Note(s): This table reports the results of the univariate test of M&As. Panels A, B, and C report the results of cross-industry, all and within-industry deals, respectively. If the acquirer and target are in different Fama-French's 48 industry classifications, we regard this deal as a cross-industry deal. A firm is classified into the pilot group if the stock is designated as a pilot stock during the program and into the control group otherwise. The frequency of a firm's M&As is measured by Ln(1 + Count_i,t), where Count_i,t is the number of deals announced by firm i in a given year t. The three years before the pilot program (2001 to 2003) is the Pre period. The three years of the pilot program (2005 to 2007) is the During period. We report the cross-sectional mean of the pilot and control group during the Pre and the During periods, the time-series mean difference (During-Pre), the cross-sectional mean difference (Pilot-Control) and their difference-in-difference (DID). In the DID panel regression, we cluster the standard errors at the firm level. ^***, ^** and ^* indicate significance at the 1%, 5% and 10% level, respectively