? Program jaggia.lim begun Aug 27 1996 ? ? The original data are from Sanjiv Jaggia and Satish Thosar, 1993, ? "Multiple Bids as a Consequence of Target Management Resistance" ? Review of Quantitative Finance and Accounting, 447-457. ? 1. DOCNO Doc No. ? 2. WEEKS Weeks ? 3. NUMBIDS Count (Dependent Variable) ? 4. TAKEOVER Delta (1 if taken over) ? 5. BIDPREM Bid Premium ? 6. INSTHOLD Institutional Holdings ? 7. SIZE Size measured in billions ? 8. LEGLREST Legal Restructuring ? 9. REALREST Real Restructuring ? 10. FINREST Financial Restructuring ? 11. REGULATN Regulation ? 12. WHTKNGHT White Knight ? and create ? 13. SIZESQ Size Squared ? ?******** OUTPUT ? Here you may need to change this to A: drive OPEN; OUTPUT = jaggia.out $ ? ?******** READ IN DATA, CREATE VARIABLES AND GIVE SUMMARY STATISTICS ? This assumes your data is on the A: Drive READ; NREC=126; NVAR=12; FILE=A:jaggia.asc; NAMES = DOCNO,WEEKS,NUMBIDS,TAKEOVER,BIDPREM,INSTHOLD,SIZE, LEGLREST,REALREST,FINREST,REGULATN,WHTKNGHT $ CREATE; SIZESQ = SIZE*SIZE $ CREATE; Y = NUMBIDS $ DSTAT; RHS = Y,LEGLREST,REALREST,FINREST,WHTKNGHT,BIDPREM,INSTHOLD, SIZE,SIZESQ,REGULATN,DOCNO,WEEKS,TAKEOVER $ ? ?******** BEGIN MAIN ANALYSIS ? Througout use X as regressors and Y as dependent variable NAMELIST; X = ONE,LEGLREST,REALREST,FINREST,WHTKNGHT,BIDPREM,INSTHOLD, SIZE,SIZESQ,REGULATN $ ? ? OLS with heteroscedastic-consistent standard errors REGRESS; LHS=Y; RHS=X; HETERO $ ? ? Saving regression coefficients and variance matrix MATRIX; LIST; BOLS=B; PAUSE $ MATRIX; VAROLS=VARB $ ? ? OLS with output saved to be used later on. REGRESS; LHS=Y; RHS=X; RES=OLSRES; KEEP=OLSPRED $ LIST; Y,OLSPRED,OLSRES $ PLOT; LHS = Y; RHS = OLSPRED $ ? Note that to actually print this plot you would need to save the plot ? to file and then print out later on in Windows. ? ? STOP $