Serial Acquisitions, Overconfidence and Ceo’s Empire Building
Essay by Dan Zhou • March 26, 2017 • Essay • 468 Words (2 Pages) • 1,396 Views
Essay Preview: Serial Acquisitions, Overconfidence and Ceo’s Empire Building
Project II:
Serial Acquisitions, Overconfidence and CEO’s Empire Building
1/ the regression estimation with the OLS
Dependent Variable: NB_ACQUISITIONS | ||||
Method: Least Squares | ||||
Date: 03/01/17 Time: 10:28 | ||||
Sample: 1 712 | ||||
Included observations: 633 | ||||
Variable | Coefficient | Std. Error | t-Statistic | Prob. |
C | 10.07546 | 1.498498 | 6.723702 | 0.0000 |
GROWTH | 3.83E-05 | 3.07E-05 | 1.244547 | 0.2138 |
INSIDER | -0.010362 | 0.003165 | -3.273848 | 0.0011 |
AVERAGE_RELATIVE_SIZE | 0.037109 | 0.011306 | 3.282326 | 0.0011 |
TE_TA | 0.135573 | 0.061296 | 2.211784 | 0.0273 |
SIZE | -0.545269 | 0.159014 | -3.429061 | 0.0006 |
FIXED_ASSETS | -0.160198 | 0.341992 | -0.468426 | 0.6396 |
FINANCE | 0.288161 | 0.328596 | 0.876946 | 0.3809 |
R-squared | 0.092650 | Mean dependent var | 5.483412 | |
Adjusted R-squared | 0.082488 | S.D. dependent var | 2.894800 | |
S.E. of regression | 2.772838 | Akaike info criterion | 4.890178 | |
Sum squared resid | 4805.395 | Schwarz criterion | 4.946424 | |
Log likelihood | -1539.741 | Hannan-Quinn criter. | 4.912020 | |
F-statistic | 9.117002 | Durbin-Watson stat | 0.129146 | |
Prob(F-statistic) | 0.000000 | |||
2/ The evaluation of the explanatory power of the model:
According to the regression estimation with the OLS, we have the Adjusted R-square equal to 0.082488, which means that, with our explanatory variables we succeeded to explain 8.25% of our dependent variable (Number of acquisition)
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