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79


Table 4.12: Results for Covariate 5 - Liability for Acquisitions

τ = -0.5

τ = 0

τ = 0.2

τ = 0.5

τ = 0.8

Parameters

SE of Est

Upper Bound

Lower Bound

-0.361

0.240

0.110

-0.832

-0.327

0.260

0.183

-0.836

-0.268

0.195

0.114

-0.650

0.056

0.226

0.498

-0.386

-0.162

0.181

0.192

-0.516

Liability - Betac

0.6

0.4


P=0.13


0.2 -

0.0

-0.2^c '


.6


-0.4


-0.2      0 0      0


0.4


0.6      0 8


-0.4


♦ Estimate

■ Upper Bound

Low er Bound


-0.6 -


P=0.80      P=0.37

-0.8

-1.0


P=0.21   P=0.17

Tau

Figure 4.10: Parameter Estimates of Liability for Acquisitions



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