题目

英语翻译
The results of this analysis confirm that stock-based acquirers have relatively high-advertising expenditures prior to the merger,whereascash-based acquirers do not.Finally,although we are largely agnostic about the meansby which advertising may increase stock prices,and therefore benefit the pre-mergerowners,we do attempt to provide some preliminary evidence that may shed some lighton this issue[3].
First,we attempt to relate insider stock OWN with advertising ctivities prior to the stock-based acquisition.If managers attempt to increase stockprices through increased advertising for selfish reasons,they are more likely to do sowhen they have more OWN in their firm[4].The evidence we present in the paper isindeed consistent with this notion.Surprisingly,when we attempt to link the deal ratio(DR; defined as the ratio of the deal value (price paid to the target for the acquisition)divided by the acquirer’s immediate past fiscal-year-end ma

提问时间：2021-03-03

答案

The results ofthis analysis confirm that stock-based acquirers have relativelyhigh-advertising expenditures prior to the merger,whereas cash-based acquirersdo not.Finally,although we are largely...