英语翻译
For merger type 1,the DR coef?cient is notsigni?cant but the regression coef?cient on the managerial OWN variable is positiveand signi?cant at the 5 and 10 percent level for model (1) and model (2),respectively.Similarly,formerger type 2,the DRhas an insigni?cant coef?cient butmanagerialOWNhas a regression coef?cient that is positive and signi?cant at 5 percent level for bothmodels.Hence,it seems that higher insider OWN induces acquiring rms to increaseadvertising intensity in pre-merger announcement period if the method of payment isstock.