英语翻译6.The only difference is that instead of using two separ

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英语翻译
6.The only difference is that instead of using two separate regressions where we are interested in the time dummies,we now run one regression and use a stock dummy which takes a value of “1” if the merger is stock based and takes a value of “0” if the merger is cash based.
If stock-based acquirers advertise more in pre-merger announcement period then we should observe a signiﬁcant positive coefﬁcient for the stock dummy.The results of this analysis are reported in Table V.
前面是个公式,带β什么的,这段是对公式的分析.

唯一的区别是,而不是使用两个单独的回归,我们感兴趣的假人,现在我们运行一个回归和使用股票虚拟一个值“1”,如果合并是基于股票的,值为“0”如果合并现金基础.
如果股权收购方广告更多的收购公告期那么我们应该观察股票虚拟的显著正系数.这个分析的结果报道在表.

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