Variable

Dollar Amount of SBL

Ratio of Firm-County-SBL to total Firm-SBL

$ 1 Billion Definition

$10 Billion Definition

$ 1 Billion Definition

$10 Billion Definition

Full Sample

(1)

Post-Crisis

(2)

Full Sample

(3)

Post-Crisis

(4)

Full Sample

(5)

Post-Crisis

(6)

Full Sample

(7)

Post-Crisis

(8)

(0,1) County

(1,0) County

Ratio of Acq. to Tgt. Assets

CB Acquirer, (1,0) county

CB Acquirer, (0,1) county

Non-CB Acq., (1,1) county

Non-CB Acq., (1,0) county

−

−

−

0.422***

(0.121)

−0.0481

(0.137)

−0.434***

(0.146)

−0.0479

(0.113)

−0.377**

(0.182)

0.514***

(0.144)

−0.00875**

(0.00381)

−

−

−

−

−

−

−

0.386***

(0.0831)

−0.0746

(0.104)

−0.00177

(0.176)

0.200**

(0.0993)

−0.409**

(0.171)

0.474***

(0.134)

−0.00837**

(0.00365)

−

−

−

−

−

−

−

0.882***

(0.133)

0.249*

(0.144)

−0.353**

(0.150)

0.402***

(0.115)

0.161

(0.186)

1.098***

(0.157)

−0.00960***

(0.00365)

−

−

−

−

−

−

−

0.802***

(0.0908)

0.179

(0.110)

0.256

(0.167)

0.650***

(0.0912)

0.0630

(0.172)

0.997***

(0.144)

0.00950***

(0.00352)

−

−

−

−

Non-CB Acq., (0,1) county

County Population Change

Unemployment Rate Chg.

Per-Capita Income Chg.

Business BK rate Chg.

Personal BK rate Chg.

Intercept

Year Dummies?

−0.778***

(0.181)

0.00000411***

(0.00000138)

0.0110

(0.0339)

0.0000

(0.0000)

−76.76

(210.5)

28.50

(29.41)

−0.158

(0.187)

Yes

−

0.00000523**

(0.0000)

0.0669

(0.0620)

0.0000

(0.0000)

−724.8

(556.6)

53.11

(74.60)

−0.887***

(0.261)

Yes

−0.645***

(0.233)

0.00000330**

(0.00000129)

0.0192

(0.0321)

0.0000

(0.0000)

−64.24

(209.7)

22.28

(27.84)

−0.269

(0.170)

Yes

−

0.00000505**

(0.0000)

0.0777

(0.0580)

0.0000

(0.0000)

−641.8

(532.3)

46.35

(70.84)

−0.848***

(0.248)

Yes

−0.535***

(0.189)

0.0000

(0.0000)

−0.0106

(0.0283)

0.0000

(0.0000)

92.07

(228.0)

11.55

(25.37)

−0.835***

(0.154)

Yes

−

0.0000

(0.0000)

0.126**

(0.0521)

0.0000

(0.0000)

−1026.9*

(526.2)

89.60

(71.56)

−0.920***

(0.192)

Yes

−0.205

(0.232)

0.0000

(0.0000)

−0.00229

(0.0271)

0.0000

(0.0000)

94.88

(226.7)

8.381

(23.99)

−0.926***

(0.132)

Yes

−

0.0000

(0.0000)

0.122**

(0.0485)

0.0000

(0.0000)

−951.1*

(505.2)

87.04

(67.32)

−0.852***

(0.180)

Yes

Probability of Increase for elements of C_i,j vs. base case

(1,1) County

(1,0) County

(0,1) County

CB Acquirer, (1,1) county

CB Acquirer, (1,0) county

CB Acquirer, (0,1) county

Non-CB Acq., (1,1) county

Non-CB Acq., (1,0) county

Non-CB Acq., (0,1) county

−

−

−

0.410***

(0.0258)

0.513***

(0.014)

0.398***

(0.021)

0.311***

(0.021)

0.398***

(0.007)

0.243***

(0.0264)

0.353***

(0.0294)

0.475***

(0.0151)

0.274***

(0.0251)

−

−

−

−

−

−

−

−

−

0.372***

(0.0176)

0.464***

(0.009)

0.355***

(0.0166)

0.371***

(0.0367)

0.419***

(0.0155)

0.238***

(0.0397)

0.355***

(0.0275)

0.468***

(0.0144)

0.269***

(0.0237)

−

−

−

−

−

−

−

−

−

0.281***

(0.023)

0.486***

(0.136)

0.334***

(0.020)

0.216***

(0.017)

0.370***

(0.006)

0.187***

(0.023)

0.240***

(0.024)

0.483***

(0.015)

0.270***

(0.025)

−

−

−

−

−

−

−

−

−

0.258***

(0.0150)

0.437***

(0.009)

0.294***

(0.0156)

0.310***

(0.0314)

0.400***

(0.0110)

0.221***

(0.0374)

0.253***

(0.0230)

0.476***

(0.0142)

0.265***

(0.0236)

−

−

−

−

−

−

Number of Obs.

Cluster Level

No. of Clusters

66,882

Merger

1280

12,336

Merger

477

89,504

Merger

1366

15,734

Merger

511

66,882

Merger

1280

12,336

Merger

477

89,504

Merger

1366

15,734

Merger

511