Winner's Curse in Acquisitions (Academic Paper)
| Winner's Curse in Acquisitions (Academic Paper) | |
|---|---|
| Project Information | |
| Project Title | |
| Start Date | |
| Deadline | |
| Primary Billing | |
| Notes | |
| Has project status | |
| Copyright © 2016 edegan.com. All Rights Reserved. | |
Contents
Mini task 1, SDC Data Pull, preferably Jake
Pull the following list of variables: 1985 to present. If you think there should be another variable included feel free to add them to the following list. Import them into a SQL table. Make sure to document every step including the SQL codes. If possible save the data pull session.
- CUSIP
- Exchange and ticker
- Company name
- Acq transaction value
- Acq announcement date
- Number of bidders
- NAICS codes for target and Acq.
- Addresses
Mini task 2, COMPUSTAT and CRSP Data Pull, preferably Will
The same as task 1 for the following variables.
- Variables for CRISP(daily)
- Stock price
- Returns
- Variable for COMPUSTAT ( Everything 1980 to present)
- Acq market value of assets
- NAICS codes
- Sales
- GVKEY
- intangible assets
- TOBIN's Q
Mini task 3, Governance Measures
Projects --> Winner's Curse --> Data
Open the GovernanceVARS.txt
These are
- staggered boards
- limits to shareholder bylaw amendments
- limits to shareholder charter amendments
- supermajority requirements for mergers
- poison pills
- golden parachutes
To do list
- Including public acquisitions
- Find SIC codes for the old data, also for the public firms that are now included.
- Data from SDC
- Social criteria acquisitions announcement dates 1985 - present
- Acquirer publicly traded ( must be AMEX, NASDAQ, or NYSE)
- Target status is public or private
- Acquirer and target are U.S. firms.
- Acq of 100 percent of the firm and Acq. completed
- GVKEY
- Variable list for SDC
- CUSIP
- Exchange and ticker
- Company name
- Acq transaction value
- Acq announcement date
- Number of bidders
- NAICS codes for target and Acq.
- Addresses
- T
- Variables for CRISP(daily)
- Stock price
- Returns
- Variable for COMPUSTAT ( Everything 1980 to present)
- Acq market value of assets
- NAICS codes
- Sales
- GVKEY
- intangible assets
- TOBIN's Q
Magic with CUSIPs : CUSIP is a nine digit number (possibly ten, ) Seven issuer, two issue, one check
CRSP processing notes: estimation window 250 days ending 30 days before the Acq. must be at least 50 continuous days before the 30 days window. See page 9 of the paper for data processing notes. FROM
http://www.edegan.com/repository/DD-ThomsonSDCMA.txt
Governance Variables
A list of governance variables can be found in: E:\McNair\Projects\Winner's Curse\Data\GovernanceVARS
Paper Discussion
Variables & Where to Find Them:
| Variable | Location |
| Actual Return | CRSP |
| Abnormal Return | CRSP |
| Average Return | CRSP |
| Weighted Average Return | CRSP |
| Cumulative Ab. Return | CRSP |
| Boom | SDC |
| Competition | Compustat |
| Distance | SDC + google maps |
| IT Fixed Effect | SDC |
| Idiosyncratic Volatility | CRSP (Calculated) |
| Industry Fixed Effect | SDC |
| Momentum | CRSP (Calculated) |
| Private Financial Data | CRSP |
| Percent Cash | SDC |
| Previous Acquisitions | SDC |
| Sales | Compustat |
| Tobin's Q | Compustat |
| Turnover | CRSP |
| VC Fixed Event | SDC & VentureXpert |
| Governance | Compustat |
| Friendly vs. Hostile | SDC |
Previous Papers
From the old wiki
