Starting script at:  1743466408 
[1] "Simulate Counterfactuals"
[1] "Simulate Counterfactuals by industry"
[1] "Executing industry number 1: Oil and Gas"
[1] "Executing industry number 2: Consumer Nondurables"
[1] "Executing industry number 3: Consumer Durables"
[1] "Executing industry number 4: Manufacturing"
[1] "Executing industry number 5: Chemicals"
[1] "Executing industry number 6: Medical and Pharma"
[1] "Executing industry number 7: Business Equipment"
[1] "Executing industry number 8: Communication"
[1] "Executing industry number 9: Utilities"
[1] "Executing industry number 10: Wholesale and Retail"
[1] "Calculate counterfactual cash-based surpluses and make plot"
[1] "Calculate counterfactuals sensitivity to w (Lucas critque)"
[1] "Now calculating counterfactuals with 1% lower absolute earnings weight."
[1] "Now calculating counterfactuals with 2% lower absolute earnings weight."
[1] "Now calculating counterfactuals with 3% lower absolute earnings weight."
[1] "Now calculating counterfactuals with 4% lower absolute earnings weight."
[1] "Now calculating counterfactuals with 5% lower absolute earnings weight."
[1] "Now calculating counterfactuals with 6% lower absolute earnings weight."
[1] "Now calculating counterfactuals with 7.00000000000001% lower absolute earnings weight."
[1] "Now calculating counterfactuals with 8.00000000000001% lower absolute earnings weight."
[1] "Now calculating counterfactuals with 9% lower absolute earnings weight."
[1] "Now calculating counterfactuals with 10% lower absolute earnings weight."
[1] "Now calculating counterfactuals with 11% lower absolute earnings weight."
[1] "Now calculating counterfactuals with 12% lower absolute earnings weight."
[1] "Now calculating counterfactuals with 13% lower absolute earnings weight."
[1] "Now calculating counterfactuals with 14% lower absolute earnings weight."
[1] "Now calculating counterfactuals with 15% lower absolute earnings weight."
[1] "output counterfactual tables and figures"
% latex table generated in R 4.1.1 by xtable 1.8-4 package
% Tue Apr  1 01:14:04 2025
\begin{tabular*}{lcccccc}
  \toprule
  & \multicolumn{4}{c}{Valuation Effects} & \multicolumn{2}{c}{Distributional Effects}\\ \cmidrule(lr){2-5}\cmidrule(lr){6-7} 
                      & Premium & \thead{Runner-up\\Valuation} & \% Failed & \thead{$\Delta$M\&A \\ Dealvalue} &
                      \thead{Probability\\PE Winner} & \thead{$\Delta$PE\\Assets}\\ \midrule
\textbf{Impairment} & 37.82\% & 1.309 & 3.65\% & --- & 30.37\% & --- \\ 
  [6pt]\textbf{Cash} & 26.48\% & 1.199 & 5.63\% & -10.12\% & 53.59\% & 58.61\% \\ 
  [6pt]\multicolumn{3}{l}{\textbf{Amortization with Impairment}}\\[6pt] \hspace{3mm} 5 Years & 31.28\% & 1.247 & 4.27\% & -5.36\% & 40.58\% & 26.46\% \\ 
  \hspace{3mm} 10 Years & 32.88\% & 1.263 & 4.13\% & -4.07\% & 37.25\% & 17.67\% \\ 
  \hspace{3mm} 15 Years & 34.02\% & 1.274 & 3.99\% & -3.10\% & 35.44\% & 13.07\% \\ 
