institute of Industrial Economics, a Swedish think-tank, called “Private Equity’s Unintended Dark Side: on the Economic Consequences of Excessive Delistings”. As companies shift from being owned by public shareholders to private-equity funds, direct individual exposure to corporate profits is lost. The public will become disengaged from the capital component of capitalism, and as a consequence will be ever less likely to support business-friendly government policies.<br />
<br />
IT’S BEEN DONE <br />
<br />
PRIVATE EQUITY ALSO GETS COMPETITION FROM ENDOWMENTS AND SOVEREIGN WEALTH FUNDS WHO WANT TO INVEST DIRECTLY<br />
<br />
The “internal rate of return” measure that private-equity companies tout can be fudged. This makes academic assessments of performance hard.<br />
<br />
This July, in an update of a previous study*, business-school professors at the Universities of Chicago, Oxford and Virginia found that, although in recent years buy-out funds had not done much better than stockmarket averages, those raised between 1984 and 2005 had outperformed the S&P 500, or its equivalent benchmarks in Europe, by three to four percentage points annually after fees. That is a lot. Ludovic Phalippou, also of Oxford, is more sceptical; he argues that when you control for the size and type of asset the funds invest in, their long-term results have never looked better than market-tracking indices. That said, getting the same size and type of assets by other means is not easy.<br />
<br />
The average return, disputed as it may be, does not tell the whole story. Studies find some evidence that private-equity managers who do well with one fund have been able to replicate their success (though again the effect seems to have decreased in the past decade). The biggest inducement to invest may simply be a lack of alternatives. Private equity’s current appeal rests not on whether it can repeat the absolute returns achieved in the past (which for the big firms were often said to be in excess of 20% annually) but on whether it has a plausible chance of doing better than today’s lacklustre alternatives. This is a particular issue for pension funds, which often need to earn 7% or 8% to meet their obligations.<br />
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.<br />
<br />
'''Bloomberg View'''<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
Also references a paper that was what I wanted to cover.<br />
<br />
According to figures published in The Economist, one in four mid-sized firms and one in ten large firms in the U.S. are under PE ownership as of 2016, with one PE firm (Carlyle) employing 725,000 people, second only to Walmart.6<br />
<br />
After rising from below 10% of taxpayers at the end of World War II to a high of 26.4% in 2000, stock market participation has fallen to 18.6% in 2014 (the latest year for which data are available).7<br />
<br />
Buyouts have, for example, been shown to lead to sizable improvements in accounting profits (Kaplan 1989), management 6 practices (Bloom, Sadun, and van Reenen 2015), productivity (Lichtenberg and Siegel 1990, Harris, Siegel, and Wright 2005, Davis et al. 2014), and innovation (Lichtenberg and Siegel 1990, Lerner, Sørensen, and Stromberg 2011).<br />
<br />
http://nvca.org/pressreleases/annual-venture-capital-investment-tops-48-billion-2014-reaching-highest-level-decade-according-moneytree-report/<br />
<br />
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/<br />
<br />
M&A Rate is the cause of it all but other interesting questions remain-<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt<br />
<br />
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016<br />
<br />
'''Exchange Codes'''<br />
http://finabase.blogspot.com/2014/09/interantional-stock-exchange-codes-for.html<br />
<br />
'''IPO Data'''<br />
https://site.warrington.ufl.edu/ritter/ipo-data/<br />
<br />
IPO historic underpricing<br />
https://site.warrington.ufl.edu/ritter/files/2016/02/Initial-Public-Offerings-Underpricing-2016-01-08.pdf<br />
<br />
IPO historic underwriting fee<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Underwriting-Statistics-Through-2015-2016-03-08.pdf<br />
7% Monopoly<br />
<br />
IPO historic returns<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Updated-Statistics-on-Long-run-Performance-2016-03-08.pdf<br />
<br />
IPO Rate<br />
http://www.renaissancecapital.com/ipohome/press/ipopricings.aspx</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Stock_and_Flows_of_Publicly_Traded_Companies_(Report)&diff=14963Stock and Flows of Publicly Traded Companies (Report)2017-03-02T16:07:28Z<p>WillC: </p>
<hr />
<div>{{McNair Projects<br />
|Has title=Stock and Flows of Publicly Traded Companies (Report)<br />
|Has owner=Will Cleland<br />
|Has project status=Active<br />
|Has notes=<br />
|Has project status=<br />
|Is dependent on=<br />
|Depends upon it=<br />
}}<br />
<br />
== '''To Do List''' ==<br />
<br />
Create Graph of trusts, REITs, and other investment vehicles over time<br />
<br />
IPOs per year<br />
<br />
Pull Compustat data on Sales, TA, ... for merge with CRSP based on GVKEY<br />
<br />
Why are companies delisting, PE? Costs? M&A? Bankruptcy? <br />
<br />
Use VenturExpert to answer where are the startups going? IPO? Buyout? Failure?<br />
<br />
Find data on PE AUM<br />
<br />
== '''Done List''' ==<br />
<br />
Add stock ownership code to data<br />
<br />
Rework data so that it has groups for regional, ANN, and OTC<br />
<br />
Re-do the previous work in the listing gap- Thus, in a given year, we exclude: records that are not U.S. common stocks (Share Codes 10 and 11); stocks not listed on the AMEX, NASDAQ, or NYSE (Exchange Codes 1, 2, and 3); and, investment funds and trusts (SIC Codes 6722, 6726, 6798, and 6799) - graph with and without SIC codes<br />
<br />
Link to "The U.S. Listing Gap" PDF - http://www.nber.org/papers/w21181.pdf<br />
<br />
DROP the shares outstanding graph<br />
<br />
Foreign headquarters add to data<br />
<br />
== '''Notes''' ==<br />
<br />
'''lit review from economist article-'''<br />
<br />
http://www.economist.com/news/briefing/21709007-private-equity-has-prospered-while-almost-every-other-approach-business-has-stumbled<br />
<br />
According to Preqin, a London-based research house, there were 24 private-equity firms in 1980. In 2015 there were 6,628, of which 620 were founded that year (see chart 2).<br />
<br />
In America, for which there are good data, the number of banks peaked in 1984; of mutual funds in 2001; companies in 2008; and hedge funds, probably, in 2015. Venture-capital companies are still multiplying; but they are effectively just private equity for fledglings.<br />
<br />
IS THE DECLINE IN COMPANIES PUBLIC AND PRIVATE OR ONLY PUBLIC?<br />
<br />
According to Bain, a management consultancy, in 2013 private-equity-backed companies accounted for 23% of America’s midsized companies and 11% of its large companies.<br />
<br />
Only half of the world’s private-equity firms, and 56% of their funds’ assets, are American. A quarter of private-equity assets are in Europe. There are funds in Barbados, Botswana, Namibia, Peru, Sierra Leone and Tunisia.<br />
<br />
Today rates can hardly go any lower, and should eventually rise. This is one of the reasons Mr Schulte and others see little growth to come.<br />
<br />
The political environment, too, may be changing. The industry benefits from two perverse aspects of the tax code—the incentive it provides for loading up companies with debt, and the reduced rate of tax the general partners benefit from owing to most of their personal income being taxed at the rate applied to capital gains. There are strong arguments for reform under both heads. In the second of the two cases a change looks quite likely.<br />
<br />
UNLIKELY WITH TRUMP<br />
<br />
There is also a broader political risk, identified in a paper published in January by professors at New York University and the Research Institute of Industrial Economics, a Swedish think-tank, called “Private Equity’s Unintended Dark Side: on the Economic Consequences of Excessive Delistings”. As companies shift from being owned by public shareholders to private-equity funds, direct individual exposure to corporate profits is lost. The public will become disengaged from the capital component of capitalism, and as a consequence will be ever less likely to support business-friendly government policies.<br />
<br />
IT’S BEEN DONE <br />
<br />
PRIVATE EQUITY ALSO GETS COMPETITION FROM ENDOWMENTS AND SOVEREIGN WEALTH FUNDS WHO WANT TO INVEST DIRECTLY<br />
<br />
The “internal rate of return” measure that private-equity companies tout can be fudged. This makes academic assessments of performance hard.<br />
<br />
This July, in an update of a previous study*, business-school professors at the Universities of Chicago, Oxford and Virginia found that, although in recent years buy-out funds had not done much better than stockmarket averages, those raised between 1984 and 2005 had outperformed the S&P 500, or its equivalent benchmarks in Europe, by three to four percentage points annually after fees. That is a lot. Ludovic Phalippou, also of Oxford, is more sceptical; he argues that when you control for the size and type of asset the funds invest in, their long-term results have never looked better than market-tracking indices. That said, getting the same size and type of assets by other means is not easy.<br />
<br />
The average return, disputed as it may be, does not tell the whole story. Studies find some evidence that private-equity managers who do well with one fund have been able to replicate their success (though again the effect seems to have decreased in the past decade). The biggest inducement to invest may simply be a lack of alternatives. Private equity’s current appeal rests not on whether it can repeat the absolute returns achieved in the past (which for the big firms were often said to be in excess of 20% annually) but on whether it has a plausible chance of doing better than today’s lacklustre alternatives. This is a particular issue for pension funds, which often need to earn 7% or 8% to meet their obligations.<br />
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.<br />
<br />
'''Bloomberg View'''<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
Also references a paper that was what I wanted to cover.<br />
<br />
According to figures published in The Economist, one in four mid-sized firms and one in ten large firms in the U.S. are under PE ownership as of 2016, with one PE firm (Carlyle) employing 725,000 people, second only to Walmart.6<br />
<br />
After rising from below 10% of taxpayers at the end of World War II to a high of 26.4% in 2000, stock market participation has fallen to 18.6% in 2014 (the latest year for which data are available).7<br />
<br />
Buyouts have, for example, been shown to lead to sizable improvements in accounting profits (Kaplan 1989), management 6 practices (Bloom, Sadun, and van Reenen 2015), productivity (Lichtenberg and Siegel 1990, Harris, Siegel, and Wright 2005, Davis et al. 2014), and innovation (Lichtenberg and Siegel 1990, Lerner, Sørensen, and Stromberg 2011).<br />
<br />
http://nvca.org/pressreleases/annual-venture-capital-investment-tops-48-billion-2014-reaching-highest-level-decade-according-moneytree-report/<br />
<br />
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/<br />
<br />
M&A Rate is the cause of it all but other interesting questions remain-<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt<br />
<br />
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016<br />
<br />
'''Exchange Codes'''<br />
http://finabase.blogspot.com/2014/09/interantional-stock-exchange-codes-for.html<br />
<br />
'''IPO Data'''<br />
https://site.warrington.ufl.edu/ritter/ipo-data/<br />
<br />
IPO historic underpricing<br />
https://site.warrington.ufl.edu/ritter/files/2016/02/Initial-Public-Offerings-Underpricing-2016-01-08.pdf<br />
<br />
IPO historic underwriting fee<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Underwriting-Statistics-Through-2015-2016-03-08.pdf<br />
7% Monopoly<br />
<br />
IPO historic returns<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Updated-Statistics-on-Long-run-Performance-2016-03-08.pdf<br />
<br />
IPO Rate<br />
http://www.renaissancecapital.com/ipohome/press/ipopricings.aspx</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=14962Will Cleland (Work Log)2017-03-02T16:05:37Z<p>WillC: </p>
<hr />
<div><br />
[[Category:Work Log]]<br />
[[Category:Internal]]<br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
=='''Second Semester'''==<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'<br />
* 2/3/2017 - Created basic IPO birth rate graph, now will create others and pull SDC if time allows<br />
* 2/7/2017 - Met with Ed to get a better direction for paper<br />
* 2/14/2017 - Absent<br />
* 2/16/2017 - Absent<br />
* 2/17/2017 - Work towards goals established after meeting with Ed and pull more data<br />
* 2/21/2017 - Work towards goals established after meeting with Ed and pull more data Pt.2<br />
* 2/24/2017 - Data does not look like what other papers have so I will take a CRSP approach today<br />
* 2/28/2017 - I will contact Ed and get his view on the CRSP data I have compiled then see how to proceed<br />
* 3/2/2017 - Rework project page and work on new to do list starting at graph of financial companies</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Stock_and_Flows_of_Publicly_Traded_Companies_(Report)&diff=14959Stock and Flows of Publicly Traded Companies (Report)2017-03-02T15:45:45Z<p>WillC: /* To Do List */</p>
<hr />
<div>{{McNair Projects<br />
|Has title=Stock and Flows of Publicly Traded Companies (Report)<br />
|Has owner=Will Cleland<br />
|Has project status=Active<br />
|Has notes=<br />
|Has project status=<br />
|Is dependent on=<br />
|Depends upon it=<br />
}}<br />
<br />
<br />
== '''To Do List''' ==<br />
<br />
Create Graph of trusts, REITs, and other investment vehicles over time<br />
<br />
IPOs per year<br />
<br />
Pull Compustat data on Sales, TA, ... for merge with CRSP based on GVKEY<br />
<br />
Why are companies delisting, PE? Costs? M&A? Bankruptcy? <br />
<br />
Use VenturExpert to answer where are the startups going? IPO? Buyout? Failure?<br />
<br />
Find data on PE AUM<br />
<br />
== '''Done List''' ==<br />
<br />
Add stock ownership code to data<br />
<br />
Rework data so that it has groups for regional, ANN, and OTC<br />
<br />
Re-do the previous work in the listing gap- Thus, in a given year, we exclude: records that are not U.S. common stocks (Share Codes 10 and 11); stocks not listed on the AMEX, NASDAQ, or NYSE (Exchange Codes 1, 2, and 3); and, investment funds and trusts (SIC Codes 6722, 6726, 6798, and 6799) - graph with and without SIC codes<br />
<br />
Link to "The U.S. Listing Gap" PDF - http://www.nber.org/papers/w21181.pdf<br />
<br />
DROP the shares outstanding graph<br />
<br />
Foreign headquarters add to data<br />
<br />
== '''Notes''' ==<br />
<br />
'''lit review from economist article-'''<br />
<br />
http://www.economist.com/news/briefing/21709007-private-equity-has-prospered-while-almost-every-other-approach-business-has-stumbled<br />
<br />
According to Preqin, a London-based research house, there were 24 private-equity firms in 1980. In 2015 there were 6,628, of which 620 were founded that year (see chart 2).<br />
<br />
In America, for which there are good data, the number of banks peaked in 1984; of mutual funds in 2001; companies in 2008; and hedge funds, probably, in 2015. Venture-capital companies are still multiplying; but they are effectively just private equity for fledglings.<br />
<br />
IS THE DECLINE IN COMPANIES PUBLIC AND PRIVATE OR ONLY PUBLIC?<br />
<br />
According to Bain, a management consultancy, in 2013 private-equity-backed companies accounted for 23% of America’s midsized companies and 11% of its large companies.<br />
<br />
Only half of the world’s private-equity firms, and 56% of their funds’ assets, are American. A quarter of private-equity assets are in Europe. There are funds in Barbados, Botswana, Namibia, Peru, Sierra Leone and Tunisia.<br />
<br />
Today rates can hardly go any lower, and should eventually rise. This is one of the reasons Mr Schulte and others see little growth to come.<br />
<br />
The political environment, too, may be changing. The industry benefits from two perverse aspects of the tax code—the incentive it provides for loading up companies with debt, and the reduced rate of tax the general partners benefit from owing to most of their personal income being taxed at the rate applied to capital gains. There are strong arguments for reform under both heads. In the second of the two cases a change looks quite likely.<br />
<br />
UNLIKELY WITH TRUMP<br />
<br />
There is also a broader political risk, identified in a paper published in January by professors at New York University and the Research Institute of Industrial Economics, a Swedish think-tank, called “Private Equity’s Unintended Dark Side: on the Economic Consequences of Excessive Delistings”. As companies shift from being owned by public shareholders to private-equity funds, direct individual exposure to corporate profits is lost. The public will become disengaged from the capital component of capitalism, and as a consequence will be ever less likely to support business-friendly government policies.<br />
<br />
IT’S BEEN DONE <br />
<br />
PRIVATE EQUITY ALSO GETS COMPETITION FROM ENDOWMENTS AND SOVEREIGN WEALTH FUNDS WHO WANT TO INVEST DIRECTLY<br />
<br />
The “internal rate of return” measure that private-equity companies tout can be fudged. This makes academic assessments of performance hard.<br />
<br />
This July, in an update of a previous study*, business-school professors at the Universities of Chicago, Oxford and Virginia found that, although in recent years buy-out funds had not done much better than stockmarket averages, those raised between 1984 and 2005 had outperformed the S&P 500, or its equivalent benchmarks in Europe, by three to four percentage points annually after fees. That is a lot. Ludovic Phalippou, also of Oxford, is more sceptical; he argues that when you control for the size and type of asset the funds invest in, their long-term results have never looked better than market-tracking indices. That said, getting the same size and type of assets by other means is not easy.<br />
<br />
The average return, disputed as it may be, does not tell the whole story. Studies find some evidence that private-equity managers who do well with one fund have been able to replicate their success (though again the effect seems to have decreased in the past decade). The biggest inducement to invest may simply be a lack of alternatives. Private equity’s current appeal rests not on whether it can repeat the absolute returns achieved in the past (which for the big firms were often said to be in excess of 20% annually) but on whether it has a plausible chance of doing better than today’s lacklustre alternatives. This is a particular issue for pension funds, which often need to earn 7% or 8% to meet their obligations.<br />
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.<br />
<br />
'''Bloomberg View'''<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
Also references a paper that was what I wanted to cover.<br />
<br />
According to figures published in The Economist, one in four mid-sized firms and one in ten large firms in the U.S. are under PE ownership as of 2016, with one PE firm (Carlyle) employing 725,000 people, second only to Walmart.6<br />
<br />
After rising from below 10% of taxpayers at the end of World War II to a high of 26.4% in 2000, stock market participation has fallen to 18.6% in 2014 (the latest year for which data are available).7<br />
<br />
Buyouts have, for example, been shown to lead to sizable improvements in accounting profits (Kaplan 1989), management 6 practices (Bloom, Sadun, and van Reenen 2015), productivity (Lichtenberg and Siegel 1990, Harris, Siegel, and Wright 2005, Davis et al. 2014), and innovation (Lichtenberg and Siegel 1990, Lerner, Sørensen, and Stromberg 2011).<br />
<br />
http://nvca.org/pressreleases/annual-venture-capital-investment-tops-48-billion-2014-reaching-highest-level-decade-according-moneytree-report/<br />
<br />
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/<br />
<br />
M&A Rate is the cause of it all but other interesting questions remain-<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt<br />
<br />
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016<br />
<br />
'''Exchange Codes'''<br />
http://finabase.blogspot.com/2014/09/interantional-stock-exchange-codes-for.html<br />
<br />
'''IPO Data'''<br />
https://site.warrington.ufl.edu/ritter/ipo-data/<br />
<br />
IPO historic underpricing<br />
https://site.warrington.ufl.edu/ritter/files/2016/02/Initial-Public-Offerings-Underpricing-2016-01-08.pdf<br />
<br />
IPO historic underwriting fee<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Underwriting-Statistics-Through-2015-2016-03-08.pdf<br />
7% Monopoly<br />
<br />
IPO historic returns<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Updated-Statistics-on-Long-run-Performance-2016-03-08.pdf<br />
<br />
IPO Rate<br />
http://www.renaissancecapital.com/ipohome/press/ipopricings.aspx</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Stock_and_Flows_of_Publicly_Traded_Companies_(Report)&diff=14958Stock and Flows of Publicly Traded Companies (Report)2017-03-02T15:44:03Z<p>WillC: </p>
<hr />
<div>{{McNair Projects<br />
|Has title=Stock and Flows of Publicly Traded Companies (Report)<br />
|Has owner=Will Cleland<br />
|Has project status=Active<br />
|Has notes=<br />
|Has project status=<br />
|Is dependent on=<br />
|Depends upon it=<br />
}}<br />
<br />
<br />
== '''To Do List''' ==<br />
<br />
Create Graph of trusts, REITs, and other investment vehicles over time<br />
<br />
Pull Compustat data on Sales, TA, ... for merge with CRSP based on GVKEY<br />
<br />
Why are companies delisting, PE? Costs? M&A? Bankruptcy? <br />
<br />
Use VenturExpert to answer where are the startups going? IPO? Buyout? Failure?<br />
<br />
Find data on PE AUM<br />
<br />
== '''Done List''' ==<br />
<br />
Add stock ownership code to data<br />
<br />
Rework data so that it has groups for regional, ANN, and OTC<br />
<br />
Re-do the previous work in the listing gap- Thus, in a given year, we exclude: records that are not U.S. common stocks (Share Codes 10 and 11); stocks not listed on the AMEX, NASDAQ, or NYSE (Exchange Codes 1, 2, and 3); and, investment funds and trusts (SIC Codes 6722, 6726, 6798, and 6799) - graph with and without SIC codes<br />
<br />
Link to "The U.S. Listing Gap" PDF - http://www.nber.org/papers/w21181.pdf<br />
<br />
DROP the shares outstanding graph<br />
<br />
Foreign headquarters add to data<br />
<br />
== '''Notes''' ==<br />
<br />
'''lit review from economist article-'''<br />
<br />
http://www.economist.com/news/briefing/21709007-private-equity-has-prospered-while-almost-every-other-approach-business-has-stumbled<br />
<br />
According to Preqin, a London-based research house, there were 24 private-equity firms in 1980. In 2015 there were 6,628, of which 620 were founded that year (see chart 2).<br />
<br />
In America, for which there are good data, the number of banks peaked in 1984; of mutual funds in 2001; companies in 2008; and hedge funds, probably, in 2015. Venture-capital companies are still multiplying; but they are effectively just private equity for fledglings.<br />
<br />
IS THE DECLINE IN COMPANIES PUBLIC AND PRIVATE OR ONLY PUBLIC?<br />
<br />
According to Bain, a management consultancy, in 2013 private-equity-backed companies accounted for 23% of America’s midsized companies and 11% of its large companies.<br />
<br />
Only half of the world’s private-equity firms, and 56% of their funds’ assets, are American. A quarter of private-equity assets are in Europe. There are funds in Barbados, Botswana, Namibia, Peru, Sierra Leone and Tunisia.<br />
<br />
Today rates can hardly go any lower, and should eventually rise. This is one of the reasons Mr Schulte and others see little growth to come.<br />
<br />
The political environment, too, may be changing. The industry benefits from two perverse aspects of the tax code—the incentive it provides for loading up companies with debt, and the reduced rate of tax the general partners benefit from owing to most of their personal income being taxed at the rate applied to capital gains. There are strong arguments for reform under both heads. In the second of the two cases a change looks quite likely.<br />
<br />
UNLIKELY WITH TRUMP<br />
<br />
There is also a broader political risk, identified in a paper published in January by professors at New York University and the Research Institute of Industrial Economics, a Swedish think-tank, called “Private Equity’s Unintended Dark Side: on the Economic Consequences of Excessive Delistings”. As companies shift from being owned by public shareholders to private-equity funds, direct individual exposure to corporate profits is lost. The public will become disengaged from the capital component of capitalism, and as a consequence will be ever less likely to support business-friendly government policies.<br />
<br />
IT’S BEEN DONE <br />
<br />
PRIVATE EQUITY ALSO GETS COMPETITION FROM ENDOWMENTS AND SOVEREIGN WEALTH FUNDS WHO WANT TO INVEST DIRECTLY<br />
<br />
The “internal rate of return” measure that private-equity companies tout can be fudged. This makes academic assessments of performance hard.<br />
<br />
This July, in an update of a previous study*, business-school professors at the Universities of Chicago, Oxford and Virginia found that, although in recent years buy-out funds had not done much better than stockmarket averages, those raised between 1984 and 2005 had outperformed the S&P 500, or its equivalent benchmarks in Europe, by three to four percentage points annually after fees. That is a lot. Ludovic Phalippou, also of Oxford, is more sceptical; he argues that when you control for the size and type of asset the funds invest in, their long-term results have never looked better than market-tracking indices. That said, getting the same size and type of assets by other means is not easy.<br />
<br />
The average return, disputed as it may be, does not tell the whole story. Studies find some evidence that private-equity managers who do well with one fund have been able to replicate their success (though again the effect seems to have decreased in the past decade). The biggest inducement to invest may simply be a lack of alternatives. Private equity’s current appeal rests not on whether it can repeat the absolute returns achieved in the past (which for the big firms were often said to be in excess of 20% annually) but on whether it has a plausible chance of doing better than today’s lacklustre alternatives. This is a particular issue for pension funds, which often need to earn 7% or 8% to meet their obligations.<br />
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.<br />
<br />
'''Bloomberg View'''<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
Also references a paper that was what I wanted to cover.<br />
<br />
According to figures published in The Economist, one in four mid-sized firms and one in ten large firms in the U.S. are under PE ownership as of 2016, with one PE firm (Carlyle) employing 725,000 people, second only to Walmart.6<br />
<br />
After rising from below 10% of taxpayers at the end of World War II to a high of 26.4% in 2000, stock market participation has fallen to 18.6% in 2014 (the latest year for which data are available).7<br />
<br />
Buyouts have, for example, been shown to lead to sizable improvements in accounting profits (Kaplan 1989), management 6 practices (Bloom, Sadun, and van Reenen 2015), productivity (Lichtenberg and Siegel 1990, Harris, Siegel, and Wright 2005, Davis et al. 2014), and innovation (Lichtenberg and Siegel 1990, Lerner, Sørensen, and Stromberg 2011).<br />
<br />
http://nvca.org/pressreleases/annual-venture-capital-investment-tops-48-billion-2014-reaching-highest-level-decade-according-moneytree-report/<br />
<br />
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/<br />
<br />
M&A Rate is the cause of it all but other interesting questions remain-<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt<br />
<br />
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016<br />
<br />
'''Exchange Codes'''<br />
http://finabase.blogspot.com/2014/09/interantional-stock-exchange-codes-for.html<br />
<br />
'''IPO Data'''<br />
https://site.warrington.ufl.edu/ritter/ipo-data/<br />
<br />
IPO historic underpricing<br />
https://site.warrington.ufl.edu/ritter/files/2016/02/Initial-Public-Offerings-Underpricing-2016-01-08.pdf<br />
<br />
IPO historic underwriting fee<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Underwriting-Statistics-Through-2015-2016-03-08.pdf<br />
7% Monopoly<br />
<br />
IPO historic returns<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Updated-Statistics-on-Long-run-Performance-2016-03-08.pdf<br />
<br />
IPO Rate<br />
http://www.renaissancecapital.com/ipohome/press/ipopricings.aspx</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=14957Will Cleland (Work Log)2017-03-02T15:30:34Z<p>WillC: </p>
<hr />
<div><br />
[[Category:Work Log]]<br />
[[Category:Internal]]<br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'<br />
* 2/3/2017 - Created basic IPO birth rate graph, now will create others and pull SDC if time allows<br />
* 2/7/2017 - Met with Ed to get a better direction for paper<br />
* 2/14/2017 - Absent<br />
* 2/16/2017 - Absent<br />
* 2/17/2017 - Work towards goals established after meeting with Ed and pull more data<br />
* 2/21/2017 - Work towards goals established after meeting with Ed and pull more data Pt.2<br />
* 2/24/2017 - Data does not look like what other papers have so I will take a CRSP approach today<br />
* 2/28/2017 - I will contact Ed and get his view on the CRSP data I have compiled then see how to proceed<br />
* 3/2/2017 - Rework project page and work on new to do list starting at graph of financial companies</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=14391Will Cleland (Work Log)2017-02-28T16:03:51Z<p>WillC: </p>
<hr />
<div><br />
[[Category:Work Log]]<br />
[[Category:Internal]]<br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'<br />
* 2/3/2017 - Created basic IPO birth rate graph, now will create others and pull SDC if time allows<br />
* 2/7/2017 - Met with Ed to get a better direction for paper<br />
* 2/14/2017 - Absent<br />
* 2/16/2017 - Absent<br />
* 2/17/2017 - Work towards goals established after meeting with Ed and pull more data<br />
* 2/21/2017 - Work towards goals established after meeting with Ed and pull more data Pt.2<br />
* 2/24/2017 - Data does not look like what other papers have so I will take a CRSP approach today<br />
* 2/28/2017 - I will contact Ed and get his view on the CRSP data I have compiled then see how to proceed</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=14266Will Cleland (Work Log)2017-02-24T19:56:37Z<p>WillC: </p>
<hr />
<div><br />
[[Category:Work Log]]<br />
[[Category:Internal]]<br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'<br />
* 2/3/2017 - Created basic IPO birthrate graph, now will create others and pull SDC if time allows<br />
* 2/7/2017 - Met with Ed to get a better direction for paper<br />
* 2/14/2017 - Absent<br />
* 2/16/2017 - Absent<br />
* 2/17/2017 - Work towards goals established after meeting with Ed and pull more data<br />
* 2/21/2017 - Work towards goals established after meeting with Ed and pull more data Pt.2<br />
* 2/24/2017 - Data does not look like what other papers have so I will take a CRSP approach today</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=14159Will Cleland (Work Log)2017-02-21T15:25:03Z<p>WillC: </p>
<hr />
<div><br />
[[Category:Work Log]]<br />
[[Category:Internal]]<br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'<br />
* 2/3/2017 - Created basic IPO birthrate graph, now will create others and pull SDC if time allows<br />
* 2/7/2017 - Met with Ed to get a better direction for paper<br />
* 2/14/2017 - Absent<br />
* 2/16/2017 - Absent<br />
* 2/17/2017 - Work towards goals established after meeting with Ed and pull more data<br />
* 2/21/2017 - Work towards goals established after meeting with Ed and pull more data Pt.2</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=14069Will Cleland (Work Log)2017-02-17T19:42:40Z<p>WillC: </p>
<hr />
<div><br />
[[Category:Work Log]]<br />
[[Category:Internal]]<br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'<br />
* 2/3/2017 - Created basic IPO birthrate graph, now will create others and pull SDC if time allows<br />
* 2/7/2017 - Met with Ed to get a better direction for paper<br />
* 2/14/2017 - Absent<br />
* 2/16/2017 - Absent<br />
* 2/17/2017 - Work towards goals established after meeting with Ed and pull more data</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Stock_and_Flows_of_Publicly_Traded_Companies_(Report)&diff=13624Stock and Flows of Publicly Traded Companies (Report)2017-02-07T17:40:26Z<p>WillC: </p>
<hr />
<div>{{McNair Projects<br />
|Project Title=Stock and Flows of Publicly Traded Companies (Report),<br />
|Owner=Will Cleland,<br />
|Status=Active<br />
}}<br />
<br />
<br />
== '''To Do List''' ==<br />
<br />
Add stock ownership code to data<br />
<br />
Rework data so that it has groups for regional, ANN, and OTC<br />
<br />
Re-do the previous work in the listing gap- Thus, in a given year, we exclude: records that are not U.S. common stocks (Share Codes 10 and 11); stocks not listed on the AMEX, NASDAQ, or NYSE (Exchange Codes 1, 2, and 3); and, investment funds and trusts (SIC Codes 6722, 6726, 6798, and 6799) - graph with and without SIC codes<br />
<br />
Link to "The U.S. Listing Gap" PDF - http://www.nber.org/papers/w21181.pdf<br />
<br />
DROP the shares outstanding graph<br />
<br />
Foreign headquarters add to data<br />
<br />
== '''Notes''' ==<br />
<br />
'''lit review from economist article-'''<br />
<br />
http://www.economist.com/news/briefing/21709007-private-equity-has-prospered-while-almost-every-other-approach-business-has-stumbled<br />
<br />
According to Preqin, a London-based research house, there were 24 private-equity firms in 1980. In 2015 there were 6,628, of which 620 were founded that year (see chart 2).<br />
<br />
In America, for which there are good data, the number of banks peaked in 1984; of mutual funds in 2001; companies in 2008; and hedge funds, probably, in 2015. Venture-capital companies are still multiplying; but they are effectively just private equity for fledglings.<br />
<br />
IS THE DECLINE IN COMPANIES PUBLIC AND PRIVATE OR ONLY PUBLIC?<br />
<br />
According to Bain, a management consultancy, in 2013 private-equity-backed companies accounted for 23% of America’s midsized companies and 11% of its large companies.<br />
<br />
Only half of the world’s private-equity firms, and 56% of their funds’ assets, are American. A quarter of private-equity assets are in Europe. There are funds in Barbados, Botswana, Namibia, Peru, Sierra Leone and Tunisia.<br />
<br />
Today rates can hardly go any lower, and should eventually rise. This is one of the reasons Mr Schulte and others see little growth to come.<br />
<br />
The political environment, too, may be changing. The industry benefits from two perverse aspects of the tax code—the incentive it provides for loading up companies with debt, and the reduced rate of tax the general partners benefit from owing to most of their personal income being taxed at the rate applied to capital gains. There are strong arguments for reform under both heads. In the second of the two cases a change looks quite likely.<br />
<br />
UNLIKELY WITH TRUMP<br />
<br />
There is also a broader political risk, identified in a paper published in January by professors at New York University and the Research Institute of Industrial Economics, a Swedish think-tank, called “Private Equity’s Unintended Dark Side: on the Economic Consequences of Excessive Delistings”. As companies shift from being owned by public shareholders to private-equity funds, direct individual exposure to corporate profits is lost. The public will become disengaged from the capital component of capitalism, and as a consequence will be ever less likely to support business-friendly government policies.<br />
<br />
IT’S BEEN DONE <br />
<br />
PRIVATE EQUITY ALSO GETS COMPETITION FROM ENDOWMENTS AND SOVEREIGN WEALTH FUNDS WHO WANT TO INVEST DIRECTLY<br />
<br />
The “internal rate of return” measure that private-equity companies tout can be fudged. This makes academic assessments of performance hard.<br />
<br />
This July, in an update of a previous study*, business-school professors at the Universities of Chicago, Oxford and Virginia found that, although in recent years buy-out funds had not done much better than stockmarket averages, those raised between 1984 and 2005 had outperformed the S&P 500, or its equivalent benchmarks in Europe, by three to four percentage points annually after fees. That is a lot. Ludovic Phalippou, also of Oxford, is more sceptical; he argues that when you control for the size and type of asset the funds invest in, their long-term results have never looked better than market-tracking indices. That said, getting the same size and type of assets by other means is not easy.<br />
<br />
The average return, disputed as it may be, does not tell the whole story. Studies find some evidence that private-equity managers who do well with one fund have been able to replicate their success (though again the effect seems to have decreased in the past decade). The biggest inducement to invest may simply be a lack of alternatives. Private equity’s current appeal rests not on whether it can repeat the absolute returns achieved in the past (which for the big firms were often said to be in excess of 20% annually) but on whether it has a plausible chance of doing better than today’s lacklustre alternatives. This is a particular issue for pension funds, which often need to earn 7% or 8% to meet their obligations.<br />
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.<br />
<br />
'''Bloomberg View'''<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
Also references a paper that was what I wanted to cover.<br />
<br />
According to figures published in The Economist, one in four mid-sized firms and one in ten large firms in the U.S. are under PE ownership as of 2016, with one PE firm (Carlyle) employing 725,000 people, second only to Walmart.6<br />
<br />
After rising from below 10% of taxpayers at the end of World War II to a high of 26.4% in 2000, stock market participation has fallen to 18.6% in 2014 (the latest year for which data are available).7<br />
<br />
Buyouts have, for example, been shown to lead to sizable improvements in accounting profits (Kaplan 1989), management 6 practices (Bloom, Sadun, and van Reenen 2015), productivity (Lichtenberg and Siegel 1990, Harris, Siegel, and Wright 2005, Davis et al. 2014), and innovation (Lichtenberg and Siegel 1990, Lerner, Sørensen, and Stromberg 2011).<br />
<br />
http://nvca.org/pressreleases/annual-venture-capital-investment-tops-48-billion-2014-reaching-highest-level-decade-according-moneytree-report/<br />
<br />
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/<br />
<br />
M&A Rate is the cause of it all but other interesting questions remain-<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt<br />
<br />
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016<br />
<br />
'''Exchange Codes'''<br />
http://finabase.blogspot.com/2014/09/interantional-stock-exchange-codes-for.html<br />
<br />
'''IPO Data'''<br />
https://site.warrington.ufl.edu/ritter/ipo-data/<br />
<br />
IPO historic underpricing<br />
https://site.warrington.ufl.edu/ritter/files/2016/02/Initial-Public-Offerings-Underpricing-2016-01-08.pdf<br />
<br />
IPO historic underwriting fee<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Underwriting-Statistics-Through-2015-2016-03-08.pdf<br />
7% Monopoly<br />
<br />
IPO historic returns<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Updated-Statistics-on-Long-run-Performance-2016-03-08.pdf<br />
<br />
IPO Rate<br />
http://www.renaissancecapital.com/ipohome/press/ipopricings.aspx</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Stock_and_Flows_of_Publicly_Traded_Companies_(Report)&diff=13623Stock and Flows of Publicly Traded Companies (Report)2017-02-07T17:31:13Z<p>WillC: </p>
<hr />
<div>{{McNair Projects<br />
|Project Title=Stock and Flows of Publicly Traded Companies (Report),<br />
|Owner=Will Cleland,<br />
|Status=Active<br />
}}<br />
<br />
<br />
== '''TO DO LIST-''' ==<br />
<br />
<br />
Add stock ownership code to data<br />
<br />
Rework data so that it has groups for regional, ANN, and OTC<br />
<br />
Re-do the previous work in the listing gap- Thus, in a given year, we exclude: records that are not U.S. common stocks (Share Codes 10 and 11); stocks not listed on the AMEX, NASDAQ, or NYSE (Exchange Codes 1, 2, and 3); and, investment funds and trusts (SIC Codes 6722, 6726, 6798, and 6799)<br />
<br />
Link to "The U.S. Listing Gap" PDF - http://www.nber.org/papers/w21181.pdf<br />
<br />
<br />
== '''Notes-''' ==<br />
<br />
<br />
'''lit review from economist article-'''<br />
<br />
http://www.economist.com/news/briefing/21709007-private-equity-has-prospered-while-almost-every-other-approach-business-has-stumbled<br />
<br />
According to Preqin, a London-based research house, there were 24 private-equity firms in 1980. In 2015 there were 6,628, of which 620 were founded that year (see chart 2).<br />
<br />
In America, for which there are good data, the number of banks peaked in 1984; of mutual funds in 2001; companies in 2008; and hedge funds, probably, in 2015. Venture-capital companies are still multiplying; but they are effectively just private equity for fledglings.<br />
<br />
IS THE DECLINE IN COMPANIES PUBLIC AND PRIVATE OR ONLY PUBLIC?<br />
<br />
According to Bain, a management consultancy, in 2013 private-equity-backed companies accounted for 23% of America’s midsized companies and 11% of its large companies.<br />
<br />
Only half of the world’s private-equity firms, and 56% of their funds’ assets, are American. A quarter of private-equity assets are in Europe. There are funds in Barbados, Botswana, Namibia, Peru, Sierra Leone and Tunisia.<br />
<br />
Today rates can hardly go any lower, and should eventually rise. This is one of the reasons Mr Schulte and others see little growth to come.<br />
<br />
The political environment, too, may be changing. The industry benefits from two perverse aspects of the tax code—the incentive it provides for loading up companies with debt, and the reduced rate of tax the general partners benefit from owing to most of their personal income being taxed at the rate applied to capital gains. There are strong arguments for reform under both heads. In the second of the two cases a change looks quite likely.<br />
<br />
UNLIKELY WITH TRUMP<br />
<br />
There is also a broader political risk, identified in a paper published in January by professors at New York University and the Research Institute of Industrial Economics, a Swedish think-tank, called “Private Equity’s Unintended Dark Side: on the Economic Consequences of Excessive Delistings”. As companies shift from being owned by public shareholders to private-equity funds, direct individual exposure to corporate profits is lost. The public will become disengaged from the capital component of capitalism, and as a consequence will be ever less likely to support business-friendly government policies.<br />
<br />
IT’S BEEN DONE <br />
<br />
PRIVATE EQUITY ALSO GETS COMPETITION FROM ENDOWMENTS AND SOVEREIGN WEALTH FUNDS WHO WANT TO INVEST DIRECTLY<br />
<br />
The “internal rate of return” measure that private-equity companies tout can be fudged. This makes academic assessments of performance hard.<br />
