|
------------ |
(9) MERGERS |
(10) MERGERS |
(11) MERGERS |
(12) MERGERS |
(13) MERGERS |
(14) MERGERS |
(15) MERGERS |
-------- (16) |
|
NPILAG3 |
0.015 |
0.013 |
0.013 |
0.013 |
-------- | |||
|
(4.46)*** |
(3.67)*** |
(3.79)*** |
(3.50)*** | |||||
|
NPILAG4 |
0.018 |
0.017 |
0.015 |
0.017 | ||||
|
(5.21)*** |
(4.61)*** |
(4.78)*** |
(4.18)*** | |||||
|
NLAG3 |
0.748 |
0.140 |
0.229 | |||||
|
(1.03) |
(0.39) |
(0.28) | ||||||
|
NLAG4 |
-0.333 |
-0.721 |
-0.357 | |||||
|
(0.46) |
(1.90)* |
(0.47) | ||||||
|
USMERGERS |
-0.007 |
-0.005 |
0.001 |
-0.007 |
-0.001 |
-0.004 | ||
|
(1.29) |
(0.77) |
(0.29) |
(1.93)* |
(0.12) |
(0.56) | |||
|
SGRLAG3 |
2.940 |
2.809 |
2.628 | |||||
|
(1.66)* |
(1.87)* |
(1.20) | ||||||
|
SGRLAG4 |
1.089 |
1.619 |
1.173 | |||||
|
(0.45) |
(0.70) |
(0.46) | ||||||
|
CONSTANT |
-96.700 |
34.407 |
-10.116 |
-9.794 |
-25.968 |
85.159 |
-35.753 |
36.917 |
|
(1.08) |
(0.34) |
(0.27) |
(0.28) |
(0.46) |
(1.44) |
(0.35) |
(0.35) | |
|
------------ Elasticity |
1.101 |
1.307 |
.949 |
1.276 |
.943 |
1.151 |
.959 |
-------- 1.241 |
|
(4.37)*** |
(5.09)*** |
(3.63)*** |
(4.53)*** |
(3.74)*** |
(4.69)*** |
(3.46)*** |
(4.11)*** | |
|
------------ Observations |
14 |
14 |
14 |
14 |
14 |
14 |
14 |
-------- 14 |
|
R-squared |
0.72 |
0.76 |
0.76 |
0.75 |
0.76 |
0.75 |
0.76 |
0.76 |
|
--------------------- Breusch-Godfrey test |
for autocorrelation (H0: |
no serial correlation) |
-------- | |||||
|
LM stats |
0.797 |
1.067 |
0.706 |
0.803 |
0.721 |
1.026 |
0.731 |
0.921 |
|
p-value |
0.3721 |
0.3016 |
0.4007 |
0.3703 |
0.3959 |
0.3110 |
0.3925 |
0.3372 |
Notes:
i. Absolute value of z statistics in parentheses. * significant at 10%; ** significant at 5%; ***
significant at 1%.
ii. Elasticity denotes elasticity of mergers with respect to NPI lag evaluated at their sample means.
22
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