Variables

(1) lsalary

(2) ltotal

(3) ltdc1

(4) ltdc2

Merger

−0.0675

−0.0752

0.0583

−0.244

Value Percentage

(0.404)

(0.392)

(0.189)

(0.248)

Merger

−0.409

0.408

0.411

0.546

Announcement

(1.232)

(1.194)

(0.584)

(0.766)

Divest

0.275

0.415

0.0213

−0.147

Value Percentage

(0.315)

(0.306)

(0.152)

(0.200)

Divest

−0.00651

0.503

0.719

−0.324

Announcement

(1.231)

(1.194)

(0.583)

(0.765)

Industry Interactions

Merger Announcement*

Finance

0.565

−0.307

0.123

−0.407

(1.288)

(1.249)

(0.611)

(0.801)

Oil and Gas

0.380

−0.301

−0.0518

−0.149

(1.282)

(1.243)

(0.608)

(0.797)

Industrial

0.622

−0.519

−0.375

−0.511

(1.269)

(1.231)

(0.604)

(0.792)

Health Care

0.630

−0.344

−0.242

−0.515

(1.259)

(1.220)

(0.598)

(0.785)

Technology

0.463

−0.135

−0.261

−0.325

(1.252)

(1.214)

(0.596)

(0.781)

Consumer

0.733

−0.0541

−0.320

−0.213

(1.276)

(1.238)

(0.607)

(0.797)

Utility

0.714

−0.212

−0.913

−0.783

(1.747)

(1.694)

(0.687)

(0.901)

Retail

0.498

−0.616

−0.195

−0.161

0.565

−0.307

0.123

−0.407