<br />
This July, in an update of a previous study*, business-school professors at the Universities of Chicago, Oxford and Virginia found that, although in recent years buy-out funds had not done much better than stockmarket averages, those raised between 1984 and 2005 had outperformed the S&P 500, or its equivalent benchmarks in Europe, by three to four percentage points annually after fees. That is a lot. Ludovic Phalippou, also of Oxford, is more sceptical; he argues that when you control for the size and type of asset the funds invest in, their long-term results have never looked better than market-tracking indices. That said, getting the same size and type of assets by other means is not easy.<br />
<br />
The average return, disputed as it may be, does not tell the whole story. Studies find some evidence that private-equity managers who do well with one fund have been able to replicate their success (though again the effect seems to have decreased in the past decade). The biggest inducement to invest may simply be a lack of alternatives. Private equity’s current appeal rests not on whether it can repeat the absolute returns achieved in the past (which for the big firms were often said to be in excess of 20% annually) but on whether it has a plausible chance of doing better than today’s lacklustre alternatives. This is a particular issue for pension funds, which often need to earn 7% or 8% to meet their obligations.<br />
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.<br />
<br />
'''Bloomberg View'''<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
Also references a paper that was what I wanted to cover.<br />
<br />
According to figures published in The Economist, one in four mid-sized firms and one in ten large firms in the U.S. are under PE ownership as of 2016, with one PE firm (Carlyle) employing 725,000 people, second only to Walmart.6<br />
<br />
After rising from below 10% of taxpayers at the end of World War II to a high of 26.4% in 2000, stock market participation has fallen to 18.6% in 2014 (the latest year for which data are available).7<br />
<br />
Buyouts have, for example, been shown to lead to sizable improvements in accounting profits (Kaplan 1989), management 6 practices (Bloom, Sadun, and van Reenen 2015), productivity (Lichtenberg and Siegel 1990, Harris, Siegel, and Wright 2005, Davis et al. 2014), and innovation (Lichtenberg and Siegel 1990, Lerner, Sørensen, and Stromberg 2011).<br />
<br />
http://nvca.org/pressreleases/annual-venture-capital-investment-tops-48-billion-2014-reaching-highest-level-decade-according-moneytree-report/<br />
<br />
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/<br />
<br />
M&A Rate is the cause of it all but other interesting questions remain-<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt<br />
<br />
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016<br />
<br />
'''Exchange Codes'''<br />
http://finabase.blogspot.com/2014/09/interantional-stock-exchange-codes-for.html<br />
<br />
'''IPO Data'''<br />
https://site.warrington.ufl.edu/ritter/ipo-data/<br />
<br />
IPO historic underpricing<br />
https://site.warrington.ufl.edu/ritter/files/2016/02/Initial-Public-Offerings-Underpricing-2016-01-08.pdf<br />
<br />
IPO historic underwriting fee<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Underwriting-Statistics-Through-2015-2016-03-08.pdf<br />
7% Monopoly<br />
<br />
IPO historic returns<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Updated-Statistics-on-Long-run-Performance-2016-03-08.pdf<br />
<br />
IPO Rate<br />
http://www.renaissancecapital.com/ipohome/press/ipopricings.aspx</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Stock_and_Flows_of_Publicly_Traded_Companies_(Report)&diff=13622Stock and Flows of Publicly Traded Companies (Report)2017-02-07T17:26:34Z<p>WillC: </p>
<hr />
<div>{{McNair Projects<br />
|Project Title=Stock and Flows of Publicly Traded Companies (Report),<br />
|Owner=Will Cleland,<br />
|Status=Active<br />
}}<br />
<br />
TO DO LIST-<br />
<br />
Add stock ownership code to data<br />
<br />
Rework data so that it has groups for regional, ANN, and OTC<br />
<br />
Re-do the previous work in the listing gap- Thus, in a given year, we exclude: records that are not U.S. common stocks (Share Codes 10 and 11); stocks not listed on the AMEX, NASDAQ, or NYSE (Exchange Codes 1, 2, and 3); and, investment funds and trusts (SIC Codes 6722, 6726, 6798, and 6799)<br />
<br />
Link to "The U.S. Listing Gap" PDF - http://www.nber.org/papers/w21181.pdf<br />
<br />
Notes-<br />
<br />
Economist-<br />
<br />
http://www.economist.com/news/briefing/21709007-private-equity-has-prospered-while-almost-every-other-approach-business-has-stumbled<br />
<br />
According to Preqin, a London-based research house, there were 24 private-equity firms in 1980. In 2015 there were 6,628, of which 620 were founded that year (see chart 2).<br />
<br />
In America, for which there are good data, the number of banks peaked in 1984; of mutual funds in 2001; companies in 2008; and hedge funds, probably, in 2015. Venture-capital companies are still multiplying; but they are effectively just private equity for fledglings.<br />
<br />
IS THE DECLINE IN COMPANIES PUBLIC AND PRIVATE OR ONLY PUBLIC?<br />
<br />
According to Bain, a management consultancy, in 2013 private-equity-backed companies accounted for 23% of America’s midsized companies and 11% of its large companies.<br />
<br />
Only half of the world’s private-equity firms, and 56% of their funds’ assets, are American. A quarter of private-equity assets are in Europe. There are funds in Barbados, Botswana, Namibia, Peru, Sierra Leone and Tunisia.<br />
<br />
Today rates can hardly go any lower, and should eventually rise. This is one of the reasons Mr Schulte and others see little growth to come.<br />
<br />
The political environment, too, may be changing. The industry benefits from two perverse aspects of the tax code—the incentive it provides for loading up companies with debt, and the reduced rate of tax the general partners benefit from owing to most of their personal income being taxed at the rate applied to capital gains. There are strong arguments for reform under both heads. In the second of the two cases a change looks quite likely.<br />
<br />
UNLIKELY WITH TRUMP<br />
<br />
There is also a broader political risk, identified in a paper published in January by professors at New York University and the Research Institute of Industrial Economics, a Swedish think-tank, called “Private Equity’s Unintended Dark Side: on the Economic Consequences of Excessive Delistings”. As companies shift from being owned by public shareholders to private-equity funds, direct individual exposure to corporate profits is lost. The public will become disengaged from the capital component of capitalism, and as a consequence will be ever less likely to support business-friendly government policies.<br />
<br />
IT’S BEEN DONE <br />
<br />
PRIVATE EQUITY ALSO GETS COMPETITION FROM ENDOWMENTS AND SOVEREIGN WEALTH FUNDS WHO WANT TO INVEST DIRECTLY<br />
<br />
The “internal rate of return” measure that private-equity companies tout can be fudged. This makes academic assessments of performance hard.<br />
<br />
This July, in an update of a previous study*, business-school professors at the Universities of Chicago, Oxford and Virginia found that, although in recent years buy-out funds had not done much better than stockmarket averages, those raised between 1984 and 2005 had outperformed the S&P 500, or its equivalent benchmarks in Europe, by three to four percentage points annually after fees. That is a lot. Ludovic Phalippou, also of Oxford, is more sceptical; he argues that when you control for the size and type of asset the funds invest in, their long-term results have never looked better than market-tracking indices. That said, getting the same size and type of assets by other means is not easy.<br />
<br />
The average return, disputed as it may be, does not tell the whole story. Studies find some evidence that private-equity managers who do well with one fund have been able to replicate their success (though again the effect seems to have decreased in the past decade). The biggest inducement to invest may simply be a lack of alternatives. Private equity’s current appeal rests not on whether it can repeat the absolute returns achieved in the past (which for the big firms were often said to be in excess of 20% annually) but on whether it has a plausible chance of doing better than today’s lacklustre alternatives. This is a particular issue for pension funds, which often need to earn 7% or 8% to meet their obligations.<br />
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.<br />
<br />
Bloomberg View<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
Also references a paper that was what I wanted to cover.<br />
<br />
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016<br />
<br />
According to figures published in The Economist, one in four mid-sized firms and one in ten large firms in the U.S. are under PE ownership as of 2016, with one PE firm (Carlyle) employing 725,000 people, second only to Walmart.6<br />
<br />
After rising from below 10% of taxpayers at the end of World War II to a high of 26.4% in 2000, stock market participation has fallen to 18.6% in 2014 (the latest year for which data are available).7<br />
<br />
Buyouts have, for example, been shown to lead to sizable improvements in accounting profits (Kaplan 1989), management 6 practices (Bloom, Sadun, and van Reenen 2015), productivity (Lichtenberg and Siegel 1990, Harris, Siegel, and Wright 2005, Davis et al. 2014), and innovation (Lichtenberg and Siegel 1990, Lerner, Sørensen, and Stromberg 2011).<br />
<br />
http://nvca.org/pressreleases/annual-venture-capital-investment-tops-48-billion-2014-reaching-highest-level-decade-according-moneytree-report/<br />
<br />
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/<br />
<br />
IPO historic underpricing<br />
https://site.warrington.ufl.edu/ritter/files/2016/02/Initial-Public-Offerings-Underpricing-2016-01-08.pdf<br />
<br />
IPO historic underwriting fee<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Underwriting-Statistics-Through-2015-2016-03-08.pdf<br />
7% Monopoly<br />
<br />
IPO historic returns<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Updated-Statistics-on-Long-run-Performance-2016-03-08.pdf<br />
<br />
IPO Rate<br />
http://www.renaissancecapital.com/ipohome/press/ipopricings.aspx<br />
<br />
Next find delisting rate-<br />
<br />
M&A Rate is the cause of it all but other interesting questions remain-<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt<br />
<br />
Exchange Codes<br />
http://finabase.blogspot.com/2014/09/interantional-stock-exchange-codes-for.html<br />
<br />
IPO Data<br />
https://site.warrington.ufl.edu/ritter/ipo-data/</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Stock_and_Flows_of_Publicly_Traded_Companies_(Report)&diff=13621Stock and Flows of Publicly Traded Companies (Report)2017-02-07T17:23:46Z<p>WillC: </p>
<hr />
<div>{{McNair Projects<br />
|Project Title=Stock and Flows of Publicly Traded Companies (Report),<br />
|Owner=Will Cleland,<br />
|Status=Active<br />
}}<br />
<br />
TO DO LIST-<br />
<br />
Add stock ownership code to data<br />
<br />
Rework data so that it has groups for regional, ANN, and OTC<br />
<br />
Link to PDF - http://www.nber.org/papers/w21181.pdf<br />
<br />
Notes-<br />
<br />
Economist-<br />
<br />
http://www.economist.com/news/briefing/21709007-private-equity-has-prospered-while-almost-every-other-approach-business-has-stumbled<br />
<br />
According to Preqin, a London-based research house, there were 24 private-equity firms in 1980. In 2015 there were 6,628, of which 620 were founded that year (see chart 2).<br />
<br />
In America, for which there are good data, the number of banks peaked in 1984; of mutual funds in 2001; companies in 2008; and hedge funds, probably, in 2015. Venture-capital companies are still multiplying; but they are effectively just private equity for fledglings.<br />
<br />
IS THE DECLINE IN COMPANIES PUBLIC AND PRIVATE OR ONLY PUBLIC?<br />
<br />
According to Bain, a management consultancy, in 2013 private-equity-backed companies accounted for 23% of America’s midsized companies and 11% of its large companies.<br />
<br />
Only half of the world’s private-equity firms, and 56% of their funds’ assets, are American. A quarter of private-equity assets are in Europe. There are funds in Barbados, Botswana, Namibia, Peru, Sierra Leone and Tunisia.<br />
<br />
Today rates can hardly go any lower, and should eventually rise. This is one of the reasons Mr Schulte and others see little growth to come.<br />
<br />
The political environment, too, may be changing. The industry benefits from two perverse aspects of the tax code—the incentive it provides for loading up companies with debt, and the reduced rate of tax the general partners benefit from owing to most of their personal income being taxed at the rate applied to capital gains. There are strong arguments for reform under both heads. In the second of the two cases a change looks quite likely.<br />
<br />
UNLIKELY WITH TRUMP<br />
<br />
There is also a broader political risk, identified in a paper published in January by professors at New York University and the Research Institute of Industrial Economics, a Swedish think-tank, called “Private Equity’s Unintended Dark Side: on the Economic Consequences of Excessive Delistings”. As companies shift from being owned by public shareholders to private-equity funds, direct individual exposure to corporate profits is lost. The public will become disengaged from the capital component of capitalism, and as a consequence will be ever less likely to support business-friendly government policies.<br />
<br />
IT’S BEEN DONE <br />
<br />
PRIVATE EQUITY ALSO GETS COMPETITION FROM ENDOWMENTS AND SOVEREIGN WEALTH FUNDS WHO WANT TO INVEST DIRECTLY<br />
<br />
The “internal rate of return” measure that private-equity companies tout can be fudged. This makes academic assessments of performance hard.<br />
<br />
This July, in an update of a previous study*, business-school professors at the Universities of Chicago, Oxford and Virginia found that, although in recent years buy-out funds had not done much better than stockmarket averages, those raised between 1984 and 2005 had outperformed the S&P 500, or its equivalent benchmarks in Europe, by three to four percentage points annually after fees. That is a lot. Ludovic Phalippou, also of Oxford, is more sceptical; he argues that when you control for the size and type of asset the funds invest in, their long-term results have never looked better than market-tracking indices. That said, getting the same size and type of assets by other means is not easy.<br />
<br />
The average return, disputed as it may be, does not tell the whole story. Studies find some evidence that private-equity managers who do well with one fund have been able to replicate their success (though again the effect seems to have decreased in the past decade). The biggest inducement to invest may simply be a lack of alternatives. Private equity’s current appeal rests not on whether it can repeat the absolute returns achieved in the past (which for the big firms were often said to be in excess of 20% annually) but on whether it has a plausible chance of doing better than today’s lacklustre alternatives. This is a particular issue for pension funds, which often need to earn 7% or 8% to meet their obligations.<br />
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.<br />
<br />
Bloomberg View<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
Also references a paper that was what I wanted to cover.<br />
<br />
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016<br />
<br />
According to figures published in The Economist, one in four mid-sized firms and one in ten large firms in the U.S. are under PE ownership as of 2016, with one PE firm (Carlyle) employing 725,000 people, second only to Walmart.6<br />
<br />
After rising from below 10% of taxpayers at the end of World War II to a high of 26.4% in 2000, stock market participation has fallen to 18.6% in 2014 (the latest year for which data are available).7<br />
<br />
Buyouts have, for example, been shown to lead to sizable improvements in accounting profits (Kaplan 1989), management 6 practices (Bloom, Sadun, and van Reenen 2015), productivity (Lichtenberg and Siegel 1990, Harris, Siegel, and Wright 2005, Davis et al. 2014), and innovation (Lichtenberg and Siegel 1990, Lerner, Sørensen, and Stromberg 2011).<br />
<br />
http://nvca.org/pressreleases/annual-venture-capital-investment-tops-48-billion-2014-reaching-highest-level-decade-according-moneytree-report/<br />
<br />
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/<br />
<br />
IPO historic underpricing<br />
https://site.warrington.ufl.edu/ritter/files/2016/02/Initial-Public-Offerings-Underpricing-2016-01-08.pdf<br />
<br />
IPO historic underwriting fee<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Underwriting-Statistics-Through-2015-2016-03-08.pdf<br />
7% Monopoly<br />
<br />
IPO historic returns<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Updated-Statistics-on-Long-run-Performance-2016-03-08.pdf<br />
<br />
IPO Rate<br />
http://www.renaissancecapital.com/ipohome/press/ipopricings.aspx<br />
<br />
Next find delisting rate-<br />
<br />
M&A Rate is the cause of it all but other interesting questions remain-<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt<br />
<br />
Exchange Codes<br />
http://finabase.blogspot.com/2014/09/interantional-stock-exchange-codes-for.html<br />
<br />
IPO Data<br />
https://site.warrington.ufl.edu/ritter/ipo-data/</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Stock_and_Flows_of_Publicly_Traded_Companies_(Report)&diff=13620Stock and Flows of Publicly Traded Companies (Report)2017-02-07T17:21:10Z<p>WillC: </p>
<hr />
<div>{{McNair Projects<br />
|Project Title=Stock and Flows of Publicly Traded Companies (Report),<br />
|Owner=Will Cleland,<br />
|Status=Active<br />
}}<br />
<br />
McNair Center Project-<br />
<br />
Wiki w/title?<br />
Answer a question with multiple facets?<br />
Not necessarily regression, trends over time, underlying data, artifacts for presentation.<br />
“lit review”<br />
Industry definitions<br />
<br />
Economist-<br />
<br />
http://www.economist.com/news/briefing/21709007-private-equity-has-prospered-while-almost-every-other-approach-business-has-stumbled<br />
<br />
According to Preqin, a London-based research house, there were 24 private-equity firms in 1980. In 2015 there were 6,628, of which 620 were founded that year (see chart 2).<br />
<br />
In America, for which there are good data, the number of banks peaked in 1984; of mutual funds in 2001; companies in 2008; and hedge funds, probably, in 2015. Venture-capital companies are still multiplying; but they are effectively just private equity for fledglings.<br />
<br />
IS THE DECLINE IN COMPANIES PUBLIC AND PRIVATE OR ONLY PUBLIC?<br />
<br />
According to Bain, a management consultancy, in 2013 private-equity-backed companies accounted for 23% of America’s midsized companies and 11% of its large companies.<br />
<br />
Only half of the world’s private-equity firms, and 56% of their funds’ assets, are American. A quarter of private-equity assets are in Europe. There are funds in Barbados, Botswana, Namibia, Peru, Sierra Leone and Tunisia.<br />
<br />
Today rates can hardly go any lower, and should eventually rise. This is one of the reasons Mr Schulte and others see little growth to come.<br />
<br />
The political environment, too, may be changing. The industry benefits from two perverse aspects of the tax code—the incentive it provides for loading up companies with debt, and the reduced rate of tax the general partners benefit from owing to most of their personal income being taxed at the rate applied to capital gains. There are strong arguments for reform under both heads. In the second of the two cases a change looks quite likely.<br />
<br />
UNLIKELY WITH TRUMP<br />
<br />
There is also a broader political risk, identified in a paper published in January by professors at New York University and the Research Institute of Industrial Economics, a Swedish think-tank, called “Private Equity’s Unintended Dark Side: on the Economic Consequences of Excessive Delistings”. As companies shift from being owned by public shareholders to private-equity funds, direct individual exposure to corporate profits is lost. The public will become disengaged from the capital component of capitalism, and as a consequence will be ever less likely to support business-friendly government policies.<br />
<br />
IT’S BEEN DONE <br />
<br />
PRIVATE EQUITY ALSO GETS COMPETITION FROM ENDOWMENTS AND SOVEREIGN WEALTH FUNDS WHO WANT TO INVEST DIRECTLY<br />
<br />
The “internal rate of return” measure that private-equity companies tout can be fudged. This makes academic assessments of performance hard.<br />
<br />
This July, in an update of a previous study*, business-school professors at the Universities of Chicago, Oxford and Virginia found that, although in recent years buy-out funds had not done much better than stockmarket averages, those raised between 1984 and 2005 had outperformed the S&P 500, or its equivalent benchmarks in Europe, by three to four percentage points annually after fees. That is a lot. Ludovic Phalippou, also of Oxford, is more sceptical; he argues that when you control for the size and type of asset the funds invest in, their long-term results have never looked better than market-tracking indices. That said, getting the same size and type of assets by other means is not easy.<br />
<br />
The average return, disputed as it may be, does not tell the whole story. Studies find some evidence that private-equity managers who do well with one fund have been able to replicate their success (though again the effect seems to have decreased in the past decade). The biggest inducement to invest may simply be a lack of alternatives. Private equity’s current appeal rests not on whether it can repeat the absolute returns achieved in the past (which for the big firms were often said to be in excess of 20% annually) but on whether it has a plausible chance of doing better than today’s lacklustre alternatives. This is a particular issue for pension funds, which often need to earn 7% or 8% to meet their obligations.<br />
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Bloomberg View<br />
<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
Also references a paper that was what I wanted to cover.<br />
<br />
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016<br />
<br />
According to figures published in The Economist, one in four mid-sized firms and one in ten large firms in the U.S. are under PE ownership as of 2016, with one PE firm (Carlyle) employing 725,000 people, second only to Walmart.6<br />
<br />
After rising from below 10% of taxpayers at the end of World War II to a high of 26.4% in 2000, stock market participation has fallen to 18.6% in 2014 (the latest year for which data are available).7<br />
<br />
Buyouts have, for example, been shown to lead to sizable improvements in accounting profits (Kaplan 1989), management 6 practices (Bloom, Sadun, and van Reenen 2015), productivity (Lichtenberg and Siegel 1990, Harris, Siegel, and Wright 2005, Davis et al. 2014), and innovation (Lichtenberg and Siegel 1990, Lerner, Sørensen, and Stromberg 2011).<br />
<br />
<br />
<br />
http://nvca.org/pressreleases/annual-venture-capital-investment-tops-48-billion-2014-reaching-highest-level-decade-according-moneytree-report/<br />
<br />
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/<br />
<br />
<br />
IPO historic underpricing<br />
https://site.warrington.ufl.edu/ritter/files/2016/02/Initial-Public-Offerings-Underpricing-2016-01-08.pdf<br />
<br />
IPO historic underwriting fee<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Underwriting-Statistics-Through-2015-2016-03-08.pdf<br />
7% Monopoly<br />
<br />
IPO historic returns<br />
https://site.warrington.ufl.edu/ritter/files/2016/03/Initial-Public-Offerings-Updated-Statistics-on-Long-run-Performance-2016-03-08.pdf<br />
<br />
IPO Rate<br />
http://www.renaissancecapital.com/ipohome/press/ipopricings.aspx<br />
<br />
Next find delisting rate-<br />
<br />
M&A Rate is the cause of it all but other interesting questions remain-<br />
<br />
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-<br />
<br />
/* <br />
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt<br />
*/<br />
<br />
Exchange Codes<br />
http://finabase.blogspot.com/2014/09/interantional-stock-exchange-codes-for.html<br />
<br />
IPO Data<br />
https://site.warrington.ufl.edu/ritter/ipo-data/</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Stock_and_Flows_of_Publicly_Traded_Companies_(Report)&diff=13619Stock and Flows of Publicly Traded Companies (Report)2017-02-07T17:20:35Z<p>WillC: Created page with "{{McNair Projects |Project Title=Stock and Flows of Publicly Traded Companies (Report), |Owner=Will Cleland, |Status=Active }}"</p>
<hr />
<div>{{McNair Projects<br />
|Project Title=Stock and Flows of Publicly Traded Companies (Report),<br />
|Owner=Will Cleland,<br />
|Status=Active<br />
}}</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=13552Will Cleland (Work Log)2017-02-03T19:48:56Z<p>WillC: </p>
<hr />
<div><br />
[[Category:Work Log]]<br />
[[Category:Internal]]<br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'<br />
* 2/3/2017 - Created basic IPO birthrate graph, now will create others and pull SDC if time allows</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=13546Will Cleland (Work Log)2017-02-02T23:20:23Z<p>WillC: </p>
<hr />
<div><br />
[[Category:Work Log]]<br />
[[Category:Internal]]<br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
<br />
* 1/26/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=13533Will Cleland (Work Log)2017-02-02T15:24:04Z<p>WillC: </p>
<hr />
<div><br />
[[Category:Work Log]]<br />
[[Category:Internal]]<br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO overconfidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxies for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse database<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data into database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw upon second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatever's<br />
<br />
<br />
* 1/25/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review<br />
* 1/31/2017 - Lit review/discussion with Ed about topic of paper to be published<br />
* 2/1/2017 - Came in to discuss paper and recommendation with Ed<br />
* 2/2/2017 - Begin pulling data from every source 'hard and fast'</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=13459Will Cleland (Work Log)2017-01-27T21:21:14Z<p>WillC: </p>
<hr />
<div><br />
[[Category:Work Log]]<br />
[[Category:Internal]]<br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO over confidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxys for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse data base<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data in to database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw on second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatevers<br />
<br />
<br />
* 1/25/2017 - Lit Review for potential project<br />
* 1/27/2017 - Help Eliza with SDC and continue lit review</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Accelerator_Seed_List_(Data)&diff=13072Accelerator Seed List (Data)2016-12-02T22:04:58Z<p>WillC: /* Sign-Ups */</p>
<hr />
<div>{{McNair Projects<br />
|Project Title=Accelerator Seed List (Data),<br />
|Topic Area=Entrepreneurship Ecosystems,<br />
|Owner=Shrey Agarwal, Matthew Ringheanu,<br />
|Start Term=Fall 2016,<br />
|Keywords=Accelerators,<br />
|Primary Billing=AccMcNair01,<br />
}}<br />
<br />
=Data Collection Notes=<br />
<br />
==3 files==<br />
<br />
For each accelerator in the list, put files in E:\Projects\Accelerators\Data<br />
*AcceleratorName.txt - copy and paste the variables below into a (tab-delimited) txt file and complete<br />
*AcceleratorName.cohort - your cohort text file (see below)<br />
*AcceleratorName.html (possibly automatically with a folder too) - save a copy of the html of the cohort page<br />
<br />
==.txt Variables==<br />
<br />
Name <br />
Score <br />
Flag <br />
CohortURL <br />
Address <br />
Duration <br />
Vintage <br />
Industry <br />
Description <br />
Equity <br />
NonProfit <br />
Notes <br />
<br />
<br />
Try to get '''Name, Score, Flag, Cohort URL and Address''' for all. ONLY GRAB OTHER VARIABLES IF EASY. Just leave things blank if you can't find them quickly.<br />
<br />
'''If the score is 0, or the flag is S, I, A, or F just stop''' - don't bother downloading a cohort list, saving an HTML file, etc. If possible, do stick a very brief description of the problem in the notes field.<br />
<br />
Notes:<br />
*Score: is 0-1 where 0 is definitely not an accelerator, 1 is definitely an accelerator<br />
*Flag: (leave blank if not needed), if multiple then separate by comma<br />
**S for social entrep<br />
**I for incubator<br />
**A for an angel group<br />
**F is for foreign<br />
**C for in coworking space/hub/etc<br />
**V for if part of venture fund<br />
**D is for Dead<br />
*Put just the root URL in Cohort URL if there isn't a Cohort page<br />
*Duration: in wks (months x 4.33 and round)<br />
*Vintage is year of first cohort if possible<br />
*Industry is industry focus but only if clear focus<br />
*Equity is a number (don't put %) or Y/N<br />
*Notes is only there if need it. Particularly try to use this field to note discards.<br />
<br />
==.cohort files==<br />
<br />
Your .cohort files must:<br />
*Be tab delimited txt<br />
*Have a header<br />
*The first column must be the portfolio company name<br />
*Grab as many columns as you can easily (and name them)<br />
<br />
==Sign-Ups==<br />
<br />
Ed - 1-10<br />
Carlin - 21-40 (done)<br />
Christy - 41-60 (done through 52)<br />
Avesh - 61-80<br />
Eliza - 81-100 (done)<br />
Meghana - 101-120 (done through 106)<br />
Peter - 121-140 (done)<br />
Ramee - 141-160 (done through 151)<br />
Will - 161-180 (done through 167)<br />
Matthew - 181-200 (done)<br />
Julia - 201-220 (done)<br />
Peter - 221-240<br />
Shrey - 241-260 (done)<br />
Matthew - 261-280<br />
Eliza - 281-300 (completed through 288)<br />
Julia - 301-320<br />
Dylan - 381-393<br />
Jake - 394-404<br />
Ben - 530-540<br />
<br />
=List of Accelerators=<br />
#10Xelerator<br />
#1440<br />
#33entrepreneurs<br />
#500 Startups<br />
#9Mile Labs<br />
#AIA Accelerator<br />
#ARK Challenge<br />
#AT&T Aspire Accelerator<br />
#ATDC Community<br />
#AZ TechCelerator<br />
#AccelFoods<br />
#Acceleprise<br />
#Accelerate Baltimore<br />
#Accelerate Genius<br />
#Accelerate Tectoria Accelerator<br />
#Accelerator Centre<br />
#Advanced Technology Development Center (ATDC)<br />
#Airbus BizLab<br />
#Alchemist Accelerator<br />
#AlphaLab<br />
#Amplify.LA<br />
#Angel Capital<br />
#Angelcube<br />
#Angelpad<br />
#Annual Business BootCamp<br />
#Arizona Center for Innovation<br />
#Arizona Furnace<br />
#Arrowhead Tech Incubator 2016<br />
#Aspire 3 Accelerator 2017<br />
#Atlanta Ventures Accelerator <br />
#AutoXLR8R<br />
#Awesome Inc.<br />
#Axel Springer Plug and Play<br />
#B 4 Change Impact Accelerator<br />
#B2B Acceleration Program<br />
#B4C Social Venture Accelerator<br />
#BBC Worldwide Labs<br />
#BMW Startup Garage<br />
#BRANDCELERATE<br />
#BUNKER Labs New York<br />
#Bank of Ireland Accelerator Programme<br />
#Bantunium Labs Accelerator<br />
#Barclays Accelerator<br />
#Barclays New York Summer 2015<br />
#Berkley Ventures<br />
#Bessemer Business Incubation System<br />
#Beta-i<br />
#Beta.MN<br />
#BetaFactory<br />
#BetaSpring<br />
#Betablox<br />
#Betaspring RevUp<br />
#Bethnal Green Ventures<br />
#BioAccel<br />
#BioInspire<br />
#Bir 2015<br />
#BitAngel Engagement Level<br />
#BitAngels Startup Summer Program of 2013<br />
#Bizdom<br />
#Black Forest Accelerator<br />
#Blue Startups<br />
#Blueprint Health<br />
#Bolt Boston<br />
#Bonnier Accelerator<br />
#BoomStartup<br />
#BoomStartup Winter 2017 (DUPLICATE)<br />
#Boomtown Accelerator<br />
#Boomtown Health Tech<br />
#Boost VC<br />
#BootupLabs<br />
#Brandery<br />
#Brooklyn Beta Summer Camp<br />
#Budweiser Dream Brewery<br />
#Buildit<br />
#BuiltinPGH Companies<br />
#Business Innovation Center<br />
#Business Opportunity Academy 2017<br />
#Business Technology Development Center (BizTech)<br />
#CLT Joules Energy Accelerator 2014<br />
#CWI Ventures<br />
#CWI Ventures Application<br />
#CableLabs Technology Tours 2016<br />
#Capital Factory<br />
#Capital Innovators<br />
#Capital Investment Network (Startups)<br />
#Caroline Plouff<br />
#Catalyst Partners<br />
#Cause Collective : Social Innovation Lab<br />
#Center for Entrepreneurial Innovation<br />
#Chain Reaction Innovations 2017<br />
#Chemical Angel Network<br />
#Chinaccelerator<br />
#Cisco Entrepreneurs in Residence<br />
#Citi Accelerator<br />
#Citrix Startup Accelerator<br />
#Claremont/Upland Makerspace Fablab<br />
#Climate Ventures 2.0 Accelerator<br />
#Co.Lab accelerator<br />
#Code for America Accelerator<br />
#Cohab's Traxtion Point<br />
#Collision Conference Investors<br />
#Common Bond<br />
#Communitech Hyperdrive<br />
#Conquer Accelerator<br />
#Coolhouse Labs<br />
#CuriousMinds Incubator / Accelerator<br />
#CyberTECH San Diego<br />
#DBS Accelerator<br />
#DPD Last Mile labs<br />
#DV X Labs<br />
#Dat Ventures<br />
#Decatur-Morgan County Entrepreneurial Center<br />
#Deep Space Ventures<br />
#Demo Accelerator 2016- 2017<br />
#DeveloperTown<br />
#Difference Engine<br />
#Digital Malaysia Corporate Accelerator Program<br />
#Digital Media Zone Incubator/Accelerator<br />
#Disney Accelerator<br />
#DogFish Accelerator<br />
#Domi Station<br />
#Dotforge accelerator<br />
#Dream Funded<br />
#DreamIT Health<br />
#DreamStart - Free Mentoring Program<br />
#Dreamit Ventures<br />
#Ducky Diggy Lloyd <br />
#E-Capital Summit<br />
#EC Mentor Skills Inventory<br />
#EIGERlab<br />
#ETRAC<br />
#EY Startup Challenge<br />
#Eco Holding<br />
#Eleven Startup Accelerator<br />
#Emerge Xcelerate<br />
#EnterpriseWorks Incubation Program<br />
#Entrepreneur Development Center<br />
#Entrepreneurs Roundtable Accelerator<br />
#Environmental Business Cluster<br />
#Equity Legal<br />
#Excelerate Labs<br />
#Execution Labs<br />
#Exhilarator<br />
#Extreme Startups<br />
#Extreme University<br />
#FOOD-X<br />
#Factory45<br />
#Fargo Startup House 2014-2015<br />
#FastTrack Propero Healthcare<br />
#FbFund<br />
#Female Propeller for High Flyers<br />
#FinTech Innovation Lab<br />
#FinTech Studios 2015<br />
#Fintech Founders Club #2<br />
#First Growth Venture Network<br />
#Fishbowl Labs AOL<br />
#Flagship Enterprise Center<br />
#FlashStarts<br />
#Flashpoint<br />
#Flat6 Labs<br />
#Fledge9<br />
#Flextronics Lab IX<br />
#Food Future Scale-up Accelerator 2017<br />
#Food System 6 (FS6) Accelerator<br />
#FoodForwardX<br />
#Fortify Ventures<br />
#Founder Institute<br />
#FounderFuel<br />
#FoundersPad<br />
#Fownders Accelerator<br />
#French Accelerator 2016<br />
#Fund the Food<br />
#Fuse Corps Host<br />
#GAKKEN Accelerator Program<br />
#Gainesville Technology Enterprise Center<br />
#Game CoLab Incubator Program 2014<br />
#GameFounders<br />
#GammaRebels<br />
#Gazelle Lab<br />
#Gener8tor<br />
#German Accelerator Life Sciences<br />
#German Accelerator Tech<br />
#Global Accelerator Network 2015<br />
#Good Works Houston Lab<br />
#GoodCompany Ventures<br />
#Google Launchpad Accelerator<br />
#Grants4Apps Accelerator<br />
#GreenStart<br />
#Greenlite Labs<br />
#GrowLab<br />
#Growth Hacking Accelerator 2015<br />
#Gulf Coast Center for Innovation and Entrepreneurship<br />
#H-Farm Ventures<br />
#HACKT Mission for International Founders<br />
#HAXLR8R<br />
#HCC Entrepreneurship Launchpad<br />
#HIGHLINE Academy<br />
#HUB<br />
#HUBB Accelerator<br />
#HUBB GTLA 2016<br />
#HackFWD<br />
#Hatch<br />
#Health Wildcatters<br />
#Health accelerator<br />
#Healthbox<br />
#Hero City Co-Working Space<br />
#High Street Startups Accelerator<br />
#Highway1<br />
#Honda Xcelerator <br />
#Houston Technology Center<br />
#Hub Ventures<br />
#HugeThing<br />
#I/O ventures<br />
#ICONYC labs<br />
#IDC Elevator<br />
#INcubes Funnel and Accelerator 2014/2015<br />
#INcubes Online Form<br />
#INcubes Startup Visa<br />
#Illumina Accelerator<br />
#Illuminator, New York Accelerator 2015<br />
#Imagine K12<br />
#Immokalee Business Development Center<br />
#Impact Engine<br />
#Impact USA - 2017<br />
#Incubate Miami<br />
#Infuse Accelerator<br />
#Ingenuity Partner Program<br />
#InnoSpring<br />
#Innov&Connect<br />
#Innov8 for Health<br />
#Innova Memhis Application<br />
#InnovateOC<br />
#Innovation Depot<br />
#Innovation Pavilion<br />
#Innovation Showcase Winter 2017<br />
#Insight Accelerator Labs<br />
#Intel Education Accelerator<br />
#Investment Preparedness Lab<br />
#Invoke Collective<br />
#Iowa Startup Accelerator<br />
#JFDI.Asia<br />
#JFE Accelerator SF<br />
#JLAB<br />
#Jaguar Land Rover Tech Incubator<br />
#Jolt<br />
#JumpSchool <br />
#JumpStart Foundry<br />
#Jumpstart! Boulder<br />
#JusticeXL<br />
#Kairos Boston Spring Program<br />
#Kaplan EdTech<br />
#Kick<br />
#Kick Boise<br />
#Kick LA<br />
#Kick Victoria<br />
#Kicklabs<br />
#Kinetiq Labs<br />
#L-SPARK Accelerator<br />
#LAUNCH incubator<br />
#LAUNCHub<br />
#LI TechCOMETS<br />
#LabFunding Project Accelerator 2014<br />
#Labs Venture Accelerator<br />
#Launch Chapel Hill<br />
#Launch Memphis<br />
#LaunchBox Digital<br />
#LaunchHouse<br />
#LaunchPad PEI<br />
#LaunchSpot<br />
#Launch_Academy<br />
#Launchpad Digital Health, LLC<br />
#Launchpad LA<br />
#Launchpad Long Island<br />
#Le Camping<br />
#Leading Entrepreneurial Accelerator Program<br />
#Lean Launch Ventures<br />
#LearnLaunchX<br />
#Lemnos Labs<br />
#Life Changing Labs<br />
#LiftOff Health Incubator<br />
#Lightbank Start<br />
#LightningLab<br />
#Lowe's Accelerator<br />
#MACH37<br />
#MACH37 Spring<br />
#MIT SA+P venture accelerator<br />
#MITA Institute Accelerator<br />
#MTGx MediaFactory<br />
#Mac6<br />
#Madworks Governance Accelerator<br />
#Maine Center for Entrepreneurial Development - Top Gun Program<br />
#Matter<br />
#Maven Ventures Fund & Incubator<br />
#Media Camp<br />
#Melbourne Accelerator Program<br />
#Memphis BioWorks<br />
#Merck Accelerator<br />
#MergeLane 2017 Accelerator<br />
#Mergelane<br />
#Metavallon<br />
#Microsoft Accelerator<br />
#MindTheBridge<br />
#Momentum<br />
#MuckerLab<br />
#Muru-D<br />
#My5ive Accelerator 2016<br />
#N-Motion<br />
#NDRC (LaunchPad / VentureLab)<br />
#NEXT Dashboard<br />
#NMotion<br />
#NY Digital Health Accelerator<br />
#NY Fashion Tech Lab 2017<br />
#NYC ACRE<br />
#NYC SeedStart<br />
#Nashville Entrepreneur Center<br />
#Nebula Shift<br />
#Nephoscale IaaS<br />
#Nest New York <br />
#New Ventures Group<br />
#New York Digital Health Accelerator<br />
#NewME Accelerator PopUps <br />
#NewMe<br />
#Next media accelerator<br />
#NextHIT<br />
#NextStart<br />
#Nike+ Accelerator<br />
#Northern Arizona Center for Entrepreneurship and Technology (NACET)<br />
#Northern England<br />
#Nxtp.labs<br />
#OCTANe<br />
#Oasis 500<br />
#OpenFund<br />
#Orange Fab<br />
#Orange Works<br />
#Orion Startups<br />
#Oxygen Accelerator<br />
#PIE<br />
#Patriot Boot Camp<br />
#Pearson Catalyst for Education<br />
#Pipeline H2O<br />
#Pitney Bowes Inc<br />
#Plarium Labs<br />
#Plug In South LA <br />
#Plug and Play<br />
#Plum Alley Investments 2016<br />
#Points of Light Accelerator<br />
#PowerHaus<br />
#Preccelerator® Program 2016<br />
#ProSiebenSat.1 Accelerator<br />
#Project Entrepreneur 2016/17<br />
#Project Healtchare<br />
#Project Lift<br />
#Project Music<br />
#Project Skyway<br />
#Propeller Venture Accelerator<br />
#Prosper Capital Accelerator<br />
#Proton Enterprises<br />
#Pushstart Accelerator<br />
#Qualcomm Robotics Accelerator<br />
#Queen Creek Business Incubator<br />
#R/GA Accelerator<br />
#RAIN Incubator/Accelerator<br />
#RJI Investment Group<br />
#Reach<br />
#RetailXelerator<br />
#Rock Health<br />
#Rocket Fuel Labs<br />
#Rockstart Accelerator<br />
#RunUp Labs<br />
#Runway IoT Accelerator 2015<br />
#SAP Startup Focus Program<br />
#SKTA Innopartners Innovation Accelerator<br />
#SPACELAB Tech Accelerator<br />
#SPARK<br />
#SPH Plug and Play<br />
#SURF Incubator<br />
#SaltMines Group Start-Up Studio<br />
#ScaleTown<br />
#Seamless IoT 2016<br />
#Searchcamp<br />
#Seed Hatchery<br />
#SeedSpot<br />
#SeedStartup<br />
#SeedSumo<br />
#Seedcamp<br />
#Seedrocket<br />
#Seeqnce<br />
#Sequoia Apps<br />
#Serval Ventures<br />
#Shenzhen Valley Ventures Incubator<br />
#Shoals Entrepreneurial Center<br />
#Shopper Futures Accelerator<br />
#Shotput Ventures<br />
#Sid Martin Biotechnology Institute<br />
#SigmaLabs Accelerator<br />
#Silicon Valley Incubator & Accelerator<br />
#SixThirty<br />
#Sixers Innovation Lab<br />
#Skywalker Accelerator<br />
#SmartHealth Activator<br />
#Smashd Labs<br />
#SoCo Nexus Accelerator Spring 2017<br />
#Social Enterprise Challenge<br />
#Socratic Labs<br />
#SparkLabs<br />
#Sparkgap<br />
#Sports Tank<br />
#Springboard<br />
#Sprint Accelerator<br />
#Sprint Mobile Health Accelerator<br />
#SproutBox<br />
#SproutCamp<br />
#Starburst Aerospace Accelerator<br />
#Start Path Europe<br />
#Start'inPost<br />
#StartEngine<br />
#StartFast Venture Accelerator<br />
#Starta Accelerator Winter 2017<br />
#Startl<br />
#Startmate<br />
#Startup Accelerator<br />
#Startup Front<br />
#Startup Next & GAN<br />
#Startup Orange County Accelerator<br />
#Startup Runway<br />
#Startup Wise Guys<br />
#Startup Zone PEI<br />
#Startup52X Accelerator<br />
#StartupCity<br />
#StartupHighway<br />
#StartupHouse Foundry program<br />
#StartupMinds Accelerator <br />
#StartupYard<br />
#Startupbootcamp<br />
#Straight Shot<br />
#Summer@Highland<br />
#Surge<br />
#SynBio axlr8r<br />
#TEB Incubation & Acceleration Center<br />
#THRIVE Accelerator III<br />
#THRIVE Open Innovation<br />
#TIM#WCAP Accelerator<br />
#TLabs<br />
#TMCx Accelerator Digital Health 2017<br />
#Tallwave<br />
#Tampa Bay Innovation Center<br />
#Tampa Bay Wave<br />
#Tandem Mobile Accelerator<br />
#Tech Nexus<br />
#Tech Wildcatters<br />
#Tech2020<br />
#TechLaunch<br />
#TechRanch<br />
#TechSquareLabs<br />
#Techstars<br />
#Techstars Music<br />
#Telenet Idealabs<br />
#Telluride Venture Accelerator<br />
#TenX<br />
#The Alchemist Accelerator<br />
#The Ark<br />
#The Bakery<br />
#The Batchery<br />
#The Brandery<br />
#The Bridge<br />
#The Center For Technology Enterprise & Development<br />
#The Chaser<br />
#The Company Lab (CO.LAB)<br />
#The Draper FinTech Connection<br />
#The Factory<br />
#The Greatest Pitch<br />
#The Harbor Accelerator<br />
#The Incubator<br />
#The Iron Yard<br />
#The Mediapreneur Incubator<br />
#The Morpheus<br />
#The New York Venture Summit<br />
#The Next Step: from idea to startup<br />
#The Refinery<br />
#The Unilever Foundry<br />
#The Venture Center's Pre-Accelerator I<br />
#The Vine OC<br />
#The Vogt Awards<br />
#The Yield Lab<br />
#The eFactory Accelerator<br />
#Think Big Partners Accelerator<br />
#TiE Angels<br />
#Tigerlabs Digital Health Accelerator<br />
#Tolstoy Summer Camp<br />
#TopSeedsLab<br />
#Travel Startups Incubator<br />
#Travelport Labs Accelerator<br />
#Travelport Labs Incubator<br />
#Triangle Startup Factory<br />
#Tumml<br />
#Tune Labs<br />
#Twin Cities Accelerator 2016<br />
#UW-Whitewater Launch Pad Accelerator<br />
#Unbank.ventures FinTech Incubator<br />
#University Technology Park<br />
#Unreasonable Institute<br />
#UpTech<br />
#Upstart Accelerator<br />
#Upstart Labs<br />
#Upstart Memphis<br />
#Uptima Business Bootcamp<br />
#Upwest Labs<br />
