Variable

Full Sample

$1 Billion Definition

Full Sample

$10 Billion Definition

Post-Crisis Sample

$1 Billion Definition

Post-Crisis Sample

$10 Billion Definition

Market Share of (1,0) mergers

CB Acquirer

Market Share of (1,1) mergers

CB Acquirer

Market Share of (0,1) mergers

CB Acquirer

Market Share of (1,0) mergers

Non-CB Acquirer

Market Share of (1,1) mergers

Non-CB Acquirer

Market Share of (0,1) mergers

Non-CB Acquirer

County Population

Unemployment Rate

Per-Capita Income

Business Bankruptcy Rate

Personal Bankruptcy Rate

County Population Change

Unemployment Rate Chg.

Per-Capita Income Chg.

Business BK rate Chg.

Personal BK rate Chg.

Intercept

Year Dummies?

−2863.8

(2615.5)

−19,929.1***

(6376.9)

−9846.9***

(3482.8)

5309.5**

(2144.0)

24,946.0*

(13130.0)

−18,060.8**

(8094.8)

0.0103***

(0.00399)

−380.4***

(105.7)

0.241***

(0.0636)

−17,011,135.8***

(1,420,053.1)

−744,304.3***

(116,317.3)

0.738***

(0.103)

−5.618

(172.0)

0.721***

(0.0870)

1,990,139.8**

(828,183.3)

−1,961,648.6***

(249,914.8)

2658.5

(2106.7)

Yes

2565.1

(1872.5)

−8954.9*

(5110.6)

−10,280.8***

(3468.3)

9502.2***

(2550.7)

87,294.8***

(22,041.7)

−33,558.4***

(8986.7)

0.00999**

(0.00396)

−393.4***

(105.7)

0.232***

(0.0627)

−17,023,316.8***

(1,421,329.9)

−737,766.7***

(116,517.8)

0.725***

(0.103)

2.290

(172.1)

0.729***

(0.0871)

1,897,188.9**

(824,805.7)

−1,964,419.5***

(250,623.1)

2599.0

(2073.7)

Yes

4145.3

(2603.9)

−20,049.3**

(8866.4)

−12037.1**

(5102.5)

−4881.5

(3978.1)

−32,534.7***

(11851.1)

−47,385.9***

(9175.8)

−0.0144***

(0.00538)

126.6

(137.7)

−0.0609

(0.0628)

−16,578,400.6***

(2,387,683.0)

−2,585,440.3***

(257,862.7)

0.812***

(0.187)

−336.2

(274.7)

0.430***

(0.0857)

1,576,841.1

(1,320,356.1)

−2,405,421.4***

(403,686.2)

−14,973.4***

(3268.2)

Yes

−1244.4

(2796.3)

−20,868.9***

(6406.0)

−20,967.3***

(5392.4)

−6842.0

(7152.0)

−41,381.5*

(22,512.5)

−53,095.3**

(22,228.7)

−0.0143***

(0.00537)

139.8

(137.3)

−0.0614

(0.0630)

−16,603,532.7***

(2,387,449.4)

−2,596,084.3***

(258,820.1)

0.812***

(0.187)

−337.7

(274.8)

0.437***

(0.0862)

1,513,277.8

(1,319,985.3)

−2,390,974.6***

(403,988.8)

−15,093.2***

(3264.2)

Yes

Observation Level

Number of Obs

Cluster Level

Number of Clusters

R²

County-Year

40,019

County

3079

15.1%

County-Year

40,019

County

3079

15.2%

County-Year

15,387

County

3078

9.7%

County-Year

15,387

County

3078

9.7%