94 Executive Stock Options, Corporate Cash Holdings and M&A Decisions Table 4 The ESOs-Induced M&A Decision for Firms in the Old and New Economy Dep: MAt Panel A: Full Sample Panel B: All-Cash Deals Old New Old New Vegat-1 Deltat-1 Cashricht-1 Vega×Cashrich Delta×Cashrich Cash/TAt-1 Salest-1 Market_to_Bookt-1 EBITDA/TAt-1 Stock returnt-1 Industry M&A liquidityt-1 Herfindahl indext-1 Market leveraget-1 InsideOwnt-1 0.0353 (0.87) -0.00107 (-0.11) -0.0155 (-1.24) 0.102* (1.82) -0.0255* (-1.79) 0.0612* (1.88) 0.0117*** (3.10) -0.0230*** (-4.44) 0.172*** (3.79) 0.00431 (0.43) 0.202** (2.27) -0.0418** (-2.34) -0.181*** (-5.85) -0.0031*** (-2.70) -0.0415 (-0.36) 0.0722*** (2.82) -0.0707** (-2.32) 0.0881 (0.72) -0.0357 (-1.26) 0.0981* (1.86) 0.0176** (1.98) -0.00233 (-0.28) -0.0917 (-0.99) 0.0240 (1.25) 1.155** (2.43) -0.0798 (-0.73) -0.244*** (-3.15) -0.0011 (-0.45) 0.0525* (1.71) -0.0125 (-1.56) -0.00235 (-0.25) 0.0423 (1.05) 0.000863 (0.08) 0.00907 (0.37) 0.00535* (1.91) -0.0152*** (-3.85) 0.118*** (3.48) -0.000176 (-0.02) 0.157** (2.48) -0.0223* (-1.68) -0.129*** (-5.32) -0.0025** (-2.48) -0.0136 (-0.15) 0.0490** (2.24) -0.00371 (-0.14) 0.0287 (0.29) -0.0273 (-1.15) 0.0451 (1.00) 0.0204*** (2.83) -0.00940 (-1.29) -0.0440 (-0.53) -0.00869 (-0.51) 0.882** (2.14) -0.112 (-1.12) -0.240*** (-3.57) -0.0002 (-0.12) Year fixed effect Number of observations Yes 7,573 Yes 1,846 Yes 6,975 Yes 1,642
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