#VANTEC<br />
#VC FinTech Accelerator<br />
#Velocity Indiana Accelerator<br />
#Velocity Venture Catalyst<br />
#Venture Hive<br />
#Venture I<br />
#VentureOut's Enterprise Tech Expedition<br />
#Venturegeeks<br />
#Vet-Tech Accelerator<br />
#VictorySpark<br />
#Village88 Techlab<br />
#Volkswagen ERL Technology Accelerator<br />
#WHLabs<br />
#Wasabi Ventures Academy<br />
#Wayra<br />
#Wellness Accelerator<br />
#Wells Fargo Startup Accelerator<br />
#Wireless IoT<br />
#Women Innovate Mobile<br />
#XLerateHealth<br />
#XTRATOS<br />
#Xlerate Health<br />
#Y Combinator<br />
#Y&R SparkPlug 2017<br />
#YEurope<br />
#YLE Media Startup Accelerator Program<br />
#Yahoo Ad Tech Program<br />
#Yangler (online accelerator)<br />
#Year of the Startup<br />
#Yetizen Accelerator<br />
#You Is Now<br />
#Z80 Labs<br />
#ZIP Launchpad Admission<br />
#ZeroTo510<br />
#Zone Startups Calgary<br />
#designX 2017<br />
#eMerging Ventures<br />
#ezone<br />
#iStart Jax<br />
#iStart Valley<br />
#iVentures10<br />
#ignite100<br />
#innovyz start<br />
#tekMountain Accelerator<br />
<br />
=Project Summary=<br />
This project will be used to determine which accelerators are the most effective at churning out successful startups, as well as what characteristics are exhibited by these accelerators. First, we need to gather as much data as we can about as many accelerators as we can in order to look at factors that differentiate successful vs. unsuccessful ventures. Next, we need to create a web crawling program which will gather information about accelerators across the world by accessing their websites and extracting information. I believe that our overall goal with this research project is to gain insight into the methods of successful accelerators, as well as to find out what exactly differentiates very successful accelerators from dead accelerators.<br />
<br />
Helpful Links: http://seedrankings.com/<br />
<br />
=Sources=<br />
<br />
Summary: These are sources obtained from [[List of Accelerators]] and other Google searches. We will evaluate these sources by looking at the number of accelerators they supply (as most of them are lists) and then also taking a look at the type of information they provide about each accelerator. Key data points are cohort-related data, startup-related data, and logistics of the accelerator. Better sources supply more information that the URL alone.<br />
<br />
(Obtained from [[List of Accelerators]] and various Google searches)<br />
*http://seedrankings.com/<br />
*http://www.acceleratorinfo.com/see-all.html<br />
*http://www.seed-db.com/accelerators<br />
*http://gust.com/usa-canada-accelerator-report-2015/?utm_content=35401577&utm_medium=social&utm_source=twitter<br />
*https://bostonstartupsguide.com/guide/every-boston-startup-accelerator-incubator/<br />
*http://www.builtinnyc.com/2016/06/03/accelerators-incubators-nyc<br />
*http://www.represent.la/<br />
*http://www.launch.co/blog/complete-list-of-incubators-and-accelerators-like-y-combinat.html<br />
*https://angel.co/accelerator-4<br />
<br />
(Obtained from Google search: "Accelerator Database")<br />
*seed-db is the first result that pops up<br />
*https://www.corporate-accelerators.net/database/<br />
*https://github.com/florianheinemann/www-corporate-accelerators-net/blob/master/_data/Accelerators.json<br />
*By the 5th or 6th search result, the utility diminished greatly<br />
*http://www.forbes.com/sites/briansolomon/2015/03/17/the-best-startup-accelerators-of-2015-powering-a-tech-boom/#2f52fa7e34e4<br />
*http://www.inc.com/will-yakowicz/the-15-best-startup-accelerators-in-the-us.html<br />
*http://www.forbes.com/sites/briansolomon/2016/03/11/the-best-startup-accelerators-of-2016/#74086a7724f2<br />
*https://techcrunch.com/2015/03/17/these-are-the-top-20-us-accelerators/<br />
*https://www.nexpcb.com/blogs/news/the-hardware-incubators-accelerators-list<br />
<br />
Other ways used to find Accelerators (listed below "List of Sources Obtained from Various Google Searches"):<br />
*Type in generic location + "accelerators" (e.g. Houston Accelerators)<br />
:*Looked at roughly the first 20 results<br />
:*Used three locations as examples of accelerators that pop up<br />
*Type in a specific state + "accelerator" + "list" (e.g. Texas accelerator list) to search for more relevant lists<br />
:*Once again, looked at roughly the first 20 results<br />
<br />
=Source Evaluations=<br />
<br />
Summary: These evaluations couple with each of the sources above. The evaluations provide instructions for obtaining the information listed, as well as a general review of how useful the data seems. The review serves to determine whether a crawler would be suitable for obtaining information from the source autonomously.<br />
<br />
==Source: http://www.acceleratorinfo.com/see-all.html==<br />
#Opened source website<br />
#Copied Information under "All Accelerator Programs" to TextPad, already sorted. Returned 190 results<br />
#Each link on parent list leads to individual '''home page url''' of accelerator<br />
:*Used sample size of 20 links, determined 16 to be accelerators, 2 to be incubators, 2 to be inactive or broken links<br />
:*Many accelerators do not include founding date, most recent accelerators from around 2013-2014 (as determined from home page)<br />
===Review===<br />
*Reliable source for specific URLs to older accelerators, not very helpful for more specific information.<br />
*Web crawling seems improbable because information is not readily available from source. Can potentially mine staff information or contact information from associated "about" page in the home url<br />
<br />
<br />
==Source: http://www.seed-db.com/accelerators/all==<br />
#Copied "Seed Accelerators" table to TextPad, data sorted itself into lines. Returned 235 results.<br />
#Clicking on the accelerator name itself links to a page with all of its associated startups, up until 6/2016 cohort<br />
::*Startup table includes:<br />
::# "state"<br />
::# "company name"<br />
::# "website and CrunchBase links"<br />
::# "cohort date"<br />
::#"exit value"<br />
::#"funding". <br />
:::Many entries for "exit value" are missing, some values for "funding" are missing<br />
:On original seed-db webpage, each accelerator has a link to its associated home page url<br />
::*From the table, each listed entry was an accelerator, although 24 accelerators out of 235 were classified as "dead"<br />
::*Along with the home url, each accelerator table includes the following:<br />
::#Status<br />
::#Program (name)<br />
::#Location<br />
::#Country<br />
::#Number of companies<br />
::#Cumulative exit values<br />
::#Cumulative funding <br />
::#Average funding for startups<br />
::#Median funding for startups<br />
:::Many entries for "median funding" are left empty, as well as entries for all types of funding on the bottom half of the table<br />
===Review===<br />
*Reliable source for accelerators, includes list of accelerators both dead and active, as well as their associated start-ups<br />
*Web crawling potential is promising; startup table is located within the source for each webpage. Can also mine any category from the accelerator table<br />
*Overall very extensive data for accelerators that are included on the list, but after cross-referencing from other sources shows that seed-db is lacking many newer accelerators; list is not all-inclusive.<br />
*Includes regional distributions for accelerator groups as well. For example, rather than just "Techstars", the group is broken into Austin, Berlin, Boston, Boulder, etc.<br />
<br />
<br />
==Source: http://www.seed-db.com/accelerators==<br />
:Very similar to "http://www.seed-db.com/accelerators/all", but contains large regional accelerators as groups, rather than individual accelerators. For example, Techstars appears only once.<br />
#Copied "Seed Accelerators" table to TextPad, data sorted itself into lines. Returned 239 results.<br />
#Clicking on the accelerator name itself links to a page with all of its associated startups, up until 6/2016 cohort<br />
::*Startup table includes same information as previous source, "http://www.seed-db.com/accelerators/all". However, accelerators spanning across multiple regions have their startups located under one category on this webpage.<br />
:On original seed-db webpage, each accelerator has a link to its associated home page url<br />
::*From the table, each listed entry was an accelerator, although 24 accelerators/groups out of 239 were classified as "dead"<br />
::*Along with the home url, each accelerator table includes the same information as the "http://www.seed-db.com/accelerators/all" source<br />
===Review===<br />
*Reliable source for accelerators, includes list of accelerators both dead and active, as well as their associated start-ups<br />
*Web crawling potential is promising; startup table is located within the source for each webpage. Can also mine any category from the accelerator table<br />
*Overall very extensive data for accelerators that are included on the list, includes large groups as well as individual accelerators. It seems that some accelerators missing from "http://www.seed-db.com/accelerators/all" are located here, since there are 239 returns rather than 235.<br />
<br />
<br />
==Source: https://www.f6s.com/programs?type==<br />
#On the webpage, set "Type" to "Accelerator/Program", set "Location" to "North America", and set "Invest in Country" to "United States" to return results<br />
#Highlighted results and scrolled down until all results found; copied results to TextPad<br />
#In TextPad, sorted out lines with "by", as well as miscellaneous categories such as dates and dollar signs through Regular Expressions<br />
#Using the "More Info" line which held constant through the entire list, assigned a sequential number to the line (in order to determine the number of results)<br />
::*Obtained a grand total of 1467 results from the list<br />
::*Along with the name of the program/accelerator, the data included:<br />
::#Dollar value per team<br />
::#Equity<br />
::#Application Site<br />
::#Accelerator URL<br />
::*Many entries are not accelerators, from a quick glance through the results, there were various conferences, 3-5 days events, and written literature pertaining to accelerators as well<br />
::*From a sample size of the first 30 entries, determined 10 to be valid accelerators, 3 incubators, 6 conferences/weekends, and the rest to be miscellaneous entries such as startup events or "studios" (perhaps useful but not relevant to search)<br />
::*As we go down the list, the number of accelerators proportionately decreases. Can comfortably say that overall accelerator turnout from this website is much less than 33%, probably closer to 10-15%.<br />
===Review===<br />
*Potentially useful website if crawler could remove the clutter and target solely the accelerators; very useful for identifying new accelerators since data automatically sorted by date and location.<br />
*Large list of sources includes many irrelevant results, such as conferences or weekends which are difficult to identify. The name of the sorting category itself, "Accelerator/Program" suggests that many of the results fall under the "Program" section rather than being valid accelerators.<br />
*Potential site for identifying accelerators, but limited by in-site sorting; useful for URL and perhaps equity, but not very detailed information relating to the accelerator/program.<br />
<br />
<br />
==Source: http://gust.com/usa-canada-accelerator-report-2015/==<br />
#Selected region of US and Canada<br />
#Scrolled down to the section labeled "Top 20 Active Accelerators" and selected "see the full list" near the bottom of the listed accelerators<br />
#Copied resulting entries into TextPad and sorted out the numbers to leave only the name of the accelerator<br />
::*Obtained 100 results for different accelerators<br />
::*Accelerator lists included:<br />
::#Name and URL<br />
::#Number of Start-ups funded (2015 only)<br />
::*Accelerator list limited to 2015<br />
===Review===<br />
*Website provides its own evaluation of an accelerator's success based on various factors and provides data for larger trends.<br />
*Usefulness is questionable because website does not provide much except the URL, and all of the entries are based on success in 2015.<br />
*Other interesting data within website such as "Hot Markets", investment breakdowns by state, etc. All of this data is also limited to 2015.<br />
<br />
==Source: https://bostonstartupsguide.com/guide/every-boston-startup-accelerator-incubator/==<br />
#Scrolled down to the section labeled "Startup accelerators in Boston"<br />
#Copied text beginning from "MassChallenge" (the first paragraph was just a general definition of startups) and continued to copy until "Startup Incubators in Boston"<br />
#After pasting in TextPad, I sorted the data to delete any characters after the "-" and added a sequential number at the beginning of each line<br />
::*Returned a total of 17 results for startups in Boston<br />
::*Accelerator list included:<br />
::#Name and URL<br />
::#Capital requirements<br />
::#Application periods and requirements<br />
::#Paragraph describing accelerator and its goals<br />
===Review===<br />
*Although the guide is dated, useful for identifying strong accelerator programs in Boston<br />
*Limitation: only focuses on Boston, but the description is helpful in identifying the role of the accelerator<br />
*Limited information on accelerator, not very useful by itself without information from the accelerator URL<br />
<br />
==Source: https://www.corporate-accelerators.net/database/==<br />
#Copied and pasted table into Microsoft Excel (Data was already sorted into categories so no need for TextPad)<br />
#Table returned 72 references (but there was a link to the bottom to a larger database)<br />
::*The table itself includes:<br />
::#Major Company<br />
::#Accelerator<br />
::#Funding<br />
::#Equity<br />
::#Website<br />
::#Details<br />
::*The "Details" link led to a variety of other information including:<br />
::#Status (Active or Inactive)<br />
::#Locations<br />
::#Funding<br />
::#Equity<br />
::#Term<br />
::#Cohort Based? (Regular or Irregular)<br />
::#Pitch Day<br />
::#Office Space<br />
::#Powered by<br />
::#Support Offered?<br />
::#Launch year<br />
::#Focus Areas<br />
::#General Description<br />
::*Also Included a variety of data regarding the host company as well<br />
===Review===<br />
*Solid list for corporate accelerators and also includes a variety of information about the accelerator, the cohorts, etc. Some of the entries are international accelerators however so need to filter them out<br />
*Only limited to 72 accelerators from major companies<br />
<br />
==Source: https://github.com/florianheinemann/www-corporate-accelerators-net/blob/master/_data/Accelerators.json==<br />
#This source is a .json file from the previous database<br />
#After placing into TextPad, replaced each space with a ###, replaced each new line with a tab, and replaced each ### with a new line. Ultimately returned 80 results<br />
::*From the file, the .json includes:<br />
::#NAICS and NAICS sector <br />
::#Classification<br />
::#Sector Description<br />
::#Term<br />
::#Goal<br />
::#Partner<br />
::*Also includes most of the information from the previous source, since they are undoubtedly linked<br />
===Review===<br />
*Another solid list for corporate accelerators with some more information, but ultimately very similar to the previous source.<br />
<br />
==Source: https://www.quora.com/Where-can-I-find-a-comprehensive-list-of-startup-incubators-and-accelerators-in-the-US==<br />
#Since we already looked at the first listed source (seed-db), I clicked on the second link "(by Robert Shedd) http://blog.shedd.us/321987608/" which took me to a page headed "Help for Startups! – A semi-complete list of startup accelerator programs" created by a blogger, Robert Shedd<br />
#List included 102 entries by the blogger, each of which do look like an accelerator<br />
::*Upon immediate overview, noticed many results from previous sources were missing. Immediately noticed lack of "OwlSpark", the accelerator from Rice.<br />
::*Shedd only offers us the accelerator name plus its URL<br />
===Review===<br />
*Nice list to cross-reference with other sources but does not offer much new insight compared to more powerful engines such as seed-db\<br />
<br />
=List of Sources Obtained from Various Google Searches=<br />
<br />
Summary: These accelerators are taken from a specific Google search rather than a list. The idea is to compile a list of Google searches that return relevant results of accelerators. This will aid in the creation of a future web crawler.<br />
<br />
==From "Location + Accelerator"(Only individual results, not lists)==<br />
===Houston Accelerators===<br />
*Examples of single accelerators found<br />
:#TMCx: http://www.tmc.edu/innovation/innovation-programs/tmcx/<br />
:#RED labs: http://redlabs.uh.edu/8<br />
:#SURGE accelerator: https://kirkcoburn.com/<br />
:#OwlSpark: http://owlspark.com/<br />
:#NextHIT: http://www.houstonhealthventures.com/nexthit-accelerator-program-application/<br />
===Los Angeles Accelerators===<br />
:#Amplify: http://amplify.la/<br />
:#Y Combinator: https://www.ycombinator.com/<br />
:#Chicklabs: https://www.chicklabsllc.com/<br />
:#Disney Accelerator: https://disneyaccelerator.com/<br />
:#Launchpad: https://launchpad.la/<br />
===New York Accelerators===<br />
:#DreamIT Ventures: http://www.dreamit.com/#meaningful-experience<br />
:#Women Innovate Mobile: http://www.wim.co/<br />
:#Techstars NYC: http://www.techstars.com/programs/nyc-program/<br />
:#Entrepreneurs Roundtable: http://eranyc.com/<br />
:#FirstGrowthVC: http://venturecrush.com/fg/<br />
:#New York Digital Health Accelerator: http://digitalhealthaccelerator.com/<br />
:#Grand Central Tech: http://www.grandcentraltech.com/<br />
:#Accelerator Corp: http://www.acceleratorcorp.com/<br />
:#New York Startup Lab: http://nystartuplab.com/<br />
===Review===<br />
*Some locations return more viable results for a similar sample size. For example, New York returned 9 valid accelerators, whereas Los Angeles and Houston both returned 5 actual accelerators out of the first 20 results: an 80% difference. Some optimization may come from identifying which locations return more accelerators upon searching.<br />
<br />
==From "State+Accelerator+List"==<br />
===New York Accelerator List===<br />
*http://www.ongridventures.com/resources/new-york-silicon-alley-resources/newyorkaccelerators/ (Ranks 14 accelerators)<br />
*http://under30ceo.com/11-new-york-tech-incubators-and-accelerators-for-entrepreneurs/ (Ranks 11 accelerators)<br />
===California Accelerator List===<br />
*http://www.socaltech.com/the_complete_guide_to_southern_california_accelerators_and_incubators_part_i/s-0040924.html (Lists accelerators in Southern Cali)<br />
*http://barberacorporatelaw.com/blog/2014/4/8/28-business-incubators-in-the-los-angeles-area (List of 24 accelerators near the LA area)<br />
===Texas Accelerator List===<br />
*http://www.austinstartuplist.com/incubators (List of accelerators in Austin, <5 results)<br />
*http://www.siliconhillsnews.com/2016/09/02/the-top-texas-healthcare-accelerators-and-incubators/ (Modest list of accelerators aiding in healthcare)<br />
*http://realfoodmba.com/food-startup-accelerators/ (List of food-based accelerators, some of which are in Austin, others of which are international)<br />
===Colorado Accelerator List===<br />
*http://www.builtincolorado.com/2015/01/14/best-colorado-accelerators-your-startup (8 results)<br />
*https://www.quora.com/What-accelerator-programs-are-located-in-Colorado (Quora inquiry yielding modest results)<br />
===Washington Accelerator List===<br />
*http://www.geekwire.com/2015/mapping-seattles-incubators-accelerators-and-co-working-spaces/ (Returns 14 results)<br />
===Oregon Accelerator List===<br />
*http://www.bizjournals.com/portland/subscriber-only/2016/01/15/incubators-and-accelerators.html (Returns list of 5 accelerators and details)<br />
*http://www.oregon4biz.com/Innovate-&-Create/R&D-Business/Incubators/ (Returns list of 26 accelerators and incubators)<br />
<br />
Notes:<br />
*Seed-DB appears for almost all of the search results<br />
*Acceleratorinfo appears for most of the search results<br />
*There are multiple cumulative reports of incubators per location, but not for accelerators<br />
*Most regionalized accelerator lists deal with either an article or a ranking of a particular amount of accelerators in the area<br />
*Many results returned nationally ranked lists of accelerators, such as the Forbes list of "Top Accelerators" or something along the lines of "Best Accelerators in the US". The connection is that perhaps one accelerator mentioned on the list may be located within the searched state.<br />
*There are also a few results for actual particle accelerators that must be sorted out (i.e. superconducting super collider)<br />
<br />
==Found through google searching accelerators found previously==<br />
'''Found from googling YLE Media Startup Accelerator'''<br />
*https://www.corporate-accelerators.net/database/index.html (DB of Corporate Accelerators 71-79 entries)<br />
*http://startupaccelerator.vc/accelerator-corporate-innovation-sig/ (Database of Accelerators and Corporate Innovation 92 entries)<br />
neither of these have had their entries added to list of accelerators<br />
<br />
=Individual Accelerator Evaluations=<br />
Summary: The purpose of this section is to create instructions for each accelerator on how to find cohort information from their URLs. Along with specific instructions for obtaining the cohorts for each accelerator chosen, there should be a list of easy-to-obtain and relevant statistics regarding the accelerator, such as information about its team, location, etc. The variable statistics list is cumulative, whereas the cohort directions are unique per the accelerator.<br />
<br />
==Accelerators Chosen (Format = Name (source))==<br />
#Blue Startups (http://www.acceleratorinfo.com/see-all.html)<br />
#Launchpad LA (http://www.acceleratorinfo.com/see-all.html)<br />
#Y Combinator (http://www.seed-db.com/accelerators)<br />
#FlashPoint (http://www.seed-db.com/accelerators/all)<br />
#Prosper Accelerator (https://www.f6s.com/programs?type)<br />
#Axel Springer Plug and Play (http://www.axelspringerplugandplay.com/)<br />
#Techstars (http://www.seed-db.com/accelerators)<br />
#Startmate (http://www.seed-db.com/accelerators)<br />
#Capital Factory (http://blog.shedd.us/321987608/)<br />
#OwlSpark (Google search: "Houston + accelerators")<br />
<br />
==Accelerator: Blue Startups (http://bluestartups.com/)==<br />
Finding the cohort:<br />
#Navigated to "Track Record" page under the "Home" tab; found total number of graduated cohorts to be 7<br />
#Navigated to "Portfolio" tab. Tab includes list of all seven graduated cohorts along with companies emerging from each one. Each cohort is listed under a separate page (ex. "Cohort 1", "Cohort 2", etc) and at the bottom of each cohort page, there is a link to the other 6. Each company has a short description along with its URL.<br />
#An "Alumni News" page at the bottom of "Portfolio" includes articles pertinent to graduated startups.<br />
#Unfortunately does not include the date and year of each cohort class, but perhaps could cross-reference with other sources.<br />
<br />
==Accelerator: Launchpad LA (http://launchpad.la/)==<br />
Finding the cohort:<br />
#Navigated to "Companies" in the top of the homepage<br />
#"Companies" returns all companies backed by Launchpad LA based on their class year and number (cohort)<br />
#:*Also sorted by active startups vs. inactive startups<br />
#At the bottom of the "Companies" tab, there is a statistical layout returning values for the number of companies started by Launchpad during its time as an accelerator (2012-present), as well as the total funding funneled into the accelerator.<br />
<br />
==Accelerator: Y Combinator (http://www.ycombinator.com)==<br />
Finding the cohort:<br />
#Scrolled down on the home page and clicked on a link entitled "See all companies".<br />
#Navigated to a drop down menu named "All Batches", and clicked on it to expand the list.<br />
#List is made up of dates ranging from 2005-2016, and these dates return lists of launched companies including most but not all of their URL's, as well as their launch year.<br />
<br />
==Accelerator: Flashpoint (http://flashpoint.gatech.edu/)==<br />
Finding the cohort:<br />
#On upper right corner after animation, there is a tab sign which lets you navigate to a page labeled "Teams"<br />
#The "Team" page has each batch of companies emerging from Georgia Tech, although it does not include the dates or cohorts of these companies. For example, "Batch 1" at the top of the page just lists the companies in the batch without URLs or any additional information.<br />
#On the "Application" page on the tab near the top, there is information regarding Batch 7, which begins early 2017. Suggests that batch 6 either ended spring 2016 or fall 2016.<br />
<br />
==Accelerator: Prosper Women Entrepreneurs (http://www.prosperstl.com)==<br />
Finding the cohort:<br />
#Navigated to "Accelerator" tab and clicked "Companies" when prompted with the drop down menu.<br />
#This tab returned all of the launched company logos which then redirected to the company's home page when clicked.<br />
#No other relevant form of information such as date launched or cohort was included on this page.<br />
<br />
==Accelerator: Axel Springer Plug and Play(http://www.axelspringerplugandplay.com/)==<br />
Finding the cohort:<br />
#Clicked on the "Companies" tab on the home page and was directed to the middle of the page which included a short list of current companies.<br />
#Clicked on the "All Companies" link which returned a page filled with startup logos and brief descriptions of those startups. When clicked, each logo serves to redirect to that startup's home page.<br />
#Companies were not sorted by cohort or in any other relevant way.<br />
<br />
==Accelerator: Techstars (http://www.techstars.com)==<br />
Finding the cohorts:<br />
#Navigated to the Accelerators tabs and clicked "Companies" on the drop down menu.<br />
#Firstly, this returns a table comprised of a long list of different classes from different areas separated by years.<br />
#Upon scrolling down further, each of these classes is broken down by the startups that graduated from them. It also includes information such as how much was invested in each startup, as well as whether or not the startup was acquired, is active, or failed.<br />
<br />
==Accelerator: Startmate (http://www.startmate.com.au)==<br />
Finding the cohorts:<br />
#Navigated to the "Startups" tab, which returned a page of all startups that have graduated from Startmate.<br />
#Startups are separated by year of graduation, and each company is linked on this page.<br />
#It appears as if each year, 1 cohort is taken through the accelerator.<br />
<br />
==Accelerator: Capital Factory (https://capitalfactory.com/accelerate/)==<br />
Finding the cohorts:<br />
#Navigated to the startups tab, which returned a long list of companies that were accelerated by Capital Factory.<br />
#Each logo for the startups served as a link to their respective websites.<br />
#There was no evidence or mention of any cohorts.<br />
<br />
==Accelerator: OwlSpark (http://entrepreneurship.rice.edu/accelerator/)==<br />
Finding the cohorts:<br />
#Navigated to the "Startup Teams" tab, which returned a page that included links to 4 "Classes".<br />
#Each class link i.e. (Class 1, Class 2, Class 3, Class 4) returned links to each startup that graduated from the program.<br />
#These classes signify cohorts.<br />
<br />
==List of Promising Variables==<br />
*Key People (founders, lead entrepreneurs, strategists, etc.)<br />
*Total number of launched companies<br />
*A FAQ for application details, accelerator vision, and <br />
*Funds raised per company (average)<br />
*Features offered by accelerator (perks, space, tools, etc)<br />
*General events hosted by the accelerator<br />
*(Success) stories for graduated start-ups<br />
<br />
=E-R Diagram (in list form) for Identifying Attributes to Pull from Accelerators=<br />
Summary: I will look at different entities within the accelerator page (e.g accelerators, cohorts, founders) and then find potential attributes that can be codified from those entities. Along with the attribute, we list a potential method for pulling that particular attribute. <br />
<br />
Format: <br />
:<u>Entity</u><br />
:*Attribute - Possible sources/ways to get<br />
<br />
Ed: "Be creative with finding new attributes to pull!"<br />
<br />
==List==<br />
<u>Accelerators</u><br />
*Accelerator Name - Website, external database<br />
*Contact Form - General contact section in each website <br />
*Industry focus - can be pulled from description<br />
*Description - pulled from website itself<br />
*Takes equity? - Database or from "about" page<br />
*Non-profit? - Database<br />
*URL - Already have way of obtaining<br />
*DNS Registration Date - Already have way of obtaining<br />
*Address - Google Maps, maybe the website<br />
*Founding Date - Google Maps, website, server registration<br />
<br />
<u>Accelerators</u> (1) has (n) <u>Features</u><br />
<br />
<u>Features</u><br />
*Mentorship? - Description in website<br />
*Space Offered - Google Maps, Website description<br />
*Partnerships - Angel list, Same section as mentorship or events<br />
*Hosted Events - Calender<br />
<br />
<u>Accelerators</u> (1) has (n) <u>Founders</u><br />
<br />
<u>Founders</u><br />
*Name - Founders or Team Page<br />
*Title - Directly underneath or next to name<br />
*PhD? - Biography, webpage under name<br />
*Serial - Biography<br />
*Link back to "Accelerator Name" in <u>Accelerators</u><br />
<br />
<u>Founders</u> (n) has (n) <u>Ventures</u> <br />
<br />
<u>Ventures</u><br />
*Other Companies - Biography, webpage<br />
*Previous Companies - Biography<br />
*Net Worth - Forbes, Biography<br />
*Link back to "Name" in <u>Founders</u><br />
<br />
<u>Accelerators</u> (1) has (n) <u>Cohorts</u><br />
<br />
<u>Cohorts</u><br />
*Date + Accelerator = Cohort ID - Database or Website<br />
*Number of Startups - Website, count from <u>Startups</u><br />
*Cohort Number - Categorization on website, external database<br />
*Link back to "Accelerator Name"<br />
<br />
<u>Cohorts</u> (1) has (n) <u>Startups</u><br />
<br />
<u>Startups</u><br />
*Names - Website, external database<br />
*State of Inc - Angel List<br />
*URL - Angel List, website<br />
*Founding Date - Registration database, Angel List<br />
*Industry - startup description<br />
*Founding Location - Angel List<br />
*Current Location - Angel List<br />
*VC Raised to Date - SDC Platinum<br />
*Angel Funds Raised to date - Angel List<br />
<br />
==Variables which Distinguish Accelerator Websites==<br />
*The word "Accelerator"<br />
**This word appears at least one time on the home page of the vast majority of accelerator websites. The word "Accelerator" appears either as a link to another page on the website or in a title on the homepage of the website. Not many other websites contain this word on their homepage, especially not if one Googles something generic such as "Accelerators in the US".<br />
<br />
*Fixed Term<br />
**Accelerators normally work with their cohorts for 3 months. This is a major factor which differentiates between an accelerator and any other member of a startup ecosystem. If on their website they mention either "3 months" or "12 weeks", it is extremely likely that the website belongs to an accelerator.<br />
<br />
*Cohorts, Portfolio, Class, or Companies<br />
**This is a potential variable that could link the websites of many different accelerators. The problem with the word "portfolio" is also used by numerous venture capital firms, which could potentially cause complications when attempting to pull only the sites of accelerators from a Google search. The word "cohort", however, would have an extremely high probability of identifying the website as belonging to an accelerator. The words "class" and "companies" are promising but do not offer certainty.<br />
<br />
*Equity, Investment<br />
**Although by itself, equity does not mean much, when paired with any of these other terms, it could potentially point to an accelerator. Most accelerators take equity in the form of common stock (6-8%), or they will ask for some alternate form of stake in the company.<br />
<br />
*Education and Mentorship<br />
**Accelerators differ from incubators and angel investors in that they emphasize the education of the potential startup. They offer advice and intense mentorship from more experienced entrepreneurs within their staff, as well as many networking opportunities with the outside world. This variable is more difficult to find on the website of the accelerator, but I believe that if the website includes numerous keywords such as "education", "mentorship", or "networking opportunities", it would be somewhat safe to assume that the website is owned by an accelerator.<br />
<br />
*Demo Day<br />
**This variable does not have tremendous potential in terms of crawling websites, but I feel that it is worth mentioning. Most accelerators "graduate" their cohorts with a demo day, which is a day when the startups present their company to potential investors. If the website contains the words "demo day", which is fairly uncommon, it could be a good source of accelerator identification.<br />
<br />
A combination of any of these variables would certainly identify the current website as belonging to an accelerator.<br />
<br />
==Comprehensive List of Accelerators==<br />
<br />
All text files saved in "Accelerators" project on the McNair RPD. <br />
<br />
*Acc.Info: 190<br />
*SeedDB: 240<br />
*SARP: 59<br />
*Corp: 79<br />
*Total: 568 results<br />
<br />
After removing duplicates and locations: 363 results<br />
<br />
Doesn't count f6s, which returns 1170 results, roughly only 300 of which were accelerators. We created a crawler to sift through the webpages and parse HTML so we could identify the accelerators. Program and HTML saved on the Desktop.<br />
<br />
==Randomly Chosen Accelerators==<br />
*TLabs<br />
*BetaSpring<br />
*The Unilever Foundry<br />
*AIA Accelerator<br />
*R/GA Accelerator<br />
*Zeroto510<br />
*Hub:raum<br />
*Orange Fab<br />
*Furnace<br />
*Launch Chapel Hill<br />
<br />
===Determining whether or not these are accelerators===<br />
Googled name of Accelerator and clicked on the first link<br />
<br />
Looked for Variables which Distinguish Accelerator Websites<br />
*TLabs: Homepage states: "Leading Indian Tech Accelerator"; TLabs is an accelerator, but it is located in India.<br />
*Betaspring: Under the "About Betaspring" tab, it states that "Betaspring was among the first ten startup accelerators to launch worldwide".<br />
*The Unilever Foundry: Does not claim to be an accelerator, nor does it have information on the website about cohorts. This name was pulled from the source Corporate Accelerators.<br />
*AIA Accelerator: The word "accelerator" is included in the name. Under the "Overview" tab, it states that startups have received mentorship.<br />
*R/GA Accelerator: Under the "Overview" tab it states that the "R/GA Accelerator is designed for startups and... it is a three month, immersive, mentorship driven program".<br />
*Zeroto510: Website contains a "Portfolio Companies" tab which divides up the companies into cohorts. This identifies Zeroto510 as an accelerator.<br />
*Hub:raum: Offers accelerator and incubator programs; however, none are located in North America.<br />
*Orange Fab: States on the main page that "We're a 3-month accelerator program".<br />
*Furnace: "About" tab states that Furnace is "an innovative startup accelerator designed to form, incubate, and launch new companies". Concludes with a Demo Day<br />
*Launch Chapel Hill: Homepage states that they are "a startup accelerator". Also included on the homepage is a line that states "Applications for Cohort 7 are now open". <br />
<br />
7/10 are accelerators located in the US.<br />
<br />
2/10 are accelerators not located in the US.<br />
<br />
1/10 is not an accelerator.<br />
<br />
===Steps for Extracting Cohort Information===<br />
*TLabs: Clicked on the "Startup" tab and located a drop down menu entitled "Showing Startups from:". This menu separates startups into Batches ranging from 1-9. These batches are cohorts.<br />
*Betaspring: This website does not have a "Companies" or "Startups" tab. I clicked on their "Who" tab and noticed that within this section were two links called "Our portfolio" and "Our companies" which both linked to the same place. This place contained a list of the startups that Betaspring has funded, as well as links to each of the startup websites. The list was not separated into cohorts.<br />
*The Unilever Foundry: Does not have a "Startups" or "Companies" link on the website.<br />
*AIA Accelerator: Clicked on the "Startups" tab which returned a page with 5 companies and a bit of information on each of these companies. Also included the URL to each startup. However, the companies were not separated into cohorts, probably because there are so few of them.<br />
*R/GA Accelerator: Clicked on the "Alumni" tab and navigated down the webpage. Startups are separated by class, which means cohort in this case. Startup info contains link to demo day presentation as well as the startup url.<br />
*Zeroto510: Hovered over the "About Us" drop down menu and clicked on the "Portfolio Companies" link. Startups are separated by cohort, one for each year, starting from 2013. <br />
*Hub:raum: Clicked on the "Portfolio" tab. Directed to a page with many names of startups, as well as a brief description of what their company is about. Also includes a link to each startup's website. Startups are not separated into cohorts, but rather by investment by location, current participants, and alumni.<br />
*Orange Fab: Clicked on the "Startups" tab and was directed to a different page. Startups are not only separated into cohorts named "Seasons", but they are also separated by industry.<br />
*Furnace: Clicked on "Portfolio" tab, but unfortunately the website is broken and it returned an error in code.<br />
*Launch Chapel Hill: Clicked on the "Ventures" tab and was directed to a page in which all startups were separated into cohorts, and a brief description of the startup was provided underneath their logo.<br />
<br />
=Code=<br />
<br />
The directory for all data related to this project is located in:<br />
E:\McNair\Projects\Accelerators<br />
<br />
<br />
==F6S Web Crawler==<br />
<br />
This is a python script using the selenium library that retrieves the html content of each page on F6S's North American Accelerator search results. The script is located in:<br />
<br />
E:\McNair\Projects\Accelerators\F6S Accelerator HTMLs <br />
<br />
The script is titled f6s_crawler_gentle.py<br />
<br />
When run, the script visits the F6S search page for North American Accelerator's and begins retrieving the HTML of each page in that search list. <br />
NOTE: Timing must be spaced out between all interactions with the browser. F6S has Captcha, and the program will fail if the site receives too many hit requests, or has any inkling that it is being probed by a bot.<br />
<br />
The Accelerator HTML files are stored in: <br />
E:\McNair\Projects\Accelerators\F6S Accelerator HTMLs\Accelerator_HTML_files<br />
<br />
The Accelerator HTML files stored as text files are stored in:<br />
E:\McNair\Projects\Accelerators\F6S Accelerator HTMLs\Accelerator_HTML_files_text<br />
<br />
==F6S Parser==<br />
The next step is to take the HTML files retrieved by the crawler and to parse them for necessary information. This parser should also determine whether or not the site is an accelerator site. <br />
<br />
The code for the parser is located in <br />
E:\McNair\Projects\Accelerators\F6S Accelerator HTMLs<br />
<br />
It is titled f6s_parser.py<br />
<br />
To run the code, open the file in Komodo and press play. <br />
If running from the command line, change to the correct directory and run the following comand:<br />
python f6s_parser.py<br />
<br />
The list of accelerators that passed through the parser is in the same directory:<br />
E:\McNair\Projects\Accelerators\F6S Accelerator HTMLs<br />
<br />
The tab delimited text file is named AcceleratorList.<br />
The file contains the names of the accelerators that had the keywords listed in the file. Also, the file contains the run dates and location of the accelerator if it was listed on the f6s page.<br />
<br />
<br />
==F6S API==<br />
F6S has an API, but we have had no success getting a key to the API. The link to get a key to the API is on [https://www.f6s.com/developers/apis/deal-feed this page].<br />
<br />
I (Peter) have emailed F6S to ask for a key directly at support@f6s.com.<br />
<br />
FUN FACT (MASS-RENAME FILES USING WINDOWS POWER SHELL):<br />
<br />
The following command allowed me to append ".txt" to all files in a folder once in the proper directory:<br />
Get-ChildItem * | Rename-Item -NewName { $_.name + '.txt'}<br />
<br />
To change file formats, Microsoft suggests:<br />
Get-ChildItem *.txt | Rename-Item -NewName { $_.name -Replace '\.txt', '.log'}</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Accelerator_Seed_List_(Data)&diff=13004Accelerator Seed List (Data)2016-11-29T21:20:49Z<p>WillC: /* Sign-Ups */</p>
<hr />
<div>{{McNair Projects<br />
|Project Title=Accelerator Seed List (Data),<br />
|Topic Area=Entrepreneurship Ecosystems,<br />
|Owner=Shrey Agarwal, Matthew Ringheanu,<br />
|Start Term=Fall 2016,<br />
|Keywords=Accelerators,<br />
|Primary Billing=AccMcNair01,<br />
}}<br />
<br />
=Data Collection Notes=<br />
<br />
==3 files==<br />
<br />
For each accelerator in the list, put files in E:\Projects\Accelerators\Data<br />
*AcceleratorName.txt - copy and paste the variables below into a (tab-delimited) txt file and complete<br />
*AcceleratorName.cohort - your cohort text file (see below)<br />
*AcceleratorName.html (possibly automatically with a folder too) - save a copy of the html of the cohort page<br />
<br />
==.txt Variables==<br />
<br />
Name <br />
Score <br />
Flag <br />
CohortURL <br />
Address <br />
Duration <br />
Vintage <br />
Industry <br />
Description <br />
Equity <br />
NonProfit <br />
Notes <br />
<br />
<br />
Try to get '''Name, Score, Flag, Cohort URL and Address''' for all. ONLY GRAB OTHER VARIABLES IF EASY. Just leave things blank if you can't find them quickly.<br />
<br />
'''If the score is 0, or the flag is S, I, A, or F just stop''' - don't bother downloading a cohort list, saving an HTML file, etc. If possible, do stick a very brief description of the problem in the notes field.<br />
<br />
Notes:<br />
*Score: is 0-1 where 0 is definitely not an accelerator, 1 is definitely an accelerator<br />
*Flag: (leave blank if not needed), if multiple then separate by comma<br />
**S for social entrep<br />
**I for incubator<br />
**A for an angel group<br />
**F is for foreign<br />
**C for in coworking space/hub/etc<br />
**V for if part of venture fund<br />
**D is for Dead<br />
*Put just the root URL in Cohort URL if there isn't a Cohort page<br />
*Duration: in wks (months x 4.33 and round)<br />
*Vintage is year of first cohort if possible<br />
*Industry is industry focus but only if clear focus<br />
*Equity is a number (don't put %) or Y/N<br />
*Notes is only there if need it. Particularly try to use this field to note discards.<br />
<br />
==.cohort files==<br />
<br />
Your .cohort files must:<br />
*Be tab delimited txt<br />
*Have a header<br />
*The first column must be the portfolio company name<br />
*Grab as many columns as you can easily (and name them)<br />
<br />
==Sign-Ups==<br />
<br />
Ed - 1-10<br />
Carlin - 21-40<br />
Christy - 41-60<br />
Avesh - 61-80<br />
Eliza - 81-100<br />
Meghana - 101-120<br />
Peter - 121-140<br />