  \hspace{3mm} 20 Years & 34.77\% & 1.281 & 3.90\% & -2.47\% & 34.17\% & 9.74\% \\ 
  \hspace{3mm} 30 Years & 35.84\% & 1.290 & 3.78\% & -1.57\% & 32.77\% & 6.21\% \\ 
  \hspace{3mm} 40 Years & 36.31\% & 1.295 & 3.73\% & -1.18\% & 32.13\% & 4.55\% \\ 
  [6pt]\multicolumn{3}{l}{\textbf{Amortization}}\\[6pt] \hspace{3mm} 5 Years & 31.38\% & 1.248 & 4.26\% & -5.27\% & 40.36\% & 25.89\% \\ 
  \hspace{3mm} 10 Years  & 33.19\% & 1.267 & 4.08\% & -3.79\% & 36.62\% & 16.01\% \\ 
  \hspace{3mm} 15 Years  & 34.76\% & 1.281 & 3.90\% & -2.47\% & 34.17\% & 9.73\% \\ 
  \hspace{3mm} 20 Years  & 36.05\% & 1.293 & 3.76\% & -1.39\% & 32.41\% & 5.23\% \\ 
  \hspace{3mm} 30 Years  & 37.85\% & 1.310 & 3.65\% & 0.02\% & 30.32\% & -0.14\% \\ 
  \hspace{3mm} 40 Years  & 39.00\% & 1.321 & 3.62\% & 0.89\% & 29.09\% & -3.37\% \\ 
   \bottomrule
\end{tabular*}
% latex table generated in R 4.1.1 by xtable 1.8-4 package
% Tue Apr  1 01:14:04 2025
\begin{tabular*}{lcccccc}
  \toprule
  & \multicolumn{4}{c}{Valuation Effects} & \multicolumn{2}{c}{Distributional Effects}\\ \cmidrule(lr){2-5}\cmidrule(lr){6-7} 
                      & Premium & \thead{Runner-up\\Valuation} & \% Failed & \thead{$\Delta$M\&A \\ Dealvalue} &
                      \thead{Probability\\PE Winner} & \thead{$\Delta$PE\\Assets}\\ \midrule
 \textbf{Impairment} & 30.38\% & 1.235 & 7.81\% & --- & 54.17\% & --- \\ 
  [6pt]\multicolumn{4}{l}{\textbf{Amortization}}\\[6pt] \hspace{3mm} 10 Years w/I  & 27.89\% & 1.210 & 8.21\% & -2.34\% & 60.82\% & 9.65\% \\ 
  \hspace{3mm} 10 Years  & 28.67\% & 1.218 & 8.02\% & -1.54\% & 58.40\% & 6.15\% \\ 
   \bottomrule
\end{tabular*}
% latex table generated in R 4.1.1 by xtable 1.8-4 package
% Tue Apr  1 01:14:04 2025
\begin{tabular*}{lcccccc}
  \toprule
  & \multicolumn{4}{c}{Valuation Effects} & \multicolumn{2}{c}{Distributional Effects}\\ \cmidrule(lr){2-5}\cmidrule(lr){6-7} 
                      & Premium & \thead{Runner-up\\Valuation} & \% Failed & \thead{$\Delta$M\&A \\ Dealvalue} &
                      \thead{Probability\\PE Winner} & \thead{$\Delta$PE\\Assets}\\ \midrule
 \textbf{Impairment} & 41.77\% & 1.350 & 2.62\% & --- & 20.19\% & --- \\ 
  [6pt]\multicolumn{4}{l}{\textbf{Amortization}}\\[6pt] \hspace{3mm} 10 Years w/I  & 33.38\% & 1.270 & 3.19\% & -6.47\% & 26.95\% & 24.85\% \\ 
  \hspace{3mm} 10 Years  & 35.87\% & 1.293 & 2.96\% & -4.49\% & 24.40\% & 15.42\% \\ 
   \bottomrule
\end{tabular*}
% latex table generated in R 4.1.1 by xtable 1.8-4 package
% Tue Apr  1 01:14:04 2025
\begin{tabular*}{lcccccc}
  \toprule
  & \multicolumn{4}{c}{Valuation Effects} & \multicolumn{2}{c}{Distributional Effects}\\ \cmidrule(lr){2-5}\cmidrule(lr){6-7} 
                      & Premium & \thead{Runner-up\\Valuation} & \% Failed & \thead{$\Delta$M\&A \\ Dealvalue} &
                      \thead{Probability\\PE Winner} & \thead{$\Delta$PE\\Assets}\\ \midrule
 \textbf{Impairment} & 40.21\% & 1.333 & 4.21\% & --- & 23.75\% & --- \\ 
