B. Merger Analysis using Panel Data (Poisson Estimation)
|
(1) MERGERS |
(2) MERGERS |
(3) MERGERS |
(4) MERGERS | |
|
npilag3 |
0.0003 (4.24)* |
* * |
0.0003 (3.53)**j | |
|
npilag4 |
0.0002 (4.25)*** |
0.00002 |
0.0002 | |
|
sgrlag4 | ||||
|
Constant |
2.3685 |
2.4303 |
2.2986 |
2.3801 |
|
(13.60) |
*** (15.34)*** |
(13.05)*j |
t* (14.84)*** | |
|
Elasticity |
0.1574 |
0.1320 |
0.1379 |
0.1148 |
|
(4.14)** |
* (4.14)*** |
(3.48)**j |
t (3.34)*** | |
|
Observations 76 |
76 |
76 |
76 | |
|
Categories |
6 |
6 |
6 |
6 |
|
Wooldridge |
test for |
autocorrelation |
in panel |
data |
|
HO: no first-order |
autocorrelation |
0.025 |
0.194 | |
|
P value ∣ |
0.8289 |
0.6353 |
0.8810 |
0.6783 |
23
|
(5) MERGERS |
(6) MERGERS |
(7) MERGERS |
(8) MERGERS |
|
0.0002 |
0.0003 | ||
|
(2.59)*** |
0.0002 |
(3.85)*** |
0.0002 |
|
(3.00)*** |
(3.76)*** | ||
|
0.0202 (4.25)*** |
0.0136 (3.16)*** |
0.0061 (3.30)*** |
0.0061 (2.85)*** |
|
2.0427 |
2.1959 |
2.3958 |
2.4523 |
|
(10.82)*** |
(13.27)*** |
(14.30)*** |
(16.35)*** |
|
0.0998 |
0.0969 |
0.1412 |
0.1154 |
|
(2.56)*** |
(2.96)*** |
(3.77)*** |
(3.68)*** |
|
76 |
76 |
76 |
76 |
|
6 |
6 |
6 |
6 |
|
0.070 |
0.443 |
0.020 |
0.122 |
|
0.8014 |
0.5350 |
0.8933 |
0.7410 |
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