Ramee - 141-160<br />
Will - 161-180<br />
Dylan - 381-386<br />
Ben - 530-551<br />
<br />
=List of Accelerators=<br />
#10Xelerator<br />
#1440<br />
#33entrepreneurs<br />
#500 Startups<br />
#9Mile Labs<br />
#AIA Accelerator<br />
#ARK Challenge<br />
#AT&T Aspire Accelerator<br />
#ATDC Community<br />
#AZ TechCelerator<br />
#AccelFoods<br />
#Acceleprise<br />
#Accelerate Baltimore<br />
#Accelerate Genius<br />
#Accelerate Tectoria Accelerator<br />
#Accelerator Centre<br />
#Advanced Technology Development Center (ATDC)<br />
#Airbus BizLab<br />
#Alchemist Accelerator<br />
#AlphaLab<br />
#Amplify.LA<br />
#Angel Capital<br />
#Angelcube<br />
#Angelpad<br />
#Annual Business BootCamp<br />
#Arizona Center for Innovation<br />
#Arizona Furnace<br />
#Arrowhead Tech Incubator 2016<br />
#Aspire 3 Accelerator 2017<br />
#Atlanta Ventures Accelerator <br />
#AutoXLR8R<br />
#Awesome Inc.<br />
#Axel Springer Plug and Play<br />
#B 4 Change Impact Accelerator<br />
#B2B Acceleration Program<br />
#B4C Social Venture Accelerator<br />
#BBC Worldwide Labs<br />
#BMW Startup Garage<br />
#BRANDCELERATE<br />
#BUNKER Labs New York<br />
#Bank of Ireland Accelerator Programme<br />
#Bantunium Labs Accelerator<br />
#Barclays Accelerator<br />
#Barclays New York Summer 2015<br />
#Berkley Ventures<br />
#Bessemer Business Incubation System<br />
#Beta-i<br />
#Beta.MN<br />
#BetaFactory<br />
#BetaSpring<br />
#Betablox<br />
#Betaspring RevUp<br />
#Bethnal Green Ventures<br />
#BioAccel<br />
#BioInspire<br />
#Bir 2015<br />
#BitAngel Engagement Level<br />
#BitAngels Startup Summer Program of 2013<br />
#Bizdom<br />
#Black Forest Accelerator<br />
#Blue Startups<br />
#Blueprint Health<br />
#Bolt Boston<br />
#Bonnier Accelerator<br />
#BoomStartup<br />
#BoomStartup Winter 2017<br />
#Boomtown Accelerator<br />
#Boomtown Health Tech<br />
#Boost VC<br />
#BootupLabs<br />
#Brandery<br />
#Brooklyn Beta Summer Camp<br />
#Budweiser Dream Brewery<br />
#Buildit<br />
#BuiltinPGH Companies<br />
#Business Innovation Center<br />
#Business Opportunity Academy 2017<br />
#Business Technology Development Center (BizTech)<br />
#CLT Joules Energy Accelerator 2014<br />
#CWI Ventures<br />
#CWI Ventures Application<br />
#CableLabs Technology Tours 2016<br />
#Capital Factory<br />
#Capital Innovators<br />
#Capital Investment Network (Startups)<br />
#Caroline Plouff<br />
#Catalyst Partners<br />
#Cause Collective : Social Innovation Lab<br />
#Center for Entrepreneurial Innovation<br />
#Chain Reaction Innovations 2017<br />
#Chemical Angel Network<br />
#Chinaccelerator<br />
#Cisco Entrepreneurs in Residence<br />
#Citi Accelerator<br />
#Citrix Startup Accelerator<br />
#Claremont/Upland Makerspace Fablab<br />
#Climate Ventures 2.0 Accelerator<br />
#Co.Lab accelerator<br />
#Code for America Accelerator<br />
#Cohab's Traxtion Point<br />
#Collision Conference Investors<br />
#Common Bond<br />
#Communitech Hyperdrive<br />
#Conquer Accelerator<br />
#Coolhouse Labs<br />
#CuriousMinds Incubator / Accelerator<br />
#CyberTECH San Diego<br />
#DBS Accelerator<br />
#DPD Last Mile labs<br />
#DV X Labs<br />
#Dat Ventures<br />
#Decatur-Morgan County Entrepreneurial Center<br />
#Deep Space Ventures<br />
#Demo Accelerator 2016- 2017<br />
#DeveloperTown<br />
#Difference Engine<br />
#Digital Malaysia Corporate Accelerator Program<br />
#Digital Media Zone Incubator/Accelerator<br />
#Disney Accelerator<br />
#DogFish Accelerator<br />
#Domi Station<br />
#Dotforge accelerator<br />
#Dream Funded<br />
#DreamIT Health<br />
#DreamStart - Free Mentoring Program<br />
#Dreamit Ventures<br />
#Ducky Diggy Lloyd <br />
#E-Capital Summit<br />
#EC Mentor Skills Inventory<br />
#EIGERlab<br />
#ETRAC<br />
#EY Startup Challenge<br />
#Eco Holding<br />
#Eleven Startup Accelerator<br />
#Emerge Xcelerate<br />
#EnterpriseWorks Incubation Program<br />
#Entrepreneur Development Center<br />
#Entrepreneurs Roundtable Accelerator<br />
#Environmental Business Cluster<br />
#Equity Legal<br />
#Excelerate Labs<br />
#Execution Labs<br />
#Exhilarator<br />
#Extreme Startups<br />
#Extreme University<br />
#FOOD-X<br />
#Factory45<br />
#Fargo Startup House 2014-2015<br />
#FastTrack Propero Healthcare<br />
#FbFund<br />
#Female Propeller for High Flyers<br />
#FinTech Innovation Lab<br />
#FinTech Studios 2015<br />
#Fintech Founders Club #2<br />
#First Growth Venture Network<br />
#Fishbowl Labs AOL<br />
#Flagship Enterprise Center<br />
#FlashStarts<br />
#Flashpoint<br />
#Flat6 Labs<br />
#Fledge9<br />
#Flextronics Lab IX<br />
#Food Future Scale-up Accelerator 2017<br />
#Food System 6 (FS6) Accelerator<br />
#FoodForwardX<br />
#Fortify Ventures<br />
#Founder Institute<br />
#FounderFuel<br />
#FoundersPad<br />
#Fownders Accelerator<br />
#French Accelerator 2016<br />
#Fund the Food<br />
#Fuse Corps Host<br />
#GAKKEN Accelerator Program<br />
#Gainesville Technology Enterprise Center<br />
#Game CoLab Incubator Program 2014<br />
#GameFounders<br />
#GammaRebels<br />
#Gazelle Lab<br />
#Gener8tor<br />
#German Accelerator Life Sciences<br />
#German Accelerator Tech<br />
#Global Accelerator Network 2015<br />
#Good Works Houston Lab<br />
#GoodCompany Ventures<br />
#Google Launchpad Accelerator<br />
#Grants4Apps Accelerator<br />
#GreenStart<br />
#Greenlite Labs<br />
#GrowLab<br />
#Growth Hacking Accelerator 2015<br />
#Gulf Coast Center for Innovation and Entrepreneurship<br />
#H-Farm Ventures<br />
#HACKT Mission for International Founders<br />
#HAXLR8R<br />
#HCC Entrepreneurship Launchpad<br />
#HIGHLINE Academy<br />
#HUB<br />
#HUBB Accelerator<br />
#HUBB GTLA 2016<br />
#HackFWD<br />
#Hatch<br />
#Health Wildcatters<br />
#Health accelerator<br />
#Healthbox<br />
#Hero City Co-Working Space<br />
#High Street Startups Accelerator<br />
#Highway1<br />
#Honda Xcelerator <br />
#Houston Technology Center<br />
#Hub Ventures<br />
#HugeThing<br />
#I/O ventures<br />
#ICONYC labs<br />
#IDC Elevator<br />
#INcubes Funnel and Accelerator 2014/2015<br />
#INcubes Online Form<br />
#INcubes Startup Visa<br />
#Illumina Accelerator<br />
#Illuminator, New York Accelerator 2015<br />
#Imagine K12<br />
#Immokalee Business Development Center<br />
#Impact Engine<br />
#Impact USA - 2017<br />
#Incubate Miami<br />
#Infuse Accelerator<br />
#Ingenuity Partner Program<br />
#InnoSpring<br />
#Innov&Connect<br />
#Innov8 for Health<br />
#Innova Memhis Application<br />
#InnovateOC<br />
#Innovation Depot<br />
#Innovation Pavilion<br />
#Innovation Showcase Winter 2017<br />
#Insight Accelerator Labs<br />
#Intel Education Accelerator<br />
#Investment Preparedness Lab<br />
#Invoke Collective<br />
#Iowa Startup Accelerator<br />
#JFDI.Asia<br />
#JFE Accelerator SF<br />
#JLAB<br />
#Jaguar Land Rover Tech Incubator<br />
#Jolt<br />
#JumpSchool <br />
#JumpStart Foundry<br />
#Jumpstart! Boulder<br />
#JusticeXL<br />
#Kairos Boston Spring Program<br />
#Kaplan EdTech<br />
#Kick<br />
#Kick Boise<br />
#Kick LA<br />
#Kick Victoria<br />
#Kicklabs<br />
#Kinetiq Labs<br />
#L-SPARK Accelerator<br />
#LAUNCH incubator<br />
#LAUNCHub<br />
#LI TechCOMETS<br />
#LabFunding Project Accelerator 2014<br />
#Labs Venture Accelerator<br />
#Launch Chapel Hill<br />
#Launch Memphis<br />
#LaunchBox Digital<br />
#LaunchHouse<br />
#LaunchPad PEI<br />
#LaunchSpot<br />
#Launch_Academy<br />
#Launchpad Digital Health, LLC<br />
#Launchpad LA<br />
#Launchpad Long Island<br />
#Le Camping<br />
#Leading Entrepreneurial Accelerator Program<br />
#Lean Launch Ventures<br />
#LearnLaunchX<br />
#Lemnos Labs<br />
#Life Changing Labs<br />
#LiftOff Health Incubator<br />
#Lightbank Start<br />
#LightningLab<br />
#Lowe's Accelerator<br />
#MACH37<br />
#MACH37 Spring<br />
#MIT SA+P venture accelerator<br />
#MITA Institute Accelerator<br />
#MTGx MediaFactory<br />
#Mac6<br />
#Madworks Governance Accelerator<br />
#Maine Center for Entrepreneurial Development - Top Gun Program<br />
#Matter<br />
#Maven Ventures Fund & Incubator<br />
#Media Camp<br />
#Melbourne Accelerator Program<br />
#Memphis BioWorks<br />
#Merck Accelerator<br />
#MergeLane 2017 Accelerator<br />
#Mergelane<br />
#Metavallon<br />
#Microsoft Accelerator<br />
#MindTheBridge<br />
#Momentum<br />
#MuckerLab<br />
#Muru-D<br />
#My5ive Accelerator 2016<br />
#N-Motion<br />
#NDRC (LaunchPad / VentureLab)<br />
#NEXT Dashboard<br />
#NMotion<br />
#NY Digital Health Accelerator<br />
#NY Fashion Tech Lab 2017<br />
#NYC ACRE<br />
#NYC SeedStart<br />
#Nashville Entrepreneur Center<br />
#Nebula Shift<br />
#Nephoscale IaaS<br />
#Nest New York <br />
#New Ventures Group<br />
#New York Digital Health Accelerator<br />
#NewME Accelerator PopUps <br />
#NewMe<br />
#Next media accelerator<br />
#NextHIT<br />
#NextStart<br />
#Nike+ Accelerator<br />
#Northern Arizona Center for Entrepreneurship and Technology (NACET)<br />
#Northern England<br />
#Nxtp.labs<br />
#OCTANe<br />
#Oasis 500<br />
#OpenFund<br />
#Orange Fab<br />
#Orange Works<br />
#Orion Startups<br />
#Oxygen Accelerator<br />
#PIE<br />
#Patriot Boot Camp<br />
#Pearson Catalyst for Education<br />
#Pipeline H2O<br />
#Pitney Bowes Inc<br />
#Plarium Labs<br />
#Plug In South LA <br />
#Plug and Play<br />
#Plum Alley Investments 2016<br />
#Points of Light Accelerator<br />
#PowerHaus<br />
#Preccelerator® Program 2016<br />
#ProSiebenSat.1 Accelerator<br />
#Project Entrepreneur 2016/17<br />
#Project Healtchare<br />
#Project Lift<br />
#Project Music<br />
#Project Skyway<br />
#Propeller Venture Accelerator<br />
#Prosper Capital Accelerator<br />
#Proton Enterprises<br />
#Pushstart Accelerator<br />
#Qualcomm Robotics Accelerator<br />
#Queen Creek Business Incubator<br />
#R/GA Accelerator<br />
#RAIN Incubator/Accelerator<br />
#RJI Investment Group<br />
#Reach<br />
#RetailXelerator<br />
#Rock Health<br />
#Rocket Fuel Labs<br />
#Rockstart Accelerator<br />
#RunUp Labs<br />
#Runway IoT Accelerator 2015<br />
#SAP Startup Focus Program<br />
#SKTA Innopartners Innovation Accelerator<br />
#SPACELAB Tech Accelerator<br />
#SPARK<br />
#SPH Plug and Play<br />
#SURF Incubator<br />
#SaltMines Group Start-Up Studio<br />
#ScaleTown<br />
#Seamless IoT 2016<br />
#Searchcamp<br />
#Seed Hatchery<br />
#SeedSpot<br />
#SeedStartup<br />
#SeedSumo<br />
#Seedcamp<br />
#Seedrocket<br />
#Seeqnce<br />
#Sequoia Apps<br />
#Serval Ventures<br />
#Shenzhen Valley Ventures Incubator<br />
#Shoals Entrepreneurial Center<br />
#Shopper Futures Accelerator<br />
#Shotput Ventures<br />
#Sid Martin Biotechnology Incubator<br />
#SigmaLabs Accelerator<br />
#Silicon Valley Incubator & Accelerator<br />
#SixThirty<br />
#Sixers Innovation Lab<br />
#Skywalker Accelerator<br />
#SmartHealth Activator<br />
#Smashd Labs<br />
#SoCo Nexus Accelerator Spring 2017<br />
#Social Enterprise Challenge<br />
#Socratic Labs<br />
#SparkLabs<br />
#Sparkgap<br />
#Sports Tank<br />
#Springboard<br />
#Sprint Accelerator<br />
#Sprint Mobile Health Accelerator<br />
#SproutBox<br />
#SproutCamp<br />
#Starburst Aerospace Accelerator<br />
#Start Path Europe<br />
#Start'inPost<br />
#StartEngine<br />
#StartFast Venture Accelerator<br />
#Starta Accelerator Winter 2017<br />
#Startl<br />
#Startmate<br />
#Startup Accelerator<br />
#Startup Front<br />
#Startup Next & GAN<br />
#Startup Orange County Accelerator<br />
#Startup Runway<br />
#Startup Wise Guys<br />
#Startup Zone PEI<br />
#Startup52X Accelerator<br />
#StartupCity<br />
#StartupHighway<br />
#StartupHouse Foundry program<br />
#StartupMinds Accelerator <br />
#StartupYard<br />
#Startupbootcamp<br />
#Straight Shot<br />
#Summer@Highland<br />
#Surge<br />
#SynBio axlr8r<br />
#TEB Incubation & Acceleration Center<br />
#THRIVE Accelerator III<br />
#THRIVE Open Innovation<br />
#TIM#WCAP Accelerator<br />
#TLabs<br />
#TMCx Accelerator Digital Health 2017<br />
#Tallwave<br />
#Tampa Bay Innovation Center<br />
#Tampa Bay Wave<br />
#Tandem Mobile Accelerator<br />
#Tech Nexus<br />
#Tech Wildcatters<br />
#Tech2020<br />
#TechLaunch<br />
#TechRanch<br />
#TechSquareLabs<br />
#Techstars<br />
#Techstars Music<br />
#Telenet Idealabs<br />
#Telluride Venture Accelerator<br />
#TenX<br />
#The Alchemist Accelerator<br />
#The Ark<br />
#The Bakery<br />
#The Batchery<br />
#The Brandery<br />
#The Bridge<br />
#The Center For Technology Enterprise & Development<br />
#The Chaser<br />
#The Company Lab (CO.LAB)<br />
#The Draper FinTech Connection<br />
#The Factory<br />
#The Greatest Pitch<br />
#The Harbor Accelerator<br />
#The Incubator<br />
#The Iron Yard<br />
#The Mediapreneur Incubator<br />
#The Morpheus<br />
#The New York Venture Summit<br />
#The Next Step: from idea to startup<br />
#The Refinery<br />
#The Unilever Foundry<br />
#The Venture Center's Pre-Accelerator I<br />
#The Vine OC<br />
#The Vogt Awards<br />
#The Yield Lab<br />
#The eFactory Accelerator<br />
#Think Big Partners Accelerator<br />
#TiE Angels<br />
#Tigerlabs Digital Health Accelerator<br />
#Tolstoy Summer Camp<br />
#TopSeedsLab<br />
#Travel Startups Incubator<br />
#Travelport Labs Accelerator<br />
#Travelport Labs Incubator<br />
#Triangle Startup Factory<br />
#Tumml<br />
#Tune Labs<br />
#Twin Cities Accelerator 2016<br />
#UW-Whitewater Launch Pad Accelerator<br />
#Unbank.ventures FinTech Incubator<br />
#University Technology Park<br />
#Unreasonable Institute<br />
#UpTech<br />
#Upstart Accelerator<br />
#Upstart Labs<br />
#Upstart Memphis<br />
#Uptima Business Bootcamp<br />
#Upwest Labs<br />
#VANTEC<br />
#VC FinTech Accelerator<br />
#Velocity Indiana Accelerator<br />
#Velocity Venture Catalyst<br />
#Venture Hive<br />
#Venture I<br />
#VentureOut's Enterprise Tech Expedition<br />
#Venturegeeks<br />
#Vet-Tech Accelerator<br />
#VictorySpark<br />
#Village88 Techlab<br />
#Volkswagen ERL Technology Accelerator<br />
#WHLabs<br />
#Wasabi Ventures Academy<br />
#Wayra<br />
#Wellness Accelerator<br />
#Wells Fargo Startup Accelerator<br />
#Wireless IoT<br />
#Women Innovate Mobile<br />
#XLerateHealth<br />
#XTRATOS<br />
#Xlerate Health<br />
#Y Combinator<br />
#Y&R SparkPlug 2017<br />
#YEurope<br />
#YLE Media Startup Accelerator Program<br />
#Yahoo Ad Tech Program<br />
#Yangler (online accelerator)<br />
#Year of the Startup<br />
#Yetizen Accelerator<br />
#You Is Now<br />
#Z80 Labs<br />
#ZIP Launchpad Admission<br />
#ZeroTo510<br />
#Zone Startups Calgary<br />
#designX 2017<br />
#eMerging Ventures<br />
#ezone<br />
#iStart Jax<br />
#iStart Valley<br />
#iVentures10<br />
#ignite100<br />
#innovyz start<br />
#tekMountain Accelerator <br />
<br />
==Project Summary==<br />
This project will be used to determine which accelerators are the most effective at churning out successful startups, as well as what characteristics are exhibited by these accelerators. First, we need to gather as much data as we can about as many accelerators as we can in order to look at factors that differentiate successful vs. unsuccessful ventures. Next, we need to create a web crawling program which will gather information about accelerators across the world by accessing their websites and extracting information. I believe that our overall goal with this research project is to gain insight into the methods of successful accelerators, as well as to find out what exactly differentiates very successful accelerators from dead accelerators.<br />
<br />
Helpful Links: http://seedrankings.com/<br />
<br />
=Sources=<br />
<br />
Summary: These are sources obtained from [[List of Accelerators]] and other Google searches. We will evaluate these sources by looking at the number of accelerators they supply (as most of them are lists) and then also taking a look at the type of information they provide about each accelerator. Key data points are cohort-related data, startup-related data, and logistics of the accelerator. Better sources supply more information that the URL alone.<br />
<br />
(Obtained from [[List of Accelerators]] and various Google searches)<br />
*http://seedrankings.com/<br />
*http://www.acceleratorinfo.com/see-all.html<br />
*http://www.seed-db.com/accelerators<br />
*http://gust.com/usa-canada-accelerator-report-2015/?utm_content=35401577&utm_medium=social&utm_source=twitter<br />
*https://bostonstartupsguide.com/guide/every-boston-startup-accelerator-incubator/<br />
*http://www.builtinnyc.com/2016/06/03/accelerators-incubators-nyc<br />
*http://www.represent.la/<br />
*http://www.launch.co/blog/complete-list-of-incubators-and-accelerators-like-y-combinat.html<br />
*https://angel.co/accelerator-4<br />
<br />
(Obtained from Google search: "Accelerator Database")<br />
*seed-db is the first result that pops up<br />
*https://www.corporate-accelerators.net/database/<br />
*https://github.com/florianheinemann/www-corporate-accelerators-net/blob/master/_data/Accelerators.json<br />
*By the 5th or 6th search result, the utility diminished greatly<br />
*http://www.forbes.com/sites/briansolomon/2015/03/17/the-best-startup-accelerators-of-2015-powering-a-tech-boom/#2f52fa7e34e4<br />
*http://www.inc.com/will-yakowicz/the-15-best-startup-accelerators-in-the-us.html<br />
*http://www.forbes.com/sites/briansolomon/2016/03/11/the-best-startup-accelerators-of-2016/#74086a7724f2<br />
*https://techcrunch.com/2015/03/17/these-are-the-top-20-us-accelerators/<br />
*https://www.nexpcb.com/blogs/news/the-hardware-incubators-accelerators-list<br />
<br />
Other ways used to find Accelerators (listed below "List of Sources Obtained from Various Google Searches"):<br />
*Type in generic location + "accelerators" (e.g. Houston Accelerators)<br />
:*Looked at roughly the first 20 results<br />
:*Used three locations as examples of accelerators that pop up<br />
*Type in a specific state + "accelerator" + "list" (e.g. Texas accelerator list) to search for more relevant lists<br />
:*Once again, looked at roughly the first 20 results<br />
<br />
=Source Evaluations=<br />
<br />
Summary: These evaluations couple with each of the sources above. The evaluations provide instructions for obtaining the information listed, as well as a general review of how useful the data seems. The review serves to determine whether a crawler would be suitable for obtaining information from the source autonomously.<br />
<br />
==Source: http://www.acceleratorinfo.com/see-all.html==<br />
#Opened source website<br />
#Copied Information under "All Accelerator Programs" to TextPad, already sorted. Returned 190 results<br />
#Each link on parent list leads to individual '''home page url''' of accelerator<br />
:*Used sample size of 20 links, determined 16 to be accelerators, 2 to be incubators, 2 to be inactive or broken links<br />
:*Many accelerators do not include founding date, most recent accelerators from around 2013-2014 (as determined from home page)<br />
===Review===<br />
*Reliable source for specific URLs to older accelerators, not very helpful for more specific information.<br />
*Web crawling seems improbable because information is not readily available from source. Can potentially mine staff information or contact information from associated "about" page in the home url<br />
<br />
<br />
==Source: http://www.seed-db.com/accelerators/all==<br />
#Copied "Seed Accelerators" table to TextPad, data sorted itself into lines. Returned 235 results.<br />
#Clicking on the accelerator name itself links to a page with all of its associated startups, up until 6/2016 cohort<br />
::*Startup table includes:<br />
::# "state"<br />
::# "company name"<br />
::# "website and CrunchBase links"<br />
::# "cohort date"<br />
::#"exit value"<br />
::#"funding". <br />
:::Many entries for "exit value" are missing, some values for "funding" are missing<br />
:On original seed-db webpage, each accelerator has a link to its associated home page url<br />
::*From the table, each listed entry was an accelerator, although 24 accelerators out of 235 were classified as "dead"<br />
::*Along with the home url, each accelerator table includes the following:<br />
::#Status<br />
::#Program (name)<br />
::#Location<br />
::#Country<br />
::#Number of companies<br />
::#Cumulative exit values<br />
::#Cumulative funding <br />
::#Average funding for startups<br />
::#Median funding for startups<br />
:::Many entries for "median funding" are left empty, as well as entries for all types of funding on the bottom half of the table<br />
===Review===<br />
*Reliable source for accelerators, includes list of accelerators both dead and active, as well as their associated start-ups<br />
*Web crawling potential is promising; startup table is located within the source for each webpage. Can also mine any category from the accelerator table<br />
*Overall very extensive data for accelerators that are included on the list, but after cross-referencing from other sources shows that seed-db is lacking many newer accelerators; list is not all-inclusive.<br />
*Includes regional distributions for accelerator groups as well. For example, rather than just "Techstars", the group is broken into Austin, Berlin, Boston, Boulder, etc.<br />
<br />
<br />
==Source: http://www.seed-db.com/accelerators==<br />
:Very similar to "http://www.seed-db.com/accelerators/all", but contains large regional accelerators as groups, rather than individual accelerators. For example, Techstars appears only once.<br />
#Copied "Seed Accelerators" table to TextPad, data sorted itself into lines. Returned 239 results.<br />
#Clicking on the accelerator name itself links to a page with all of its associated startups, up until 6/2016 cohort<br />
::*Startup table includes same information as previous source, "http://www.seed-db.com/accelerators/all". However, accelerators spanning across multiple regions have their startups located under one category on this webpage.<br />
:On original seed-db webpage, each accelerator has a link to its associated home page url<br />
::*From the table, each listed entry was an accelerator, although 24 accelerators/groups out of 239 were classified as "dead"<br />
::*Along with the home url, each accelerator table includes the same information as the "http://www.seed-db.com/accelerators/all" source<br />
===Review===<br />
*Reliable source for accelerators, includes list of accelerators both dead and active, as well as their associated start-ups<br />
*Web crawling potential is promising; startup table is located within the source for each webpage. Can also mine any category from the accelerator table<br />
*Overall very extensive data for accelerators that are included on the list, includes large groups as well as individual accelerators. It seems that some accelerators missing from "http://www.seed-db.com/accelerators/all" are located here, since there are 239 returns rather than 235.<br />
<br />
<br />
==Source: https://www.f6s.com/programs?type==<br />
#On the webpage, set "Type" to "Accelerator/Program", set "Location" to "North America", and set "Invest in Country" to "United States" to return results<br />
#Highlighted results and scrolled down until all results found; copied results to TextPad<br />
#In TextPad, sorted out lines with "by", as well as miscellaneous categories such as dates and dollar signs through Regular Expressions<br />
#Using the "More Info" line which held constant through the entire list, assigned a sequential number to the line (in order to determine the number of results)<br />
::*Obtained a grand total of 1467 results from the list<br />
::*Along with the name of the program/accelerator, the data included:<br />
::#Dollar value per team<br />
::#Equity<br />
::#Application Site<br />
::#Accelerator URL<br />
::*Many entries are not accelerators, from a quick glance through the results, there were various conferences, 3-5 days events, and written literature pertaining to accelerators as well<br />
::*From a sample size of the first 30 entries, determined 10 to be valid accelerators, 3 incubators, 6 conferences/weekends, and the rest to be miscellaneous entries such as startup events or "studios" (perhaps useful but not relevant to search)<br />
::*As we go down the list, the number of accelerators proportionately decreases. Can comfortably say that overall accelerator turnout from this website is much less than 33%, probably closer to 10-15%.<br />
===Review===<br />
*Potentially useful website if crawler could remove the clutter and target solely the accelerators; very useful for identifying new accelerators since data automatically sorted by date and location.<br />
*Large list of sources includes many irrelevant results, such as conferences or weekends which are difficult to identify. The name of the sorting category itself, "Accelerator/Program" suggests that many of the results fall under the "Program" section rather than being valid accelerators.<br />
*Potential site for identifying accelerators, but limited by in-site sorting; useful for URL and perhaps equity, but not very detailed information relating to the accelerator/program.<br />
<br />
<br />
==Source: http://gust.com/usa-canada-accelerator-report-2015/==<br />
#Selected region of US and Canada<br />
#Scrolled down to the section labeled "Top 20 Active Accelerators" and selected "see the full list" near the bottom of the listed accelerators<br />
#Copied resulting entries into TextPad and sorted out the numbers to leave only the name of the accelerator<br />
::*Obtained 100 results for different accelerators<br />
::*Accelerator lists included:<br />
::#Name and URL<br />
::#Number of Start-ups funded (2015 only)<br />
::*Accelerator list limited to 2015<br />
===Review===<br />
*Website provides its own evaluation of an accelerator's success based on various factors and provides data for larger trends.<br />
*Usefulness is questionable because website does not provide much except the URL, and all of the entries are based on success in 2015.<br />
*Other interesting data within website such as "Hot Markets", investment breakdowns by state, etc. All of this data is also limited to 2015.<br />
<br />
==Source: https://bostonstartupsguide.com/guide/every-boston-startup-accelerator-incubator/==<br />
#Scrolled down to the section labeled "Startup accelerators in Boston"<br />
#Copied text beginning from "MassChallenge" (the first paragraph was just a general definition of startups) and continued to copy until "Startup Incubators in Boston"<br />
#After pasting in TextPad, I sorted the data to delete any characters after the "-" and added a sequential number at the beginning of each line<br />
::*Returned a total of 17 results for startups in Boston<br />
::*Accelerator list included:<br />
::#Name and URL<br />
::#Capital requirements<br />
::#Application periods and requirements<br />
::#Paragraph describing accelerator and its goals<br />
===Review===<br />
*Although the guide is dated, useful for identifying strong accelerator programs in Boston<br />
*Limitation: only focuses on Boston, but the description is helpful in identifying the role of the accelerator<br />
*Limited information on accelerator, not very useful by itself without information from the accelerator URL<br />
<br />
==Source: https://www.corporate-accelerators.net/database/==<br />
#Copied and pasted table into Microsoft Excel (Data was already sorted into categories so no need for TextPad)<br />
#Table returned 72 references (but there was a link to the bottom to a larger database)<br />
::*The table itself includes:<br />
::#Major Company<br />
::#Accelerator<br />
::#Funding<br />
::#Equity<br />
::#Website<br />
::#Details<br />
::*The "Details" link led to a variety of other information including:<br />
::#Status (Active or Inactive)<br />
::#Locations<br />
::#Funding<br />
::#Equity<br />
::#Term<br />
::#Cohort Based? (Regular or Irregular)<br />
::#Pitch Day<br />
::#Office Space<br />
::#Powered by<br />
::#Support Offered?<br />
::#Launch year<br />
::#Focus Areas<br />
::#General Description<br />
::*Also Included a variety of data regarding the host company as well<br />
===Review===<br />
*Solid list for corporate accelerators and also includes a variety of information about the accelerator, the cohorts, etc. Some of the entries are international accelerators however so need to filter them out<br />
*Only limited to 72 accelerators from major companies<br />
<br />
==Source: https://github.com/florianheinemann/www-corporate-accelerators-net/blob/master/_data/Accelerators.json==<br />
#This source is a .json file from the previous database<br />
#After placing into TextPad, replaced each space with a ###, replaced each new line with a tab, and replaced each ### with a new line. Ultimately returned 80 results<br />
::*From the file, the .json includes:<br />
::#NAICS and NAICS sector <br />
::#Classification<br />
::#Sector Description<br />
::#Term<br />
::#Goal<br />
::#Partner<br />
::*Also includes most of the information from the previous source, since they are undoubtedly linked<br />
===Review===<br />
*Another solid list for corporate accelerators with some more information, but ultimately very similar to the previous source.<br />
<br />
==Source: https://www.quora.com/Where-can-I-find-a-comprehensive-list-of-startup-incubators-and-accelerators-in-the-US==<br />
#Since we already looked at the first listed source (seed-db), I clicked on the second link "(by Robert Shedd) http://blog.shedd.us/321987608/" which took me to a page headed "Help for Startups! – A semi-complete list of startup accelerator programs" created by a blogger, Robert Shedd<br />
#List included 102 entries by the blogger, each of which do look like an accelerator<br />
::*Upon immediate overview, noticed many results from previous sources were missing. Immediately noticed lack of "OwlSpark", the accelerator from Rice.<br />
::*Shedd only offers us the accelerator name plus its URL<br />
===Review===<br />
*Nice list to cross-reference with other sources but does not offer much new insight compared to more powerful engines such as seed-db\<br />
<br />
=List of Sources Obtained from Various Google Searches=<br />
<br />
Summary: These accelerators are taken from a specific Google search rather than a list. The idea is to compile a list of Google searches that return relevant results of accelerators. This will aid in the creation of a future web crawler.<br />
<br />
==From "Location + Accelerator"(Only individual results, not lists)==<br />
===Houston Accelerators===<br />
*Examples of single accelerators found<br />
:#TMCx: http://www.tmc.edu/innovation/innovation-programs/tmcx/<br />
:#RED labs: http://redlabs.uh.edu/8<br />
:#SURGE accelerator: https://kirkcoburn.com/<br />
:#OwlSpark: http://owlspark.com/<br />
:#NextHIT: http://www.houstonhealthventures.com/nexthit-accelerator-program-application/<br />
===Los Angeles Accelerators===<br />
:#Amplify: http://amplify.la/<br />
:#Y Combinator: https://www.ycombinator.com/<br />
:#Chicklabs: https://www.chicklabsllc.com/<br />
:#Disney Accelerator: https://disneyaccelerator.com/<br />
:#Launchpad: https://launchpad.la/<br />
===New York Accelerators===<br />
:#DreamIT Ventures: http://www.dreamit.com/#meaningful-experience<br />
:#Women Innovate Mobile: http://www.wim.co/<br />
:#Techstars NYC: http://www.techstars.com/programs/nyc-program/<br />
:#Entrepreneurs Roundtable: http://eranyc.com/<br />
:#FirstGrowthVC: http://venturecrush.com/fg/<br />
:#New York Digital Health Accelerator: http://digitalhealthaccelerator.com/<br />
:#Grand Central Tech: http://www.grandcentraltech.com/<br />
:#Accelerator Corp: http://www.acceleratorcorp.com/<br />
:#New York Startup Lab: http://nystartuplab.com/<br />
===Review===<br />
*Some locations return more viable results for a similar sample size. For example, New York returned 9 valid accelerators, whereas Los Angeles and Houston both returned 5 actual accelerators out of the first 20 results: an 80% difference. Some optimization may come from identifying which locations return more accelerators upon searching.<br />
<br />
==From "State+Accelerator+List"==<br />
===New York Accelerator List===<br />
*http://www.ongridventures.com/resources/new-york-silicon-alley-resources/newyorkaccelerators/ (Ranks 14 accelerators)<br />
*http://under30ceo.com/11-new-york-tech-incubators-and-accelerators-for-entrepreneurs/ (Ranks 11 accelerators)<br />
===California Accelerator List===<br />
*http://www.socaltech.com/the_complete_guide_to_southern_california_accelerators_and_incubators_part_i/s-0040924.html (Lists accelerators in Southern Cali)<br />
*http://barberacorporatelaw.com/blog/2014/4/8/28-business-incubators-in-the-los-angeles-area (List of 24 accelerators near the LA area)<br />
===Texas Accelerator List===<br />
*http://www.austinstartuplist.com/incubators (List of accelerators in Austin, <5 results)<br />
*http://www.siliconhillsnews.com/2016/09/02/the-top-texas-healthcare-accelerators-and-incubators/ (Modest list of accelerators aiding in healthcare)<br />
*http://realfoodmba.com/food-startup-accelerators/ (List of food-based accelerators, some of which are in Austin, others of which are international)<br />
===Colorado Accelerator List===<br />
*http://www.builtincolorado.com/2015/01/14/best-colorado-accelerators-your-startup (8 results)<br />
*https://www.quora.com/What-accelerator-programs-are-located-in-Colorado (Quora inquiry yielding modest results)<br />
===Washington Accelerator List===<br />
*http://www.geekwire.com/2015/mapping-seattles-incubators-accelerators-and-co-working-spaces/ (Returns 14 results)<br />
===Oregon Accelerator List===<br />
*http://www.bizjournals.com/portland/subscriber-only/2016/01/15/incubators-and-accelerators.html (Returns list of 5 accelerators and details)<br />
*http://www.oregon4biz.com/Innovate-&-Create/R&D-Business/Incubators/ (Returns list of 26 accelerators and incubators)<br />
<br />
Notes:<br />
*Seed-DB appears for almost all of the search results<br />
*Acceleratorinfo appears for most of the search results<br />
*There are multiple cumulative reports of incubators per location, but not for accelerators<br />
*Most regionalized accelerator lists deal with either an article or a ranking of a particular amount of accelerators in the area<br />
*Many results returned nationally ranked lists of accelerators, such as the Forbes list of "Top Accelerators" or something along the lines of "Best Accelerators in the US". The connection is that perhaps one accelerator mentioned on the list may be located within the searched state.<br />
*There are also a few results for actual particle accelerators that must be sorted out (i.e. superconducting super collider)<br />
<br />
==Found through google searching accelerators found previously==<br />
'''Found from googling YLE Media Startup Accelerator'''<br />
*https://www.corporate-accelerators.net/database/index.html (DB of Corporate Accelerators 71-79 entries)<br />
*http://startupaccelerator.vc/accelerator-corporate-innovation-sig/ (Database of Accelerators and Corporate Innovation 92 entries)<br />
neither of these have had their entries added to list of accelerators<br />
<br />
=Individual Accelerator Evaluations=<br />
Summary: The purpose of this section is to create instructions for each accelerator on how to find cohort information from their URLs. Along with specific instructions for obtaining the cohorts for each accelerator chosen, there should be a list of easy-to-obtain and relevant statistics regarding the accelerator, such as information about its team, location, etc. The variable statistics list is cumulative, whereas the cohort directions are unique per the accelerator.<br />
<br />
==Accelerators Chosen (Format = Name (source))==<br />
#Blue Startups (http://www.acceleratorinfo.com/see-all.html)<br />
#Launchpad LA (http://www.acceleratorinfo.com/see-all.html)<br />
#Y Combinator (http://www.seed-db.com/accelerators)<br />
#FlashPoint (http://www.seed-db.com/accelerators/all)<br />
#Prosper Accelerator (https://www.f6s.com/programs?type)<br />
#Axel Springer Plug and Play (http://www.axelspringerplugandplay.com/)<br />
#Techstars (http://www.seed-db.com/accelerators)<br />
#Startmate (http://www.seed-db.com/accelerators)<br />
#Capital Factory (http://blog.shedd.us/321987608/)<br />
#OwlSpark (Google search: "Houston + accelerators")<br />
<br />
==Accelerator: Blue Startups (http://bluestartups.com/)==<br />
Finding the cohort:<br />
#Navigated to "Track Record" page under the "Home" tab; found total number of graduated cohorts to be 7<br />
#Navigated to "Portfolio" tab. Tab includes list of all seven graduated cohorts along with companies emerging from each one. Each cohort is listed under a separate page (ex. "Cohort 1", "Cohort 2", etc) and at the bottom of each cohort page, there is a link to the other 6. Each company has a short description along with its URL.<br />
#An "Alumni News" page at the bottom of "Portfolio" includes articles pertinent to graduated startups.<br />
#Unfortunately does not include the date and year of each cohort class, but perhaps could cross-reference with other sources.<br />
<br />
==Accelerator: Launchpad LA (http://launchpad.la/)==<br />
Finding the cohort:<br />
#Navigated to "Companies" in the top of the homepage<br />
#"Companies" returns all companies backed by Launchpad LA based on their class year and number (cohort)<br />
#:*Also sorted by active startups vs. inactive startups<br />
#At the bottom of the "Companies" tab, there is a statistical layout returning values for the number of companies started by Launchpad during its time as an accelerator (2012-present), as well as the total funding funneled into the accelerator.<br />
<br />
==Accelerator: Y Combinator (http://www.ycombinator.com)==<br />
Finding the cohort:<br />
#Scrolled down on the home page and clicked on a link entitled "See all companies".<br />
#Navigated to a drop down menu named "All Batches", and clicked on it to expand the list.<br />
#List is made up of dates ranging from 2005-2016, and these dates return lists of launched companies including most but not all of their URL's, as well as their launch year.<br />
<br />
==Accelerator: Flashpoint (http://flashpoint.gatech.edu/)==<br />
Finding the cohort:<br />
#On upper right corner after animation, there is a tab sign which lets you navigate to a page labeled "Teams"<br />
#The "Team" page has each batch of companies emerging from Georgia Tech, although it does not include the dates or cohorts of these companies. For example, "Batch 1" at the top of the page just lists the companies in the batch without URLs or any additional information.<br />
#On the "Application" page on the tab near the top, there is information regarding Batch 7, which begins early 2017. Suggests that batch 6 either ended spring 2016 or fall 2016.<br />
<br />
==Accelerator: Prosper Women Entrepreneurs (http://www.prosperstl.com)==<br />
Finding the cohort:<br />
#Navigated to "Accelerator" tab and clicked "Companies" when prompted with the drop down menu.<br />
#This tab returned all of the launched company logos which then redirected to the company's home page when clicked.<br />
#No other relevant form of information such as date launched or cohort was included on this page.<br />
<br />
==Accelerator: Axel Springer Plug and Play(http://www.axelspringerplugandplay.com/)==<br />
Finding the cohort:<br />
#Clicked on the "Companies" tab on the home page and was directed to the middle of the page which included a short list of current companies.<br />
#Clicked on the "All Companies" link which returned a page filled with startup logos and brief descriptions of those startups. When clicked, each logo serves to redirect to that startup's home page.<br />
#Companies were not sorted by cohort or in any other relevant way.<br />
<br />
==Accelerator: Techstars (http://www.techstars.com)==<br />
Finding the cohorts:<br />
#Navigated to the Accelerators tabs and clicked "Companies" on the drop down menu.<br />
#Firstly, this returns a table comprised of a long list of different classes from different areas separated by years.<br />
#Upon scrolling down further, each of these classes is broken down by the startups that graduated from them. It also includes information such as how much was invested in each startup, as well as whether or not the startup was acquired, is active, or failed.<br />
<br />
==Accelerator: Startmate (http://www.startmate.com.au)==<br />
Finding the cohorts:<br />
#Navigated to the "Startups" tab, which returned a page of all startups that have graduated from Startmate.<br />
#Startups are separated by year of graduation, and each company is linked on this page.<br />
#It appears as if each year, 1 cohort is taken through the accelerator.<br />
<br />
==Accelerator: Capital Factory (https://capitalfactory.com/accelerate/)==<br />
Finding the cohorts:<br />
#Navigated to the startups tab, which returned a long list of companies that were accelerated by Capital Factory.<br />
#Each logo for the startups served as a link to their respective websites.<br />
#There was no evidence or mention of any cohorts.<br />
<br />
==Accelerator: OwlSpark (http://entrepreneurship.rice.edu/accelerator/)==<br />
Finding the cohorts:<br />
#Navigated to the "Startup Teams" tab, which returned a page that included links to 4 "Classes".<br />
#Each class link i.e. (Class 1, Class 2, Class 3, Class 4) returned links to each startup that graduated from the program.<br />
#These classes signify cohorts.<br />
<br />
==List of Promising Variables==<br />
*Key People (founders, lead entrepreneurs, strategists, etc.)<br />
*Total number of launched companies<br />
*A FAQ for application details, accelerator vision, and <br />
*Funds raised per company (average)<br />
*Features offered by accelerator (perks, space, tools, etc)<br />
*General events hosted by the accelerator<br />
*(Success) stories for graduated start-ups<br />
<br />
=E-R Diagram (in list form) for Identifying Attributes to Pull from Accelerators=<br />
Summary: I will look at different entities within the accelerator page (e.g accelerators, cohorts, founders) and then find potential attributes that can be codified from those entities. Along with the attribute, we list a potential method for pulling that particular attribute. <br />
<br />
Format: <br />
:<u>Entity</u><br />
:*Attribute - Possible sources/ways to get<br />
<br />
Ed: "Be creative with finding new attributes to pull!"<br />
<br />
==List==<br />
<u>Accelerators</u><br />
*Accelerator Name - Website, external database<br />
*Contact Form - General contact section in each website <br />
*Industry focus - can be pulled from description<br />
*Description - pulled from website itself<br />
*Takes equity? - Database or from "about" page<br />
*Non-profit? - Database<br />
*URL - Already have way of obtaining<br />
*DNS Registration Date - Already have way of obtaining<br />
*Address - Google Maps, maybe the website<br />
*Founding Date - Google Maps, website, server registration<br />
<br />
<u>Accelerators</u> (1) has (n) <u>Features</u><br />
<br />
<u>Features</u><br />
*Mentorship? - Description in website<br />
*Space Offered - Google Maps, Website description<br />
*Partnerships - Angel list, Same section as mentorship or events<br />
*Hosted Events - Calender<br />
<br />
<u>Accelerators</u> (1) has (n) <u>Founders</u><br />
<br />
<u>Founders</u><br />
*Name - Founders or Team Page<br />
*Title - Directly underneath or next to name<br />
*PhD? - Biography, webpage under name<br />
*Serial - Biography<br />
*Link back to "Accelerator Name" in <u>Accelerators</u><br />
<br />
<u>Founders</u> (n) has (n) <u>Ventures</u> <br />
<br />
<u>Ventures</u><br />
*Other Companies - Biography, webpage<br />
*Previous Companies - Biography<br />
*Net Worth - Forbes, Biography<br />
*Link back to "Name" in <u>Founders</u><br />
<br />
<u>Accelerators</u> (1) has (n) <u>Cohorts</u><br />
<br />
<u>Cohorts</u><br />
*Date + Accelerator = Cohort ID - Database or Website<br />
*Number of Startups - Website, count from <u>Startups</u><br />
*Cohort Number - Categorization on website, external database<br />
*Link back to "Accelerator Name"<br />
<br />
<u>Cohorts</u> (1) has (n) <u>Startups</u><br />
<br />
<u>Startups</u><br />
*Names - Website, external database<br />
