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The Effect of Leverage Buyouts on Innovation (view source)
Revision as of 18:28, 25 July 2019
, 18:28, 25 July 2019→Code
UPDATE LBOvalid SET CSfyear = 1994 WHERE gvkey='025389';
--1
Next go after Tobin's q. The definition used is:
generate tobinq:"Tobin's Q" = (csho*prcc_f)+lt/at
. tab gvkey if regfilter & hadlbo & tobinq==. & gvkey!=3051 & gvkey!=25389
Compustat |
gvkey | Freq. Percent Cum.
------------+-----------------------------------
6005 | 1 20.00 20.00 1994 (1992), missing prcc_f
10160 | 1 20.00 40.00 1990 (1989), missing prcc_f
14628 | 1 20.00 60.00 1988 (1987), missing prcc_f but no prev year anyway...
15309 | 1 20.00 80.00 No prev year...
118321 | 1 20.00 100.00 2007(2005), missing csho. Could use previous year's of 42.266..
------------+-----------------------------------
Total | 5 100.00
Ignoring the two with no previous year...
gvkey year incs tic conm at csho lt exchg prcc_f gopvtyear exityear csfyear hadlbo
6005 1992 1 3IGRR INTEGRATED RESOURCES INC 1338.19 8.929 2429.61 13 1994 1996 1992 1
10160 1989 1 AG1 SUNBEAM CORP 785.105 .001 444.262 0 1990 1992 1989 1
118321 2005 1 SRNA.1 SERENA SOFTWARE INC 671.61 369.614 14 23.61 2006 2012 2005 1 1.229053
Found SEC order[https://www.sec.gov/litigation/admin/33-7976.htm] for Sunbeam for artificially inflating its stock price:
"From the last quarter of 1996 until June 1998, Sunbeam Corporation's senior management created the illusion of a successful restructuring of Sunbeam in order to inflate its stock price and thus improve its value as an acquisition target..."
Couldn't find prices for either Sunbeam or Intergrated, so used the previous year's csho for Serena and moved on.
=Ed's version from 2018=
