86 Executive Stock Options, Corporate Cash Holdings and M&A Decisions Table 1 Descriptive Statistics Variables Observations Mean Standard Deviations Lower Quartile Median Upper Quartile CEO Compensation Vega t-1 Delta t-1 Firm Characteristics Cashrich t-1 Cash/TA t-1 Sales t-1 Stock return t-1 Market_to_Book t-1 EBITDA/TA t-1 Market leverage t-1 Industry M&A Liquidity t-1 Herfindahl index t-1 MA t InsideOwn t-1 IAROA t+1 IAM/B t+1 IAROA t-1 IAM/B t-1 Aveleverag Avesalegrowth Acquisition Variables Vega acquier,t-1 Delta acquier,t-1 CAR (-2, +2) Relative Size t Private Target t Within-industry Acquisition t All Cash t Competed t Hostile t 13,553 13,553 13,553 13,553 13,553 13,553 13,553 13,553 13,553 13,553 13,553 13,553 13,553 6,582 6,582 6,582 6,582 6,582 6,582 1,890 1,890 1,890 1,890 1,890 1,890 1,890 1,890 1,890 0.1031 0.4479 0.4147 0.1619 7.1312 0.1621 1.9569 0.1712 0.3233 0.0218 0.3122 0.1395 1.5510 0.0683 0.3273 0.0716 0.3717 0.3255 0.0853 0.1301 0.5112 0.0051 -2.4546 0.4402 0.5063 0.4254 0.0143 0.0026 0.1545 0.7047 0.4927 0.1963 1.5016 0.4961 1.2709 0.1107 0.2021 0.0419 0.2275 0.3464 4.8661 0.1260 1.1087 0.1174 1.1249 0.1902 0.1483 0.1743 0.7662 0.0672 1.2296 0.4965 0.5001 0.4945 0.1187 0.0514 0.0070 0.0608 0 0.0271 6.1043 -0.1342 1.1860 0.1065 0.1599 0.0000 0.1362 0 0 0.0027 -0.2566 0.0046 -0.2314 0.1734 0.0015 0.0153 0.0827 -0.0267 -3.4163 0 0 0 0 0 0.0398 0.1676 0 0.0857 7.0115 0.1010 1.5533 0.1591 0.2949 0.0056 0.2473 0 0 0.0482 0.0584 0.0499 0.0886 0.3042 0.0704 0.0598 0.2076 0.0040 -2.5026 0 1 0 0 0 0.1240 0.4752 1 0.2227 8.1095 0.3687 2.2413 0.2243 0.4554 0.0236 0.3923 0 0.6000 0.1098 0.6248 0.1126 0.6514 0.4517 0.1471 0.1610 0.5305 0.0379 -1.5617 1 1 1 0 0 Note: This table shows the descriptive statistics for the sample. The Variable definitions are summarized in the Appendix. All numerical variables are winsorized at 1st and 99th percentiles.
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