*State of Inc - Angel List<br />
*URL - Angel List, website<br />
*Founding Date - Registration database, Angel List<br />
*Industry - startup description<br />
*Founding Location - Angel List<br />
*Current Location - Angel List<br />
*VC Raised to Date - SDC Platinum<br />
*Angel Funds Raised to date - Angel List<br />
<br />
==Variables which Distinguish Accelerator Websites==<br />
*The word "Accelerator"<br />
**This word appears at least one time on the home page of the vast majority of accelerator websites. The word "Accelerator" appears either as a link to another page on the website or in a title on the homepage of the website. Not many other websites contain this word on their homepage, especially not if one Googles something generic such as "Accelerators in the US".<br />
<br />
*Fixed Term<br />
**Accelerators normally work with their cohorts for 3 months. This is a major factor which differentiates between an accelerator and any other member of a startup ecosystem. If on their website they mention either "3 months" or "12 weeks", it is extremely likely that the website belongs to an accelerator.<br />
<br />
*Cohorts, Portfolio, Class, or Companies<br />
**This is a potential variable that could link the websites of many different accelerators. The problem with the word "portfolio" is also used by numerous venture capital firms, which could potentially cause complications when attempting to pull only the sites of accelerators from a Google search. The word "cohort", however, would have an extremely high probability of identifying the website as belonging to an accelerator. The words "class" and "companies" are promising but do not offer certainty.<br />
<br />
*Equity, Investment<br />
**Although by itself, equity does not mean much, when paired with any of these other terms, it could potentially point to an accelerator. Most accelerators take equity in the form of common stock (6-8%), or they will ask for some alternate form of stake in the company.<br />
<br />
*Education and Mentorship<br />
**Accelerators differ from incubators and angel investors in that they emphasize the education of the potential startup. They offer advice and intense mentorship from more experienced entrepreneurs within their staff, as well as many networking opportunities with the outside world. This variable is more difficult to find on the website of the accelerator, but I believe that if the website includes numerous keywords such as "education", "mentorship", or "networking opportunities", it would be somewhat safe to assume that the website is owned by an accelerator.<br />
<br />
*Demo Day<br />
**This variable does not have tremendous potential in terms of crawling websites, but I feel that it is worth mentioning. Most accelerators "graduate" their cohorts with a demo day, which is a day when the startups present their company to potential investors. If the website contains the words "demo day", which is fairly uncommon, it could be a good source of accelerator identification.<br />
<br />
A combination of any of these variables would certainly identify the current website as belonging to an accelerator.<br />
<br />
==Comprehensive List of Accelerators==<br />
<br />
All text files saved in "Accelerators" project on the McNair RPD. <br />
<br />
*Acc.Info: 190<br />
*SeedDB: 240<br />
*SARP: 59<br />
*Corp: 79<br />
*Total: 568 results<br />
<br />
After removing duplicates and locations: 363 results<br />
<br />
Doesn't count f6s, which returns 1170 results, roughly only 300 of which were accelerators. We created a crawler to sift through the webpages and parse HTML so we could identify the accelerators. Program and HTML saved on the Desktop.<br />
<br />
==Randomly Chosen Accelerators==<br />
*TLabs<br />
*BetaSpring<br />
*The Unilever Foundry<br />
*AIA Accelerator<br />
*R/GA Accelerator<br />
*Zeroto510<br />
*Hub:raum<br />
*Orange Fab<br />
*Furnace<br />
*Launch Chapel Hill<br />
<br />
===Determining whether or not these are accelerators===<br />
Googled name of Accelerator and clicked on the first link<br />
<br />
Looked for Variables which Distinguish Accelerator Websites<br />
*TLabs: Homepage states: "Leading Indian Tech Accelerator"; TLabs is an accelerator, but it is located in India.<br />
*Betaspring: Under the "About Betaspring" tab, it states that "Betaspring was among the first ten startup accelerators to launch worldwide".<br />
*The Unilever Foundry: Does not claim to be an accelerator, nor does it have information on the website about cohorts. This name was pulled from the source Corporate Accelerators.<br />
*AIA Accelerator: The word "accelerator" is included in the name. Under the "Overview" tab, it states that startups have received mentorship.<br />
*R/GA Accelerator: Under the "Overview" tab it states that the "R/GA Accelerator is designed for startups and... it is a three month, immersive, mentorship driven program".<br />
*Zeroto510: Website contains a "Portfolio Companies" tab which divides up the companies into cohorts. This identifies Zeroto510 as an accelerator.<br />
*Hub:raum: Offers accelerator and incubator programs; however, none are located in North America.<br />
*Orange Fab: States on the main page that "We're a 3-month accelerator program".<br />
*Furnace: "About" tab states that Furnace is "an innovative startup accelerator designed to form, incubate, and launch new companies". Concludes with a Demo Day<br />
*Launch Chapel Hill: Homepage states that they are "a startup accelerator". Also included on the homepage is a line that states "Applications for Cohort 7 are now open". <br />
<br />
7/10 are accelerators located in the US.<br />
<br />
2/10 are accelerators not located in the US.<br />
<br />
1/10 is not an accelerator.<br />
<br />
===Steps for Extracting Cohort Information===<br />
*TLabs: Clicked on the "Startup" tab and located a drop down menu entitled "Showing Startups from:". This menu separates startups into Batches ranging from 1-9. These batches are cohorts.<br />
*Betaspring: This website does not have a "Companies" or "Startups" tab. I clicked on their "Who" tab and noticed that within this section were two links called "Our portfolio" and "Our companies" which both linked to the same place. This place contained a list of the startups that Betaspring has funded, as well as links to each of the startup websites. The list was not separated into cohorts.<br />
*The Unilever Foundry: Does not have a "Startups" or "Companies" link on the website.<br />
*AIA Accelerator: Clicked on the "Startups" tab which returned a page with 5 companies and a bit of information on each of these companies. Also included the URL to each startup. However, the companies were not separated into cohorts, probably because there are so few of them.<br />
*R/GA Accelerator: Clicked on the "Alumni" tab and navigated down the webpage. Startups are separated by class, which means cohort in this case. Startup info contains link to demo day presentation as well as the startup url.<br />
*Zeroto510: Hovered over the "About Us" drop down menu and clicked on the "Portfolio Companies" link. Startups are separated by cohort, one for each year, starting from 2013. <br />
*Hub:raum: Clicked on the "Portfolio" tab. Directed to a page with many names of startups, as well as a brief description of what their company is about. Also includes a link to each startup's website. Startups are not separated into cohorts, but rather by investment by location, current participants, and alumni.<br />
*Orange Fab: Clicked on the "Startups" tab and was directed to a different page. Startups are not only separated into cohorts named "Seasons", but they are also separated by industry.<br />
*Furnace: Clicked on "Portfolio" tab, but unfortunately the website is broken and it returned an error in code.<br />
*Launch Chapel Hill: Clicked on the "Ventures" tab and was directed to a page in which all startups were separated into cohorts, and a brief description of the startup was provided underneath their logo.<br />
<br />
=Code=<br />
<br />
The directory for all data related to this project is located in:<br />
E:\McNair\Projects\Accelerators<br />
<br />
<br />
==F6S Web Crawler==<br />
<br />
This is a python script using the selenium library that retrieves the html content of each page on F6S's North American Accelerator search results. The script is located in:<br />
<br />
E:\McNair\Projects\Accelerators\F6S Accelerator HTMLs <br />
<br />
The script is titled f6s_crawler_gentle.py<br />
<br />
When run, the script visits the F6S search page for North American Accelerator's and begins retrieving the HTML of each page in that search list. <br />
NOTE: Timing must be spaced out between all interactions with the browser. F6S has Captcha, and the program will fail if the site receives too many hit requests, or has any inkling that it is being probed by a bot.<br />
<br />
The Accelerator HTML files are stored in: <br />
E:\McNair\Projects\Accelerators\F6S Accelerator HTMLs\Accelerator_HTML_files<br />
<br />
The Accelerator HTML files stored as text files are stored in:<br />
E:\McNair\Projects\Accelerators\F6S Accelerator HTMLs\Accelerator_HTML_files_text<br />
<br />
==F6S Parser==<br />
The next step is to take the HTML files retrieved by the crawler and to parse them for necessary information. This parser should also determine whether or not the site is an accelerator site. <br />
<br />
The code for the parser is located in <br />
E:\McNair\Projects\Accelerators\F6S Accelerator HTMLs<br />
<br />
It is titled f6s_parser.py<br />
<br />
To run the code, open the file in Komodo and press play. <br />
If running from the command line, change to the correct directory and run the following comand:<br />
python f6s_parser.py<br />
<br />
The list of accelerators that passed through the parser is in the same directory:<br />
E:\McNair\Projects\Accelerators\F6S Accelerator HTMLs<br />
<br />
The tab delimited text file is named AcceleratorList.<br />
The file contains the names of the accelerators that had the keywords listed in the file. Also, the file contains the run dates and location of the accelerator if it was listed on the f6s page.<br />
<br />
<br />
==F6S API==<br />
F6S has an API, but we have had no success getting a key to the API. The link to get a key to the API is on [https://www.f6s.com/developers/apis/deal-feed this page].<br />
<br />
I (Peter) have emailed F6S to ask for a key directly at support@f6s.com.<br />
<br />
FUN FACT (MASS-RENAME FILES USING WINDOWS POWER SHELL):<br />
<br />
The following command allowed me to append ".txt" to all files in a folder once in the proper directory:<br />
Get-ChildItem * | Rename-Item -NewName { $_.name + '.txt'}<br />
<br />
To change file formats, Microsoft suggests:<br />
Get-ChildItem *.txt | Rename-Item -NewName { $_.name -Replace '\.txt', '.log'}</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=12993Will Cleland (Work Log)2016-11-29T20:26:32Z<p>WillC: </p>
<hr />
<div><br />
[[Category:Work Log]]<br />
[[Category:Internal]]<br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO over confidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxys for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse data base<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data in to database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw on second download<br />
* 11/19/2016- Submit final data output still missing distance<br />
* 11/29/2016 - Do 20 whatevers</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Winner%27s_Curse_in_Acquisitions_(Academic_Paper)&diff=12709Winner's Curse in Acquisitions (Academic Paper)2016-11-17T19:55:24Z<p>WillC: </p>
<hr />
<div>{{AcademicPaper<br />
|Title=Winner's Curse in Acquisitions (Academic Paper)<br />
|Author=Ed Egan, Jim Brander<br />
|RAs=Amir Kazempour, Will Cleland, Jake Silberman<br />
|Status=R&R<br />
}}<br />
<br />
==Dbase Notes==<br />
<br />
--SDC_TABLE.sql --START AT NEW CODE<br />
<br />
SDC --Raw data in<br />
SDCBase --No dups<br />
SDCV2 --Code and restrict 40216<br />
SDCNo --Build AcqNo <br />
SDCA1 --Add previous acqs<br />
SDCA2 --Add bin for IT (from SDCwIT)<br />
SDCA3 --Add bin for pub/priv (from SDC_test)<br />
SDCA4 --Add indu FE (40216)<br />
<br />
<br />
--CRSP_TABLE.sql<br />
<br />
CRSPFinal --Processed Raw <br />
CRSPMain --w/ cusip6<br />
CRSPRelNoInc --Add in the DayNo and lose irrelevant CUSIP<br />
EstimationBaseNoDups<br />
Estimation1-5 5 --output tables<br />
EstimationTotal --THIS IS LIKELY DEPRECATED<br />
<br />
Competition<br />
<br />
EventBase --Only SDC relevant CUSIP -3 to +3<br />
...<br />
Flatten1 -- Rn3 to Rp3 and VRn3 to VRp3<br />
Flatter -- Collapse 32109<br />
<br />
EstimationOutput --Load it back up 30950<br />
AbnormalReturn1 --Join back to Flatter<br />
ABR2 --Abnormal returns (plus momentum)<br />
AbRet --CARs 30950<br />
<br />
-------------<br />
Turnover --NEEDS REWORKING<br />
tobinq --<br />
CPI<br />
<br />
Below that is supersceeded<br />
<br />
--GOV_Table and GOVERNANCE_NOTES.txt<br />
--Malmendier_tate.sql<br />
<br />
<br />
==List of Variables== <br />
Variables & Where to Find Them:<br />
{| class="wikitable sortable" style="border: 1px solid darkgray; bgcolor: #f9f9f9"<br />
| '''Variable''' || '''Location''' || '''Table'''<br />
|-<br />
| Actual Return || CRSP || A1<br />
|-<br />
| Abnormal Return || CRSP || A1<br />
|-<br />
| Average Return || CRSP || STATA<br />
|-<br />
| Weighted Average Return || CRSP || STATA<br />
|-<br />
| Cumulative Ab. Return || CRSP || A1<br />
|-<br />
| Boom || Compustat || tobinxcompxsdcboom<br />
|-<br />
| Competition || Compustat || tobinxcompxsdcboom<br />
|-<br />
| Distance || SDC + google maps || D.N.E.<br />
|-<br />
| IT Fixed Effect || SDC || SDCA4<br />
|-<br />
| Idiosyncratic Volatility || CRSP (Calculated) || A1<br />
|-<br />
| Industry Fixed Effect || SDC || SDCA4<br />
|-<br />
| Momentum || CRSP (Calculated) || A1<br />
|-<br />
| Private Financial Data || CRSP(SDC) || SDCA4<br />
|-<br />
| Percent Cash || SDC || SDCA4<br />
|-<br />
| Previous Acquisitions || SDC || SDCA4<br />
|-<br />
| Sales || Compustat || tobinxcompxsdcboom<br />
|-<br />
| Tobin's Q || Compustat || tobinxcompxsdcboom<br />
|-<br />
| Turnover || CRSP || A1<br />
|-<br />
| VC Fixed Effect || SDC & VentureXpert || D.N.E. <br />
|-<br />
| Governance || Compustat || D.N.E.<br />
|-<br />
| Friendly vs. Hostile || SDC || D.N.E.<br />
|-<br />
| CEO Overconfidence || Execucomp || malmendier_Tate<br />
|}<br />
<br />
<br />
Boom - Created. Code in E:\McNair\Projects\Winner's Curse\Data\SQL\SDC_TABLE. Final variable in table SDCno_boom.<br />
<br />
Competition - Created. Code in E:\McNair\Projects\Winner's Curse\Data\SQL\CRSP_TABLE. Final variable in table competition final.<br />
<br />
IT Fixed Effect - Create an indicator variable taking the value one if the target has a NAICS code listed on page 31 of the article. <br />
<br />
Idiosyncratic Volatility - RMSE, it should already be up on the database. <br />
<br />
Industry Fixed Effect - Created. Jake, please update this. <br />
<br />
Momentum - To control for systematic variations in return over time. The summation of the NYSE-Nasdaq-AMEX composite market return (as<br />
calculated by CRSP) over the event window<br />
<br />
Private Financial Data - Look at [https://wrds-web.wharton.upenn.edu/wrds/query_forms/variable_documentation.cfm?vendorCode=CRSP&libraryCode=crspa&fileCode=ccmfunda&id=bspr]. The variables takes value 1 when the balance sheet is not publicly available. <br />
<br />
Percent Cash - Possibly this is going to be the PCT_CASH variable in SDC. This should be the PC_CASH field in the SDC table. <br />
<br />
Previous Acquisitions - The number of previous acquisitions (from 1985 on) of privately-held firms completed by the acquirer prior to its announcement of the acquisition.<br />
<br />
Tobin's Q: The ratio of market-to-book value of assets. This would be MKVALT/ AT in the SDC table. <br />
<br />
Turnover: AVG( # shares traded each month / # shares outstanding. <br />
<br />
VC Fixed Effect: Is the target VC backed or not? Where could we find the VC data.<br />
<br />
==Three Big Pulls==<br />
<br />
===SDC Mergers & Acquisitions===<br />
<br />
Add the following (A=L+E) ---- DONE<br />
TargetTotalAssets real, TASS: Taget Financials: Total Assets<br />
TargetTotalLiabilities real, TLIA: Total Liabilities Last Twelve Months ($ Mil) <br />
TargetCommonEquity real, COMEQ: Target Financials: Common Equity<br />
<br />
Also nice ---- DONE<br />
TargetNetSales real, SALES: Net Sales Last Twelve Months ($ Mil)<br />
TargetNetSales2 real, ?<br />
TargetBookValuePerShare real, BV: Book Value per Share Last Twelve Months ($) <br />
TargetIntangibles real, IASS: Intangible Assets Last Twelve Months <br />
TargetRAndD real, RND1: Research & Development Expense 1 Year Prior ($ Mil)<br />
<br />
Added just in case ---- DONE <br />
Sales<br />
Net Assets<br />
Book Value (Perhaps needed for Tobin's Q?)<br />
<br />
Session Details<br />
---------------<br />
Request Hits Request Description<br />
0 - DATABASES: Domestic Mergers, 1979-Present (MA, OMA)<br />
1 - Date Announced: 1/1/1985 to 10/11/2016 (Custom) (Calendar)<br />
2 300351 Target Nation : US<br />
3 257921 Acquiror Nation : US<br />
4 127852 Acquiror Public Status : P<br />
5 98102 Target Public Status : V, P<br />
6 63725 Deal Status : C<br />
7 52739 Percent of Shares Owned after Transaction: 100 to 100<br />
8 Custom Report: SDC_MA_Oct10v2 (Columnar) - Save As:<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v2.txt<br />
<br />
Billing Ref # : 1960756<br />
Capture File : riceuniv.1960756<br />
Session Name : SDC_MA_Oct10v2.ssh<br />
<br />
Variables Pulled:<br />
-----------------<br />
Date Announced<br />
Date Effective<br />
Target Name <br />
Target Industry Sector <br />
Target Nation<br />
Acquiror Name <br />
Acquiror Industry Sector <br />
Acquiror Nation<br />
Pc of Shares Acq<br />
Pc Owned After Transaction<br />
Value of Transaction mil<br />
Enterprise Value mil<br />
Equity Value mil<br />
Acquiror CUSIP<br />
Acquiror Immediate Parent CUSIP<br />
Acquiror Ultimate Parent CUSIP<br />
Target Immediate Parent CUSIP<br />
Target Ultimate Parent CUSIP<br />
Target CUSIP<br />
Acquiror Primary Ticker Symbol<br />
Acquiror Ultimate Parent Primary Ticker Symbol<br />
Target Primary Ticker Symbol<br />
Target Ultimate Parent Primary Ticker Symbol<br />
Target Ultimate Parent Ticker Symbol<br />
Acquiror Primary NAIC Code<br />
Acquiror Ultimate Parent Primary NAIC Code<br />
Target Primary NAIC Code<br />
Target s Ultimate Parent Primary NAIC Code<br />
Number of Bidders<br />
Status <br />
Value Est <br />
Value Amended Flag<br />
Date Announced is Estimated<br />
Consideration Structure<br />
Number of Considerations Offered<br />
Number of Considerations Sought<br />
Consid Structure Description<br />
Pc of Cash<br />
Pc of Other<br />
Pc of Stock<br />
Pc of Unknown<br />
Acquiror Full Name <br />
Target Name <br />
Acquiror City <br />
Target City <br />
Acquiror Zip Code<br />
Target Zip Code<br />
Acquiror State<br />
Target State<br />
Deal Currency Code<br />
Target Bankrupt<br />
Challenged Deal<br />
Debt Restructuring<br />
RecapDefense <br />
Government Owned Involvement Flag<br />
Joint Venture<br />
Restructuring<br />
Acquiror is a Leveraged Buyout Firm<br />
LBO <br />
IPO FlagY N <br />
Target is a Leveraged Buyout Firm<br />
Merger of Equals<br />
Reverse Takeover<br />
Deal Began as a Rumor<br />
Acquiror is a White Knight<br />
White Knight Defense<br />
Back End Defense<br />
FlipOver Defense<br />
Voting Plan Defense<br />
Poison Pill<br />
Creeping Acquisition<br />
Repurchase Defense<br />
Pacman Defense<br />
Lockup FlagY N <br />
Target Lockup<br />
Greenmail<br />
Asset Lockup<br />
Scorched Earth Defense<br />
SelfTender Defense<br />
Stock Lockup<br />
Defense<br />
White Squire<br />
Acquiror Includes Employees<br />
Acquiror Includes an ESOP<br />
Significant Family Ownership of Target<br />
Acquiror Lockup<br />
Financial Acquiror<br />
2 Step Spinoff<br />
Acquiror Includes Mgmt<br />
Open Market Purchases<br />
Proxy Fight<br />
Purpose Code<br />
Related Deals<br />
Foreign Provider of Funds<br />
Stock Swap<br />
Asset Swap Flag<br />
Sweep the Street<br />
SelfTender<br />
Tender Offer<br />
Unsolicited<br />
Acquiror TermFee <br />
Target TermFee <br />
Forced vote provisions FlagY N<br />
Walkaway<br />
Acquiror Ultimate Parent Street Address 1<br />
Acquiror Ultimate Parent Street Address 2<br />
Target Ultimate Parent Street Address 1<br />
Target Ultimate Parent Street Address 2<br />
Acquiror Primary Stock ExchangeName<br />
Target Primary Stock ExchangeName<br />
<br />
===COMPUSTAT===<br />
<br />
Use Compustat Industrial Annual (annual data)<br />
<br />
Criteria:<br />
-----------------<br />
1970-1 to 2015-11<br />
GVKEY, Entire Dbase<br />
tab delimited, date in ISO8661<br />
<br />
Variables:<br />
----------<br />
GVKEY<br />
CONM<br />
TIC<br />
CUSIP<br />
EXCHG<br />
FYR<br />
CURNCD<br />
FYEAR<br />
AT<br />
CEQ<br />
INTAN<br />
EBITDA<br />
REVT<br />
SALE<br />
NAICSH<br />
SICH<br />
MKVALT<br />
PRCC_F<br />
C<br />
INDL<br />
FS<br />
STD<br />
<br />
Note: TobinsQ is Market over book so MKVALT/AT (also pulled common stock and price)<br />
<br />
DROP TABLE compustatpull;<br />
CREATE TABLE compustatpull (<br />
gvkey int,<br />
datadate date,<br />
Fyear int,<br />
industry_format varchar(5),<br />
consol varchar(20),<br />
popsrc varchar(20),<br />
datafmt varchar(5),<br />
tic varchar(20),<br />
cusip varchar(20),<br />
conm varchar(50),<br />
curcd varchar(3),<br />
curncd varchar(3),<br />
fyr int,<br />
act float,<br />
ceq varchar(20),<br />
ebitda float,<br />
intan float,<br />
revt float,<br />
sale float,<br />
exchg varchar(20),<br />
costat varchar(5),<br />
naicsh float,<br />
sich varchar(20),<br />
mkvalt varchar(20),<br />
prcc_f varchar(20),<br />
county varchar(50), <br />
naics varchar(10),<br />
sic int,<br />
states varchar(2), <br />
ipodate date);<br />
<br />
\COPY compustatpull FROM 'CSTAT-10Oct-ff1feb81b9f166ad.txt' WITH DELIMITER AS E'\t' HEADER NULL AS '' CSV<br />
--464894<br />
<br />
All loaded up<br />
<br />
===CRSP===<br />
<br />
Use CRSP Annual, Daily Stock File<br />
<br />
Criteria:<br />
-----------------<br />
PERMNO, Entire Dbase<br />
1980-01-01 to 2015-12-31<br />
tab delimited, date in ISO8661<br />
<br />
Variables:<br />
----------<br />
PERMNO<br />
CUSIP<br />
NCUSIP<br />
COMNAM<br />
TICKER<br />
PERMCO<br />
EXCHCD<br />
SICCD<br />
NAICS<br />
PRIMEXCH<br />
PRC<br />
VOL<br />
NUMTRD<br />
RET<br />
SHROUT<br />
VWRETD<br />
EWRETD<br />
<br />
<br />
==Governance Measures==<br />
Projects --> Winner's Curse --> Data<br />
<br />
Open the GovernanceVARS.txt<br />
<br />
These are<br />
*staggered boards<br />
*limits to shareholder bylaw amendments<br />
*limits to shareholder charter amendments<br />
*supermajority requirements for mergers<br />
*poison pills<br />
*golden parachutes<br />
<br />
==To do list==<br />
<br />
Processing the SDC data:<br />
*Find SIC codes concordance to get NAICS for old data<br />
*Acquirer publicly traded ( must be AMEX, NASDAQ, or NYSE)<br />
*Magic with CUSIPs : CUSIP is a nine digit number (possibly ten, ) Seven issuer, two issue, one check <br />
<br />
CRSP processing notes: <br />
*Estimation window 250 days ending 30 days before the Acq. must be at least 50 continuous days before the 30 days window. <br />
*Returns and prices may contain codes. Import as var_char and reprocess?<br />
<br />
Other notes:<br />
*See page 9 of the paper for data processing notes. <br />
*Data dictionary for SDC MA: http://www.edegan.com/repository/DD-ThomsonSDCMA.txt<br />
<br />
==Governance_Final Table (Amir)==<br />
Table Name: governance_final<br />
<br />
Database: winner <br />
<br />
Data: ISS (formerly RiskMetrics) - QUERY saved under 'RiskMetrics' in WRDS<br />
<br />
Coverage:2007-2015<br />
<br />
Summary: <br />
SELECT COUNT(*) FROM governance_final;<br />
count <br />
-------<br />
40005<br />
(1 row)<br />
<br />
SELECT COUNT(DISTINCT CUSIP) FROM governance_final;<br />
count <br />
-------<br />
2209<br />
(1 row)<br />
<br />
SELECT COUNT(DISTINCT(CUSIP, year)) FROM governance_final;<br />
count <br />
-------<br />
13332<br />
(1 row)<br />
<br />
Text file is saved in:<br />
E:\McNair\Projects\Winner's Curse\Governance\RiskMetrics-0b578b37fbb59afa.txt<br />
<br />
Variable Description is saved in <br />
E:\McNair\Projects\Winner's Curse\Governance\Var-Gov-Desc.pdf<br />
<br />
SQL code file for the table is saved in <br />
E:\McNair\Projects\Winner's Curse\Data\SQL\GOV_Table.sql<br />
<br />
The variables are coded as follows:<br />
0 NO<br />
1 YES<br />
NULL NULL<br />
otherwise see the following file: <br />
E:\McNair\Projects\Winner's Curse\Data\SQL\GOVERNANCE_NOTES.txt<br />
<br />
or here: <br />
BLANKCHECK NuLL/YES/NO<br />
CARVE_OUT NULL/YES/NO<br />
CBOARD NULL/YES/NO<br />
CONAME <br />
CONFVOTE NULL/YES/NO<br />
CUMVOTE NULL/YES/NO<br />
CUSIP <br />
DUALCLASS NULL/YES/NO<br />
FAIRPRICE NULL/YES/NO<br />
GPARACHUTE NULL/YES/NO<br />
LABYLW NULL/YES/NO<br />
LACHTR NULL/YES/NO<br />
LEGACYPPS_ID NO ENTRY ---> DROPPED <br />
LSPMT NULL/YES/NO<br />
LWCNST NULL/YES/NO/UNANIMOUS= 2<br />
MAJ_VOTE_REQUIRED NULL/CAST=1/OUTSTANDING=2<br />
MAJ_VOTE_REQUIREMENT NULL/NO=0/BY-LAWS=1/POLICY=2/CHARTER=3<br />
MAJOR_VOTE_COMM USELESS ---> DROP <br />
PPILL NULL/YES/NO<br />
RESIGN_REQUIRE NULL/NO=0/ POLICY=1/ BYLAWS-CHARTER=2<br />
SIC varchar(4)<br />
TICKER varchar(5) <br />
TIER DROPthis <br />
UNEQVOTE NULL =0, ELSE =1 DEPOSITORY R/TIME-PHASED/GOLDEN SHARES/FIXED VOTING RI/GOLDEN SHARE/PRIORITY SHA/PRIORITY SHARES/FIXED VOTING/YES/TIME-PHASED VOT/DEPOSITORY RECE <br />
OO_BUSCOMP NULL/YES/NO<br />
OO_CASHOUT_PA NULL/YES/NO<br />
OO_CSA NULL/YES/NO<br />
OO_DUTIES NULL/YES/NO<br />
OO_FAIRPRICE NULL/YES/NO<br />
OO_PP NULL/YES/NO<br />
OO_RPROFITS NULL/YES/NO<br />
OO_STAKEHOLDER NULL/YES/NO<br />
YEAR int<br />
RT_ID int<br />
MEETINGDATE date<br />
COMPANY_ID int<br />
STATE LEAVE AS VARCHAR<br />
CHARTER_AMEND_VOTEPCNT real<br />
FYEND int<br />
LAW_AMEND_VOTEPCNT real<br />
MTGMONTH int<br />
PRICE real<br />
SPINDEX LEAVE AS VARCHAR<br />
SPL_MEET_VOTEPCNT real<br />
SUPERMAJOR_PCNT real<br />
WRITTEN_CONSENT_VOTEPCNT real<br />
<br />
Merging with CRSP: <br />
Q) Is CUSIP in RiskMetrics current or historical? How can I use it to merge with CRSP? <br />
A) The Legacy files have the current CUSIP. With each update, WRDS updated the historical data with the latest value. Starting with the new Director and Governance files, we no longer modify the historical data.<br />
To merge any of these datasets with CRSP, you can join on the NCUSIP field. This will match a single Permco (company identifier), but you may still need to select the primary Permno because some companies issue more than 1 security.<br />
<br />
Merging EXECUCOMP AND IRRC: <br />
Q) What is the best way to merge Execucomp and IRRC (director and governance) databases? I understand they both have CUSIP, but that matching with CUSIPs isn't always ideal since the CUSIP can change over time for the same firm. <br />
A) All Execucomp (CUSIP), IRRC Governance (CN6), and IRRC Directors (CUSIP) CUSIPs are header cusips, in that they reflect the most recent CUSIP that the company has had. There are however 2 main differences between Execucomp's CUSIP and IRRC's CUSIP and CN6:<br />
1. While Execucomp uses 8-digit CUSIP, both IRRC datasets have 6-digit CUSIPs. Therefore, you need to use a SAS function like "substr" to take the first 6-digit of Execucomp CUSIP before merging it to IRRC data. ex: cusip6 = substr(CUSIP,1,6);<br />
2. While header convention reflect "most recent" value of an identifier variables, it is dependent on the date of update of each dataset. Therefore, for CUSIPs that change in between the time that both databases are updated, you might find some discrepancy. To overcome this issue, we recommend that you make use of the CRSP name files (ex: stocknames), that contains all historical CUSIPs that a company has had.<br />
<br />
<br />
<br />
Also, good to know: <br />
Best Identifier to Use in RiskMetrics Directors- Changes to Identifier between Legacy and Current Files<br />
1. The primary identifier in the current dataset is year-ticker-director_detail_id. Ticker is better populated than cusip in earlier years, but should be about the same in the latest years. For the legacy directors, director_detail_id was in use for some years and legacy_director_id for others. <br />
2. Cusips in the legacy file are "header". With each update, WRDS modified all previous cusips for a company to match the latest. Although it may help in some cases, it may hurt in others and it is not quite the way the data was delivered. Starting with the new directors file, Cusips appear in the file as they were delivered (effectively making them historical going forward). Cusips in the legacy data were also uniformly truncated to 6 digits for consistency. The new file reports them as they are delivered, typically (but not always) 9 digits.<br />
3. Tickers were not changed over time and appear as they were delivered. One example is legacy company id (legacy_pps_id) 25 has tickers ASN and IKN.<br />
4. Each time IRRC - ISS - Riskmetrics was acquired, new identification methods were introduced. This is why you see legacy company and director IDs. Neither is more correct, we recommend choosing the most populated one for the years in which you are working.<br />
5. Constructing a complete time series in the directors data is not easy. There is no single variable that is populated for all companies and all years. <br />
6. Be very careful when combining the legacy data (through 2006) and the current data (from 2007). They were separated because the collection methods and meaning of some variables changed.<br />
<br />
==Paper Discussion==<br />
<br />
<br />
<br />
==Importing the CRSP data into the `winner' database (Amir) ==<br />
Two important files:<br />
Project --> Winner's Curse --> Data --> SQL --> CRSP_NOTES<br />
Project --> Winner's Curse --> Data --> SQL --> CRSP_CODES<br />
<br />
Data file is located in: E:\McNair\Projects\Winner's Curse\Data\CRSP-Oct10-c30cc89e52b70545-1.txt<br />
<br />
Issue 1: The text file is 8 GB large and there's no way to open it in Textpad. I'll try to read the file in LogExpert which seems to do a neat job in in opening large files. Otherwise, I'll try to read the first few lines in the terminal. <br />
Update: I managed to open the file in LogExpert. However, extremely inefficient to scroll over the file. <br />
<br />
I copied the file to Z:\WinnersCurse\CRSP-oct10<br />
<br />
Entered the following command in the terminal to read the header:<br />
head -1 CRSP-oct10.txt<br />
<br />
CREATE TABLE CRSP (<br />
PermNo int,<br />
date date,<br />
EXcode int,<br />
SIC int,<br />
NCUSIP varchar(10),<br />
Ticker varchar(10), <br />
Name varchar(100),<br />
NAICS int,<br />
PrimEx varchar(1),<br />
PERMCO int, <br />
CUSIP varchar(12),<br />
Price real,<br />
VOL int,<br />
RET real,<br />
ShOut int, <br />
trade int, <br />
EQRET real,<br />
VRET real<br />
);<br />
<br />
<br />
We have unexpected data types in few columns. We'll first start by copying data into a table named CRSPtmp with varchar type for most of the fields. <br />
<br />
CREATE TABLE CRSPtmp (<br />
PermNo varchar(10),<br />
date date,<br />
EXcode varchar(10),<br />
SIC varchar(10),<br />
NCUSIP varchar(10),<br />
Ticker varchar(10), <br />
Name varchar(100),<br />
NAICS varchar(10),<br />
PrimEx varchar(1),<br />
PERMCO varchar(10), <br />
CUSIP varchar(12),<br />
Price varchar(15),<br />
VOL varchar(10),<br />
RET varchar(10),<br />
ShOut varchar(10), <br />
trade varchar(10), <br />
EQRET varchar(10),<br />
VRET varchar(10)<br />
);<br />
<br />
\COPY crsptmp FROM '/bulk/WinnersCurse/CRSP-oct10.txt' WITH DELIMITER AS E'\t' HEADER NULL AS '' CSV<br />
-- COPY 64614281<br />
<br />
Next, to create an index on CUSIP:<br />
CREATE INDEX CUSIPIndex<br />
ON crspfinal(CUSIP);<br />
===CRSP2 Variable Issues (Jake)===<br />
<br />
permno-<br />
<br />
date-<br />
<br />
excode - <br />
<br />
sic - letter "Z", value 711 (most are 4 digits), <br />
<br />
ncusip - <br />
<br />
ticker - <br />
<br />
name - <br />
<br />
naics - <br />
<br />
primex - <br />
<br />
permco - <br />
<br />
cusip - <br />
<br />
Price - Null values, negative numbers, <br />
<br />
vol - null values <br />
<br />
ret - null values, letter "B" as value multiple times, letter "C", <br />
<br />
shout - null values<br />
<br />
trade - null values <br />
<br />
eqret - <br />
<br />
vret -<br />
<br />
==Importing SDC Data into Winner Database==<br />
Session Details<br />
---------------<br />
Request Hits Request Description<br />
0 - DATABASES: Domestic Mergers, 1979-Present (MA, OMA)<br />
1 - Date Announced: 1/1/1985 to 10/11/2016 (Custom) (Calendar)<br />
2 300400 Target Nation : US<br />
3 257952 Acquiror Nation : US<br />
4 127865 Acquiror Public Status : P<br />
5 98108 Target Public Status : V, P<br />
6 63732 Deal Status : C<br />
7 52746 Percent of Shares Owned after Transaction: 100 to 100<br />
8 Custom Report: SDC_MA_Oct10v4 (Columnar) - Save As:<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4.txt<br />
Billing Ref # : 1962461<br />
Capture File : riceuniv.1962461<br />
Session Name : SDC_MA_Oct10v4.ssh<br />
<br />
We encountered an issue with the variable Purpose Code in our most recent<br />
SDC pull. Purpose Code can carry multiple values, so we had extra lines<br />
with blanks for every value other than Purpose Code. Rather than <br />
doing another SDC pull, we used the following regular expressions to <br />
solve:<br />
<br />
Find : ^[\s}.* <br />
Replace : <br />
<br />
Directly below is the original SDC file prior to our fix<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4 -raw<br />
<br />
Directly below is the SDC file post-fix<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4<br />
<br />
<br />
11332 rows were removed as a result of our regular expression use.<br />
<br />
=== Normalizing SDC data ===<br />
Make sure that the first line of the data file starts with the column names and column name are not preceded by empty lines. Also, remove the summary/report lines at the bottom of the text file. <br />
<br />
A copy of the normalizer is save here<br />
E:\McNair\Projects\Winner's Curse\Data\NormalizeFixedWidth.pl<br />
<br />
Follow these steps:<br />
# Activate the Komodo license.<br />
# Open Komodo IDE 9, there should be a shortcut on your desktop<br />
# Drag and drop NormalizeFixedWidth.pl in Komdo<br />
# Click on the start or continue debugging<br />
# Type : -file=SDC_MA_Oct10v4.txt in Script Arguments textbox. <br />
# Click on OK<br />
# Enter the number of last line of the header and press return. This should be the line immediately followed by the first row of data.<br />
<br />
########################################################## <br />
# NormalizeFixedWidth.pl #<br />
# v0.01 #<br />
# (c)Ed Egan, 2010 #<br />
##########################################################<br />
<br />
Starting the program... [Done]<br />
Your run options are:<br />
File to read from... [SDC_MA_Oct10v4.txt]<br />
File to write to... [SDC_MA_Oct10v4-normal.txt]<br />
Opening the input file to read... [Done]<br />
<br />
##########################################################<br />
Choose the last line of the header (inc. blanks):<br />
0 Date Date Target Name <br />
1 Announced Effective <br />
2 <br />
3 <br />
4 <br />
5 <br />
6 01/01/85 01/01/85 Gladieux Corp <br />
7 01/02/85 01/02/85 STG Electrosystems Inc <br />
8 01/03/85 01/03/85 American Title Co <br />
9 01/04/85 01/04/85 Bee Chemical Co <br />
<br />
Your Choice: 5<br />
<br />
<br />
Thank you - Proceeding now...<br />
##########################################################<br />
Determining markers... [Done]<br />
Processing the header... [Done]<br />
Processing the body... [Done]<br />
Removing dead columns... [Done]<br />
##########################################################<br />
Choose any columns you want repeated down (e.g. 0,1,2):<br />
0 Date Announced <br />
1 Date Effective <br />
2 Target Name <br />
3 Target Industry Sector <br />
4 Target Nation <br />
5 Acquiror Name <br />
6 Acquiror Industry Sector <br />
7 Acquiror Nation <br />
8 Pc of Shares Acq <br />
9 Pc Owned After Transaction<br />
10 Value of Transaction mil<br />
11 Enterprise Value mil<br />
12 Equity Value mil <br />
13 Acquiror CUSIP <br />
14 Acquiror Immediate Parent CUSIP<br />
15 Acquiror Ultimate Parent CUSIP<br />
16 Target Immediate Parent CUSIP<br />
17 Target Ultimate Parent CUSIP<br />
18 Target CUSIP <br />
19 Acquiror Primary Ticker Symbol<br />
20 Acquiror Ultimate Parent Primary Ticker Symbol<br />
21 Target Primary Ticker Symbol<br />
22 Target Ultimate Parent Primary Ticker Symbol<br />
23 Acquiror Primary NAIC Code<br />
24 Acquiror Ultimate Parent Primary NAIC Code<br />
25 Target Primary NAIC Code<br />
26 Target s Ultimate Parent Primary NAIC Code<br />
27 Number of Bidders <br />
28 Status <br />
29 Value Est <br />
30 Value Amended Flag<br />
31 Date Announced is Estimated<br />
32 Consideration Structure <br />
33 Number of Considerations Offered<br />
34 Number of Considerations Sought<br />
35 Consid Structure Description<br />
36 Pc of Cash <br />
37 Pc of Other <br />
38 Pc of Stock <br />
39 Pc of Unknown <br />
40 Acquiror Full Name <br />
41 Target Name <br />
42 Acquiror City <br />
43 Target City <br />
44 Acquiror Zip Code <br />
45 Target Zip Code<br />
46 Acquiror State <br />
47 Target State <br />
48 Deal Currency Code<br />
49 Target Bankrupt <br />
50 Challenged Deal <br />
51 Debt Restructuring <br />
52 RecapDefense <br />
53 Government Owned Involvement Flag<br />
54 Joint Venture <br />
55 Restructuring <br />
56 Acquiror is a Leveraged Buyout Firm<br />
57 LBO <br />
58 IPO FlagY N <br />
59 Target is a Leveraged Buyout Firm<br />
60 Merger of Equals<br />
61 Reverse Takeover <br />
62 Deal Began as a Rumor<br />
63 Acquiror is a White Knight<br />
64 White Knight Defense<br />
65 Back End Defense <br />
66 FlipOver Defense<br />
67 Voting Plan Defense<br />
68 Poison Pill <br />
69 Creeping Acquisition <br />
70 Repurchase Defense <br />
71 Pacman Defense <br />
72 Lockup FlagY N <br />
73 Target Lockup <br />
74 Greenmail <br />
75 Asset Lockup <br />
76 Scorched Earth Defense<br />
77 SelfTender Defense<br />
78 Stock Lockup <br />
79 Defense <br />
80 White Squire <br />
81 Acquiror Includes Employees<br />
82 Acquiror Includes an ESOP<br />
83 Significant Family Ownership of Target<br />
84 Acquiror Lockup <br />
85 Financial Acquiror <br />
86 2 Step Spinoff <br />
87 Acquiror Includes Mgmt<br />
88 Open Market Purchases<br />
89 Proxy Fight <br />
90 Purpose Code <br />
91 Related Deals <br />
92 Foreign Provider of Funds<br />
93 Stock Swap <br />
94 Asset Swap Flag<br />
95 Sweep the Street<br />
96 SelfTender <br />
97 Tender Offer <br />
98 Unsolicited <br />
99 Acquiror TermFee <br />
100 Target TermFee <br />
101 Forced vote provisions FlagY N <br />
102 Walkaway <br />
103 Acquiror Ultimate Parent Street Address 1 <br />
104 Acquiror Ultimate Parent Street Address 2 <br />
105 Target Ultimate Parent Street Address 1 <br />
106 Target Ultimate Parent Street Address 2 <br />
107 Acquiror Primary Stock ExchangeName <br />
108 Target Primary Stock ExchangeName <br />
109 Target Net Sales LTM mil<br />
110 Target Net Assets mil<br />
111 Target Total Assets mil<br />
112 Target Common Equity mil<br />
113 Target Book Value Per Share LTMUS <br />
114 Target Intangible Assets mil<br />
115 Target R D One Year Priormil<br />
116 Target Total Liabilities mil<br />
<br />
Your Choice:<br />
<br />
<br />
Thank you - Proceeding now...<br />
##########################################################<br />
<br />
Writing the output file... [Done]<br />
<br />
##########################################################<br />
Thank you for processing data with NormalizeFixedWidth<br />
Please cite any Ed Egan corporate finance paper in your <br />
references or otherwise acknowledge this help to your work.<br />
(c)Ed Egan, 2010. Enjoy. (US dollars preferred.)<br />
##########################################################<br />
<br />
The output is now stored in the same directory: E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4-normal.txt<br />
<br />
To import the data into winner database, I'll copy the above file to the /bulk directory. <br />
<br />
The code to create the SDC table is stored in \McNair\Projects\Winner's Curse\Data\SQL\SDC_TABLE. <br />
<br />
Create Table SDC(<br />
Date_Announced date,<br />
Date_Effective date,<br />
Tgt_Name varchar(80),<br />
Tgt_Industry varchar(100),<br />
Tgt_Nation varchar(100),<br />
Acq_Name varchar(80),<br />
Acq_Ind varchar(100),<br />
Acq_Nation varchar(100),<br />
Pc_Shares_Acq varchar(100),<br />
Pc_Owned_After_Transaction varchar(100),<br />
Value_Transaction varchar(100),<br />
Enterprise_Value varchar(100),<br />
Equity_Value varchar(100),<br />
Acq_CUSIP varchar(100),<br />
Acq_prnt_CUSIP varchar(100),<br />
Acq_Ultimate_CUSIP varchar(100),<br />
Tgt_prnt_CUSIP varchar(100),<br />
Tgt_Ultimate_CUSIP varchar(100),<br />
Tgt_CUSIP varchar(100),<br />
Acq_Primary_Ticker varchar(100),<br />
Acq_Ultimate_Ticker varchar(100),<br />
Tgt_Primary_Ticker varchar(100),<br />
Tgt_Ultimate_Ticker varchar(100),<br />
Acq_NAIC varchar(100),<br />
Acq_Ultimate_NAIC varchar(100),<br />
Tgt_Primary_NAIC varchar(100),<br />
Tgt_Ultimate_NAIC varchar(100),<br />
NBid varchar(100),<br />
Status varchar(100),<br />
Value_Est varchar(100),<br />
Value_Amended_Flag varchar(100),<br />
Date_Announced_Estimated varchar(100),<br />
Consideration_Structure varchar(100),<br />
NConsid_off varchar(100),<br />
NConsid_Sought varchar(100),<br />
Consid_Structure varchar(100),<br />
Pc_Cash varchar(100),<br />
Pc_Other varchar(100),<br />
Pc_Stock varchar(100),<br />
Pc_Unknown varchar(100),<br />
Acq_FullName varchar(100),<br />
Tgt_Name2 varchar(100),<br />
Acq_City varchar(100),<br />
Tgt_City varchar(100),<br />
Acq_Zip varchar(100),<br />
Tgt_Zip varchar(100),<br />
Acq_St varchar(100),<br />
Tgt_St varchar(100),<br />
Currency varchar(100),<br />
Tgt_Bankrupt varchar(100),<br />
Chlng_Deal varchar(100),<br />
Debt_Restructuring varchar(100),<br />
RecapDefense varchar(100),<br />
Government_Owned_Involvement_Flag varchar(100),<br />
Joint_Venture varchar(100),<br />
Restructuring varchar(100),<br />
Acq_LBO_firm varchar(100),<br />
LBO varchar(100),<br />
IPO_Flag varchar(100),<br />
Tgt_LBO_firm varchar(100),<br />
Merger_Equals varchar(100),<br />
Reverse_Takeover varchar(100),<br />
Deal_was_Rumor varchar(100),<br />
Acq_is_a_White_Knight varchar(100),<br />
White_Knight_Defense varchar(100),<br />
Back_End_Defense varchar(100),<br />
FlipOver_Defense varchar(100),<br />
Voting_Plan_Defense varchar(100),<br />
Poison_Pill varchar(100),<br />
Creeping_Acquisition varchar(100),<br />
Repurchase_Defense varchar(100),<br />
Pacman_Defense varchar(100),<br />
Lockup_FlagY_N varchar(100),<br />
Tgt_Lockup varchar(100),<br />
Greenmail varchar(100),<br />
Asset_Lockup varchar(100),<br />
Scorched_Earth_Defense varchar(100),<br />
SelfTender_Defense varchar(100),<br />
Stock_Lockup varchar(100),<br />
Defense varchar(100),<br />
White_Squire varchar(100),<br />
Acq_Includes_Employees varchar(100),<br />
Acq_Includes_an_ESOP varchar(100),<br />
Sig_Family_Ownership_Tgt varchar(100),<br />
Acq_Lockup varchar(100),<br />
Financial_Acq varchar(100),<br />
Step_Spinoff varchar(100),<br />
Acq_Includes_Mgmt varchar(100),<br />
Open_Market_Purchases varchar(100),<br />
Proxy_Fight varchar(100),<br />
Purpose_Code varchar(100),<br />
Related_Deals varchar(100),<br />
Foreign_Provider_Funds varchar(100),<br />
Stock_Swap varchar(100),<br />
Asset_Swap_Flag varchar(100),<br />
Sweep_the_Street varchar(100),<br />
SelfTender varchar(100),<br />
Tender_offer varchar(100),<br />
Unsolicited varchar(100),<br />
Acq_TermFee varchar(100),<br />
Tgt_TermFee varchar(100),<br />
