英语翻译
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.
合并1型,DR系数?大的是notsigni?只有回归系数?有效管理自己的变量是在积极的意义?在5和百分之10斜面模型（1）和模型（2）,分别为.同样,formerger 2型的一个标志,drhas?斜面系数?大的butmanagerialownhas回归系数?大的,是积极的,在百分之5的水平bothmodels斜面.因此,它似乎更高的内部自身诱导获得?RMS increaseadvertising强度在合并前的公告期间如果付款isstock方法.