Note(s): This table reports the results of the univariate test of M&As classified by CAR. Panels A and B report the results of negative and positive CAR deals, respectively. The CAR is calculated relative to a size and MB ratio benchmark portfolio over a period of 36 months after the completion of the M&A 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 mergers and acquisitions 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% levels respectively