Forced_vote_provisions_FlagY_N varchar(100),<br />
Walkaway varchar(100),<br />
Acq_Ultimate_Add1 varchar(100),<br />
Acq_Ultimate_Add2 varchar(100),<br />
Tgt_Ultimate_Add1 varchar(100),<br />
Tgt_Ultimate_Add2 varchar(100),<br />
Acq_stockEx varchar(100),<br />
Tgt_stockEx varchar(100),<br />
Tgt_Net_Sales varchar(100),<br />
Tgt_Net_Assets varchar(100),<br />
Tgt_Total_Assets varchar(100),<br />
Tgt_Common_Equity varchar(100),<br />
Tgt_BVpersh_LTMUS varchar(100),<br />
Tgt_IntangibleA varchar(100),<br />
Tgt_RD varchar(100),<br />
Tgt_Tot_liab varchar(100)<br />
);<br />
The column tgt_name seemed to have repeated twice in our data. To save time, I've just added 2 at the end of the column name for any such occurrence.<br />
<br />
--COPY 52746<br />
<br />
===SDC Table with pairs of unique CUSIP and Announcement dates(Jake)===<br />
<br />
acq_cusip | acq_prnt_cusip | acq_ultimate_cusip<br />
<br />
date_announced<br />
<br />
Determine which of the cusips has the best coverage by checking<br />
for null values. All cusip variables have equal coverage. <br />
Picking acq_cusip.<br />
<br />
Create a table with unique cusip (only first 6 digits) and announcement date values.<br />
<br />
SELECT LEFT(acq_cusip, 6) AS acq_cusip, date_announced INTO cusip_announcedate FROM sdc GROUP BY <br />
acq_cusip, date_announced;<br />
<br />
SELECT 49766<br />
<br />
===Creating compound variables from variable list and combining them (Jake)===<br />
<br />
DROP TABLE tobinq;<br />
CREATE TABLE tobinq AS SELECT <br />
conm, gvkey, cusip, datadate, extract(year from datadate) AS year, <br />
LEFT(naics,3) AS naics3, revt, <br />
CASE WHEN (CAST(ceq AS real)) = 0<br />
THEN NULL ELSE (CAST(mkvalt AS real))/(CAST(ceq AS real)) END AS tobinq<br />
FROM compustatpull;<br />
--SELECT 464894<br />
<br />
DROP TABLE tobinqxcompetition;<br />
CREATE TABLE tobinqxcompetition AS SELECT <br />
conm, gvkey, cusip, datadate, tobinq.year, tobinq.naics3, revt, <br />
LAG(revt) OVER (PARTITION BY gvkey ORDER BY tobinq.year) AS revtlag,<br />
tobinq,<br />
LAG(tobinq) OVER (PARTITION BY gvkey ORDER BY tobinq.year) AS tobinlag, <br />
sumsharesq, countgvkey FROM tobinq <br />
LEFT JOIN competitionfinal ON tobinq.year = competitionfinal.year <br />
AND tobinq.naics3 = competitionfinal.naics3; <br />
--SELECT 464894<br />
<br />
DROP TABLE CPI;<br />
CREATE TABLE CPI(<br />
year int, avg real, twentytenbase real);<br />
<br />
\COPY CPI FROM 'CPI Data.txt' WITH DELIMITER AS E'\t' HEADER NULL AS '' CSV; <br />
<br />
DROP TABLE test;<br />
CREATE TABLE test AS SELECT tobinqxcompetition.*, acq_cusip, pc_cash,<br />
CASE WHEN (Tgt_stockEx = 'NYSE' <br />
OR Tgt_stockEx = 'AMEX' <br />
OR Tgt_stockEx = 'NASDAQ') <br />
THEN 1::int ELSE 0::int END AS Tgt_Public, <br />
date_announced,<br />
date_effective FROM tobinqxcompetition LEFT JOIN sdc ON <br />
LEFT(tobinqxcompetition.cusip, 6) = sdc.acq_cusip AND <br />
EXTRACT <br />
(year from tobinqxcompetition.datadate) = EXTRACT(year from sdc.date_effective); <br />
<br />
<br />
==STATA Work==<br />
All Stata work found in the following folder: <br />
E:\McNair\Projects\Winner's Curse\Stata<br />
<br />
Code for most recent regression:<br />
<br />
set more off<br />
insheet using "Estimation.txt"<br />
log using "Estimation.log", replace<br />
<br />
gen rmse=0<br />
gen ressd=0<br />
gen alpha=0<br />
gen beta=0<br />
<br />
tabstat acqkey, stats(min max) save<br />
matrix acqnos=r(StatTotal)<br />
local min=acqnos[1,1]<br />
local max=acqnos[2,1]<br />
<br />
forvalues acqnumber = `min'(1)`max' {<br />
capture reg ret vret if acqkey==`acqnumber'<br />
capture matrix betas=e(b)<br />
capture local beta=betas[1,1]<br />
capture local alpha=betas[1,2]<br />
capture local rmse=e(rmse)<br />
capture predict res,r<br />
capture tabstat res, stats(sd) save<br />
capture matrix resmat=r(StatTotal)<br />
capture local ressd=resmat[1,1]<br />
capture replace rmse=`rmse' if acqkey==`acqnumber'<br />
capture replace ressd=`ressd' if acqkey==`acqnumber'<br />
capture replace alpha=`alpha' if acqkey==`acqnumber'<br />
capture replace beta=`beta' if acqkey==`acqnumber'<br />
capture drop res<br />
display `acqnumber'<br />
}<br />
<br />
/*<br />
reg ret vret if acqkey==2<br />
matrix betas=e(b)<br />
local beta=betas[1,1]<br />
local alpha=betas[1,2]<br />
local rmse=e(rmse)<br />
predict res,r<br />
tabstat res, stats(sd) save<br />
matrix resmat=r(StatTotal)<br />
local ressd=resmat[1,1]<br />
replace rmse=`rmse' if acqkey==2<br />
replace ressd=`ressd' if acqkey==2<br />
replace alpha=`alpha' if acqkey==2<br />
replace beta=`beta' if acqkey==2<br />
drop res<br />
*/<br />
<br />
drop if reldayno !=-30<br />
<br />
outsheet using "Estimation-processed.txt", replace<br />
<br />
==Previous Papers==<br />
From the old wiki<br />
*[[Old VC Acquisitions Paper]]<br />
*[[Old VC Lit Review]]<br />
<br />
==Related Pages==<br />
*[[Governance Measures]]<br />
*[[E-mail Chain on Winner's Curse]]<br />
*[[Malmendier & Tate CEO Overconfidence]]<br />
<br />
==Resources==<br />
*[[SDC Platinum]]<br />
*[[Venture Expert]]</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=12708Will Cleland (Work Log)2016-11-17T19:16:18Z<p>WillC: </p>
<hr />
<div><br />
[[Category:Work Log]]<br />
[[Category:Internal]]<br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO over confidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxys for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse data base<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data in to database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join<br />
* 11/16/2016- Continued focusing in on the three main tables and explained work to Ed<br />
* 11/18/2016- Ready to Join CRSP data and SDC data, in addition need to work on Malmendier Tate measure which displayed a flaw on second download<br />
* 11/19/2016-</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Winner%27s_Curse_in_Acquisitions_(Academic_Paper)&diff=12622Winner's Curse in Acquisitions (Academic Paper)2016-11-15T21:14:35Z<p>WillC: /* List of Variables */</p>
<hr />
<div>{{AcademicPaper<br />
|Title=Winner's Curse in Acquisitions (Academic Paper)<br />
|Author=Ed Egan, Jim Brander<br />
|RAs=Amir Kazempour, Will Cleland, Jake Silberman<br />
|Status=R&R<br />
}}<br />
<br />
==WHAT MATTERS==<br />
Ed - Review code for distance and triple join<br />
<br />
Amir - Literature review of Governance measures - Tell Will and Jake what to pull<br />
<br />
Will - Continue cleaning, run SDCv2 and SDCBase through the previous code and work on triple join<br />
<br />
Jake - Continue VC Fixed Effect measure<br />
<br />
==List of Variables== <br />
Variables & Where to Find Them:<br />
{| class="wikitable sortable" style="border: 1px solid darkgray; bgcolor: #f9f9f9"<br />
| '''Variable''' || '''Location''' || '''Table'''<br />
|-<br />
| Actual Return || CRSP || A1<br />
|-<br />
| Abnormal Return || CRSP || A1<br />
|-<br />
| Average Return || CRSP || STATA<br />
|-<br />
| Weighted Average Return || CRSP || STATA<br />
|-<br />
| Cumulative Ab. Return || CRSP || A1<br />
|-<br />
| Boom || Compustat || tobinxcompxsdcboom<br />
|-<br />
| Competition || Compustat || tobinxcompxsdcboom<br />
|-<br />
| Distance || SDC + google maps || D.N.E.<br />
|-<br />
| IT Fixed Effect || SDC || SDCA4<br />
|-<br />
| Idiosyncratic Volatility || CRSP (Calculated) || A1<br />
|-<br />
| Industry Fixed Effect || SDC || SDCA4<br />
|-<br />
| Momentum || CRSP (Calculated) || A1<br />
|-<br />
| Private Financial Data || CRSP(SDC) || SDCA4<br />
|-<br />
| Percent Cash || SDC || SDCA4<br />
|-<br />
| Previous Acquisitions || SDC || SDCA4<br />
|-<br />
| Sales || Compustat || tobinxcompxsdcboom<br />
|-<br />
| Tobin's Q || Compustat || tobinxcompxsdcboom<br />
|-<br />
| Turnover || CRSP || A1<br />
|-<br />
| VC Fixed Effect || SDC & VentureXpert || D.N.E. <br />
|-<br />
| Governance || Compustat || D.N.E.<br />
|-<br />
| Friendly vs. Hostile || SDC || D.N.E.<br />
|-<br />
| CEO Overconfidence || Execucomp || malmendier_Tate<br />
|}<br />
<br />
<br />
Boom - Created. Code in E:\McNair\Projects\Winner's Curse\Data\SQL\SDC_TABLE. Final variable in table SDCno_boom.<br />
<br />
Competition - Created. Code in E:\McNair\Projects\Winner's Curse\Data\SQL\CRSP_TABLE. Final variable in table competition final.<br />
<br />
IT Fixed Effect - Create an indicator variable taking the value one if the target has a NAICS code listed on page 31 of the article. <br />
<br />
Idiosyncratic Volatility - RMSE, it should already be up on the database. <br />
<br />
Industry Fixed Effect - Created. Jake, please update this. <br />
<br />
Momentum - To control for systematic variations in return over time. The summation of the NYSE-Nasdaq-AMEX composite market return (as<br />
calculated by CRSP) over the event window<br />
<br />
Private Financial Data - Look at [https://wrds-web.wharton.upenn.edu/wrds/query_forms/variable_documentation.cfm?vendorCode=CRSP&libraryCode=crspa&fileCode=ccmfunda&id=bspr]. The variables takes value 1 when the balance sheet is not publicly available. <br />
<br />
Percent Cash - Possibly this is going to be the PCT_CASH variable in SDC. This should be the PC_CASH field in the SDC table. <br />
<br />
Previous Acquisitions - The number of previous acquisitions (from 1985 on) of privately-held firms completed by the acquirer prior to its announcement of the acquisition.<br />
<br />
Tobin's Q: The ratio of market-to-book value of assets. This would be MKVALT/ AT in the SDC table. <br />
<br />
Turnover: AVG( # shares traded each month / # shares outstanding. <br />
<br />
VC Fixed Effect: Is the target VC backed or not? Where could we find the VC data.<br />
<br />
==Three Big Pulls==<br />
<br />
===SDC Mergers & Acquisitions===<br />
<br />
Add the following (A=L+E) ---- DONE<br />
TargetTotalAssets real, TASS: Taget Financials: Total Assets<br />
TargetTotalLiabilities real, TLIA: Total Liabilities Last Twelve Months ($ Mil) <br />
TargetCommonEquity real, COMEQ: Target Financials: Common Equity<br />
<br />
Also nice ---- DONE<br />
TargetNetSales real, SALES: Net Sales Last Twelve Months ($ Mil)<br />
TargetNetSales2 real, ?<br />
TargetBookValuePerShare real, BV: Book Value per Share Last Twelve Months ($) <br />
TargetIntangibles real, IASS: Intangible Assets Last Twelve Months <br />
TargetRAndD real, RND1: Research & Development Expense 1 Year Prior ($ Mil)<br />
<br />
Added just in case ---- DONE <br />
Sales<br />
Net Assets<br />
Book Value (Perhaps needed for Tobin's Q?)<br />
<br />
Session Details<br />
---------------<br />
Request Hits Request Description<br />
0 - DATABASES: Domestic Mergers, 1979-Present (MA, OMA)<br />
1 - Date Announced: 1/1/1985 to 10/11/2016 (Custom) (Calendar)<br />
2 300351 Target Nation : US<br />
3 257921 Acquiror Nation : US<br />
4 127852 Acquiror Public Status : P<br />
5 98102 Target Public Status : V, P<br />
6 63725 Deal Status : C<br />
7 52739 Percent of Shares Owned after Transaction: 100 to 100<br />
8 Custom Report: SDC_MA_Oct10v2 (Columnar) - Save As:<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v2.txt<br />
<br />
Billing Ref # : 1960756<br />
Capture File : riceuniv.1960756<br />
Session Name : SDC_MA_Oct10v2.ssh<br />
<br />
Variables Pulled:<br />
-----------------<br />
Date Announced<br />
Date Effective<br />
Target Name <br />
Target Industry Sector <br />
Target Nation<br />
Acquiror Name <br />
Acquiror Industry Sector <br />
Acquiror Nation<br />
Pc of Shares Acq<br />
Pc Owned After Transaction<br />
Value of Transaction mil<br />
Enterprise Value mil<br />
Equity Value mil<br />
Acquiror CUSIP<br />
Acquiror Immediate Parent CUSIP<br />
Acquiror Ultimate Parent CUSIP<br />
Target Immediate Parent CUSIP<br />
Target Ultimate Parent CUSIP<br />
Target CUSIP<br />
Acquiror Primary Ticker Symbol<br />
Acquiror Ultimate Parent Primary Ticker Symbol<br />
Target Primary Ticker Symbol<br />
Target Ultimate Parent Primary Ticker Symbol<br />
Target Ultimate Parent Ticker Symbol<br />
Acquiror Primary NAIC Code<br />
Acquiror Ultimate Parent Primary NAIC Code<br />
Target Primary NAIC Code<br />
Target s Ultimate Parent Primary NAIC Code<br />
Number of Bidders<br />
Status <br />
Value Est <br />
Value Amended Flag<br />
Date Announced is Estimated<br />
Consideration Structure<br />
Number of Considerations Offered<br />
Number of Considerations Sought<br />
Consid Structure Description<br />
Pc of Cash<br />
Pc of Other<br />
Pc of Stock<br />
Pc of Unknown<br />
Acquiror Full Name <br />
Target Name <br />
Acquiror City <br />
Target City <br />
Acquiror Zip Code<br />
Target Zip Code<br />
Acquiror State<br />
Target State<br />
Deal Currency Code<br />
Target Bankrupt<br />
Challenged Deal<br />
Debt Restructuring<br />
RecapDefense <br />
Government Owned Involvement Flag<br />
Joint Venture<br />
Restructuring<br />
Acquiror is a Leveraged Buyout Firm<br />
LBO <br />
IPO FlagY N <br />
Target is a Leveraged Buyout Firm<br />
Merger of Equals<br />
Reverse Takeover<br />
Deal Began as a Rumor<br />
Acquiror is a White Knight<br />
White Knight Defense<br />
Back End Defense<br />
FlipOver Defense<br />
Voting Plan Defense<br />
Poison Pill<br />
Creeping Acquisition<br />
Repurchase Defense<br />
Pacman Defense<br />
Lockup FlagY N <br />
Target Lockup<br />
Greenmail<br />
Asset Lockup<br />
Scorched Earth Defense<br />
SelfTender Defense<br />
Stock Lockup<br />
Defense<br />
White Squire<br />
Acquiror Includes Employees<br />
Acquiror Includes an ESOP<br />
Significant Family Ownership of Target<br />
Acquiror Lockup<br />
Financial Acquiror<br />
2 Step Spinoff<br />
Acquiror Includes Mgmt<br />
Open Market Purchases<br />
Proxy Fight<br />
Purpose Code<br />
Related Deals<br />
Foreign Provider of Funds<br />
Stock Swap<br />
Asset Swap Flag<br />
Sweep the Street<br />
SelfTender<br />
Tender Offer<br />
Unsolicited<br />
Acquiror TermFee <br />
Target TermFee <br />
Forced vote provisions FlagY N<br />
Walkaway<br />
Acquiror Ultimate Parent Street Address 1<br />
Acquiror Ultimate Parent Street Address 2<br />
Target Ultimate Parent Street Address 1<br />
Target Ultimate Parent Street Address 2<br />
Acquiror Primary Stock ExchangeName<br />
Target Primary Stock ExchangeName<br />
<br />
===COMPUSTAT===<br />
<br />
Use Compustat Industrial Annual (annual data)<br />
<br />
Criteria:<br />
-----------------<br />
1970-1 to 2015-11<br />
GVKEY, Entire Dbase<br />
tab delimited, date in ISO8661<br />
<br />
Variables:<br />
----------<br />
GVKEY<br />
CONM<br />
TIC<br />
CUSIP<br />
EXCHG<br />
FYR<br />
CURNCD<br />
FYEAR<br />
AT<br />
CEQ<br />
INTAN<br />
EBITDA<br />
REVT<br />
SALE<br />
NAICSH<br />
SICH<br />
MKVALT<br />
PRCC_F<br />
C<br />
INDL<br />
FS<br />
STD<br />
<br />
Note: TobinsQ is Market over book so MKVALT/AT (also pulled common stock and price)<br />
<br />
DROP TABLE compustatpull;<br />
CREATE TABLE compustatpull (<br />
gvkey int,<br />
datadate date,<br />
Fyear int,<br />
industry_format varchar(5),<br />
consol varchar(20),<br />
popsrc varchar(20),<br />
datafmt varchar(5),<br />
tic varchar(20),<br />
cusip varchar(20),<br />
conm varchar(50),<br />
curcd varchar(3),<br />
curncd varchar(3),<br />
fyr int,<br />
act float,<br />
ceq varchar(20),<br />
ebitda float,<br />
intan float,<br />
revt float,<br />
sale float,<br />
exchg varchar(20),<br />
costat varchar(5),<br />
naicsh float,<br />
sich varchar(20),<br />
mkvalt varchar(20),<br />
prcc_f varchar(20),<br />
county varchar(50), <br />
naics varchar(10),<br />
sic int,<br />
states varchar(2), <br />
ipodate date);<br />
<br />
\COPY compustatpull FROM 'CSTAT-10Oct-ff1feb81b9f166ad.txt' WITH DELIMITER AS E'\t' HEADER NULL AS '' CSV<br />
--464894<br />
<br />
All loaded up<br />
<br />
===CRSP===<br />
<br />
Use CRSP Annual, Daily Stock File<br />
<br />
Criteria:<br />
-----------------<br />
PERMNO, Entire Dbase<br />
1980-01-01 to 2015-12-31<br />
tab delimited, date in ISO8661<br />
<br />
Variables:<br />
----------<br />
PERMNO<br />
CUSIP<br />
NCUSIP<br />
COMNAM<br />
TICKER<br />
PERMCO<br />
EXCHCD<br />
SICCD<br />
NAICS<br />
PRIMEXCH<br />
PRC<br />
VOL<br />
NUMTRD<br />
RET<br />
SHROUT<br />
VWRETD<br />
EWRETD<br />
<br />
<br />
==Governance Measures==<br />
Projects --> Winner's Curse --> Data<br />
<br />
Open the GovernanceVARS.txt<br />
<br />
These are<br />
*staggered boards<br />
*limits to shareholder bylaw amendments<br />
*limits to shareholder charter amendments<br />
*supermajority requirements for mergers<br />
*poison pills<br />
*golden parachutes<br />
<br />
==To do list==<br />
<br />
Processing the SDC data:<br />
*Find SIC codes concordance to get NAICS for old data<br />
*Acquirer publicly traded ( must be AMEX, NASDAQ, or NYSE)<br />
*Magic with CUSIPs : CUSIP is a nine digit number (possibly ten, ) Seven issuer, two issue, one check <br />
<br />
CRSP processing notes: <br />
*Estimation window 250 days ending 30 days before the Acq. must be at least 50 continuous days before the 30 days window. <br />
*Returns and prices may contain codes. Import as var_char and reprocess?<br />
<br />
Other notes:<br />
*See page 9 of the paper for data processing notes. <br />
*Data dictionary for SDC MA: http://www.edegan.com/repository/DD-ThomsonSDCMA.txt<br />
<br />
==Governance Variables== <br />
A list of governance variables can be found in: E:\McNair\Projects\Winner's Curse\Data\GovernanceVARS<br />
<br />
==Paper Discussion==<br />
<br />
<br />
<br />
==Importing the CRSP data into the `winner' database (Amir) ==<br />
Two important files:<br />
Project --> Winner's Curse --> Data --> SQL --> CRSP_NOTES<br />
Project --> Winner's Curse --> Data --> SQL --> CRSP_CODES<br />
<br />
Data file is located in: E:\McNair\Projects\Winner's Curse\Data\CRSP-Oct10-c30cc89e52b70545-1.txt<br />
<br />
Issue 1: The text file is 8 GB large and there's no way to open it in Textpad. I'll try to read the file in LogExpert which seems to do a neat job in in opening large files. Otherwise, I'll try to read the first few lines in the terminal. <br />
Update: I managed to open the file in LogExpert. However, extremely inefficient to scroll over the file. <br />
<br />
I copied the file to Z:\WinnersCurse\CRSP-oct10<br />
<br />
Entered the following command in the terminal to read the header:<br />
head -1 CRSP-oct10.txt<br />
<br />
CREATE TABLE CRSP (<br />
PermNo int,<br />
date date,<br />
EXcode int,<br />
SIC int,<br />
NCUSIP varchar(10),<br />
Ticker varchar(10), <br />
Name varchar(100),<br />
NAICS int,<br />
PrimEx varchar(1),<br />
PERMCO int, <br />
CUSIP varchar(12),<br />
Price real,<br />
VOL int,<br />
RET real,<br />
ShOut int, <br />
trade int, <br />
EQRET real,<br />
VRET real<br />
);<br />
<br />
<br />
We have unexpected data types in few columns. We'll first start by copying data into a table named CRSPtmp with varchar type for most of the fields. <br />
<br />
CREATE TABLE CRSPtmp (<br />
PermNo varchar(10),<br />
date date,<br />
EXcode varchar(10),<br />
SIC varchar(10),<br />
NCUSIP varchar(10),<br />
Ticker varchar(10), <br />
Name varchar(100),<br />
NAICS varchar(10),<br />
PrimEx varchar(1),<br />
PERMCO varchar(10), <br />
CUSIP varchar(12),<br />
Price varchar(15),<br />
VOL varchar(10),<br />
RET varchar(10),<br />
ShOut varchar(10), <br />
trade varchar(10), <br />
EQRET varchar(10),<br />
VRET varchar(10)<br />
);<br />
<br />
\COPY crsptmp FROM '/bulk/WinnersCurse/CRSP-oct10.txt' WITH DELIMITER AS E'\t' HEADER NULL AS '' CSV<br />
-- COPY 64614281<br />
<br />
Next, to create an index on CUSIP:<br />
CREATE INDEX CUSIPIndex<br />
ON crspfinal(CUSIP);<br />
===CRSP2 Variable Issues (Jake)===<br />
<br />
permno-<br />
<br />
date-<br />
<br />
excode - <br />
<br />
sic - letter "Z", value 711 (most are 4 digits), <br />
<br />
ncusip - <br />
<br />
ticker - <br />
<br />
name - <br />
<br />
naics - <br />
<br />
primex - <br />
<br />
permco - <br />
<br />
cusip - <br />
<br />
Price - Null values, negative numbers, <br />
<br />
vol - null values <br />
<br />
ret - null values, letter "B" as value multiple times, letter "C", <br />
<br />
shout - null values<br />
<br />
trade - null values <br />
<br />
eqret - <br />
<br />
vret -<br />
<br />
==Importing SDC Data into Winner Database==<br />
Session Details<br />
---------------<br />
Request Hits Request Description<br />
0 - DATABASES: Domestic Mergers, 1979-Present (MA, OMA)<br />
1 - Date Announced: 1/1/1985 to 10/11/2016 (Custom) (Calendar)<br />
2 300400 Target Nation : US<br />
3 257952 Acquiror Nation : US<br />
4 127865 Acquiror Public Status : P<br />
5 98108 Target Public Status : V, P<br />
6 63732 Deal Status : C<br />
7 52746 Percent of Shares Owned after Transaction: 100 to 100<br />
8 Custom Report: SDC_MA_Oct10v4 (Columnar) - Save As:<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4.txt<br />
Billing Ref # : 1962461<br />
Capture File : riceuniv.1962461<br />
Session Name : SDC_MA_Oct10v4.ssh<br />
<br />
We encountered an issue with the variable Purpose Code in our most recent<br />
SDC pull. Purpose Code can carry multiple values, so we had extra lines<br />
with blanks for every value other than Purpose Code. Rather than <br />
doing another SDC pull, we used the following regular expressions to <br />
solve:<br />
<br />
Find : ^[\s}.* <br />
Replace : <br />
<br />
Directly below is the original SDC file prior to our fix<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4 -raw<br />
<br />
Directly below is the SDC file post-fix<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4<br />
<br />
<br />
11332 rows were removed as a result of our regular expression use.<br />
<br />
=== Normalizing SDC data ===<br />
Make sure that the first line of the data file starts with the column names and column name are not preceded by empty lines. Also, remove the summary/report lines at the bottom of the text file. <br />
<br />
A copy of the normalizer is save here<br />
E:\McNair\Projects\Winner's Curse\Data\NormalizeFixedWidth.pl<br />
<br />
Follow these steps:<br />
# Activate the Komodo license.<br />
# Open Komodo IDE 9, there should be a shortcut on your desktop<br />
# Drag and drop NormalizeFixedWidth.pl in Komdo<br />
# Click on the start or continue debugging<br />
# Type : -file=SDC_MA_Oct10v4.txt in Script Arguments textbox. <br />
# Click on OK<br />
# Enter the number of last line of the header and press return. This should be the line immediately followed by the first row of data.<br />
<br />
########################################################## <br />
# NormalizeFixedWidth.pl #<br />
# v0.01 #<br />
# (c)Ed Egan, 2010 #<br />
##########################################################<br />
<br />
Starting the program... [Done]<br />
Your run options are:<br />
File to read from... [SDC_MA_Oct10v4.txt]<br />
File to write to... [SDC_MA_Oct10v4-normal.txt]<br />
Opening the input file to read... [Done]<br />
<br />
##########################################################<br />
Choose the last line of the header (inc. blanks):<br />
0 Date Date Target Name <br />
1 Announced Effective <br />
2 <br />
3 <br />
4 <br />
5 <br />
6 01/01/85 01/01/85 Gladieux Corp <br />
7 01/02/85 01/02/85 STG Electrosystems Inc <br />
8 01/03/85 01/03/85 American Title Co <br />
9 01/04/85 01/04/85 Bee Chemical Co <br />
<br />
Your Choice: 5<br />
<br />
<br />
Thank you - Proceeding now...<br />
##########################################################<br />
Determining markers... [Done]<br />
Processing the header... [Done]<br />
Processing the body... [Done]<br />
Removing dead columns... [Done]<br />
##########################################################<br />
Choose any columns you want repeated down (e.g. 0,1,2):<br />
0 Date Announced <br />
1 Date Effective <br />
2 Target Name <br />
3 Target Industry Sector <br />
4 Target Nation <br />
5 Acquiror Name <br />
6 Acquiror Industry Sector <br />
7 Acquiror Nation <br />
8 Pc of Shares Acq <br />
9 Pc Owned After Transaction<br />
10 Value of Transaction mil<br />
11 Enterprise Value mil<br />
12 Equity Value mil <br />
13 Acquiror CUSIP <br />
14 Acquiror Immediate Parent CUSIP<br />
15 Acquiror Ultimate Parent CUSIP<br />
16 Target Immediate Parent CUSIP<br />
17 Target Ultimate Parent CUSIP<br />
18 Target CUSIP <br />
19 Acquiror Primary Ticker Symbol<br />
20 Acquiror Ultimate Parent Primary Ticker Symbol<br />
21 Target Primary Ticker Symbol<br />
22 Target Ultimate Parent Primary Ticker Symbol<br />
23 Acquiror Primary NAIC Code<br />
24 Acquiror Ultimate Parent Primary NAIC Code<br />
25 Target Primary NAIC Code<br />
26 Target s Ultimate Parent Primary NAIC Code<br />
27 Number of Bidders <br />
28 Status <br />
29 Value Est <br />
30 Value Amended Flag<br />
31 Date Announced is Estimated<br />
32 Consideration Structure <br />
33 Number of Considerations Offered<br />
34 Number of Considerations Sought<br />
35 Consid Structure Description<br />
36 Pc of Cash <br />
37 Pc of Other <br />
38 Pc of Stock <br />
39 Pc of Unknown <br />
40 Acquiror Full Name <br />
41 Target Name <br />
42 Acquiror City <br />
43 Target City <br />
44 Acquiror Zip Code <br />
45 Target Zip Code<br />
46 Acquiror State <br />
47 Target State <br />
48 Deal Currency Code<br />
49 Target Bankrupt <br />
50 Challenged Deal <br />
51 Debt Restructuring <br />
52 RecapDefense <br />
53 Government Owned Involvement Flag<br />
54 Joint Venture <br />
55 Restructuring <br />
56 Acquiror is a Leveraged Buyout Firm<br />
57 LBO <br />
58 IPO FlagY N <br />
59 Target is a Leveraged Buyout Firm<br />
60 Merger of Equals<br />
61 Reverse Takeover <br />
62 Deal Began as a Rumor<br />
63 Acquiror is a White Knight<br />
64 White Knight Defense<br />
65 Back End Defense <br />
66 FlipOver Defense<br />
67 Voting Plan Defense<br />
68 Poison Pill <br />
69 Creeping Acquisition <br />
70 Repurchase Defense <br />
71 Pacman Defense <br />
72 Lockup FlagY N <br />
73 Target Lockup <br />
74 Greenmail <br />
75 Asset Lockup <br />
76 Scorched Earth Defense<br />
77 SelfTender Defense<br />
78 Stock Lockup <br />
79 Defense <br />
80 White Squire <br />
81 Acquiror Includes Employees<br />
82 Acquiror Includes an ESOP<br />
83 Significant Family Ownership of Target<br />
84 Acquiror Lockup <br />
85 Financial Acquiror <br />
86 2 Step Spinoff <br />
87 Acquiror Includes Mgmt<br />
88 Open Market Purchases<br />
89 Proxy Fight <br />
90 Purpose Code <br />
91 Related Deals <br />
92 Foreign Provider of Funds<br />
93 Stock Swap <br />
94 Asset Swap Flag<br />
95 Sweep the Street<br />
96 SelfTender <br />
97 Tender Offer <br />
98 Unsolicited <br />
99 Acquiror TermFee <br />
100 Target TermFee <br />
101 Forced vote provisions FlagY N <br />
102 Walkaway <br />
103 Acquiror Ultimate Parent Street Address 1 <br />
104 Acquiror Ultimate Parent Street Address 2 <br />
105 Target Ultimate Parent Street Address 1 <br />
106 Target Ultimate Parent Street Address 2 <br />
107 Acquiror Primary Stock ExchangeName <br />
108 Target Primary Stock ExchangeName <br />
109 Target Net Sales LTM mil<br />
110 Target Net Assets mil<br />
111 Target Total Assets mil<br />
112 Target Common Equity mil<br />
113 Target Book Value Per Share LTMUS <br />
114 Target Intangible Assets mil<br />
115 Target R D One Year Priormil<br />
116 Target Total Liabilities mil<br />
<br />
Your Choice:<br />
<br />
<br />
Thank you - Proceeding now...<br />
##########################################################<br />
<br />
Writing the output file... [Done]<br />
<br />
##########################################################<br />
Thank you for processing data with NormalizeFixedWidth<br />
Please cite any Ed Egan corporate finance paper in your <br />
references or otherwise acknowledge this help to your work.<br />
(c)Ed Egan, 2010. Enjoy. (US dollars preferred.)<br />
##########################################################<br />
<br />
The output is now stored in the same directory: E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4-normal.txt<br />
<br />
To import the data into winner database, I'll copy the above file to the /bulk directory. <br />
<br />
The code to create the SDC table is stored in \McNair\Projects\Winner's Curse\Data\SQL\SDC_TABLE. <br />
<br />
Create Table SDC(<br />
Date_Announced date,<br />
Date_Effective date,<br />
Tgt_Name varchar(80),<br />
Tgt_Industry varchar(100),<br />
Tgt_Nation varchar(100),<br />
Acq_Name varchar(80),<br />
Acq_Ind varchar(100),<br />
Acq_Nation varchar(100),<br />
Pc_Shares_Acq varchar(100),<br />
Pc_Owned_After_Transaction varchar(100),<br />
Value_Transaction varchar(100),<br />
Enterprise_Value varchar(100),<br />
Equity_Value varchar(100),<br />
Acq_CUSIP varchar(100),<br />
Acq_prnt_CUSIP varchar(100),<br />
Acq_Ultimate_CUSIP varchar(100),<br />
Tgt_prnt_CUSIP varchar(100),<br />
Tgt_Ultimate_CUSIP varchar(100),<br />
Tgt_CUSIP varchar(100),<br />
Acq_Primary_Ticker varchar(100),<br />
Acq_Ultimate_Ticker varchar(100),<br />
Tgt_Primary_Ticker varchar(100),<br />
Tgt_Ultimate_Ticker varchar(100),<br />
Acq_NAIC varchar(100),<br />
Acq_Ultimate_NAIC varchar(100),<br />
Tgt_Primary_NAIC varchar(100),<br />
Tgt_Ultimate_NAIC varchar(100),<br />
NBid varchar(100),<br />
Status varchar(100),<br />
Value_Est varchar(100),<br />
Value_Amended_Flag varchar(100),<br />
Date_Announced_Estimated varchar(100),<br />
Consideration_Structure varchar(100),<br />
NConsid_off varchar(100),<br />
NConsid_Sought varchar(100),<br />
Consid_Structure varchar(100),<br />
Pc_Cash varchar(100),<br />
Pc_Other varchar(100),<br />
Pc_Stock varchar(100),<br />
Pc_Unknown varchar(100),<br />
Acq_FullName varchar(100),<br />
Tgt_Name2 varchar(100),<br />
Acq_City varchar(100),<br />
Tgt_City varchar(100),<br />
Acq_Zip varchar(100),<br />
Tgt_Zip varchar(100),<br />
Acq_St varchar(100),<br />
Tgt_St varchar(100),<br />
Currency varchar(100),<br />
Tgt_Bankrupt varchar(100),<br />
Chlng_Deal varchar(100),<br />
Debt_Restructuring varchar(100),<br />
RecapDefense varchar(100),<br />
Government_Owned_Involvement_Flag varchar(100),<br />
Joint_Venture varchar(100),<br />
Restructuring varchar(100),<br />
Acq_LBO_firm varchar(100),<br />
LBO varchar(100),<br />
IPO_Flag varchar(100),<br />
Tgt_LBO_firm varchar(100),<br />
Merger_Equals varchar(100),<br />
Reverse_Takeover varchar(100),<br />
Deal_was_Rumor varchar(100),<br />
Acq_is_a_White_Knight varchar(100),<br />
White_Knight_Defense varchar(100),<br />
Back_End_Defense varchar(100),<br />
FlipOver_Defense varchar(100),<br />
Voting_Plan_Defense varchar(100),<br />
Poison_Pill varchar(100),<br />
Creeping_Acquisition varchar(100),<br />
Repurchase_Defense varchar(100),<br />
Pacman_Defense varchar(100),<br />
Lockup_FlagY_N varchar(100),<br />
Tgt_Lockup varchar(100),<br />
Greenmail varchar(100),<br />
Asset_Lockup varchar(100),<br />
Scorched_Earth_Defense varchar(100),<br />
SelfTender_Defense varchar(100),<br />
Stock_Lockup varchar(100),<br />
Defense varchar(100),<br />
White_Squire varchar(100),<br />
Acq_Includes_Employees varchar(100),<br />
Acq_Includes_an_ESOP varchar(100),<br />
Sig_Family_Ownership_Tgt varchar(100),<br />
Acq_Lockup varchar(100),<br />
Financial_Acq varchar(100),<br />
Step_Spinoff varchar(100),<br />
Acq_Includes_Mgmt varchar(100),<br />
Open_Market_Purchases varchar(100),<br />
Proxy_Fight varchar(100),<br />
Purpose_Code varchar(100),<br />
Related_Deals varchar(100),<br />
Foreign_Provider_Funds varchar(100),<br />
Stock_Swap varchar(100),<br />
Asset_Swap_Flag varchar(100),<br />
Sweep_the_Street varchar(100),<br />
SelfTender varchar(100),<br />
Tender_offer varchar(100),<br />
Unsolicited varchar(100),<br />
Acq_TermFee varchar(100),<br />
Tgt_TermFee varchar(100),<br />
Forced_vote_provisions_FlagY_N varchar(100),<br />
Walkaway varchar(100),<br />
Acq_Ultimate_Add1 varchar(100),<br />
Acq_Ultimate_Add2 varchar(100),<br />
Tgt_Ultimate_Add1 varchar(100),<br />
Tgt_Ultimate_Add2 varchar(100),<br />
Acq_stockEx varchar(100),<br />
Tgt_stockEx varchar(100),<br />
Tgt_Net_Sales varchar(100),<br />
Tgt_Net_Assets varchar(100),<br />
Tgt_Total_Assets varchar(100),<br />
Tgt_Common_Equity varchar(100),<br />
Tgt_BVpersh_LTMUS varchar(100),<br />
Tgt_IntangibleA varchar(100),<br />
Tgt_RD varchar(100),<br />
Tgt_Tot_liab varchar(100)<br />
);<br />
The column tgt_name seemed to have repeated twice in our data. To save time, I've just added 2 at the end of the column name for any such occurrence.<br />
<br />
--COPY 52746<br />
<br />
===SDC Table with pairs of unique CUSIP and Announcement dates(Jake)===<br />
<br />
acq_cusip | acq_prnt_cusip | acq_ultimate_cusip<br />
<br />
date_announced<br />
<br />
Determine which of the cusips has the best coverage by checking<br />
for null values. All cusip variables have equal coverage. <br />
Picking acq_cusip.<br />
<br />
Create a table with unique cusip (only first 6 digits) and announcement date values.<br />
<br />
SELECT LEFT(acq_cusip, 6) AS acq_cusip, date_announced INTO cusip_announcedate FROM sdc GROUP BY <br />
acq_cusip, date_announced;<br />
<br />
SELECT 49766<br />
<br />
===Creating compound variables from variable list and combining them (Jake)===<br />
<br />
DROP TABLE tobinq;<br />
CREATE TABLE tobinq AS SELECT <br />
conm, gvkey, cusip, datadate, extract(year from datadate) AS year, <br />
LEFT(naics,3) AS naics3, revt, <br />
CASE WHEN (CAST(ceq AS real)) = 0<br />
THEN NULL ELSE (CAST(mkvalt AS real))/(CAST(ceq AS real)) END AS tobinq<br />
FROM compustatpull;<br />
--SELECT 464894<br />
<br />
DROP TABLE tobinqxcompetition;<br />
CREATE TABLE tobinqxcompetition AS SELECT <br />
conm, gvkey, cusip, datadate, tobinq.year, tobinq.naics3, revt, <br />
LAG(revt) OVER (PARTITION BY gvkey ORDER BY tobinq.year) AS revtlag,<br />
tobinq,<br />
LAG(tobinq) OVER (PARTITION BY gvkey ORDER BY tobinq.year) AS tobinlag, <br />
sumsharesq, countgvkey FROM tobinq <br />
LEFT JOIN competitionfinal ON tobinq.year = competitionfinal.year <br />
AND tobinq.naics3 = competitionfinal.naics3; <br />
--SELECT 464894<br />
<br />
DROP TABLE CPI;<br />
CREATE TABLE CPI(<br />
year int, avg real, twentytenbase real);<br />
<br />
\COPY CPI FROM 'CPI Data.txt' WITH DELIMITER AS E'\t' HEADER NULL AS '' CSV; <br />
<br />
DROP TABLE test;<br />
CREATE TABLE test AS SELECT tobinqxcompetition.*, acq_cusip, pc_cash,<br />
CASE WHEN (Tgt_stockEx = 'NYSE' <br />
OR Tgt_stockEx = 'AMEX' <br />
OR Tgt_stockEx = 'NASDAQ') <br />
THEN 1::int ELSE 0::int END AS Tgt_Public, <br />
date_announced,<br />
date_effective FROM tobinqxcompetition LEFT JOIN sdc ON <br />
LEFT(tobinqxcompetition.cusip, 6) = sdc.acq_cusip AND <br />
EXTRACT <br />
(year from tobinqxcompetition.datadate) = EXTRACT(year from sdc.date_effective); <br />
<br />
<br />
==STATA Work==<br />
All Stata work found in the following folder: <br />
E:\McNair\Projects\Winner's Curse\Stata<br />
<br />
Code for most recent regression:<br />
<br />
set more off<br />
insheet using "Estimation.txt"<br />
log using "Estimation.log", replace<br />
<br />
gen rmse=0<br />
gen ressd=0<br />
gen alpha=0<br />
gen beta=0<br />
<br />
tabstat acqkey, stats(min max) save<br />
matrix acqnos=r(StatTotal)<br />
local min=acqnos[1,1]<br />
local max=acqnos[2,1]<br />
<br />
forvalues acqnumber = `min'(1)`max' {<br />
capture reg ret vret if acqkey==`acqnumber'<br />
capture matrix betas=e(b)<br />
capture local beta=betas[1,1]<br />
capture local alpha=betas[1,2]<br />
capture local rmse=e(rmse)<br />
capture predict res,r<br />
capture tabstat res, stats(sd) save<br />
capture matrix resmat=r(StatTotal)<br />
capture local ressd=resmat[1,1]<br />
capture replace rmse=`rmse' if acqkey==`acqnumber'<br />
capture replace ressd=`ressd' if acqkey==`acqnumber'<br />
capture replace alpha=`alpha' if acqkey==`acqnumber'<br />
capture replace beta=`beta' if acqkey==`acqnumber'<br />
capture drop res<br />
display `acqnumber'<br />
}<br />
<br />
/*<br />
reg ret vret if acqkey==2<br />
matrix betas=e(b)<br />
local beta=betas[1,1]<br />
local alpha=betas[1,2]<br />
local rmse=e(rmse)<br />
predict res,r<br />
tabstat res, stats(sd) save<br />
matrix resmat=r(StatTotal)<br />
local ressd=resmat[1,1]<br />
replace rmse=`rmse' if acqkey==2<br />
replace ressd=`ressd' if acqkey==2<br />
replace alpha=`alpha' if acqkey==2<br />
replace beta=`beta' if acqkey==2<br />
drop res<br />
*/<br />
<br />
drop if reldayno !=-30<br />
<br />
outsheet using "Estimation-processed.txt", replace<br />
<br />
==Previous Papers==<br />
From the old wiki<br />
*[[Old VC Acquisitions Paper]]<br />
*[[Old VC Lit Review]]<br />
<br />
==Related Pages==<br />
*[[Governance Measures]]<br />
*[[E-mail Chain on Winner's Curse]]<br />
*[[Malmendier & Tate CEO Overconfidence]]<br />
<br />
==Resources==<br />
*[[SDC Platinum]]<br />
*[[Venture Expert]]</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Winner%27s_Curse_in_Acquisitions_(Academic_Paper)&diff=12618Winner's Curse in Acquisitions (Academic Paper)2016-11-15T21:12:44Z<p>WillC: /* List of Variables */</p>
<hr />
<div>{{AcademicPaper<br />
|Title=Winner's Curse in Acquisitions (Academic Paper)<br />
|Author=Ed Egan, Jim Brander<br />
|RAs=Amir Kazempour, Will Cleland, Jake Silberman<br />
|Status=R&R<br />
}}<br />
<br />
==WHAT MATTERS==<br />
Ed - Review code for distance and triple join<br />
<br />
Amir - Literature review of Governance measures - Tell Will and Jake what to pull<br />
<br />
Will - Continue cleaning, run SDCv2 and SDCBase through the previous code and work on triple join<br />
<br />
Jake - Continue VC Fixed Effect measure<br />
<br />
==List of Variables== <br />
Variables & Where to Find Them:<br />
{| class="wikitable sortable" style="border: 1px solid darkgray; bgcolor: #f9f9f9"<br />
| '''Variable''' || '''Location''' || '''Table'''<br />
|-<br />
| Actual Return || CRSP || A1<br />
|-<br />
| Abnormal Return || CRSP || A1<br />
|-<br />
| Average Return || CRSP || STATA<br />
|-<br />
| Weighted Average Return || CRSP || STATA<br />
|-<br />
| Cumulative Ab. Return || CRSP || A1<br />
|-<br />
| Boom || Compustat || tobinxcompxsdcboom<br />
|-<br />
| Competition || Compustat || tobinxcompxsdcboom<br />
|-<br />
| Distance || SDC + google maps || D.N.E.<br />
|-<br />
| IT Fixed Effect || SDC || SDCA4<br />
|-<br />
| Idiosyncratic Volatility || CRSP (Calculated) || A1<br />
|-<br />
| Industry Fixed Effect || SDC || SDCA4<br />
|-<br />
| Momentum || CRSP (Calculated) || A1<br />
|-<br />
| Private Financial Data || CRSP(SDC) || SDCA4<br />
|-<br />
| Percent Cash || SDC || SDCA4<br />
|-<br />
| Previous Acquisitions || SDC || SDCA4<br />
|-<br />
| Sales || Compustat || SDCA4<br />
|-<br />
| Tobin's Q || Compustat || tobinxcompxsdcboom<br />
|-<br />
| Turnover || CRSP || A1<br />
|-<br />
| VC Fixed Effect || SDC & VentureXpert || D.N.E. <br />
|-<br />
| Governance || Compustat || D.N.E.<br />
|-<br />
| Friendly vs. Hostile || SDC || D.N.E.<br />
|-<br />
| CEO Overconfidence || Execucomp || malmendier_Tate<br />
|}<br />
<br />
<br />
Boom - Created. Code in E:\McNair\Projects\Winner's Curse\Data\SQL\SDC_TABLE. Final variable in table SDCno_boom.<br />
<br />
Competition - Created. Code in E:\McNair\Projects\Winner's Curse\Data\SQL\CRSP_TABLE. Final variable in table competition final.<br />
<br />
IT Fixed Effect - Create an indicator variable taking the value one if the target has a NAICS code listed on page 31 of the article. <br />
<br />
Idiosyncratic Volatility - RMSE, it should already be up on the database. <br />
<br />
Industry Fixed Effect - Created. Jake, please update this. <br />
<br />
Momentum - To control for systematic variations in return over time. The summation of the NYSE-Nasdaq-AMEX composite market return (as<br />
calculated by CRSP) over the event window<br />
<br />
Private Financial Data - Look at [https://wrds-web.wharton.upenn.edu/wrds/query_forms/variable_documentation.cfm?vendorCode=CRSP&libraryCode=crspa&fileCode=ccmfunda&id=bspr]. The variables takes value 1 when the balance sheet is not publicly available. <br />
<br />
Percent Cash - Possibly this is going to be the PCT_CASH variable in SDC. This should be the PC_CASH field in the SDC table. <br />
<br />
Previous Acquisitions - The number of previous acquisitions (from 1985 on) of privately-held firms completed by the acquirer prior to its announcement of the acquisition.<br />
<br />
Tobin's Q: The ratio of market-to-book value of assets. This would be MKVALT/ AT in the SDC table. <br />
<br />
Turnover: AVG( # shares traded each month / # shares outstanding. <br />
<br />
VC Fixed Effect: Is the target VC backed or not? Where could we find the VC data.<br />
<br />
==Three Big Pulls==<br />
<br />
===SDC Mergers & Acquisitions===<br />
<br />
Add the following (A=L+E) ---- DONE<br />
TargetTotalAssets real, TASS: Taget Financials: Total Assets<br />
TargetTotalLiabilities real, TLIA: Total Liabilities Last Twelve Months ($ Mil) <br />
TargetCommonEquity real, COMEQ: Target Financials: Common Equity<br />
<br />
Also nice ---- DONE<br />
TargetNetSales real, SALES: Net Sales Last Twelve Months ($ Mil)<br />
TargetNetSales2 real, ?<br />
TargetBookValuePerShare real, BV: Book Value per Share Last Twelve Months ($) <br />
TargetIntangibles real, IASS: Intangible Assets Last Twelve Months <br />
TargetRAndD real, RND1: Research & Development Expense 1 Year Prior ($ Mil)<br />
<br />
Added just in case ---- DONE <br />
Sales<br />
Net Assets<br />
Book Value (Perhaps needed for Tobin's Q?)<br />
<br />
Session Details<br />
---------------<br />
Request Hits Request Description<br />
0 - DATABASES: Domestic Mergers, 1979-Present (MA, OMA)<br />
1 - Date Announced: 1/1/1985 to 10/11/2016 (Custom) (Calendar)<br />
2 300351 Target Nation : US<br />
3 257921 Acquiror Nation : US<br />
4 127852 Acquiror Public Status : P<br />
5 98102 Target Public Status : V, P<br />
6 63725 Deal Status : C<br />
7 52739 Percent of Shares Owned after Transaction: 100 to 100<br />
8 Custom Report: SDC_MA_Oct10v2 (Columnar) - Save As:<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v2.txt<br />
<br />
Billing Ref # : 1960756<br />
Capture File : riceuniv.1960756<br />
Session Name : SDC_MA_Oct10v2.ssh<br />
<br />
Variables Pulled:<br />
-----------------<br />
Date Announced<br />
Date Effective<br />
Target Name <br />
Target Industry Sector <br />
Target Nation<br />
Acquiror Name <br />
Acquiror Industry Sector <br />
Acquiror Nation<br />
Pc of Shares Acq<br />
Pc Owned After Transaction<br />
Value of Transaction mil<br />
Enterprise Value mil<br />
Equity Value mil<br />
Acquiror CUSIP<br />
Acquiror Immediate Parent CUSIP<br />
Acquiror Ultimate Parent CUSIP<br />
Target Immediate Parent CUSIP<br />
Target Ultimate Parent CUSIP<br />
Target CUSIP<br />
Acquiror Primary Ticker Symbol<br />
Acquiror Ultimate Parent Primary Ticker Symbol<br />
Target Primary Ticker Symbol<br />
Target Ultimate Parent Primary Ticker Symbol<br />
Target Ultimate Parent Ticker Symbol<br />
Acquiror Primary NAIC Code<br />
Acquiror Ultimate Parent Primary NAIC Code<br />
Target Primary NAIC Code<br />
Target s Ultimate Parent Primary NAIC Code<br />
Number of Bidders<br />
Status <br />
Value Est <br />
Value Amended Flag<br />
Date Announced is Estimated<br />
Consideration Structure<br />
Number of Considerations Offered<br />
Number of Considerations Sought<br />
Consid Structure Description<br />
Pc of Cash<br />
Pc of Other<br />
Pc of Stock<br />
Pc of Unknown<br />
Acquiror Full Name <br />
Target Name <br />
Acquiror City <br />
Target City <br />
Acquiror Zip Code<br />
Target Zip Code<br />
Acquiror State<br />
Target State<br />
Deal Currency Code<br />
Target Bankrupt<br />
Challenged Deal<br />
Debt Restructuring<br />
RecapDefense <br />
Government Owned Involvement Flag<br />
Joint Venture<br />
Restructuring<br />
Acquiror is a Leveraged Buyout Firm<br />
LBO <br />
IPO FlagY N <br />
Target is a Leveraged Buyout Firm<br />
Merger of Equals<br />
Reverse Takeover<br />
Deal Began as a Rumor<br />
Acquiror is a White Knight<br />
White Knight Defense<br />
Back End Defense<br />
FlipOver Defense<br />
Voting Plan Defense<br />
Poison Pill<br />
Creeping Acquisition<br />
Repurchase Defense<br />
Pacman Defense<br />
