Information Asymmetry Measures - Revision history

imported>Ed: /* New Measures */

2013-07-25T22:55:04Z

New Measures

2013-07-25T22:22:43Z

New Measures

2013-07-25T22:22:33Z

New Measures

2013-07-25T22:21:42Z

New Measures

2013-07-25T22:05:09Z

2013-07-25T21:59:13Z

2012-08-03T16:39:04Z

Distance btw Acquirer and Target

2012-08-03T16:24:56Z

Distance btw Acquirer and Target

2012-08-02T00:06:38Z

Analyst Forecasts

2012-08-01T21:07:27Z

Accounting Variables

← Older revision		Revision as of 22:55, 25 July 2013
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	==New Measures==		==New Measures==

−	The prior usage of these measures (except for distance and patents) is in the table in the next section ([[#Table of Measure Usage\|Table of Measure Usage]]. The build notes for each of these measures are included in the [[#Build Notes\|Build Notes]] section below.	+	The prior usage of these measures (except for distance and patents) is in the table in the next section ([[#Table of Measure Usage\|Table of Measure Usage]]). The build notes for each of these measures are included in the [[#Build Notes\|Build Notes]] section below.

← Older revision		Revision as of 22:22, 25 July 2013
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	The prior usage of these measures (except for distance and patents) is in the table in the next section ([[#Table of Measure Usage\|Table of Measure Usage]]. The build notes for each of these measures are included in the [[#Build Notes\|Build Notes]] section below.		The prior usage of these measures (except for distance and patents) is in the table in the next section ([[#Table of Measure Usage\|Table of Measure Usage]]. The build notes for each of these measures are included in the [[#Build Notes\|Build Notes]] section below.
		+

	'''Deal-level IA Measures:'''		'''Deal-level IA Measures:'''

@@ Line 8: / Line 8: @@
 The prior usage of these measures (except for distance and patents) is in the table in the next section ([[#Table of Measure Usage|Table of Measure Usage]]. The build notes for each of these measures are included in the [[#Build Notes|Build Notes]] section below.
-Deal-level IA Measures:
+'''Deal-level IA Measures:'''
 *iagoogledist - The distance between the target and acquirer HQ as calculated by Google Maps
 *iagoogledur - The driving time between the target and acquirer HQ as calculated by Google Maps
@@ Line 16: / Line 16: @@
 *samestate - Whether the target and the acquirer are headquartered in the same state
 Target-level IA Measures:
 *patents - Binary Variable: Whether the target has patents
 *patentcount - The count of patents held by the target
 Industry-Year IA Measures (Industry defined at 3dg NAIC, year is transaction year):
 *From Compustat (Accounting Measures):
 **iacstatmktba - The Market-to-Book Value of Assets ratio
@@ Line 42: / Line 44: @@
 **iaibesforecastsd - Std. Deviation of forecase error (see below)
-The following variables are also available in log form:
 *iagoogledistl
 *iagoogledurl

@@ Line 8: / Line 8: @@
 The prior usage of these measures (except for distance and patents) is in the table in the next section ([[#Table of Measure Usage|Table of Measure Usage]]. The build notes for each of these measures are included in the [[#Build Notes|Build Notes]] section below.
 *iagoogledist - The distance between the target and acquirer HQ as calculated by Google Maps
 *iagoogledur - The driving time between the target and acquirer HQ as calculated by Google Maps
-*iacstatmktba
+*iagoogledur20m - Binary variable: Whether the target is within 20mins drive of the acquirer (the 20minute rule)
-*iacstatmktbe
+*iagoogledur60m - Binary variable: Whether the target is within 1hr drive of the acquirer
-*iacstatepratio
+*iagoogledur120m - Binary variable: Whether the target is within 2hr drive of the acquirer
-*iacstattotalassets
+*samestate - Whether the target and the acquirer are headquartered in the same state
 ==Table of Measure Usage==

← Older revision		Revision as of 22:05, 25 July 2013
Line 6:		Line 6:
	==New Measures==		==New Measures==

