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==Variables==
The following is quick description of the variables in the Version 1 dataset, in order.
===Acquisition Specific Variables===
Note: All variables ending "11" are amounts in 2011 dollars
*acqno: The acquisition number (an index)
*dateann: Date announced
*dateannisest: Whether the date announced is estimated
*yearann: Year announced
*boom
*yearcomp: Year completed
*dateeff: Date Effective
*tv: Transaction Value
*tv11
*enterpriseval
*enterpriseval11
*equityval
*equityval11
*valueamended: Whether the Value was amended
*valueamendedupdown: Whether the amendment was Up (1) or Down (0)
*valueest: Whether the transaction value is flagged as estimated
*factor: The real dollar adjustment factor for the year of the acquisition
*factor_m1: The real dollar adjustment factor for the previous year
*mergerofequals: Whether SDC flags this as a merger of equals
*nobidders
*challenged: Whether the deal was challenged (an SDC flag)
*noconsidoffer: Number of considerations offered
*noconsidsought: Number of considerations sought
*pccash: percentage of cash in the deal
*pcother: percentage of other considerations (not cash/stock) in the deal
*pcstock: percentage of stock in the deal
*pcunknown
*horiz
*vert
*cong
===Estimation and Event Window Variables===
Note: for return variables, _m indicates minus and _p indicates plus days, so that r_m1 is the return on the stock at day minus 1, where 0 is the announcement day or the first trading day following the announcement if the exchange was closed when the announcement was made.
*alpha: The constant from the estimation regression
*beta: The coefficient on the market return from the estimation regression
*prc: The stock price 30 days prior to the announcement
*rmse: The RMSE from the estimation regression
Returns for the stock (single period buy and hold, including dividends):
*r_0
*r_m1
*r_m2
*r_m3
*r_m4
*r_m5
*r_p1
*r_p2
*r_p3
*r_p4
*r_p5
The corresponding market returns on the Value-Weighted Amex-Nasdaq-NYSE composite (including dividends):
*m_0
*m_m1
*m_m2
*m_m3
*m_m4
*m_m5
*m_p1
*m_p2
*m_p3
*m_p4
*m_p5
Abnormal returns calculated using the market model:
*arm_0
*arm_m1
*arm_m2
*arm_m3
*arm_m4
*arm_m5
*arm_p1
*arm_p2
*arm_p3
*arm_p4
*arm_p5
Abnormal returns calculated using the subtraction method:
*ars_0
*ars_m1
*ars_m2
*ars_m3
*ars_m4
*ars_m5
*ars_p1
*ars_p2
*ars_p3
*ars_p4
*ars_p5
The three day cummulative abnormal return (market model):
*carm_3
===Acquiror Specific Variables===
Note: Again "11" indicated values in 2011 dollar, but _m1 indicates the previous year for the annual accounting variables.
*aname: The acquiror name
*astate: A numeric code for the acquiror state (there is a lookup table)
Whether the acquiror is an IT or Biotech firm (binary):
*ait
*abt
Acquiror NAIC codes and Indu codes. 1 indicates 1 digit, 2 is 2 digit, and 3 is 3 digit. The indu variables have IT and BT taken out an recoded as 10&11 for 1 digit, 100&101 for 2 digit, and 1000 & 1001 for 3 digit.
*anaic
*anaic1
*anaic2
*anaic3
*aindu1
*aindu2
*aindu3
The count of previous acquisitions occuring strictly before the announcement:
*noprevacqs
*noprevacqsnonvc
*noprevacqsvc
Various acquiror accounting variables, for the year of the acquisition and lagged:
*assets
*assets11
*asset11_m1
*asset_m1
*intangibles
*intangibles11
*intangibles11_m1
*intangibles_m1
*leverage
*leverage11
*leverage11_m1
*leverage_m1
*liabilities
*liabilities11
*liabilities11_m1
*liabilities_m1
*mktvalue
*mktvalue11
*mktvalue11_m1
*mktvalue_m1
*mv: Market value calculated using the shares outstanding and the price 30 days before the announcement.
*mv11
*sales
*sales11
*sales11_m1
*sales_m1
*sharesout: the number of shares outstanding
*sharesout11: a fake variable to construct mv11
*sharesout11_m1
*sharesout_m1
===Target Specific Variables===
*tname: Target name
*tstate: A numeric code of state (same lookup as acquiror)
The IT, Biotech and NAIC/Indu variables, constructed the same as for the acquiror:
*targetit as tit
*targetbt as tbt
*tindu1
*tindu2
*tindu3
*tnaic
*tnaic1
*tnaic2
*tnaic3
The VC variables:
*vc: A binary variable - 1=VC backed, 0 otherwise
*firstinvdate
*lastinvdate
*norounds
*totalinvested
*totalinvested11
*vccontafteracq: Whether VC investment appears to continue after the acquisition is supposed to have completed
*foundingdate
===Target Accounting Variables===
*targetcommonequity
*targetcommonequity11
*targetintangibles
*targetintangibles11
*targetnetsales
*targetnetsales11
*targetrandd: R&D
*targetrandd11
*targettotalassets
*targettotalassets11
*targettotalliabilities
*targettotalliabilities11