Lockup FlagY N <br />
Target Lockup<br />
Greenmail<br />
Asset Lockup<br />
Scorched Earth Defense<br />
SelfTender Defense<br />
Stock Lockup<br />
Defense<br />
White Squire<br />
Acquiror Includes Employees<br />
Acquiror Includes an ESOP<br />
Significant Family Ownership of Target<br />
Acquiror Lockup<br />
Financial Acquiror<br />
2 Step Spinoff<br />
Acquiror Includes Mgmt<br />
Open Market Purchases<br />
Proxy Fight<br />
Purpose Code<br />
Related Deals<br />
Foreign Provider of Funds<br />
Stock Swap<br />
Asset Swap Flag<br />
Sweep the Street<br />
SelfTender<br />
Tender Offer<br />
Unsolicited<br />
Acquiror TermFee <br />
Target TermFee <br />
Forced vote provisions FlagY N<br />
Walkaway<br />
Acquiror Ultimate Parent Street Address 1<br />
Acquiror Ultimate Parent Street Address 2<br />
Target Ultimate Parent Street Address 1<br />
Target Ultimate Parent Street Address 2<br />
Acquiror Primary Stock ExchangeName<br />
Target Primary Stock ExchangeName<br />
<br />
===COMPUSTAT===<br />
<br />
Use Compustat Industrial Annual (annual data)<br />
<br />
Criteria:<br />
-----------------<br />
1970-1 to 2015-11<br />
GVKEY, Entire Dbase<br />
tab delimited, date in ISO8661<br />
<br />
Variables:<br />
----------<br />
GVKEY<br />
CONM<br />
TIC<br />
CUSIP<br />
EXCHG<br />
FYR<br />
CURNCD<br />
FYEAR<br />
AT<br />
CEQ<br />
INTAN<br />
EBITDA<br />
REVT<br />
SALE<br />
NAICSH<br />
SICH<br />
MKVALT<br />
PRCC_F<br />
C<br />
INDL<br />
FS<br />
STD<br />
<br />
Note: TobinsQ is Market over book so MKVALT/AT (also pulled common stock and price)<br />
<br />
DROP TABLE compustatpull;<br />
CREATE TABLE compustatpull (<br />
gvkey int,<br />
datadate date,<br />
Fyear int,<br />
industry_format varchar(5),<br />
consol varchar(20),<br />
popsrc varchar(20),<br />
datafmt varchar(5),<br />
tic varchar(20),<br />
cusip varchar(20),<br />
conm varchar(50),<br />
curcd varchar(3),<br />
curncd varchar(3),<br />
fyr int,<br />
act float,<br />
ceq varchar(20),<br />
ebitda float,<br />
intan float,<br />
revt float,<br />
sale float,<br />
exchg varchar(20),<br />
costat varchar(5),<br />
naicsh float,<br />
sich varchar(20),<br />
mkvalt varchar(20),<br />
prcc_f varchar(20),<br />
county varchar(50), <br />
naics varchar(10),<br />
sic int,<br />
states varchar(2), <br />
ipodate date);<br />
<br />
\COPY compustatpull FROM 'CSTAT-10Oct-ff1feb81b9f166ad.txt' WITH DELIMITER AS E'\t' HEADER NULL AS '' CSV<br />
--464894<br />
<br />
All loaded up<br />
<br />
===CRSP===<br />
<br />
Use CRSP Annual, Daily Stock File<br />
<br />
Criteria:<br />
-----------------<br />
PERMNO, Entire Dbase<br />
1980-01-01 to 2015-12-31<br />
tab delimited, date in ISO8661<br />
<br />
Variables:<br />
----------<br />
PERMNO<br />
CUSIP<br />
NCUSIP<br />
COMNAM<br />
TICKER<br />
PERMCO<br />
EXCHCD<br />
SICCD<br />
NAICS<br />
PRIMEXCH<br />
PRC<br />
VOL<br />
NUMTRD<br />
RET<br />
SHROUT<br />
VWRETD<br />
EWRETD<br />
<br />
<br />
==Governance Measures==<br />
Projects --> Winner's Curse --> Data<br />
<br />
Open the GovernanceVARS.txt<br />
<br />
These are<br />
*staggered boards<br />
*limits to shareholder bylaw amendments<br />
*limits to shareholder charter amendments<br />
*supermajority requirements for mergers<br />
*poison pills<br />
*golden parachutes<br />
<br />
==To do list==<br />
<br />
Processing the SDC data:<br />
*Find SIC codes concordance to get NAICS for old data<br />
*Acquirer publicly traded ( must be AMEX, NASDAQ, or NYSE)<br />
*Magic with CUSIPs : CUSIP is a nine digit number (possibly ten, ) Seven issuer, two issue, one check <br />
<br />
CRSP processing notes: <br />
*Estimation window 250 days ending 30 days before the Acq. must be at least 50 continuous days before the 30 days window. <br />
*Returns and prices may contain codes. Import as var_char and reprocess?<br />
<br />
Other notes:<br />
*See page 9 of the paper for data processing notes. <br />
*Data dictionary for SDC MA: http://www.edegan.com/repository/DD-ThomsonSDCMA.txt<br />
<br />
==Governance Variables== <br />
A list of governance variables can be found in: E:\McNair\Projects\Winner's Curse\Data\GovernanceVARS<br />
<br />
==Paper Discussion==<br />
<br />
<br />
<br />
==Importing the CRSP data into the `winner' database (Amir) ==<br />
Two important files:<br />
Project --> Winner's Curse --> Data --> SQL --> CRSP_NOTES<br />
Project --> Winner's Curse --> Data --> SQL --> CRSP_CODES<br />
<br />
Data file is located in: E:\McNair\Projects\Winner's Curse\Data\CRSP-Oct10-c30cc89e52b70545-1.txt<br />
<br />
Issue 1: The text file is 8 GB large and there's no way to open it in Textpad. I'll try to read the file in LogExpert which seems to do a neat job in in opening large files. Otherwise, I'll try to read the first few lines in the terminal. <br />
Update: I managed to open the file in LogExpert. However, extremely inefficient to scroll over the file. <br />
<br />
I copied the file to Z:\WinnersCurse\CRSP-oct10<br />
<br />
Entered the following command in the terminal to read the header:<br />
head -1 CRSP-oct10.txt<br />
<br />
CREATE TABLE CRSP (<br />
PermNo int,<br />
date date,<br />
EXcode int,<br />
SIC int,<br />
NCUSIP varchar(10),<br />
Ticker varchar(10), <br />
Name varchar(100),<br />
NAICS int,<br />
PrimEx varchar(1),<br />
PERMCO int, <br />
CUSIP varchar(12),<br />
Price real,<br />
VOL int,<br />
RET real,<br />
ShOut int, <br />
trade int, <br />
EQRET real,<br />
VRET real<br />
);<br />
<br />
<br />
We have unexpected data types in few columns. We'll first start by copying data into a table named CRSPtmp with varchar type for most of the fields. <br />
<br />
CREATE TABLE CRSPtmp (<br />
PermNo varchar(10),<br />
date date,<br />
EXcode varchar(10),<br />
SIC varchar(10),<br />
NCUSIP varchar(10),<br />
Ticker varchar(10), <br />
Name varchar(100),<br />
NAICS varchar(10),<br />
PrimEx varchar(1),<br />
PERMCO varchar(10), <br />
CUSIP varchar(12),<br />
Price varchar(15),<br />
VOL varchar(10),<br />
RET varchar(10),<br />
ShOut varchar(10), <br />
trade varchar(10), <br />
EQRET varchar(10),<br />
VRET varchar(10)<br />
);<br />
<br />
\COPY crsptmp FROM '/bulk/WinnersCurse/CRSP-oct10.txt' WITH DELIMITER AS E'\t' HEADER NULL AS '' CSV<br />
-- COPY 64614281<br />
<br />
Next, to create an index on CUSIP:<br />
CREATE INDEX CUSIPIndex<br />
ON crspfinal(CUSIP);<br />
===CRSP2 Variable Issues (Jake)===<br />
<br />
permno-<br />
<br />
date-<br />
<br />
excode - <br />
<br />
sic - letter "Z", value 711 (most are 4 digits), <br />
<br />
ncusip - <br />
<br />
ticker - <br />
<br />
name - <br />
<br />
naics - <br />
<br />
primex - <br />
<br />
permco - <br />
<br />
cusip - <br />
<br />
Price - Null values, negative numbers, <br />
<br />
vol - null values <br />
<br />
ret - null values, letter "B" as value multiple times, letter "C", <br />
<br />
shout - null values<br />
<br />
trade - null values <br />
<br />
eqret - <br />
<br />
vret -<br />
<br />
==Importing SDC Data into Winner Database==<br />
Session Details<br />
---------------<br />
Request Hits Request Description<br />
0 - DATABASES: Domestic Mergers, 1979-Present (MA, OMA)<br />
1 - Date Announced: 1/1/1985 to 10/11/2016 (Custom) (Calendar)<br />
2 300400 Target Nation : US<br />
3 257952 Acquiror Nation : US<br />
4 127865 Acquiror Public Status : P<br />
5 98108 Target Public Status : V, P<br />
6 63732 Deal Status : C<br />
7 52746 Percent of Shares Owned after Transaction: 100 to 100<br />
8 Custom Report: SDC_MA_Oct10v4 (Columnar) - Save As:<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4.txt<br />
Billing Ref # : 1962461<br />
Capture File : riceuniv.1962461<br />
Session Name : SDC_MA_Oct10v4.ssh<br />
<br />
We encountered an issue with the variable Purpose Code in our most recent<br />
SDC pull. Purpose Code can carry multiple values, so we had extra lines<br />
with blanks for every value other than Purpose Code. Rather than <br />
doing another SDC pull, we used the following regular expressions to <br />
solve:<br />
<br />
Find : ^[\s}.* <br />
Replace : <br />
<br />
Directly below is the original SDC file prior to our fix<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4 -raw<br />
<br />
Directly below is the SDC file post-fix<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4<br />
<br />
<br />
11332 rows were removed as a result of our regular expression use.<br />
<br />
=== Normalizing SDC data ===<br />
Make sure that the first line of the data file starts with the column names and column name are not preceded by empty lines. Also, remove the summary/report lines at the bottom of the text file. <br />
<br />
A copy of the normalizer is save here<br />
E:\McNair\Projects\Winner's Curse\Data\NormalizeFixedWidth.pl<br />
<br />
Follow these steps:<br />
# Activate the Komodo license.<br />
# Open Komodo IDE 9, there should be a shortcut on your desktop<br />
# Drag and drop NormalizeFixedWidth.pl in Komdo<br />
# Click on the start or continue debugging<br />
# Type : -file=SDC_MA_Oct10v4.txt in Script Arguments textbox. <br />
# Click on OK<br />
# Enter the number of last line of the header and press return. This should be the line immediately followed by the first row of data.<br />
<br />
########################################################## <br />
# NormalizeFixedWidth.pl #<br />
# v0.01 #<br />
# (c)Ed Egan, 2010 #<br />
##########################################################<br />
<br />
Starting the program... [Done]<br />
Your run options are:<br />
File to read from... [SDC_MA_Oct10v4.txt]<br />
File to write to... [SDC_MA_Oct10v4-normal.txt]<br />
Opening the input file to read... [Done]<br />
<br />
##########################################################<br />
Choose the last line of the header (inc. blanks):<br />
0 Date Date Target Name <br />
1 Announced Effective <br />
2 <br />
3 <br />
4 <br />
5 <br />
6 01/01/85 01/01/85 Gladieux Corp <br />
7 01/02/85 01/02/85 STG Electrosystems Inc <br />
8 01/03/85 01/03/85 American Title Co <br />
9 01/04/85 01/04/85 Bee Chemical Co <br />
<br />
Your Choice: 5<br />
<br />
<br />
Thank you - Proceeding now...<br />
##########################################################<br />
Determining markers... [Done]<br />
Processing the header... [Done]<br />
Processing the body... [Done]<br />
Removing dead columns... [Done]<br />
##########################################################<br />
Choose any columns you want repeated down (e.g. 0,1,2):<br />
0 Date Announced <br />
1 Date Effective <br />
2 Target Name <br />
3 Target Industry Sector <br />
4 Target Nation <br />
5 Acquiror Name <br />
6 Acquiror Industry Sector <br />
7 Acquiror Nation <br />
8 Pc of Shares Acq <br />
9 Pc Owned After Transaction<br />
10 Value of Transaction mil<br />
11 Enterprise Value mil<br />
12 Equity Value mil <br />
13 Acquiror CUSIP <br />
14 Acquiror Immediate Parent CUSIP<br />
15 Acquiror Ultimate Parent CUSIP<br />
16 Target Immediate Parent CUSIP<br />
17 Target Ultimate Parent CUSIP<br />
18 Target CUSIP <br />
19 Acquiror Primary Ticker Symbol<br />
20 Acquiror Ultimate Parent Primary Ticker Symbol<br />
21 Target Primary Ticker Symbol<br />
22 Target Ultimate Parent Primary Ticker Symbol<br />
23 Acquiror Primary NAIC Code<br />
24 Acquiror Ultimate Parent Primary NAIC Code<br />
25 Target Primary NAIC Code<br />
26 Target s Ultimate Parent Primary NAIC Code<br />
27 Number of Bidders <br />
28 Status <br />
29 Value Est <br />
30 Value Amended Flag<br />
31 Date Announced is Estimated<br />
32 Consideration Structure <br />
33 Number of Considerations Offered<br />
34 Number of Considerations Sought<br />
35 Consid Structure Description<br />
36 Pc of Cash <br />
37 Pc of Other <br />
38 Pc of Stock <br />
39 Pc of Unknown <br />
40 Acquiror Full Name <br />
41 Target Name <br />
42 Acquiror City <br />
43 Target City <br />
44 Acquiror Zip Code <br />
45 Target Zip Code<br />
46 Acquiror State <br />
47 Target State <br />
48 Deal Currency Code<br />
49 Target Bankrupt <br />
50 Challenged Deal <br />
51 Debt Restructuring <br />
52 RecapDefense <br />
53 Government Owned Involvement Flag<br />
54 Joint Venture <br />
55 Restructuring <br />
56 Acquiror is a Leveraged Buyout Firm<br />
57 LBO <br />
58 IPO FlagY N <br />
59 Target is a Leveraged Buyout Firm<br />
60 Merger of Equals<br />
61 Reverse Takeover <br />
62 Deal Began as a Rumor<br />
63 Acquiror is a White Knight<br />
64 White Knight Defense<br />
65 Back End Defense <br />
66 FlipOver Defense<br />
67 Voting Plan Defense<br />
68 Poison Pill <br />
69 Creeping Acquisition <br />
70 Repurchase Defense <br />
71 Pacman Defense <br />
72 Lockup FlagY N <br />
73 Target Lockup <br />
74 Greenmail <br />
75 Asset Lockup <br />
76 Scorched Earth Defense<br />
77 SelfTender Defense<br />
78 Stock Lockup <br />
79 Defense <br />
80 White Squire <br />
81 Acquiror Includes Employees<br />
82 Acquiror Includes an ESOP<br />
83 Significant Family Ownership of Target<br />
84 Acquiror Lockup <br />
85 Financial Acquiror <br />
86 2 Step Spinoff <br />
87 Acquiror Includes Mgmt<br />
88 Open Market Purchases<br />
89 Proxy Fight <br />
90 Purpose Code <br />
91 Related Deals <br />
92 Foreign Provider of Funds<br />
93 Stock Swap <br />
94 Asset Swap Flag<br />
95 Sweep the Street<br />
96 SelfTender <br />
97 Tender Offer <br />
98 Unsolicited <br />
99 Acquiror TermFee <br />
100 Target TermFee <br />
101 Forced vote provisions FlagY N <br />
102 Walkaway <br />
103 Acquiror Ultimate Parent Street Address 1 <br />
104 Acquiror Ultimate Parent Street Address 2 <br />
105 Target Ultimate Parent Street Address 1 <br />
106 Target Ultimate Parent Street Address 2 <br />
107 Acquiror Primary Stock ExchangeName <br />
108 Target Primary Stock ExchangeName <br />
109 Target Net Sales LTM mil<br />
110 Target Net Assets mil<br />
111 Target Total Assets mil<br />
112 Target Common Equity mil<br />
113 Target Book Value Per Share LTMUS <br />
114 Target Intangible Assets mil<br />
115 Target R D One Year Priormil<br />
116 Target Total Liabilities mil<br />
<br />
Your Choice:<br />
<br />
<br />
Thank you - Proceeding now...<br />
##########################################################<br />
<br />
Writing the output file... [Done]<br />
<br />
##########################################################<br />
Thank you for processing data with NormalizeFixedWidth<br />
Please cite any Ed Egan corporate finance paper in your <br />
references or otherwise acknowledge this help to your work.<br />
(c)Ed Egan, 2010. Enjoy. (US dollars preferred.)<br />
##########################################################<br />
<br />
The output is now stored in the same directory: E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4-normal.txt<br />
<br />
To import the data into winner database, I'll copy the above file to the /bulk directory. <br />
<br />
The code to create the SDC table is stored in \McNair\Projects\Winner's Curse\Data\SQL\SDC_TABLE. <br />
<br />
Create Table SDC(<br />
Date_Announced date,<br />
Date_Effective date,<br />
Tgt_Name varchar(80),<br />
Tgt_Industry varchar(100),<br />
Tgt_Nation varchar(100),<br />
Acq_Name varchar(80),<br />
Acq_Ind varchar(100),<br />
Acq_Nation varchar(100),<br />
Pc_Shares_Acq varchar(100),<br />
Pc_Owned_After_Transaction varchar(100),<br />
Value_Transaction varchar(100),<br />
Enterprise_Value varchar(100),<br />
Equity_Value varchar(100),<br />
Acq_CUSIP varchar(100),<br />
Acq_prnt_CUSIP varchar(100),<br />
Acq_Ultimate_CUSIP varchar(100),<br />
Tgt_prnt_CUSIP varchar(100),<br />
Tgt_Ultimate_CUSIP varchar(100),<br />
Tgt_CUSIP varchar(100),<br />
Acq_Primary_Ticker varchar(100),<br />
Acq_Ultimate_Ticker varchar(100),<br />
Tgt_Primary_Ticker varchar(100),<br />
Tgt_Ultimate_Ticker varchar(100),<br />
Acq_NAIC varchar(100),<br />
Acq_Ultimate_NAIC varchar(100),<br />
Tgt_Primary_NAIC varchar(100),<br />
Tgt_Ultimate_NAIC varchar(100),<br />
NBid varchar(100),<br />
Status varchar(100),<br />
Value_Est varchar(100),<br />
Value_Amended_Flag varchar(100),<br />
Date_Announced_Estimated varchar(100),<br />
Consideration_Structure varchar(100),<br />
NConsid_off varchar(100),<br />
NConsid_Sought varchar(100),<br />
Consid_Structure varchar(100),<br />
Pc_Cash varchar(100),<br />
Pc_Other varchar(100),<br />
Pc_Stock varchar(100),<br />
Pc_Unknown varchar(100),<br />
Acq_FullName varchar(100),<br />
Tgt_Name2 varchar(100),<br />
Acq_City varchar(100),<br />
Tgt_City varchar(100),<br />
Acq_Zip varchar(100),<br />
Tgt_Zip varchar(100),<br />
Acq_St varchar(100),<br />
Tgt_St varchar(100),<br />
Currency varchar(100),<br />
Tgt_Bankrupt varchar(100),<br />
Chlng_Deal varchar(100),<br />
Debt_Restructuring varchar(100),<br />
RecapDefense varchar(100),<br />
Government_Owned_Involvement_Flag varchar(100),<br />
Joint_Venture varchar(100),<br />
Restructuring varchar(100),<br />
Acq_LBO_firm varchar(100),<br />
LBO varchar(100),<br />
IPO_Flag varchar(100),<br />
Tgt_LBO_firm varchar(100),<br />
Merger_Equals varchar(100),<br />
Reverse_Takeover varchar(100),<br />
Deal_was_Rumor varchar(100),<br />
Acq_is_a_White_Knight varchar(100),<br />
White_Knight_Defense varchar(100),<br />
Back_End_Defense varchar(100),<br />
FlipOver_Defense varchar(100),<br />
Voting_Plan_Defense varchar(100),<br />
Poison_Pill varchar(100),<br />
Creeping_Acquisition varchar(100),<br />
Repurchase_Defense varchar(100),<br />
Pacman_Defense varchar(100),<br />
Lockup_FlagY_N varchar(100),<br />
Tgt_Lockup varchar(100),<br />
Greenmail varchar(100),<br />
Asset_Lockup varchar(100),<br />
Scorched_Earth_Defense varchar(100),<br />
SelfTender_Defense varchar(100),<br />
Stock_Lockup varchar(100),<br />
Defense varchar(100),<br />
White_Squire varchar(100),<br />
Acq_Includes_Employees varchar(100),<br />
Acq_Includes_an_ESOP varchar(100),<br />
Sig_Family_Ownership_Tgt varchar(100),<br />
Acq_Lockup varchar(100),<br />
Financial_Acq varchar(100),<br />
Step_Spinoff varchar(100),<br />
Acq_Includes_Mgmt varchar(100),<br />
Open_Market_Purchases varchar(100),<br />
Proxy_Fight varchar(100),<br />
Purpose_Code varchar(100),<br />
Related_Deals varchar(100),<br />
Foreign_Provider_Funds varchar(100),<br />
Stock_Swap varchar(100),<br />
Asset_Swap_Flag varchar(100),<br />
Sweep_the_Street varchar(100),<br />
SelfTender varchar(100),<br />
Tender_offer varchar(100),<br />
Unsolicited varchar(100),<br />
Acq_TermFee varchar(100),<br />
Tgt_TermFee varchar(100),<br />
Forced_vote_provisions_FlagY_N varchar(100),<br />
Walkaway varchar(100),<br />
Acq_Ultimate_Add1 varchar(100),<br />
Acq_Ultimate_Add2 varchar(100),<br />
Tgt_Ultimate_Add1 varchar(100),<br />
Tgt_Ultimate_Add2 varchar(100),<br />
Acq_stockEx varchar(100),<br />
Tgt_stockEx varchar(100),<br />
Tgt_Net_Sales varchar(100),<br />
Tgt_Net_Assets varchar(100),<br />
Tgt_Total_Assets varchar(100),<br />
Tgt_Common_Equity varchar(100),<br />
Tgt_BVpersh_LTMUS varchar(100),<br />
Tgt_IntangibleA varchar(100),<br />
Tgt_RD varchar(100),<br />
Tgt_Tot_liab varchar(100)<br />
);<br />
The column tgt_name seemed to have repeated twice in our data. To save time, I've just added 2 at the end of the column name for any such occurrence.<br />
<br />
--COPY 52746<br />
<br />
===SDC Table with pairs of unique CUSIP and Announcement dates(Jake)===<br />
<br />
acq_cusip | acq_prnt_cusip | acq_ultimate_cusip<br />
<br />
date_announced<br />
<br />
Determine which of the cusips has the best coverage by checking<br />
for null values. All cusip variables have equal coverage. <br />
Picking acq_cusip.<br />
<br />
Create a table with unique cusip (only first 6 digits) and announcement date values.<br />
<br />
SELECT LEFT(acq_cusip, 6) AS acq_cusip, date_announced INTO cusip_announcedate FROM sdc GROUP BY <br />
acq_cusip, date_announced;<br />
<br />
SELECT 49766<br />
<br />
===Creating compound variables from variable list and combining them (Jake)===<br />
<br />
DROP TABLE tobinq;<br />
CREATE TABLE tobinq AS SELECT <br />
conm, gvkey, cusip, datadate, extract(year from datadate) AS year, <br />
LEFT(naics,3) AS naics3, revt, <br />
CASE WHEN (CAST(ceq AS real)) = 0<br />
THEN NULL ELSE (CAST(mkvalt AS real))/(CAST(ceq AS real)) END AS tobinq<br />
FROM compustatpull;<br />
--SELECT 464894<br />
<br />
DROP TABLE tobinqxcompetition;<br />
CREATE TABLE tobinqxcompetition AS SELECT <br />
conm, gvkey, cusip, datadate, tobinq.year, tobinq.naics3, revt, <br />
LAG(revt) OVER (PARTITION BY gvkey ORDER BY tobinq.year) AS revtlag,<br />
tobinq,<br />
LAG(tobinq) OVER (PARTITION BY gvkey ORDER BY tobinq.year) AS tobinlag, <br />
sumsharesq, countgvkey FROM tobinq <br />
LEFT JOIN competitionfinal ON tobinq.year = competitionfinal.year <br />
AND tobinq.naics3 = competitionfinal.naics3; <br />
--SELECT 464894<br />
<br />
DROP TABLE CPI;<br />
CREATE TABLE CPI(<br />
year int, avg real, twentytenbase real);<br />
<br />
\COPY CPI FROM 'CPI Data.txt' WITH DELIMITER AS E'\t' HEADER NULL AS '' CSV; <br />
<br />
DROP TABLE test;<br />
CREATE TABLE test AS SELECT tobinqxcompetition.*, acq_cusip, pc_cash,<br />
CASE WHEN (Tgt_stockEx = 'NYSE' <br />
OR Tgt_stockEx = 'AMEX' <br />
OR Tgt_stockEx = 'NASDAQ') <br />
THEN 1::int ELSE 0::int END AS Tgt_Public, <br />
date_announced,<br />
date_effective FROM tobinqxcompetition LEFT JOIN sdc ON <br />
LEFT(tobinqxcompetition.cusip, 6) = sdc.acq_cusip AND <br />
EXTRACT <br />
(year from tobinqxcompetition.datadate) = EXTRACT(year from sdc.date_effective); <br />
<br />
<br />
==STATA Work==<br />
All Stata work found in the following folder: <br />
E:\McNair\Projects\Winner's Curse\Stata<br />
<br />
Code for most recent regression:<br />
<br />
set more off<br />
insheet using "Estimation.txt"<br />
log using "Estimation.log", replace<br />
<br />
gen rmse=0<br />
gen ressd=0<br />
gen alpha=0<br />
gen beta=0<br />
<br />
tabstat acqkey, stats(min max) save<br />
matrix acqnos=r(StatTotal)<br />
local min=acqnos[1,1]<br />
local max=acqnos[2,1]<br />
<br />
forvalues acqnumber = `min'(1)`max' {<br />
capture reg ret vret if acqkey==`acqnumber'<br />
capture matrix betas=e(b)<br />
capture local beta=betas[1,1]<br />
capture local alpha=betas[1,2]<br />
capture local rmse=e(rmse)<br />
capture predict res,r<br />
capture tabstat res, stats(sd) save<br />
capture matrix resmat=r(StatTotal)<br />
capture local ressd=resmat[1,1]<br />
capture replace rmse=`rmse' if acqkey==`acqnumber'<br />
capture replace ressd=`ressd' if acqkey==`acqnumber'<br />
capture replace alpha=`alpha' if acqkey==`acqnumber'<br />
capture replace beta=`beta' if acqkey==`acqnumber'<br />
capture drop res<br />
display `acqnumber'<br />
}<br />
<br />
/*<br />
reg ret vret if acqkey==2<br />
matrix betas=e(b)<br />
local beta=betas[1,1]<br />
local alpha=betas[1,2]<br />
local rmse=e(rmse)<br />
predict res,r<br />
tabstat res, stats(sd) save<br />
matrix resmat=r(StatTotal)<br />
local ressd=resmat[1,1]<br />
replace rmse=`rmse' if acqkey==2<br />
replace ressd=`ressd' if acqkey==2<br />
replace alpha=`alpha' if acqkey==2<br />
replace beta=`beta' if acqkey==2<br />
drop res<br />
*/<br />
<br />
drop if reldayno !=-30<br />
<br />
outsheet using "Estimation-processed.txt", replace<br />
<br />
==Previous Papers==<br />
From the old wiki<br />
*[[Old VC Acquisitions Paper]]<br />
*[[Old VC Lit Review]]<br />
<br />
==Related Pages==<br />
*[[Governance Measures]]<br />
*[[E-mail Chain on Winner's Curse]]<br />
*[[Malmendier & Tate CEO Overconfidence]]<br />
<br />
==Resources==<br />
*[[SDC Platinum]]<br />
*[[Venture Expert]]</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Winner%27s_Curse_in_Acquisitions_(Academic_Paper)&diff=12613Winner's Curse in Acquisitions (Academic Paper)2016-11-15T20:33:37Z<p>WillC: /* List of Variables */</p>
<hr />
<div>{{AcademicPaper<br />
|Title=Winner's Curse in Acquisitions (Academic Paper)<br />
|Author=Ed Egan, Jim Brander<br />
|RAs=Amir Kazempour, Will Cleland, Jake Silberman<br />
|Status=R&R<br />
}}<br />
<br />
==WHAT MATTERS==<br />
Ed - Review code for distance and triple join<br />
<br />
Amir - Literature review of Governance measures - Tell Will and Jake what to pull<br />
<br />
Will - Continue cleaning, run SDCv2 and SDCBase through the previous code and work on triple join<br />
<br />
Jake - Continue VC Fixed Effect measure<br />
<br />
==List of Variables== <br />
Variables & Where to Find Them:<br />
{| class="wikitable sortable" style="border: 1px solid darkgray; bgcolor: #f9f9f9"<br />
| '''Variable''' || '''Location''' || '''Table'''<br />
|-<br />
| Actual Return || CRSP || A1<br />
|-<br />
| Abnormal Return || CRSP || A1<br />
|-<br />
| Average Return || CRSP || STATA<br />
|-<br />
| Weighted Average Return || CRSP || STATA<br />
|-<br />
| Cumulative Ab. Return || CRSP || A1<br />
|-<br />
| Boom || SDC || tobinxcompxsdcboom<br />
|-<br />
| Competition || Compustat || tobinxcompxsdcboom<br />
|-<br />
| Distance || SDC + google maps || D.N.E.<br />
|-<br />
| IT Fixed Effect || SDC || SDCA4<br />
|-<br />
| Idiosyncratic Volatility || CRSP (Calculated) || A1<br />
|-<br />
| Industry Fixed Effect || SDC || SDCA4<br />
|-<br />
| Momentum || CRSP (Calculated) || A1<br />
|-<br />
| Private Financial Data || CRSP(SDC) || SDCA4<br />
|-<br />
| Percent Cash || SDC || SDCA4<br />
|-<br />
| Previous Acquisitions || SDC || SDCA4<br />
|-<br />
| Sales || Compustat || SDCA4<br />
|-<br />
| Tobin's Q || Compustat || tobinxcompxsdcboom<br />
|-<br />
| Turnover || CRSP || A1<br />
|-<br />
| VC Fixed Effect || SDC & VentureXpert || D.N.E. <br />
|-<br />
| Governance || Compustat || D.N.E.<br />
|-<br />
| Friendly vs. Hostile || SDC || D.N.E.<br />
|-<br />
| CEO Overconfidence || Execucomp || malmendier_Tate<br />
|}<br />
<br />
<br />
Boom - Created. Code in E:\McNair\Projects\Winner's Curse\Data\SQL\SDC_TABLE. Final variable in table SDCno_boom.<br />
<br />
Competition - Created. Code in E:\McNair\Projects\Winner's Curse\Data\SQL\CRSP_TABLE. Final variable in table competition final.<br />
<br />
IT Fixed Effect - Create an indicator variable taking the value one if the target has a NAICS code listed on page 31 of the article. <br />
<br />
Idiosyncratic Volatility - RMSE, it should already be up on the database. <br />
<br />
Industry Fixed Effect - Created. Jake, please update this. <br />
<br />
Momentum - To control for systematic variations in return over time. The summation of the NYSE-Nasdaq-AMEX composite market return (as<br />
calculated by CRSP) over the event window<br />
<br />
Private Financial Data - Look at [https://wrds-web.wharton.upenn.edu/wrds/query_forms/variable_documentation.cfm?vendorCode=CRSP&libraryCode=crspa&fileCode=ccmfunda&id=bspr]. The variables takes value 1 when the balance sheet is not publicly available. <br />
<br />
Percent Cash - Possibly this is going to be the PCT_CASH variable in SDC. This should be the PC_CASH field in the SDC table. <br />
<br />
Previous Acquisitions - The number of previous acquisitions (from 1985 on) of privately-held firms completed by the acquirer prior to its announcement of the acquisition.<br />
<br />
Tobin's Q: The ratio of market-to-book value of assets. This would be MKVALT/ AT in the SDC table. <br />
<br />
Turnover: AVG( # shares traded each month / # shares outstanding. <br />
<br />
VC Fixed Effect: Is the target VC backed or not? Where could we find the VC data.<br />
<br />
==Three Big Pulls==<br />
<br />
===SDC Mergers & Acquisitions===<br />
<br />
Add the following (A=L+E) ---- DONE<br />
TargetTotalAssets real, TASS: Taget Financials: Total Assets<br />
TargetTotalLiabilities real, TLIA: Total Liabilities Last Twelve Months ($ Mil) <br />
TargetCommonEquity real, COMEQ: Target Financials: Common Equity<br />
<br />
Also nice ---- DONE<br />
TargetNetSales real, SALES: Net Sales Last Twelve Months ($ Mil)<br />
TargetNetSales2 real, ?<br />
TargetBookValuePerShare real, BV: Book Value per Share Last Twelve Months ($) <br />
TargetIntangibles real, IASS: Intangible Assets Last Twelve Months <br />
TargetRAndD real, RND1: Research & Development Expense 1 Year Prior ($ Mil)<br />
<br />
Added just in case ---- DONE <br />
Sales<br />
Net Assets<br />
Book Value (Perhaps needed for Tobin's Q?)<br />
<br />
Session Details<br />
---------------<br />
Request Hits Request Description<br />
0 - DATABASES: Domestic Mergers, 1979-Present (MA, OMA)<br />
1 - Date Announced: 1/1/1985 to 10/11/2016 (Custom) (Calendar)<br />
2 300351 Target Nation : US<br />
3 257921 Acquiror Nation : US<br />
4 127852 Acquiror Public Status : P<br />
5 98102 Target Public Status : V, P<br />
6 63725 Deal Status : C<br />
7 52739 Percent of Shares Owned after Transaction: 100 to 100<br />
8 Custom Report: SDC_MA_Oct10v2 (Columnar) - Save As:<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v2.txt<br />
<br />
Billing Ref # : 1960756<br />
Capture File : riceuniv.1960756<br />
Session Name : SDC_MA_Oct10v2.ssh<br />
<br />
Variables Pulled:<br />
-----------------<br />
Date Announced<br />
Date Effective<br />
Target Name <br />
Target Industry Sector <br />
Target Nation<br />
Acquiror Name <br />
Acquiror Industry Sector <br />
Acquiror Nation<br />
Pc of Shares Acq<br />
Pc Owned After Transaction<br />
Value of Transaction mil<br />
Enterprise Value mil<br />
Equity Value mil<br />
Acquiror CUSIP<br />
Acquiror Immediate Parent CUSIP<br />
Acquiror Ultimate Parent CUSIP<br />
Target Immediate Parent CUSIP<br />
Target Ultimate Parent CUSIP<br />
Target CUSIP<br />
Acquiror Primary Ticker Symbol<br />
Acquiror Ultimate Parent Primary Ticker Symbol<br />
Target Primary Ticker Symbol<br />
Target Ultimate Parent Primary Ticker Symbol<br />
Target Ultimate Parent Ticker Symbol<br />
Acquiror Primary NAIC Code<br />
Acquiror Ultimate Parent Primary NAIC Code<br />
Target Primary NAIC Code<br />
Target s Ultimate Parent Primary NAIC Code<br />
Number of Bidders<br />
Status <br />
Value Est <br />
Value Amended Flag<br />
Date Announced is Estimated<br />
Consideration Structure<br />
Number of Considerations Offered<br />
Number of Considerations Sought<br />
Consid Structure Description<br />
Pc of Cash<br />
Pc of Other<br />
Pc of Stock<br />
Pc of Unknown<br />
Acquiror Full Name <br />
Target Name <br />
Acquiror City <br />
Target City <br />
Acquiror Zip Code<br />
Target Zip Code<br />
Acquiror State<br />
Target State<br />
Deal Currency Code<br />
Target Bankrupt<br />
Challenged Deal<br />
Debt Restructuring<br />
RecapDefense <br />
Government Owned Involvement Flag<br />
Joint Venture<br />
Restructuring<br />
Acquiror is a Leveraged Buyout Firm<br />
LBO <br />
IPO FlagY N <br />
Target is a Leveraged Buyout Firm<br />
Merger of Equals<br />
Reverse Takeover<br />
Deal Began as a Rumor<br />
Acquiror is a White Knight<br />
White Knight Defense<br />
Back End Defense<br />
FlipOver Defense<br />
Voting Plan Defense<br />
Poison Pill<br />
Creeping Acquisition<br />
Repurchase Defense<br />
Pacman Defense<br />
Lockup FlagY N <br />
Target Lockup<br />
Greenmail<br />
Asset Lockup<br />
Scorched Earth Defense<br />
SelfTender Defense<br />
Stock Lockup<br />
Defense<br />
White Squire<br />
Acquiror Includes Employees<br />
Acquiror Includes an ESOP<br />
Significant Family Ownership of Target<br />
Acquiror Lockup<br />
Financial Acquiror<br />
2 Step Spinoff<br />
Acquiror Includes Mgmt<br />
Open Market Purchases<br />
Proxy Fight<br />
Purpose Code<br />
Related Deals<br />
Foreign Provider of Funds<br />
Stock Swap<br />
Asset Swap Flag<br />
Sweep the Street<br />
SelfTender<br />
Tender Offer<br />
Unsolicited<br />
Acquiror TermFee <br />
Target TermFee <br />
Forced vote provisions FlagY N<br />
Walkaway<br />
Acquiror Ultimate Parent Street Address 1<br />
Acquiror Ultimate Parent Street Address 2<br />
Target Ultimate Parent Street Address 1<br />
Target Ultimate Parent Street Address 2<br />
Acquiror Primary Stock ExchangeName<br />
Target Primary Stock ExchangeName<br />
<br />
===COMPUSTAT===<br />
<br />
Use Compustat Industrial Annual (annual data)<br />
<br />
Criteria:<br />
-----------------<br />
1970-1 to 2015-11<br />
GVKEY, Entire Dbase<br />
tab delimited, date in ISO8661<br />
<br />
Variables:<br />
----------<br />
GVKEY<br />
CONM<br />
TIC<br />
CUSIP<br />
EXCHG<br />
FYR<br />
CURNCD<br />
FYEAR<br />
AT<br />
CEQ<br />
INTAN<br />
EBITDA<br />
REVT<br />
SALE<br />
NAICSH<br />
SICH<br />
MKVALT<br />
PRCC_F<br />
C<br />
INDL<br />
FS<br />
STD<br />
<br />
Note: TobinsQ is Market over book so MKVALT/AT (also pulled common stock and price)<br />
<br />
DROP TABLE compustatpull;<br />
CREATE TABLE compustatpull (<br />
gvkey int,<br />
datadate date,<br />
Fyear int,<br />
industry_format varchar(5),<br />
consol varchar(20),<br />
popsrc varchar(20),<br />
datafmt varchar(5),<br />
tic varchar(20),<br />
cusip varchar(20),<br />
conm varchar(50),<br />
curcd varchar(3),<br />
curncd varchar(3),<br />
fyr int,<br />
act float,<br />
ceq varchar(20),<br />
ebitda float,<br />
intan float,<br />
revt float,<br />
sale float,<br />
exchg varchar(20),<br />
costat varchar(5),<br />
naicsh float,<br />
sich varchar(20),<br />
mkvalt varchar(20),<br />
prcc_f varchar(20),<br />
county varchar(50), <br />
naics varchar(10),<br />
sic int,<br />
states varchar(2), <br />
ipodate date);<br />
<br />
\COPY compustatpull FROM 'CSTAT-10Oct-ff1feb81b9f166ad.txt' WITH DELIMITER AS E'\t' HEADER NULL AS '' CSV<br />
--464894<br />
<br />
All loaded up<br />
<br />
===CRSP===<br />
<br />
Use CRSP Annual, Daily Stock File<br />
<br />
Criteria:<br />
-----------------<br />
PERMNO, Entire Dbase<br />
1980-01-01 to 2015-12-31<br />
tab delimited, date in ISO8661<br />
<br />
Variables:<br />
----------<br />
PERMNO<br />
CUSIP<br />
NCUSIP<br />
COMNAM<br />
TICKER<br />
PERMCO<br />
EXCHCD<br />
SICCD<br />
NAICS<br />
PRIMEXCH<br />
PRC<br />
VOL<br />
NUMTRD<br />
RET<br />
SHROUT<br />
VWRETD<br />
EWRETD<br />
<br />
<br />
==Governance Measures==<br />
Projects --> Winner's Curse --> Data<br />
<br />
Open the GovernanceVARS.txt<br />
<br />
These are<br />
*staggered boards<br />
*limits to shareholder bylaw amendments<br />
*limits to shareholder charter amendments<br />
*supermajority requirements for mergers<br />
*poison pills<br />
*golden parachutes<br />
<br />
==To do list==<br />
<br />
Processing the SDC data:<br />
*Find SIC codes concordance to get NAICS for old data<br />
*Acquirer publicly traded ( must be AMEX, NASDAQ, or NYSE)<br />
*Magic with CUSIPs : CUSIP is a nine digit number (possibly ten, ) Seven issuer, two issue, one check <br />
<br />
CRSP processing notes: <br />
*Estimation window 250 days ending 30 days before the Acq. must be at least 50 continuous days before the 30 days window. <br />
*Returns and prices may contain codes. Import as var_char and reprocess?<br />
<br />
Other notes:<br />
*See page 9 of the paper for data processing notes. <br />
*Data dictionary for SDC MA: http://www.edegan.com/repository/DD-ThomsonSDCMA.txt<br />
<br />
==Governance Variables== <br />
A list of governance variables can be found in: E:\McNair\Projects\Winner's Curse\Data\GovernanceVARS<br />
<br />
==Paper Discussion==<br />
<br />
<br />
<br />
==Importing the CRSP data into the `winner' database (Amir) ==<br />
Two important files:<br />
Project --> Winner's Curse --> Data --> SQL --> CRSP_NOTES<br />
Project --> Winner's Curse --> Data --> SQL --> CRSP_CODES<br />
<br />
Data file is located in: E:\McNair\Projects\Winner's Curse\Data\CRSP-Oct10-c30cc89e52b70545-1.txt<br />
<br />
Issue 1: The text file is 8 GB large and there's no way to open it in Textpad. I'll try to read the file in LogExpert which seems to do a neat job in in opening large files. Otherwise, I'll try to read the first few lines in the terminal. <br />
Update: I managed to open the file in LogExpert. However, extremely inefficient to scroll over the file. <br />
<br />
I copied the file to Z:\WinnersCurse\CRSP-oct10<br />
<br />
Entered the following command in the terminal to read the header:<br />
head -1 CRSP-oct10.txt<br />
<br />
CREATE TABLE CRSP (<br />
PermNo int,<br />
date date,<br />
EXcode int,<br />
SIC int,<br />
NCUSIP varchar(10),<br />
Ticker varchar(10), <br />
Name varchar(100),<br />
NAICS int,<br />
PrimEx varchar(1),<br />
PERMCO int, <br />
CUSIP varchar(12),<br />
Price real,<br />
VOL int,<br />
RET real,<br />
ShOut int, <br />
trade int, <br />
EQRET real,<br />
VRET real<br />
);<br />
<br />
<br />
We have unexpected data types in few columns. We'll first start by copying data into a table named CRSPtmp with varchar type for most of the fields. <br />
<br />
CREATE TABLE CRSPtmp (<br />
PermNo varchar(10),<br />
date date,<br />
EXcode varchar(10),<br />
SIC varchar(10),<br />
NCUSIP varchar(10),<br />
Ticker varchar(10), <br />
Name varchar(100),<br />
NAICS varchar(10),<br />
PrimEx varchar(1),<br />
PERMCO varchar(10), <br />
CUSIP varchar(12),<br />
Price varchar(15),<br />
VOL varchar(10),<br />
RET varchar(10),<br />
ShOut varchar(10), <br />
trade varchar(10), <br />
EQRET varchar(10),<br />
VRET varchar(10)<br />
);<br />
<br />
\COPY crsptmp FROM '/bulk/WinnersCurse/CRSP-oct10.txt' WITH DELIMITER AS E'\t' HEADER NULL AS '' CSV<br />
-- COPY 64614281<br />
<br />
Next, to create an index on CUSIP:<br />
CREATE INDEX CUSIPIndex<br />
ON crspfinal(CUSIP);<br />
===CRSP2 Variable Issues (Jake)===<br />
<br />
permno-<br />
<br />
date-<br />
<br />
excode - <br />
<br />
sic - letter "Z", value 711 (most are 4 digits), <br />
<br />
ncusip - <br />
<br />
ticker - <br />
<br />
name - <br />
<br />
naics - <br />
<br />
primex - <br />
<br />
permco - <br />
<br />
cusip - <br />
<br />
Price - Null values, negative numbers, <br />
<br />
vol - null values <br />
<br />
ret - null values, letter "B" as value multiple times, letter "C", <br />
<br />
shout - null values<br />
<br />
trade - null values <br />
<br />
eqret - <br />
<br />
vret -<br />
<br />
==Importing SDC Data into Winner Database==<br />
Session Details<br />
---------------<br />
Request Hits Request Description<br />
0 - DATABASES: Domestic Mergers, 1979-Present (MA, OMA)<br />
1 - Date Announced: 1/1/1985 to 10/11/2016 (Custom) (Calendar)<br />
2 300400 Target Nation : US<br />
3 257952 Acquiror Nation : US<br />
4 127865 Acquiror Public Status : P<br />
5 98108 Target Public Status : V, P<br />
6 63732 Deal Status : C<br />
7 52746 Percent of Shares Owned after Transaction: 100 to 100<br />
8 Custom Report: SDC_MA_Oct10v4 (Columnar) - Save As:<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4.txt<br />
Billing Ref # : 1962461<br />
Capture File : riceuniv.1962461<br />
Session Name : SDC_MA_Oct10v4.ssh<br />
<br />
We encountered an issue with the variable Purpose Code in our most recent<br />
SDC pull. Purpose Code can carry multiple values, so we had extra lines<br />
with blanks for every value other than Purpose Code. Rather than <br />
doing another SDC pull, we used the following regular expressions to <br />
solve:<br />
<br />
Find : ^[\s}.* <br />
Replace : <br />
<br />
Directly below is the original SDC file prior to our fix<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4 -raw<br />
<br />
Directly below is the SDC file post-fix<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4<br />
<br />
<br />
11332 rows were removed as a result of our regular expression use.<br />
<br />
=== Normalizing SDC data ===<br />
Make sure that the first line of the data file starts with the column names and column name are not preceded by empty lines. Also, remove the summary/report lines at the bottom of the text file. <br />
<br />
A copy of the normalizer is save here<br />
E:\McNair\Projects\Winner's Curse\Data\NormalizeFixedWidth.pl<br />
<br />
Follow these steps:<br />
# Activate the Komodo license.<br />
# Open Komodo IDE 9, there should be a shortcut on your desktop<br />
# Drag and drop NormalizeFixedWidth.pl in Komdo<br />
# Click on the start or continue debugging<br />
# Type : -file=SDC_MA_Oct10v4.txt in Script Arguments textbox. <br />
# Click on OK<br />
# Enter the number of last line of the header and press return. This should be the line immediately followed by the first row of data.<br />
<br />
########################################################## <br />
# NormalizeFixedWidth.pl #<br />
# v0.01 #<br />
# (c)Ed Egan, 2010 #<br />
##########################################################<br />
<br />
Starting the program... [Done]<br />
Your run options are:<br />
File to read from... [SDC_MA_Oct10v4.txt]<br />
File to write to... [SDC_MA_Oct10v4-normal.txt]<br />
Opening the input file to read... [Done]<br />
<br />
##########################################################<br />
Choose the last line of the header (inc. blanks):<br />
0 Date Date Target Name <br />
1 Announced Effective <br />
2 <br />
3 <br />
4 <br />
5 <br />
6 01/01/85 01/01/85 Gladieux Corp <br />
7 01/02/85 01/02/85 STG Electrosystems Inc <br />
8 01/03/85 01/03/85 American Title Co <br />
9 01/04/85 01/04/85 Bee Chemical Co <br />
<br />
Your Choice: 5<br />
<br />
<br />
Thank you - Proceeding now...<br />
##########################################################<br />
Determining markers... [Done]<br />
Processing the header... [Done]<br />
Processing the body... [Done]<br />
Removing dead columns... [Done]<br />
##########################################################<br />
Choose any columns you want repeated down (e.g. 0,1,2):<br />
0 Date Announced <br />
1 Date Effective <br />
2 Target Name <br />
3 Target Industry Sector <br />
4 Target Nation <br />
5 Acquiror Name <br />
6 Acquiror Industry Sector <br />
7 Acquiror Nation <br />
8 Pc of Shares Acq <br />
9 Pc Owned After Transaction<br />
10 Value of Transaction mil<br />
11 Enterprise Value mil<br />
12 Equity Value mil <br />
13 Acquiror CUSIP <br />
14 Acquiror Immediate Parent CUSIP<br />
15 Acquiror Ultimate Parent CUSIP<br />
16 Target Immediate Parent CUSIP<br />
17 Target Ultimate Parent CUSIP<br />
18 Target CUSIP <br />
19 Acquiror Primary Ticker Symbol<br />
20 Acquiror Ultimate Parent Primary Ticker Symbol<br />
21 Target Primary Ticker Symbol<br />
22 Target Ultimate Parent Primary Ticker Symbol<br />
23 Acquiror Primary NAIC Code<br />
24 Acquiror Ultimate Parent Primary NAIC Code<br />
25 Target Primary NAIC Code<br />
26 Target s Ultimate Parent Primary NAIC Code<br />
27 Number of Bidders <br />
28 Status <br />
29 Value Est <br />
30 Value Amended Flag<br />
31 Date Announced is Estimated<br />
32 Consideration Structure <br />
33 Number of Considerations Offered<br />
34 Number of Considerations Sought<br />
35 Consid Structure Description<br />
36 Pc of Cash <br />
37 Pc of Other <br />
38 Pc of Stock <br />
39 Pc of Unknown <br />
40 Acquiror Full Name <br />
41 Target Name <br />
42 Acquiror City <br />
43 Target City <br />
44 Acquiror Zip Code <br />
45 Target Zip Code<br />
46 Acquiror State <br />
47 Target State <br />
48 Deal Currency Code<br />
49 Target Bankrupt <br />
50 Challenged Deal <br />
51 Debt Restructuring <br />
52 RecapDefense <br />
53 Government Owned Involvement Flag<br />
54 Joint Venture <br />
55 Restructuring <br />
56 Acquiror is a Leveraged Buyout Firm<br />
57 LBO <br />
58 IPO FlagY N <br />
59 Target is a Leveraged Buyout Firm<br />
60 Merger of Equals<br />
61 Reverse Takeover <br />
62 Deal Began as a Rumor<br />
63 Acquiror is a White Knight<br />
64 White Knight Defense<br />
65 Back End Defense <br />
66 FlipOver Defense<br />
67 Voting Plan Defense<br />
68 Poison Pill <br />
69 Creeping Acquisition <br />
70 Repurchase Defense <br />
71 Pacman Defense <br />
72 Lockup FlagY N <br />
73 Target Lockup <br />
74 Greenmail <br />
75 Asset Lockup <br />
76 Scorched Earth Defense<br />
77 SelfTender Defense<br />
78 Stock Lockup <br />
79 Defense <br />
80 White Squire <br />
81 Acquiror Includes Employees<br />
82 Acquiror Includes an ESOP<br />
83 Significant Family Ownership of Target<br />
84 Acquiror Lockup <br />
85 Financial Acquiror <br />
86 2 Step Spinoff <br />
87 Acquiror Includes Mgmt<br />
88 Open Market Purchases<br />
89 Proxy Fight <br />
90 Purpose Code <br />
91 Related Deals <br />
92 Foreign Provider of Funds<br />
93 Stock Swap <br />
94 Asset Swap Flag<br />