  [6pt]\multicolumn{4}{l}{\textbf{Amortization}}\\[6pt] \hspace{3mm} 10 Years w/I  & 32.25\% & 1.257 & 5.05\% & -6.50\% & 33.69\% & 32.63\% \\ 
  \hspace{3mm} 10 Years  & 34.61\% & 1.280 & 4.76\% & -4.55\% & 29.92\% & 20.25\% \\ 
   \bottomrule
\end{tabular*}
% latex table generated in R 4.1.1 by xtable 1.8-4 package
% Tue Apr  1 01:14:04 2025
\begin{tabular*}{lcccccc}
  \toprule
  & \multicolumn{4}{c}{Valuation Effects} & \multicolumn{2}{c}{Distributional Effects}\\ \cmidrule(lr){2-5}\cmidrule(lr){6-7} 
                      & Premium & \thead{Runner-up\\Valuation} & \% Failed & \thead{$\Delta$M\&A \\ Dealvalue} &
                      \thead{Probability\\PE Winner} & \thead{$\Delta$PE\\Assets}\\ \midrule
 \textbf{Impairment} & 34.02\% & 1.270 & 6.06\% & --- & 41.56\% & --- \\ 
  [6pt]\multicolumn{4}{l}{\textbf{Amortization}}\\[6pt] \hspace{3mm} 10 Years w/I  & 28.75\% & 1.219 & 6.71\% & -4.59\% & 51.89\% & 19.12\% \\ 
  \hspace{3mm} 10 Years  & 30.19\% & 1.234 & 6.48\% & -3.29\% & 48.21\% & 12.19\% \\ 
   \bottomrule
\end{tabular*}
% latex table generated in R 4.1.1 by xtable 1.8-4 package
% Tue Apr  1 01:14:04 2025
\begin{tabular*}{lcccccc}
  \toprule
  & \multicolumn{4}{c}{Valuation Effects} & \multicolumn{2}{c}{Distributional Effects}\\ \cmidrule(lr){2-5}\cmidrule(lr){6-7} 
                      & Premium & \thead{Runner-up\\Valuation} & \% Failed & \thead{$\Delta$M\&A \\ Dealvalue} &
                      \thead{Probability\\PE Winner} & \thead{$\Delta$PE\\Assets}\\ \midrule
 \textbf{Impairment} & 50.00\% & 1.427 & 0.17\% & --- & 9.49\% & --- \\ 
  [6pt]\multicolumn{4}{l}{\textbf{Amortization}}\\[6pt] \hspace{3mm} 10 Years w/I  & 41.20\% & 1.345 & 0.24\% & -5.93\% & 14.11\% & 39.86\% \\ 
  \hspace{3mm} 10 Years  & 45.62\% & 1.386 & 0.21\% & -2.96\% & 11.50\% & 17.59\% \\ 
   \bottomrule
\end{tabular*}
% latex table generated in R 4.1.1 by xtable 1.8-4 package
% Tue Apr  1 01:14:04 2025
\begin{tabular*}{lcccccc}
  \toprule
  & \multicolumn{4}{c}{Valuation Effects} & \multicolumn{2}{c}{Distributional Effects}\\ \cmidrule(lr){2-5}\cmidrule(lr){6-7} 
                      & Premium & \thead{Runner-up\\Valuation} & \% Failed & \thead{$\Delta$M\&A \\ Dealvalue} &
                      \thead{Probability\\PE Winner} & \thead{$\Delta$PE\\Assets}\\ \midrule
 \textbf{Impairment} & 32.08\% & 1.260 & 4.35\% & --- & 25.05\% & --- \\ 
  [6pt]\multicolumn{4}{l}{\textbf{Amortization}}\\[6pt] \hspace{3mm} 10 Years w/I  & 26.19\% & 1.201 & 5.28\% & -5.39\% & 32.77\% & 23.77\% \\ 
  \hspace{3mm} 10 Years  & 27.80\% & 1.218 & 4.89\% & -3.79\% & 30.05\% & 15.41\% \\ 
   \bottomrule
\end{tabular*}
% latex table generated in R 4.1.1 by xtable 1.8-4 package
% Tue Apr  1 01:14:04 2025
\begin{tabular*}{lcccccc}
  \toprule
  & \multicolumn{4}{c}{Valuation Effects} & \multicolumn{2}{c}{Distributional Effects}\\ \cmidrule(lr){2-5}\cmidrule(lr){6-7} 
