	(1)	(2)	(3)
VARIABLES	Related_Mergers	premium	isdiv_dum
			
treatpost	-0.101***	-0.013***	-0.084***
	(0.032)	(0.002)	(0.024)
treat	0.090***	-0.000	-0.042*
	(0.021)	(0.001)	(0.023)
TQ	-0.010***	0.001***	0.011*
	(0.002)	(0.000)	(0.005)
CF	0.033	0.011**	-0.478**
	(0.097)	(0.004)	(0.171)
Size	0.007***	-0.000***	0.004
	(0.001)	(0.000)	(0.004)
Age	0.010***	-0.000**	0.004*
	(0.001)	(0.000)	(0.002)
Leverage	0.192***	-0.003	0.241***
	(0.050)	(0.002)	(0.033)
MB	0.063**	0.003***	-0.040
	(0.029)	(0.001)	(0.037)
Top1	0.129	0.003	-0.615***
	(0.077)	(0.002)	(0.101)
Top_Minus	0.077	-0.002	0.350***
	(0.049)	(0.003)	(0.062)
Lnsalary	-0.013	-0.001**	0.007
	(0.010)	(0.000)	(0.008)
Boardsize	-0.036	-0.001	0.018
	(0.025)	(0.001)	(0.037)
Independent_Ratio	-0.180***	0.006**	0.033
	(0.056)	(0.003)	(0.079)
Dual	-0.081***	-0.002***	0.016
	(0.010)	(0.001)	(0.014)
Seperation	0.216***	-0.012***	0.040
	(0.067)	(0.002)	(0.168)
Payment	-0.011	0.000	0.008
	(0.010)	(0.001)	(0.010)
Underlying_Type	0.020	-0.000	0.001
	(0.030)	(0.001)	(0.012)
Related_Mergers		-0.004***	0.002
		(0.001)	(0.010)
Merger_Size	0.215***	-0.006***	0.008
	(0.019)	(0.001)	(0.019)
Area	0.008	0.001	-0.028
	(0.011)	(0.001)	(0.022)
Pilot	0.064	-0.001	-0.031
	(0.052)	(0.002)	(0.027)
Second_City	-0.017	-0.001	0.061**
	(0.011)	(0.001)	(0.021)
			
Observations	3,306	3,306	3,306
R-squared	0.149	0.097	0.130
Adjuested R2	0.138	0.0848	0.118
Robust standard errors in parentheses			
*** p<0.01, ** p<0.05, * p<0.1			
