(1)

(2)

(3)

(4)

MERGERS

MERGERS

MERGERS

MERGERS

NPILAG3

0.015

0.016

(4.95)**^j

(4.88)***

NPILAG4

0.013

0.018

(4.24)***

(5.70)***

Usmergers

-0.002

-0.008

(0.78)

(2.57)**

NLAG3

N LAG 4

SGRLAG3

SGRLAG4

CONSTANT

-19.370

0.549

-14.565

-9.111

(0.49)

(0.01)

(0.36)

(0.27)

Elasticity

1.113

. 997

1.168

1.334

(4.83)**^j

'    (4.15)***

(4.76)***

(5.55)***

Observations

14

14

14

14

R-squared

0.67

0.60

0.69

0.75

Breusch-Godfrey test

for autocorrelation

(HO: no seri

al correlation)

LM stats

1.615

4.997

1.250

0.891

p-value

0.2038

0.0254

0.2635

0.3451

(5)

MERGERS

(6)

MERGERS

(7)

MERGERS

(8)

MERGERS

0.015

0.013

(4.44)***

0.016

(4.61)***

0.012

(5.60)***

(3.99)***

-0.054

(0.14)

-0.828

(2.44)**

2.642

(1.92)*

3.403

(1.44)

-12.713

100.597

-9.236

-4.684

(0.20)

(1.88)*

(0.26)

(0.12)

1.126

1.215

. 986

. 921

(4.35)***

(5.46)***

(4.53)***

(3.92)***

14

14

14

14

0.67

0.74

0.75

0.66

1.541

1.410

0.680

3.682

0.2144

0.2350

0.4096

0.0550