95 Sweep the Street<br />
96 SelfTender <br />
97 Tender Offer <br />
98 Unsolicited <br />
99 Acquiror TermFee <br />
100 Target TermFee <br />
101 Forced vote provisions FlagY N <br />
102 Walkaway <br />
103 Acquiror Ultimate Parent Street Address 1 <br />
104 Acquiror Ultimate Parent Street Address 2 <br />
105 Target Ultimate Parent Street Address 1 <br />
106 Target Ultimate Parent Street Address 2 <br />
107 Acquiror Primary Stock ExchangeName <br />
108 Target Primary Stock ExchangeName <br />
109 Target Net Sales LTM mil<br />
110 Target Net Assets mil<br />
111 Target Total Assets mil<br />
112 Target Common Equity mil<br />
113 Target Book Value Per Share LTMUS <br />
114 Target Intangible Assets mil<br />
115 Target R D One Year Priormil<br />
116 Target Total Liabilities mil<br />
<br />
Your Choice:<br />
<br />
<br />
Thank you - Proceeding now...<br />
##########################################################<br />
<br />
Writing the output file... [Done]<br />
<br />
##########################################################<br />
Thank you for processing data with NormalizeFixedWidth<br />
Please cite any Ed Egan corporate finance paper in your <br />
references or otherwise acknowledge this help to your work.<br />
(c)Ed Egan, 2010. Enjoy. (US dollars preferred.)<br />
##########################################################<br />
<br />
The output is now stored in the same directory: E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4-normal.txt<br />
<br />
To import the data into winner database, I'll copy the above file to the /bulk directory. <br />
<br />
The code to create the SDC table is stored in \McNair\Projects\Winner's Curse\Data\SQL\SDC_TABLE. <br />
<br />
Create Table SDC(<br />
Date_Announced date,<br />
Date_Effective date,<br />
Tgt_Name varchar(80),<br />
Tgt_Industry varchar(100),<br />
Tgt_Nation varchar(100),<br />
Acq_Name varchar(80),<br />
Acq_Ind varchar(100),<br />
Acq_Nation varchar(100),<br />
Pc_Shares_Acq varchar(100),<br />
Pc_Owned_After_Transaction varchar(100),<br />
Value_Transaction varchar(100),<br />
Enterprise_Value varchar(100),<br />
Equity_Value varchar(100),<br />
Acq_CUSIP varchar(100),<br />
Acq_prnt_CUSIP varchar(100),<br />
Acq_Ultimate_CUSIP varchar(100),<br />
Tgt_prnt_CUSIP varchar(100),<br />
Tgt_Ultimate_CUSIP varchar(100),<br />
Tgt_CUSIP varchar(100),<br />
Acq_Primary_Ticker varchar(100),<br />
Acq_Ultimate_Ticker varchar(100),<br />
Tgt_Primary_Ticker varchar(100),<br />
Tgt_Ultimate_Ticker varchar(100),<br />
Acq_NAIC varchar(100),<br />
Acq_Ultimate_NAIC varchar(100),<br />
Tgt_Primary_NAIC varchar(100),<br />
Tgt_Ultimate_NAIC varchar(100),<br />
NBid varchar(100),<br />
Status varchar(100),<br />
Value_Est varchar(100),<br />
Value_Amended_Flag varchar(100),<br />
Date_Announced_Estimated varchar(100),<br />
Consideration_Structure varchar(100),<br />
NConsid_off varchar(100),<br />
NConsid_Sought varchar(100),<br />
Consid_Structure varchar(100),<br />
Pc_Cash varchar(100),<br />
Pc_Other varchar(100),<br />
Pc_Stock varchar(100),<br />
Pc_Unknown varchar(100),<br />
Acq_FullName varchar(100),<br />
Tgt_Name2 varchar(100),<br />
Acq_City varchar(100),<br />
Tgt_City varchar(100),<br />
Acq_Zip varchar(100),<br />
Tgt_Zip varchar(100),<br />
Acq_St varchar(100),<br />
Tgt_St varchar(100),<br />
Currency varchar(100),<br />
Tgt_Bankrupt varchar(100),<br />
Chlng_Deal varchar(100),<br />
Debt_Restructuring varchar(100),<br />
RecapDefense varchar(100),<br />
Government_Owned_Involvement_Flag varchar(100),<br />
Joint_Venture varchar(100),<br />
Restructuring varchar(100),<br />
Acq_LBO_firm varchar(100),<br />
LBO varchar(100),<br />
IPO_Flag varchar(100),<br />
Tgt_LBO_firm varchar(100),<br />
Merger_Equals varchar(100),<br />
Reverse_Takeover varchar(100),<br />
Deal_was_Rumor varchar(100),<br />
Acq_is_a_White_Knight varchar(100),<br />
White_Knight_Defense varchar(100),<br />
Back_End_Defense varchar(100),<br />
FlipOver_Defense varchar(100),<br />
Voting_Plan_Defense varchar(100),<br />
Poison_Pill varchar(100),<br />
Creeping_Acquisition varchar(100),<br />
Repurchase_Defense varchar(100),<br />
Pacman_Defense varchar(100),<br />
Lockup_FlagY_N varchar(100),<br />
Tgt_Lockup varchar(100),<br />
Greenmail varchar(100),<br />
Asset_Lockup varchar(100),<br />
Scorched_Earth_Defense varchar(100),<br />
SelfTender_Defense varchar(100),<br />
Stock_Lockup varchar(100),<br />
Defense varchar(100),<br />
White_Squire varchar(100),<br />
Acq_Includes_Employees varchar(100),<br />
Acq_Includes_an_ESOP varchar(100),<br />
Sig_Family_Ownership_Tgt varchar(100),<br />
Acq_Lockup varchar(100),<br />
Financial_Acq varchar(100),<br />
Step_Spinoff varchar(100),<br />
Acq_Includes_Mgmt varchar(100),<br />
Open_Market_Purchases varchar(100),<br />
Proxy_Fight varchar(100),<br />
Purpose_Code varchar(100),<br />
Related_Deals varchar(100),<br />
Foreign_Provider_Funds varchar(100),<br />
Stock_Swap varchar(100),<br />
Asset_Swap_Flag varchar(100),<br />
Sweep_the_Street varchar(100),<br />
SelfTender varchar(100),<br />
Tender_offer varchar(100),<br />
Unsolicited varchar(100),<br />
Acq_TermFee varchar(100),<br />
Tgt_TermFee varchar(100),<br />
Forced_vote_provisions_FlagY_N varchar(100),<br />
Walkaway varchar(100),<br />
Acq_Ultimate_Add1 varchar(100),<br />
Acq_Ultimate_Add2 varchar(100),<br />
Tgt_Ultimate_Add1 varchar(100),<br />
Tgt_Ultimate_Add2 varchar(100),<br />
Acq_stockEx varchar(100),<br />
Tgt_stockEx varchar(100),<br />
Tgt_Net_Sales varchar(100),<br />
Tgt_Net_Assets varchar(100),<br />
Tgt_Total_Assets varchar(100),<br />
Tgt_Common_Equity varchar(100),<br />
Tgt_BVpersh_LTMUS varchar(100),<br />
Tgt_IntangibleA varchar(100),<br />
Tgt_RD varchar(100),<br />
Tgt_Tot_liab varchar(100)<br />
);<br />
The column tgt_name seemed to have repeated twice in our data. To save time, I've just added 2 at the end of the column name for any such occurrence.<br />
<br />
--COPY 52746<br />
<br />
===SDC Table with pairs of unique CUSIP and Announcement dates(Jake)===<br />
<br />
acq_cusip | acq_prnt_cusip | acq_ultimate_cusip<br />
<br />
date_announced<br />
<br />
Determine which of the cusips has the best coverage by checking<br />
for null values. All cusip variables have equal coverage. <br />
Picking acq_cusip.<br />
<br />
Create a table with unique cusip (only first 6 digits) and announcement date values.<br />
<br />
SELECT LEFT(acq_cusip, 6) AS acq_cusip, date_announced INTO cusip_announcedate FROM sdc GROUP BY <br />
acq_cusip, date_announced;<br />
<br />
SELECT 49766<br />
<br />
===Creating compound variables from variable list and combining them (Jake)===<br />
<br />
DROP TABLE tobinq;<br />
CREATE TABLE tobinq AS SELECT <br />
conm, gvkey, cusip, datadate, extract(year from datadate) AS year, <br />
LEFT(naics,3) AS naics3, revt, <br />
CASE WHEN (CAST(ceq AS real)) = 0<br />
THEN NULL ELSE (CAST(mkvalt AS real))/(CAST(ceq AS real)) END AS tobinq<br />
FROM compustatpull;<br />
--SELECT 464894<br />
<br />
DROP TABLE tobinqxcompetition;<br />
CREATE TABLE tobinqxcompetition AS SELECT <br />
conm, gvkey, cusip, datadate, tobinq.year, tobinq.naics3, revt, <br />
LAG(revt) OVER (PARTITION BY gvkey ORDER BY tobinq.year) AS revtlag,<br />
tobinq,<br />
LAG(tobinq) OVER (PARTITION BY gvkey ORDER BY tobinq.year) AS tobinlag, <br />
sumsharesq, countgvkey FROM tobinq <br />
LEFT JOIN competitionfinal ON tobinq.year = competitionfinal.year <br />
AND tobinq.naics3 = competitionfinal.naics3; <br />
--SELECT 464894<br />
<br />
DROP TABLE CPI;<br />
CREATE TABLE CPI(<br />
year int, avg real, twentytenbase real);<br />
<br />
\COPY CPI FROM 'CPI Data.txt' WITH DELIMITER AS E'\t' HEADER NULL AS '' CSV; <br />
<br />
DROP TABLE test;<br />
CREATE TABLE test AS SELECT tobinqxcompetition.*, acq_cusip, pc_cash,<br />
CASE WHEN (Tgt_stockEx = 'NYSE' <br />
OR Tgt_stockEx = 'AMEX' <br />
OR Tgt_stockEx = 'NASDAQ') <br />
THEN 1::int ELSE 0::int END AS Tgt_Public, <br />
date_announced,<br />
date_effective FROM tobinqxcompetition LEFT JOIN sdc ON <br />
LEFT(tobinqxcompetition.cusip, 6) = sdc.acq_cusip AND <br />
EXTRACT <br />
(year from tobinqxcompetition.datadate) = EXTRACT(year from sdc.date_effective); <br />
<br />
<br />
==STATA Work==<br />
All Stata work found in the following folder: <br />
E:\McNair\Projects\Winner's Curse\Stata<br />
<br />
Code for most recent regression:<br />
<br />
set more off<br />
insheet using "Estimation.txt"<br />
log using "Estimation.log", replace<br />
<br />
gen rmse=0<br />
gen ressd=0<br />
gen alpha=0<br />
gen beta=0<br />
<br />
tabstat acqkey, stats(min max) save<br />
matrix acqnos=r(StatTotal)<br />
local min=acqnos[1,1]<br />
local max=acqnos[2,1]<br />
<br />
forvalues acqnumber = `min'(1)`max' {<br />
capture reg ret vret if acqkey==`acqnumber'<br />
capture matrix betas=e(b)<br />
capture local beta=betas[1,1]<br />
capture local alpha=betas[1,2]<br />
capture local rmse=e(rmse)<br />
capture predict res,r<br />
capture tabstat res, stats(sd) save<br />
capture matrix resmat=r(StatTotal)<br />
capture local ressd=resmat[1,1]<br />
capture replace rmse=`rmse' if acqkey==`acqnumber'<br />
capture replace ressd=`ressd' if acqkey==`acqnumber'<br />
capture replace alpha=`alpha' if acqkey==`acqnumber'<br />
capture replace beta=`beta' if acqkey==`acqnumber'<br />
capture drop res<br />
display `acqnumber'<br />
}<br />
<br />
/*<br />
reg ret vret if acqkey==2<br />
matrix betas=e(b)<br />
local beta=betas[1,1]<br />
local alpha=betas[1,2]<br />
local rmse=e(rmse)<br />
predict res,r<br />
tabstat res, stats(sd) save<br />
matrix resmat=r(StatTotal)<br />
local ressd=resmat[1,1]<br />
replace rmse=`rmse' if acqkey==2<br />
replace ressd=`ressd' if acqkey==2<br />
replace alpha=`alpha' if acqkey==2<br />
replace beta=`beta' if acqkey==2<br />
drop res<br />
*/<br />
<br />
drop if reldayno !=-30<br />
<br />
outsheet using "Estimation-processed.txt", replace<br />
<br />
==Previous Papers==<br />
From the old wiki<br />
*[[Old VC Acquisitions Paper]]<br />
*[[Old VC Lit Review]]<br />
<br />
==Related Pages==<br />
*[[Governance Measures]]<br />
*[[E-mail Chain on Winner's Curse]]<br />
*[[Malmendier & Tate CEO Overconfidence]]<br />
<br />
==Resources==<br />
*[[SDC Platinum]]<br />
*[[Venture Expert]]</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Winner%27s_Curse_in_Acquisitions_(Academic_Paper)&diff=12607Winner's Curse in Acquisitions (Academic Paper)2016-11-15T19:15:43Z<p>WillC: /* WHAT MATTERS */</p>
<hr />
<div>{{AcademicPaper<br />
|Title=Winner's Curse in Acquisitions (Academic Paper)<br />
|Author=Ed Egan, Jim Brander<br />
|RAs=Amir Kazempour, Will Cleland, Jake Silberman<br />
|Status=R&R<br />
}}<br />
<br />
==WHAT MATTERS==<br />
Ed - Review code for distance and triple join<br />
<br />
Amir - Literature review of Governance measures - Tell Will and Jake what to pull<br />
<br />
Will - Continue cleaning, run SDCv2 and SDCBase through the previous code and work on triple join<br />
<br />
Jake - Continue VC Fixed Effect measure<br />
<br />
==List of Variables== <br />
Variables & Where to Find Them:<br />
{| class="wikitable sortable" style="border: 1px solid darkgray; bgcolor: #f9f9f9"<br />
| '''Variable''' || '''Location''' || '''Table'''<br />
|-<br />
| Actual Return || CRSP || A1<br />
|-<br />
| Abnormal Return || CRSP || A1<br />
|-<br />
| Average Return || CRSP || STATA<br />
|-<br />
| Weighted Average Return || CRSP || STATA<br />
|-<br />
| Cumulative Ab. Return || CRSP || A1<br />
|-<br />
| Boom || SDC || tobinxcompxsdcboom<br />
|-<br />
| Competition || Compustat || tobinxcompxsdcboom<br />
|-<br />
| Distance || SDC + google maps || D.N.E.<br />
|-<br />
| IT Fixed Effect || SDC || SDCA4<br />
|-<br />
| Idiosyncratic Volatility || CRSP (Calculated) || A1<br />
|-<br />
| Industry Fixed Effect || SDC || SDCA4<br />
|-<br />
| Momentum || CRSP (Calculated) || A1<br />
|-<br />
| Private Financial Data || CRSP(SDC) || SDCA4<br />
|-<br />
| Percent Cash || SDC || SDCA4<br />
|-<br />
| Previous Acquisitions || SDC || SDCA4<br />
|-<br />
| Sales || Compustat || SDCA4<br />
|-<br />
| Tobin's Q || Compustat || tobinxcompxsdcboom<br />
|-<br />
| Turnover || CRSP || A1<br />
|-<br />
| VC Fixed Effect || SDC & VentureXpert || D.N.E. <br />
|-<br />
| Governance || Compustat || D.N.E.<br />
|-<br />
| Friendly vs. Hostile || SDC || D.N.E.<br />
|}<br />
<br />
<br />
Boom - Created. Code in E:\McNair\Projects\Winner's Curse\Data\SQL\SDC_TABLE. Final variable in table SDCno_boom.<br />
<br />
Competition - Created. Code in E:\McNair\Projects\Winner's Curse\Data\SQL\CRSP_TABLE. Final variable in table competition final.<br />
<br />
IT Fixed Effect - Create an indicator variable taking the value one if the target has a NAICS code listed on page 31 of the article. <br />
<br />
Idiosyncratic Volatility - RMSE, it should already be up on the database. <br />
<br />
Industry Fixed Effect - Created. Jake, please update this. <br />
<br />
Momentum - To control for systematic variations in return over time. The summation of the NYSE-Nasdaq-AMEX composite market return (as<br />
calculated by CRSP) over the event window<br />
<br />
Private Financial Data - Look at [https://wrds-web.wharton.upenn.edu/wrds/query_forms/variable_documentation.cfm?vendorCode=CRSP&libraryCode=crspa&fileCode=ccmfunda&id=bspr]. The variables takes value 1 when the balance sheet is not publicly available. <br />
<br />
Percent Cash - Possibly this is going to be the PCT_CASH variable in SDC. This should be the PC_CASH field in the SDC table. <br />
<br />
Previous Acquisitions - The number of previous acquisitions (from 1985 on) of privately-held firms completed by the acquirer prior to its announcement of the acquisition.<br />
<br />
Tobin's Q: The ratio of market-to-book value of assets. This would be MKVALT/ AT in the SDC table. <br />
<br />
Turnover: AVG( # shares traded each month / # shares outstanding. <br />
<br />
VC Fixed Effect: Is the target VC backed or not? Where could we find the VC data.<br />
<br />
==Three Big Pulls==<br />
<br />
===SDC Mergers & Acquisitions===<br />
<br />
Add the following (A=L+E) ---- DONE<br />
TargetTotalAssets real, TASS: Taget Financials: Total Assets<br />
TargetTotalLiabilities real, TLIA: Total Liabilities Last Twelve Months ($ Mil) <br />
TargetCommonEquity real, COMEQ: Target Financials: Common Equity<br />
<br />
Also nice ---- DONE<br />
TargetNetSales real, SALES: Net Sales Last Twelve Months ($ Mil)<br />
TargetNetSales2 real, ?<br />
TargetBookValuePerShare real, BV: Book Value per Share Last Twelve Months ($) <br />
TargetIntangibles real, IASS: Intangible Assets Last Twelve Months <br />
TargetRAndD real, RND1: Research & Development Expense 1 Year Prior ($ Mil)<br />
<br />
Added just in case ---- DONE <br />
Sales<br />
Net Assets<br />
Book Value (Perhaps needed for Tobin's Q?)<br />
<br />
Session Details<br />
---------------<br />
Request Hits Request Description<br />
0 - DATABASES: Domestic Mergers, 1979-Present (MA, OMA)<br />
1 - Date Announced: 1/1/1985 to 10/11/2016 (Custom) (Calendar)<br />
2 300351 Target Nation : US<br />
3 257921 Acquiror Nation : US<br />
4 127852 Acquiror Public Status : P<br />
5 98102 Target Public Status : V, P<br />
6 63725 Deal Status : C<br />
7 52739 Percent of Shares Owned after Transaction: 100 to 100<br />
8 Custom Report: SDC_MA_Oct10v2 (Columnar) - Save As:<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v2.txt<br />
<br />
Billing Ref # : 1960756<br />
Capture File : riceuniv.1960756<br />
Session Name : SDC_MA_Oct10v2.ssh<br />
<br />
Variables Pulled:<br />
-----------------<br />
Date Announced<br />
Date Effective<br />
Target Name <br />
Target Industry Sector <br />
Target Nation<br />
Acquiror Name <br />
Acquiror Industry Sector <br />
Acquiror Nation<br />
Pc of Shares Acq<br />
Pc Owned After Transaction<br />
Value of Transaction mil<br />
Enterprise Value mil<br />
Equity Value mil<br />
Acquiror CUSIP<br />
Acquiror Immediate Parent CUSIP<br />
Acquiror Ultimate Parent CUSIP<br />
Target Immediate Parent CUSIP<br />
Target Ultimate Parent CUSIP<br />
Target CUSIP<br />
Acquiror Primary Ticker Symbol<br />
Acquiror Ultimate Parent Primary Ticker Symbol<br />
Target Primary Ticker Symbol<br />
Target Ultimate Parent Primary Ticker Symbol<br />
Target Ultimate Parent Ticker Symbol<br />
Acquiror Primary NAIC Code<br />
Acquiror Ultimate Parent Primary NAIC Code<br />
Target Primary NAIC Code<br />
Target s Ultimate Parent Primary NAIC Code<br />
Number of Bidders<br />
Status <br />
Value Est <br />
Value Amended Flag<br />
Date Announced is Estimated<br />
Consideration Structure<br />
Number of Considerations Offered<br />
Number of Considerations Sought<br />
Consid Structure Description<br />
Pc of Cash<br />
Pc of Other<br />
Pc of Stock<br />
Pc of Unknown<br />
Acquiror Full Name <br />
Target Name <br />
Acquiror City <br />
Target City <br />
Acquiror Zip Code<br />
Target Zip Code<br />
Acquiror State<br />
Target State<br />
Deal Currency Code<br />
Target Bankrupt<br />
Challenged Deal<br />
Debt Restructuring<br />
RecapDefense <br />
Government Owned Involvement Flag<br />
Joint Venture<br />
Restructuring<br />
Acquiror is a Leveraged Buyout Firm<br />
LBO <br />
IPO FlagY N <br />
Target is a Leveraged Buyout Firm<br />
Merger of Equals<br />
Reverse Takeover<br />
Deal Began as a Rumor<br />
Acquiror is a White Knight<br />
White Knight Defense<br />
Back End Defense<br />
FlipOver Defense<br />
Voting Plan Defense<br />
Poison Pill<br />
Creeping Acquisition<br />
Repurchase Defense<br />
Pacman Defense<br />
Lockup FlagY N <br />
Target Lockup<br />
Greenmail<br />
Asset Lockup<br />
Scorched Earth Defense<br />
SelfTender Defense<br />
Stock Lockup<br />
Defense<br />
White Squire<br />
Acquiror Includes Employees<br />
Acquiror Includes an ESOP<br />
Significant Family Ownership of Target<br />
Acquiror Lockup<br />
Financial Acquiror<br />
2 Step Spinoff<br />
Acquiror Includes Mgmt<br />
Open Market Purchases<br />
Proxy Fight<br />
Purpose Code<br />
Related Deals<br />
Foreign Provider of Funds<br />
Stock Swap<br />
Asset Swap Flag<br />
Sweep the Street<br />
SelfTender<br />
Tender Offer<br />
Unsolicited<br />
Acquiror TermFee <br />
Target TermFee <br />
Forced vote provisions FlagY N<br />
Walkaway<br />
Acquiror Ultimate Parent Street Address 1<br />
Acquiror Ultimate Parent Street Address 2<br />
Target Ultimate Parent Street Address 1<br />
Target Ultimate Parent Street Address 2<br />
Acquiror Primary Stock ExchangeName<br />
Target Primary Stock ExchangeName<br />
<br />
===COMPUSTAT===<br />
<br />
Use Compustat Industrial Annual (annual data)<br />
<br />
Criteria:<br />
-----------------<br />
1970-1 to 2015-11<br />
GVKEY, Entire Dbase<br />
tab delimited, date in ISO8661<br />
<br />
Variables:<br />
----------<br />
GVKEY<br />
CONM<br />
TIC<br />
CUSIP<br />
EXCHG<br />
FYR<br />
CURNCD<br />
FYEAR<br />
AT<br />
CEQ<br />
INTAN<br />
EBITDA<br />
REVT<br />
SALE<br />
NAICSH<br />
SICH<br />
MKVALT<br />
PRCC_F<br />
C<br />
INDL<br />
FS<br />
STD<br />
<br />
Note: TobinsQ is Market over book so MKVALT/AT (also pulled common stock and price)<br />
<br />
DROP TABLE compustatpull;<br />
CREATE TABLE compustatpull (<br />
gvkey int,<br />
datadate date,<br />
Fyear int,<br />
industry_format varchar(5),<br />
consol varchar(20),<br />
popsrc varchar(20),<br />
datafmt varchar(5),<br />
tic varchar(20),<br />
cusip varchar(20),<br />
conm varchar(50),<br />
curcd varchar(3),<br />
curncd varchar(3),<br />
fyr int,<br />
act float,<br />
ceq varchar(20),<br />
ebitda float,<br />
intan float,<br />
revt float,<br />
sale float,<br />
exchg varchar(20),<br />
costat varchar(5),<br />
naicsh float,<br />
sich varchar(20),<br />
mkvalt varchar(20),<br />
prcc_f varchar(20),<br />
county varchar(50), <br />
naics varchar(10),<br />
sic int,<br />
states varchar(2), <br />
ipodate date);<br />
<br />
\COPY compustatpull FROM 'CSTAT-10Oct-ff1feb81b9f166ad.txt' WITH DELIMITER AS E'\t' HEADER NULL AS '' CSV<br />
--464894<br />
<br />
All loaded up<br />
<br />
===CRSP===<br />
<br />
Use CRSP Annual, Daily Stock File<br />
<br />
Criteria:<br />
-----------------<br />
PERMNO, Entire Dbase<br />
1980-01-01 to 2015-12-31<br />
tab delimited, date in ISO8661<br />
<br />
Variables:<br />
----------<br />
PERMNO<br />
CUSIP<br />
NCUSIP<br />
COMNAM<br />
TICKER<br />
PERMCO<br />
EXCHCD<br />
SICCD<br />
NAICS<br />
PRIMEXCH<br />
PRC<br />
VOL<br />
NUMTRD<br />
RET<br />
SHROUT<br />
VWRETD<br />
EWRETD<br />
<br />
<br />
==Governance Measures==<br />
Projects --> Winner's Curse --> Data<br />
<br />
Open the GovernanceVARS.txt<br />
<br />
These are<br />
*staggered boards<br />
*limits to shareholder bylaw amendments<br />
*limits to shareholder charter amendments<br />
*supermajority requirements for mergers<br />
*poison pills<br />
*golden parachutes<br />
<br />
==To do list==<br />
<br />
Processing the SDC data:<br />
*Find SIC codes concordance to get NAICS for old data<br />
*Acquirer publicly traded ( must be AMEX, NASDAQ, or NYSE)<br />
*Magic with CUSIPs : CUSIP is a nine digit number (possibly ten, ) Seven issuer, two issue, one check <br />
<br />
CRSP processing notes: <br />
*Estimation window 250 days ending 30 days before the Acq. must be at least 50 continuous days before the 30 days window. <br />
*Returns and prices may contain codes. Import as var_char and reprocess?<br />
<br />
Other notes:<br />
*See page 9 of the paper for data processing notes. <br />
*Data dictionary for SDC MA: http://www.edegan.com/repository/DD-ThomsonSDCMA.txt<br />
<br />
==Governance Variables== <br />
A list of governance variables can be found in: E:\McNair\Projects\Winner's Curse\Data\GovernanceVARS<br />
<br />
==Paper Discussion==<br />
<br />
<br />
<br />
==Importing the CRSP data into the `winner' database (Amir) ==<br />
Two important files:<br />
Project --> Winner's Curse --> Data --> SQL --> CRSP_NOTES<br />
Project --> Winner's Curse --> Data --> SQL --> CRSP_CODES<br />
<br />
Data file is located in: E:\McNair\Projects\Winner's Curse\Data\CRSP-Oct10-c30cc89e52b70545-1.txt<br />
<br />
Issue 1: The text file is 8 GB large and there's no way to open it in Textpad. I'll try to read the file in LogExpert which seems to do a neat job in in opening large files. Otherwise, I'll try to read the first few lines in the terminal. <br />
Update: I managed to open the file in LogExpert. However, extremely inefficient to scroll over the file. <br />
<br />
I copied the file to Z:\WinnersCurse\CRSP-oct10<br />
<br />
Entered the following command in the terminal to read the header:<br />
head -1 CRSP-oct10.txt<br />
<br />
CREATE TABLE CRSP (<br />
PermNo int,<br />
date date,<br />
EXcode int,<br />
SIC int,<br />
NCUSIP varchar(10),<br />
Ticker varchar(10), <br />
Name varchar(100),<br />
NAICS int,<br />
PrimEx varchar(1),<br />
PERMCO int, <br />
CUSIP varchar(12),<br />
Price real,<br />
VOL int,<br />
RET real,<br />
ShOut int, <br />
trade int, <br />
EQRET real,<br />
VRET real<br />
);<br />
<br />
<br />
We have unexpected data types in few columns. We'll first start by copying data into a table named CRSPtmp with varchar type for most of the fields. <br />
<br />
CREATE TABLE CRSPtmp (<br />
PermNo varchar(10),<br />
date date,<br />
EXcode varchar(10),<br />
SIC varchar(10),<br />
NCUSIP varchar(10),<br />
Ticker varchar(10), <br />
Name varchar(100),<br />
NAICS varchar(10),<br />
PrimEx varchar(1),<br />
PERMCO varchar(10), <br />
CUSIP varchar(12),<br />
Price varchar(15),<br />
VOL varchar(10),<br />
RET varchar(10),<br />
ShOut varchar(10), <br />
trade varchar(10), <br />
EQRET varchar(10),<br />
VRET varchar(10)<br />
);<br />
<br />
\COPY crsptmp FROM '/bulk/WinnersCurse/CRSP-oct10.txt' WITH DELIMITER AS E'\t' HEADER NULL AS '' CSV<br />
-- COPY 64614281<br />
<br />
Next, to create an index on CUSIP:<br />
CREATE INDEX CUSIPIndex<br />
ON crspfinal(CUSIP);<br />
===CRSP2 Variable Issues (Jake)===<br />
<br />
permno-<br />
<br />
date-<br />
<br />
excode - <br />
<br />
sic - letter "Z", value 711 (most are 4 digits), <br />
<br />
ncusip - <br />
<br />
ticker - <br />
<br />
name - <br />
<br />
naics - <br />
<br />
primex - <br />
<br />
permco - <br />
<br />
cusip - <br />
<br />
Price - Null values, negative numbers, <br />
<br />
vol - null values <br />
<br />
ret - null values, letter "B" as value multiple times, letter "C", <br />
<br />
shout - null values<br />
<br />
trade - null values <br />
<br />
eqret - <br />
<br />
vret -<br />
<br />
==Importing SDC Data into Winner Database==<br />
Session Details<br />
---------------<br />
Request Hits Request Description<br />
0 - DATABASES: Domestic Mergers, 1979-Present (MA, OMA)<br />
1 - Date Announced: 1/1/1985 to 10/11/2016 (Custom) (Calendar)<br />
2 300400 Target Nation : US<br />
3 257952 Acquiror Nation : US<br />
4 127865 Acquiror Public Status : P<br />
5 98108 Target Public Status : V, P<br />
6 63732 Deal Status : C<br />
7 52746 Percent of Shares Owned after Transaction: 100 to 100<br />
8 Custom Report: SDC_MA_Oct10v4 (Columnar) - Save As:<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4.txt<br />
Billing Ref # : 1962461<br />
Capture File : riceuniv.1962461<br />
Session Name : SDC_MA_Oct10v4.ssh<br />
<br />
We encountered an issue with the variable Purpose Code in our most recent<br />
SDC pull. Purpose Code can carry multiple values, so we had extra lines<br />
with blanks for every value other than Purpose Code. Rather than <br />
doing another SDC pull, we used the following regular expressions to <br />
solve:<br />
<br />
Find : ^[\s}.* <br />
Replace : <br />
<br />
Directly below is the original SDC file prior to our fix<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4 -raw<br />
<br />
Directly below is the SDC file post-fix<br />
E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4<br />
<br />
<br />
11332 rows were removed as a result of our regular expression use.<br />
<br />
=== Normalizing SDC data ===<br />
Make sure that the first line of the data file starts with the column names and column name are not preceded by empty lines. Also, remove the summary/report lines at the bottom of the text file. <br />
<br />
A copy of the normalizer is save here<br />
E:\McNair\Projects\Winner's Curse\Data\NormalizeFixedWidth.pl<br />
<br />
Follow these steps:<br />
# Activate the Komodo license.<br />
# Open Komodo IDE 9, there should be a shortcut on your desktop<br />
# Drag and drop NormalizeFixedWidth.pl in Komdo<br />
# Click on the start or continue debugging<br />
# Type : -file=SDC_MA_Oct10v4.txt in Script Arguments textbox. <br />
# Click on OK<br />
# Enter the number of last line of the header and press return. This should be the line immediately followed by the first row of data.<br />
<br />
########################################################## <br />
# NormalizeFixedWidth.pl #<br />
# v0.01 #<br />
# (c)Ed Egan, 2010 #<br />
##########################################################<br />
<br />
Starting the program... [Done]<br />
Your run options are:<br />
File to read from... [SDC_MA_Oct10v4.txt]<br />
File to write to... [SDC_MA_Oct10v4-normal.txt]<br />
Opening the input file to read... [Done]<br />
<br />
##########################################################<br />
Choose the last line of the header (inc. blanks):<br />
0 Date Date Target Name <br />
1 Announced Effective <br />
2 <br />
3 <br />
4 <br />
5 <br />
6 01/01/85 01/01/85 Gladieux Corp <br />
7 01/02/85 01/02/85 STG Electrosystems Inc <br />
8 01/03/85 01/03/85 American Title Co <br />
9 01/04/85 01/04/85 Bee Chemical Co <br />
<br />
Your Choice: 5<br />
<br />
<br />
Thank you - Proceeding now...<br />
##########################################################<br />
Determining markers... [Done]<br />
Processing the header... [Done]<br />
Processing the body... [Done]<br />
Removing dead columns... [Done]<br />
##########################################################<br />
Choose any columns you want repeated down (e.g. 0,1,2):<br />
0 Date Announced <br />
1 Date Effective <br />
2 Target Name <br />
3 Target Industry Sector <br />
4 Target Nation <br />
5 Acquiror Name <br />
6 Acquiror Industry Sector <br />
7 Acquiror Nation <br />
8 Pc of Shares Acq <br />
9 Pc Owned After Transaction<br />
10 Value of Transaction mil<br />
11 Enterprise Value mil<br />
12 Equity Value mil <br />
13 Acquiror CUSIP <br />
14 Acquiror Immediate Parent CUSIP<br />
15 Acquiror Ultimate Parent CUSIP<br />
16 Target Immediate Parent CUSIP<br />
17 Target Ultimate Parent CUSIP<br />
18 Target CUSIP <br />
19 Acquiror Primary Ticker Symbol<br />
20 Acquiror Ultimate Parent Primary Ticker Symbol<br />
21 Target Primary Ticker Symbol<br />
22 Target Ultimate Parent Primary Ticker Symbol<br />
23 Acquiror Primary NAIC Code<br />
24 Acquiror Ultimate Parent Primary NAIC Code<br />
25 Target Primary NAIC Code<br />
26 Target s Ultimate Parent Primary NAIC Code<br />
27 Number of Bidders <br />
28 Status <br />
29 Value Est <br />
30 Value Amended Flag<br />
31 Date Announced is Estimated<br />
32 Consideration Structure <br />
33 Number of Considerations Offered<br />
34 Number of Considerations Sought<br />
35 Consid Structure Description<br />
36 Pc of Cash <br />
37 Pc of Other <br />
38 Pc of Stock <br />
39 Pc of Unknown <br />
40 Acquiror Full Name <br />
41 Target Name <br />
42 Acquiror City <br />
43 Target City <br />
44 Acquiror Zip Code <br />
45 Target Zip Code<br />
46 Acquiror State <br />
47 Target State <br />
48 Deal Currency Code<br />
49 Target Bankrupt <br />
50 Challenged Deal <br />
51 Debt Restructuring <br />
52 RecapDefense <br />
53 Government Owned Involvement Flag<br />
54 Joint Venture <br />
55 Restructuring <br />
56 Acquiror is a Leveraged Buyout Firm<br />
57 LBO <br />
58 IPO FlagY N <br />
59 Target is a Leveraged Buyout Firm<br />
60 Merger of Equals<br />
61 Reverse Takeover <br />
62 Deal Began as a Rumor<br />
63 Acquiror is a White Knight<br />
64 White Knight Defense<br />
65 Back End Defense <br />
66 FlipOver Defense<br />
67 Voting Plan Defense<br />
68 Poison Pill <br />
69 Creeping Acquisition <br />
70 Repurchase Defense <br />
71 Pacman Defense <br />
72 Lockup FlagY N <br />
73 Target Lockup <br />
74 Greenmail <br />
75 Asset Lockup <br />
76 Scorched Earth Defense<br />
77 SelfTender Defense<br />
78 Stock Lockup <br />
79 Defense <br />
80 White Squire <br />
81 Acquiror Includes Employees<br />
82 Acquiror Includes an ESOP<br />
83 Significant Family Ownership of Target<br />
84 Acquiror Lockup <br />
85 Financial Acquiror <br />
86 2 Step Spinoff <br />
87 Acquiror Includes Mgmt<br />
88 Open Market Purchases<br />
89 Proxy Fight <br />
90 Purpose Code <br />
91 Related Deals <br />
92 Foreign Provider of Funds<br />
93 Stock Swap <br />
94 Asset Swap Flag<br />
95 Sweep the Street<br />
96 SelfTender <br />
97 Tender Offer <br />
98 Unsolicited <br />
99 Acquiror TermFee <br />
100 Target TermFee <br />
101 Forced vote provisions FlagY N <br />
102 Walkaway <br />
103 Acquiror Ultimate Parent Street Address 1 <br />
104 Acquiror Ultimate Parent Street Address 2 <br />
105 Target Ultimate Parent Street Address 1 <br />
106 Target Ultimate Parent Street Address 2 <br />
107 Acquiror Primary Stock ExchangeName <br />
108 Target Primary Stock ExchangeName <br />
109 Target Net Sales LTM mil<br />
110 Target Net Assets mil<br />
111 Target Total Assets mil<br />
112 Target Common Equity mil<br />
113 Target Book Value Per Share LTMUS <br />
114 Target Intangible Assets mil<br />
115 Target R D One Year Priormil<br />
116 Target Total Liabilities mil<br />
<br />
Your Choice:<br />
<br />
<br />
Thank you - Proceeding now...<br />
##########################################################<br />
<br />
Writing the output file... [Done]<br />
<br />
##########################################################<br />
Thank you for processing data with NormalizeFixedWidth<br />
Please cite any Ed Egan corporate finance paper in your <br />
references or otherwise acknowledge this help to your work.<br />
(c)Ed Egan, 2010. Enjoy. (US dollars preferred.)<br />
##########################################################<br />
<br />
The output is now stored in the same directory: E:\McNair\Projects\Winner's Curse\Data\SDC_MA_Oct10v4-normal.txt<br />
<br />
To import the data into winner database, I'll copy the above file to the /bulk directory. <br />
<br />
The code to create the SDC table is stored in \McNair\Projects\Winner's Curse\Data\SQL\SDC_TABLE. <br />
<br />
Create Table SDC(<br />
Date_Announced date,<br />
Date_Effective date,<br />
Tgt_Name varchar(80),<br />
Tgt_Industry varchar(100),<br />
Tgt_Nation varchar(100),<br />
Acq_Name varchar(80),<br />
Acq_Ind varchar(100),<br />
Acq_Nation varchar(100),<br />
Pc_Shares_Acq varchar(100),<br />
Pc_Owned_After_Transaction varchar(100),<br />
Value_Transaction varchar(100),<br />
Enterprise_Value varchar(100),<br />
Equity_Value varchar(100),<br />
Acq_CUSIP varchar(100),<br />
Acq_prnt_CUSIP varchar(100),<br />
Acq_Ultimate_CUSIP varchar(100),<br />
Tgt_prnt_CUSIP varchar(100),<br />
Tgt_Ultimate_CUSIP varchar(100),<br />
Tgt_CUSIP varchar(100),<br />
Acq_Primary_Ticker varchar(100),<br />
Acq_Ultimate_Ticker varchar(100),<br />
Tgt_Primary_Ticker varchar(100),<br />
Tgt_Ultimate_Ticker varchar(100),<br />
Acq_NAIC varchar(100),<br />
Acq_Ultimate_NAIC varchar(100),<br />
Tgt_Primary_NAIC varchar(100),<br />
Tgt_Ultimate_NAIC varchar(100),<br />
NBid varchar(100),<br />
Status varchar(100),<br />
Value_Est varchar(100),<br />
Value_Amended_Flag varchar(100),<br />
Date_Announced_Estimated varchar(100),<br />
Consideration_Structure varchar(100),<br />
NConsid_off varchar(100),<br />
NConsid_Sought varchar(100),<br />
Consid_Structure varchar(100),<br />
Pc_Cash varchar(100),<br />
Pc_Other varchar(100),<br />
Pc_Stock varchar(100),<br />
Pc_Unknown varchar(100),<br />
Acq_FullName varchar(100),<br />
Tgt_Name2 varchar(100),<br />
Acq_City varchar(100),<br />
Tgt_City varchar(100),<br />
Acq_Zip varchar(100),<br />
Tgt_Zip varchar(100),<br />
Acq_St varchar(100),<br />
Tgt_St varchar(100),<br />
Currency varchar(100),<br />
Tgt_Bankrupt varchar(100),<br />
Chlng_Deal varchar(100),<br />
Debt_Restructuring varchar(100),<br />
RecapDefense varchar(100),<br />
Government_Owned_Involvement_Flag varchar(100),<br />
Joint_Venture varchar(100),<br />
Restructuring varchar(100),<br />
Acq_LBO_firm varchar(100),<br />
LBO varchar(100),<br />
IPO_Flag varchar(100),<br />
Tgt_LBO_firm varchar(100),<br />
Merger_Equals varchar(100),<br />
Reverse_Takeover varchar(100),<br />
Deal_was_Rumor varchar(100),<br />
Acq_is_a_White_Knight varchar(100),<br />
White_Knight_Defense varchar(100),<br />
Back_End_Defense varchar(100),<br />
FlipOver_Defense varchar(100),<br />
Voting_Plan_Defense varchar(100),<br />
Poison_Pill varchar(100),<br />
Creeping_Acquisition varchar(100),<br />
Repurchase_Defense varchar(100),<br />
Pacman_Defense varchar(100),<br />
Lockup_FlagY_N varchar(100),<br />
Tgt_Lockup varchar(100),<br />
Greenmail varchar(100),<br />
Asset_Lockup varchar(100),<br />
Scorched_Earth_Defense varchar(100),<br />
SelfTender_Defense varchar(100),<br />
Stock_Lockup varchar(100),<br />
Defense varchar(100),<br />
White_Squire varchar(100),<br />
Acq_Includes_Employees varchar(100),<br />
Acq_Includes_an_ESOP varchar(100),<br />
Sig_Family_Ownership_Tgt varchar(100),<br />
Acq_Lockup varchar(100),<br />
Financial_Acq varchar(100),<br />
Step_Spinoff varchar(100),<br />
Acq_Includes_Mgmt varchar(100),<br />
Open_Market_Purchases varchar(100),<br />
Proxy_Fight varchar(100),<br />
Purpose_Code varchar(100),<br />
Related_Deals varchar(100),<br />
Foreign_Provider_Funds varchar(100),<br />
Stock_Swap varchar(100),<br />
Asset_Swap_Flag varchar(100),<br />
Sweep_the_Street varchar(100),<br />
SelfTender varchar(100),<br />
Tender_offer varchar(100),<br />
Unsolicited varchar(100),<br />
Acq_TermFee varchar(100),<br />
Tgt_TermFee varchar(100),<br />
Forced_vote_provisions_FlagY_N varchar(100),<br />
Walkaway varchar(100),<br />
Acq_Ultimate_Add1 varchar(100),<br />
Acq_Ultimate_Add2 varchar(100),<br />
Tgt_Ultimate_Add1 varchar(100),<br />
Tgt_Ultimate_Add2 varchar(100),<br />
Acq_stockEx varchar(100),<br />
Tgt_stockEx varchar(100),<br />
Tgt_Net_Sales varchar(100),<br />
Tgt_Net_Assets varchar(100),<br />
Tgt_Total_Assets varchar(100),<br />
Tgt_Common_Equity varchar(100),<br />
Tgt_BVpersh_LTMUS varchar(100),<br />
Tgt_IntangibleA varchar(100),<br />
Tgt_RD varchar(100),<br />
Tgt_Tot_liab varchar(100)<br />
);<br />
The column tgt_name seemed to have repeated twice in our data. To save time, I've just added 2 at the end of the column name for any such occurrence.<br />
<br />
--COPY 52746<br />
<br />
===SDC Table with pairs of unique CUSIP and Announcement dates(Jake)===<br />
<br />
acq_cusip | acq_prnt_cusip | acq_ultimate_cusip<br />
<br />
date_announced<br />
<br />
Determine which of the cusips has the best coverage by checking<br />
for null values. All cusip variables have equal coverage. <br />
Picking acq_cusip.<br />
<br />
Create a table with unique cusip (only first 6 digits) and announcement date values.<br />
<br />
SELECT LEFT(acq_cusip, 6) AS acq_cusip, date_announced INTO cusip_announcedate FROM sdc GROUP BY <br />
acq_cusip, date_announced;<br />
<br />
SELECT 49766<br />
<br />
===Creating compound variables from variable list and combining them (Jake)===<br />
<br />
DROP TABLE tobinq;<br />
CREATE TABLE tobinq AS SELECT <br />
conm, gvkey, cusip, datadate, extract(year from datadate) AS year, <br />
LEFT(naics,3) AS naics3, revt, <br />
CASE WHEN (CAST(ceq AS real)) = 0<br />
THEN NULL ELSE (CAST(mkvalt AS real))/(CAST(ceq AS real)) END AS tobinq<br />
FROM compustatpull;<br />
--SELECT 464894<br />
<br />
DROP TABLE tobinqxcompetition;<br />
CREATE TABLE tobinqxcompetition AS SELECT <br />
conm, gvkey, cusip, datadate, tobinq.year, tobinq.naics3, revt, <br />
LAG(revt) OVER (PARTITION BY gvkey ORDER BY tobinq.year) AS revtlag,<br />
tobinq,<br />
LAG(tobinq) OVER (PARTITION BY gvkey ORDER BY tobinq.year) AS tobinlag, <br />
sumsharesq, countgvkey FROM tobinq <br />
LEFT JOIN competitionfinal ON tobinq.year = competitionfinal.year <br />
AND tobinq.naics3 = competitionfinal.naics3; <br />
--SELECT 464894<br />
<br />
DROP TABLE CPI;<br />
CREATE TABLE CPI(<br />
year int, avg real, twentytenbase real);<br />
<br />
\COPY CPI FROM 'CPI Data.txt' WITH DELIMITER AS E'\t' HEADER NULL AS '' CSV; <br />
<br />
DROP TABLE test;<br />
CREATE TABLE test AS SELECT tobinqxcompetition.*, acq_cusip, pc_cash,<br />
CASE WHEN (Tgt_stockEx = 'NYSE' <br />
OR Tgt_stockEx = 'AMEX' <br />
OR Tgt_stockEx = 'NASDAQ') <br />
THEN 1::int ELSE 0::int END AS Tgt_Public, <br />
date_announced,<br />
date_effective FROM tobinqxcompetition LEFT JOIN sdc ON <br />
LEFT(tobinqxcompetition.cusip, 6) = sdc.acq_cusip AND <br />
EXTRACT <br />
(year from tobinqxcompetition.datadate) = EXTRACT(year from sdc.date_effective); <br />
<br />
<br />
==STATA Work==<br />
All Stata work found in the following folder: <br />
E:\McNair\Projects\Winner's Curse\Stata<br />
<br />
Code for most recent regression:<br />
<br />
set more off<br />
insheet using "Estimation.txt"<br />
log using "Estimation.log", replace<br />
<br />
gen rmse=0<br />
gen ressd=0<br />
gen alpha=0<br />
gen beta=0<br />
<br />
tabstat acqkey, stats(min max) save<br />
matrix acqnos=r(StatTotal)<br />
local min=acqnos[1,1]<br />
local max=acqnos[2,1]<br />
<br />
forvalues acqnumber = `min'(1)`max' {<br />
capture reg ret vret if acqkey==`acqnumber'<br />
capture matrix betas=e(b)<br />
capture local beta=betas[1,1]<br />
capture local alpha=betas[1,2]<br />
capture local rmse=e(rmse)<br />
capture predict res,r<br />
capture tabstat res, stats(sd) save<br />
capture matrix resmat=r(StatTotal)<br />
capture local ressd=resmat[1,1]<br />
capture replace rmse=`rmse' if acqkey==`acqnumber'<br />
capture replace ressd=`ressd' if acqkey==`acqnumber'<br />
capture replace alpha=`alpha' if acqkey==`acqnumber'<br />
capture replace beta=`beta' if acqkey==`acqnumber'<br />
capture drop res<br />
display `acqnumber'<br />
}<br />
<br />
/*<br />
reg ret vret if acqkey==2<br />
matrix betas=e(b)<br />
local beta=betas[1,1]<br />
local alpha=betas[1,2]<br />
local rmse=e(rmse)<br />
predict res,r<br />
tabstat res, stats(sd) save<br />
matrix resmat=r(StatTotal)<br />
local ressd=resmat[1,1]<br />
replace rmse=`rmse' if acqkey==2<br />
replace ressd=`ressd' if acqkey==2<br />
replace alpha=`alpha' if acqkey==2<br />
replace beta=`beta' if acqkey==2<br />
drop res<br />
*/<br />
<br />
drop if reldayno !=-30<br />
<br />
outsheet using "Estimation-processed.txt", replace<br />
<br />
==Previous Papers==<br />
From the old wiki<br />
*[[Old VC Acquisitions Paper]]<br />
*[[Old VC Lit Review]]<br />
<br />
==Related Pages==<br />
*[[Governance Measures]]<br />
*[[E-mail Chain on Winner's Curse]]<br />
*[[Malmendier & Tate CEO Overconfidence]]<br />
<br />
==Resources==<br />
*[[SDC Platinum]]<br />
*[[Venture Expert]]</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=12565Will Cleland (Work Log)2016-11-12T20:10:23Z<p>WillC: </p>
<hr />
<div><br />
[[Category:Work Log]]<br />
[[Category:Internal]]<br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO over confidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxys for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse data base<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data in to database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/8/2016 - ABSENT<br />
* 11/10/2016 - Merge my variables and Malmendier & Tate<br />
* 11/11/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join</div>WillChttp://www.edegan.com/mediawiki/index.php?title=Will_Cleland_(Work_Log)&diff=12564Will Cleland (Work Log)2016-11-12T20:07:59Z<p>WillC: </p>
<hr />
<div><br />
[[Category:Work Log]]<br />
[[Category:Internal]]<br />
<br />
[[Will Cleland]] [[Work Logs]] [[Will Cleland (Work Log)|(log page)]]<br />
<br />
* 9/1/2016 - Make Wiki Pages for "Winner's Curse," familiarize self with new wiki and plan with team working on "Winner's Curse" if they are in.<br />
* 9/6/2016 - Work on Malmendier & Tate variables and finish wiki pages<br />
* 9/8/2016 - Met with Amir to go over paper and required variables for measuring CEO over confidence, familiarized myself with Ed's SQL code<br />
* 9/9/2016 - Talked with Jake and went over Malmendier & Tate paper to find overconfidence measures<br />
* 9/13/2016 - Absent<br />
* 9/15/2016 - Met with Amir to see which variables to use as proxys for Malmedier & Tate<br />
* 9/20/2016 - Work with Jake to build database (experienced technical difficulties, shout out Harsh)<br />
* 9/22/2016 - Develop data necessary to measure CEO overconfidence<br />
* 9/23/2016 - Absent<br />
* 9/27/2016 - Potentially upload to Stata to find which CEOs are overconfident and develop a cutoff point<br />
* 9/30/2016 - Pull all necessary data and put it in winnerscurse data base<br />
* 10/1/2016 - Came in with Jake to pull data<br />
* 10/4/2016 - Load data in to database<br />
* 10/6/2016 - Load data<br />
* 10/11/2016 - Worked with SDC data from Amir<br />
* 10/13/2016 - Absent<br />
* 10/14/2016 - Meet with Ed, see what needs doing<br />
* 10/18/2016 - Upload options DB, determine next steps for joining DBs<br />
* 10/21/2016 - Create new SDC Table, see what Jake and Amir think are next steps<br />
* 10/25/2016 - Upload new SDC Table, and create other variables<br />
* 10/27/2016 - Created flattened return table for all acquisitions<br />
* 10/28/2016 - Created abnormal return for all acquisitions, database space ran out before turnover could be created<br />
* 11/1/2016 - Continue creating variables for paper (Turnover & Momentum & public/private + discussion)<br />
* 11/3/2016 - Update wiki page with tasks and create IT Fixed Effect <br />
* 11/4/2016 - Continue Variable Creation<br />
* 11/9/2016 - ABSENT<br />
* 11/112016 - Merge my variables and Malmendier & Tate<br />
* 11/12/2016 - Narrowed everything down to three tables and narrowed SDC data, all three tables are ready for Join</div>WillC