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|TitleHas title=Winner's Curse in Acquisitions (Academic Paper)|AuthorHas author=Ed Egan, Jim Brander|Has RAs=Amir Kazempour, Will Cleland, Jake Silberman|StatusHas paper status=R&RPublished

==WHAT MATTERSSummary==Ed - Review code for distance and triple join

Amir - Literature review This paper finds evidence consistent with a Winner's Curse in the acquisitions of Governance measures privately- Tell Will held firms. This Winner's Curse is aggravated when there are more potential bidders and Jake what to pull/or greater information asymmetries.

Will The paper was accepted for publication in the Quarterly Review of Economics and Finance in February of 2017. ==Dbase Notes==  --SDC_TABLE.sql --START AT NEW CODE SDC - Continue cleaning, run SDCv2 -Raw data in SDCBase --No dups SDCV2 --Code and SDCBase through restrict 40216 SDCNo --Build AcqNo SDCA1 --Add previous acqs SDCA2 --Add bin for IT (from SDCwIT) SDCA3 --Add bin for pub/priv (from SDC_test) SDCA4 --Add indu FE (40216) --CRSP_TABLE.sql CRSPFinal --Processed Raw CRSPMain --w/ cusip6 CRSPRelNoInc --Add in the previous code DayNo and lose irrelevant CUSIP EstimationBaseNoDups Estimation1-5 5 --output tables EstimationTotal --THIS IS LIKELY DEPRECATED Competition EventBase --Only SDC relevant CUSIP -3 to +3 ... Flatten1 -- Rn3 to Rp3 and VRn3 to VRp3 Flatter -- Collapse 32109 EstimationOutput --Load it back up 30950 AbnormalReturn1 --Join back to Flatter ABR2 --Abnormal returns (plus momentum) AbRet --CARs 30950 ------------- Turnover --NEEDS REWORKING tobinq -- CPI Below that is supersceeded --GOV_Table and work on triple joinGOVERNANCE_NOTES.txt --Malmendier_tate.sql

==Governance_Final Table (Amir)== UPDATE Nov 22, 3:30 pm: All null entries are now stored as 0. Modified SQL codes can be found in GOV_Table- NULL AS ZERO.sql  Table Name: governance_final Database: winner  Data: ISS (formerly RiskMetrics) - Governance Data Request QUERY saved under 'RiskMetrics' in WRDS Coverage:2007-2015 Summary: SELECT COUNT(*) FROM governance_final; count ------- 40005 (1 row)  SELECT COUNT(DISTINCT CUSIP) FROM governance_final; count ------- 2209 (1 row)  SELECT COUNT(DISTINCT(CUSIP, year)) FROM governance_final; count ------- 13332 (1 row)