                      & Premium & \thead{Runner-up\\Valuation} & \% Failed & \thead{$\Delta$M\&A \\ Dealvalue} &
                      \thead{Probability\\PE Winner} & \thead{$\Delta$PE\\Assets}\\ \midrule
 \textbf{Impairment} & 38.82\% & 1.319 & 2.62\% & --- & 24.94\% & --- \\ 
  [6pt]\multicolumn{4}{l}{\textbf{Amortization}}\\[6pt] \hspace{3mm} 10 Years w/I  & 32.55\% & 1.260 & 3.15\% & -5.04\% & 32.58\% & 24.05\% \\ 
  \hspace{3mm} 10 Years  & 34.52\% & 1.279 & 2.95\% & -3.43\% & 29.59\% & 14.58\% \\ 
   \bottomrule
\end{tabular*}
% latex table generated in R 4.1.1 by xtable 1.8-4 package
% Tue Apr  1 01:14:04 2025
\begin{tabular*}{lcccccc}
  \toprule
  & \multicolumn{4}{c}{Valuation Effects} & \multicolumn{2}{c}{Distributional Effects}\\ \cmidrule(lr){2-5}\cmidrule(lr){6-7} 
                      & Premium & \thead{Runner-up\\Valuation} & \% Failed & \thead{$\Delta$M\&A \\ Dealvalue} &
                      \thead{Probability\\PE Winner} & \thead{$\Delta$PE\\Assets}\\ \midrule
 \textbf{Impairment} & 44.82\% & 1.377 & 1.88\% & --- & 17.34\% & --- \\ 
  [6pt]\multicolumn{4}{l}{\textbf{Amortization}}\\[6pt] \hspace{3mm} 10 Years w/I  & 35.05\% & 1.282 & 2.36\% & -7.21\% & 27.89\% & 49.25\% \\ 
  \hspace{3mm} 10 Years  & 38.10\% & 1.312 & 2.16\% & -4.91\% & 23.62\% & 29.53\% \\ 
   \bottomrule
\end{tabular*}
% latex table generated in R 4.1.1 by xtable 1.8-4 package
% Tue Apr  1 01:14:04 2025
\begin{tabular*}{lcccccc}
  \toprule
  & \multicolumn{4}{c}{Valuation Effects} & \multicolumn{2}{c}{Distributional Effects}\\ \cmidrule(lr){2-5}\cmidrule(lr){6-7} 
                      & Premium & \thead{Runner-up\\Valuation} & \% Failed & \thead{$\Delta$M\&A \\ Dealvalue} &
                      \thead{Probability\\PE Winner} & \thead{$\Delta$PE\\Assets}\\ \midrule
 \textbf{Impairment} & 38.23\% & 1.318 & 2.09\% & --- & 17.40\% & --- \\ 
  [6pt]\multicolumn{4}{l}{\textbf{Amortization}}\\[6pt] \hspace{3mm} 10 Years w/I  & 32.42\% & 1.263 & 2.38\% & -4.49\% & 22.50\% & 23.50\% \\ 
  \hspace{3mm} 10 Years  & 34.06\% & 1.278 & 2.22\% & -3.14\% & 20.87\% & 16.17\% \\ 
   \bottomrule
\end{tabular*}
% latex table generated in R 4.1.1 by xtable 1.8-4 package
% Tue Apr  1 01:14:04 2025
\begin{tabular*}{lcccccc}
  \toprule
  & \multicolumn{4}{c}{Valuation Effects} & \multicolumn{2}{c}{Distributional Effects}\\ \cmidrule(lr){2-5}\cmidrule(lr){6-7} 
                      & Premium & \thead{Runner-up\\Valuation} & \% Failed & \thead{$\Delta$M\&A \\ Dealvalue} &
                      \thead{Probability\\PE Winner} & \thead{$\Delta$PE\\Assets}\\ \midrule
 \textbf{Impairment} & 33.15\% & 1.261 & 4.36\% & --- & 51.83\% & --- \\ 
  [6pt]\multicolumn{4}{l}{\textbf{Amortization}}\\[6pt] \hspace{3mm} 10 Years w/I  & 30.16\% & 1.232 & 4.62\% & -2.51\% & 60.55\% & 13.89\% \\ 
  \hspace{3mm} 10 Years  & 31.08\% & 1.241 & 4.52\% & -1.72\% & 57.55\% & 9.13\% \\ 
   \bottomrule
\end{tabular*}
Script completed at:  1743488044 