−	The prior usage of these measures (except for distance and patents) is in the table in the next section. The build notes for each of these measures are included in the [[#Build Notes]] section below.	+	The prior usage of these measures (except for distance and patents) is in the table in the next section ([[#Table of Measure Usage\|Table of Measure Usage]]. The build notes for each of these measures are included in the [[#Build Notes\|Build Notes]] section below.
		+
		+	*iagoogledist - The distance between the target and acquirer HQ as calculated by Google Maps
		+	*iagoogledur - The driving time between the target and acquirer HQ as calculated by Google Maps
		+	*iacstatmktba
		+	*iacstatmktbe
		+	*iacstatepratio
		+	*iacstattotalassets
		+	*iacstatmkval
		+	*iacstatmkvall
		+	*iacstatdevstage
		+	*iacstatrandd
		+	*iacstatranddl
		+	*iacstattotalrandd
		+	*iacstatranddsaleratio
		+	*iacstatintan
		+	*iacstatintanratio
		+	*iacrspvolratio
		+	*iacrsprmse
		+	*iaibesrange
		+	*iaibesnumest
		+	*iaibesforecasterror
		+	*iaibesforecastsd
		+	*patents
		+	*patentcount

@@ Line 3: / Line 3: @@
 This page provides a summary details from the [[Information Asymmetry in Acquisitions Lit Review]] and the begining of the build notes for these variables.
-−
 ==Table of Measure Usage==

← Older revision		Revision as of 16:39, 3 August 2012
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	The sensible thing is probably to fire one element per query - as there is no gain to doing multiple elements.		The sensible thing is probably to fire one element per query - as there is no gain to doing multiple elements.
		+
		+	Useful code references include:
		+	*[http://search.cpan.org/~gaas/libwww-perl-6.04/lib/LWP.pm#The_User_Agent LWP]
		+	*[http://search.cpan.org/~makamaka/JSON-2.53/lib/JSON.pm#decode_json JSON]

@@ Line 321: / Line 321: @@
 We will build a quick XML API to access: https://developers.google.com/maps/documentation/distancematrix/
-We can pass 2,500 requests per IP address per day (24hrs) to this service, with a max of 100 elements per query and a max of 100 elements per 10 seconds. Note that URLs are restricted to 2048 characters, before URL encoding (particularly relevant if using multiple elements). Returned data includes:
+We can pass 2,500 'elements' per IP address per day (24hrs) to this service, with a max of 100 elements per query and a max of 100 elements per 10 seconds. Note that URLs are restricted to 2048 characters, before URL encoding (particularly relevant if using multiple elements) and an element is an origin-destination pair. Returned data includes:
-*Road Distances (in meters/ft in the value field, and miles/km in text)
+*Road Distances (in meters/ft(?) in the value field, and km/miles in text)
 *Driving Times (in seconds in the value field, and hours in text)
@@ Line 330: / Line 330: @@
 http://maps.googleapis.com/maps/api/distancematrix/xml?origins=Bobcaygeon+ON|41.43206,-81.38992&destinations=Darling+Harbour+NSW+Australia&mode=driving&units=metric&sensor=false
-The sensible thing is probably to query all targets (up to some limit, say 25, depending on the length of address strings) for a single acquirer in one-shot.
+The sensible thing is probably to fire one element per query - as there is no gain to doing multiple elements.

@@ Line 264: / Line 264: @@
 *b5191ac65df7b6c4.txt (197.3 MB, 2569173 observations 15 variables
-Match back to COMPUSTAT to get NAICS.
+Match back to COMPUSTAT to get NAICS. See: http://wrds-web.wharton.upenn.edu/wrds/support/Data/_010Linking%20Databases/_000Linking%20IBES%20and%20CRSP%20Data.cfm
 ===Accounting Variables===

@@ Line 286: / Line 286: @@
 *Ratio of Intangible Assets INTAN/AT
 *Sales Growth: <math>\frac{SALE_t - SALE_{t-1}}{SALE_{t-1}}</math>
 Draw Notes: