Table 1 Descriptive summary All firms...

Table 1

Descriptive summary

	All firms						Pilot firms						Control firms						Diff. in 2003
Variable	N	Mean	STD	25%	Median	75%	N	Mean	STD	25%	Median	75%	N	Mean	STD	25%	Median	75%	t-stat
Panel A: Firm characteristics
Ln_(1 + Count)	1,734	0.404	0.524	0	0	0.693	584	0.402	0.524	0	0	0.693	1,150	0.405	0.523	0	0	0.693	0.94
ROA	1,734	0.107	0.129	0.070	0.120	0.172	584	0.114	0.124	0.078	0.126	0.176	1,150	0.103	0.131	0.066	0.118	0.170	1.65
MB_Ratio	1,734	2.797	3.302	1.379	2.142	3.451	584	2.814	3.154	1.386	2.107	3.397	1,150	2.788	3.376	1.373	2.164	3.469	1.36
Leverage	1,734	0.312	0.294	0.040	0.279	0.468	584	0.304	0.280	0.050	0.278	0.451	1,150	0.317	0.301	0.033	0.280	0.475	−0.18
Ln_MV	1,734	7.063	1.636	5.935	6.911	8.036	584	7.112	1.642	5.991	6.973	8.110	1,150	7.038	1.632	5.899	6.880	8.004	0.85
Ln_Sales	1,734	6.842	1.746	5.683	6.810	7.945	584	6.864	1.712	5.766	6.892	7.907	1,150	6.830	1.763	5.648	6.766	7.970	0.39
CAPEX	1,734	0.078	0.149	0.020	0.035	0.067	584	0.079	0.148	0.020	0.036	0.068	1,150	0.078	0.149	0.019	0.034	0.067	1.28
RDX	1,734	0.102	0.322	0	0.008	0.089	584	0.101	0.340	0	0.004	0.081	1,150	0.103	0.313	0	0.010	0.094	−0.07
Cash	1,734	0.413	1.071	0.032	0.111	0.353	584	0.400	1.108	0.028	0.103	0.334	1,150	0.420	1.051	0.035	0.115	0.354	−0.43

	All firms						Pilot firms						Control firms						Diff. in 2003
Variable	N	Mean	STD	25%	Median	75%	N	Mean	STD	25%	Median	75%	N	Mean	STD	25%	Median	75%	t-stat
Panel A: Firm characteristics
Ln_(1 + Count)	1,734	0.404	0.524	0	0	0.693	584	0.402	0.524	0	0	0.693	1,150	0.405	0.523	0	0	0.693	0.94
ROA	1,734	0.107	0.129	0.070	0.120	0.172	584	0.114	0.124	0.078	0.126	0.176	1,150	0.103	0.131	0.066	0.118	0.170	1.65
MB_Ratio	1,734	2.797	3.302	1.379	2.142	3.451	584	2.814	3.154	1.386	2.107	3.397	1,150	2.788	3.376	1.373	2.164	3.469	1.36
Leverage	1,734	0.312	0.294	0.040	0.279	0.468	584	0.304	0.280	0.050	0.278	0.451	1,150	0.317	0.301	0.033	0.280	0.475	−0.18
Ln_MV	1,734	7.063	1.636	5.935	6.911	8.036	584	7.112	1.642	5.991	6.973	8.110	1,150	7.038	1.632	5.899	6.880	8.004	0.85
Ln_Sales	1,734	6.842	1.746	5.683	6.810	7.945	584	6.864	1.712	5.766	6.892	7.907	1,150	6.830	1.763	5.648	6.766	7.970	0.39
CAPEX	1,734	0.078	0.149	0.020	0.035	0.067	584	0.079	0.148	0.020	0.036	0.068	1,150	0.078	0.149	0.019	0.034	0.067	1.28
RDX	1,734	0.102	0.322	0	0.008	0.089	584	0.101	0.340	0	0.004	0.081	1,150	0.103	0.313	0	0.010	0.094	−0.07
Cash	1,734	0.413	1.071	0.032	0.111	0.353	584	0.400	1.108	0.028	0.103	0.334	1,150	0.420	1.051	0.035	0.115	0.354	−0.43

	By industry			By CAR
Year	Cross	Within	Total	Negative	Positive	Total
Panel B: M&A classification
2001	560	678	1,238	845	380	1,225
2002	535	703	1,238	863	366	1,229
2003	542	737	1,279	856	416	1,272
2005	576	836	1,412	868	532	1,400
2006	596	731	1,327	842	475	1,317
2007	606	690	1,296	881	403	1,284
2008	428	603	1,031	728	298	1,026
2009	331	385	716	495	210	705
2010	396	507	903	555	343	898
Pre: 2001–2003	1,637	2,118	3,755	2,564	1,162	3,726
During: 2005–2007	1,778	2,257	4,035	2,591	1,410	4,001
Post: 2008–2010	1,155	1,495	2,650	1,778	851	2,629
Total	4,570	5,870	10,440	6,933	3,423	10,356

	By industry			By CAR
Year	Cross	Within	Total	Negative	Positive	Total
Panel B: M&A classification
2001	560	678	1,238	845	380	1,225
2002	535	703	1,238	863	366	1,229
2003	542	737	1,279	856	416	1,272
2005	576	836	1,412	868	532	1,400
2006	596	731	1,327	842	475	1,317
2007	606	690	1,296	881	403	1,284
2008	428	603	1,031	728	298	1,026
2009	331	385	716	495	210	705
2010	396	507	903	555	343	898
Pre: 2001–2003	1,637	2,118	3,755	2,564	1,162	3,726
During: 2005–2007	1,778	2,257	4,035	2,591	1,410	4,001
Post: 2008–2010	1,155	1,495	2,650	1,778	851	2,629
Total	4,570	5,870	10,440	6,933	3,423	10,356

Note(s): This table presents the summary statistics of the sample. Panel A reports the summary statistics of firm characteristics variables. The variables include M&A frequency (Ln_(1 + Count)), return on assets (ROA), market-to-book ratio (MB_Ratio), leverage (Leverage), size (Ln_MV), sales (Ln_Sales), capital expenditures (CAPEX), R&D expenditures (RDX) and cash and short-term investment (Cash). For each variable, we report the number of firms, mean, standard deviation (STD), 25th percentile values, median and 75th percentile values. All variables are winsorized at 1% and 99% to mitigate the impact of outliers. Following Fang et al. (2016) and De Angelis et al. (2017), we also compare the differences of various firm characteristics between the pilot and the control group in 2003, the year immediately before the start of the pilot program and report the t-statistics of the difference. Panel B reports the classification of M&A deals year by year. The sample period is from January 2001 to December 2010, excluding 2004. See appendix for a detailed description of the variables

Source(s): Table by authors

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