Starting script at:  1743629132 
[1] "Step 1: Handcollected deal and bid information"
[1] "(A) Clean and add control variables"
[1] "Step 2: PPA data from Dealstats"
[1] "(A) Clean data"
[1] "(B) Generate Dealstats - SDC Merge Table"
[1] "(C) Generate Descriptive Statistics on PPA for all-cash deals"
[1] "(D) Add purchase price allocation data to deal and bid information"
[1] "Step 3: Accounting Treatment of Goodwill"
[1] "(1) Descriptive Statistics on impairment incidence and magnitude"
% latex table generated in R 4.1.1 by xtable 1.8-4 package
% Wed Apr  2 16:25:33 2025
\begin{tabular*}{\textwidth}{@{\extracolsep{\fill}}lccccccccc}
  \toprule 
 &&\multicolumn{10}{c}{Impairment Magnitude} \\\cmidrule(lr){3-12}
Industry & P(Impairment) & N & Mean & StDev & p$^{10\%}$ & p$^{25\%}$ & p$^{50\%}$ & p$^{75\%}$ & p$^{90\%}$ \\ 
  \midrule
All & 0.129 & 6,394 & 0.358 & 0.352 & 0.008 & 0.043 & 0.218 & 0.622 & 0.999 \\ 
  Consumer Nondurables & 0.169 & 525 & 0.271 & 0.326 & 0.003 & 0.018 & 0.109 & 0.433 & 0.906 \\ 
  Consumer Durables & 0.159 & 249 & 0.292 & 0.315 & 0.010 & 0.031 & 0.168 & 0.459 & 0.861 \\ 
  Manufacturing & 0.140 & 910 & 0.307 & 0.320 & 0.010 & 0.040 & 0.181 & 0.497 & 0.889 \\ 
  Oil and Gas & 0.162 & 227 & 0.545 & 0.395 & 0.033 & 0.133 & 0.532 & 1.000 & 1.000 \\ 
  Chemicals & 0.135 & 217 & 0.257 & 0.314 & 0.008 & 0.021 & 0.111 & 0.366 & 0.869 \\ 
  Business Equipment & 0.107 & 1,315 & 0.442 & 0.363 & 0.015 & 0.090 & 0.372 & 0.802 & 1.000 \\ 
  Communication & 0.173 & 325 & 0.297 & 0.326 & 0.004 & 0.025 & 0.161 & 0.533 & 0.876 \\ 
  Utilities & 0.084 & 93 & 0.387 & 0.359 & 0.018 & 0.054 & 0.222 & 0.687 & 0.998 \\ 
  Wholesale and Retail & 0.131 & 835 & 0.337 & 0.351 & 0.007 & 0.034 & 0.185 & 0.604 & 0.983 \\ 
  Medical and Pharma & 0.094 & 530 & 0.432 & 0.393 & 0.007 & 0.058 & 0.294 & 0.884 & 1.000 \\ 
  Other & 0.144 & 1,168 & 0.333 & 0.331 & 0.011 & 0.049 & 0.206 & 0.567 & 0.943 \\ 
   \bottomrule
\end{tabular*}
[1] "Simulate expected discounted impact of goodwill impairments on future earnings by industry based on descriptive statistics"
[1] "Simulate goodwill earnings impact for each industry:"
[1] "Step 4: Set up estimation data set to be exported to Julia"
[1] "Step 5: Tables 3 and 4"
[1] "(A) Table 3: Descriptive Statistics on sample auctions"
[1] "(B) Table 4: Bidder type determinants model"
Script completed at:  1743629139 
Starting script at:  1743629263 
[1] "Step 1: Handcollected deal and bid information"
[1] "(A) Clean and add control variables"
[1] "Step 2: PPA data from Dealstats"
[1] "(A) Clean data"
[1] "(B) Generate Dealstats - SDC Merge Table"
[1] "(C) Generate Descriptive Statistics on PPA for all-cash deals"
[1] "(D) Add purchase price allocation data to deal and bid information"
[1] "Step 3: Accounting Treatment of Goodwill"
[1] "(1) Descriptive Statistics on impairment incidence and magnitude"
% latex table generated in R 4.1.1 by xtable 1.8-4 package
% Wed Apr  2 16:29:10 2025
\begin{tabular*}{\textwidth}{@{\extracolsep{\fill}}lccccccccc}
  \toprule 
 &&\multicolumn{10}{c}{Impairment Magnitude} \\\cmidrule(lr){3-12}
Industry & P(Impairment) & N & Mean & StDev & p$^{10\%}$ & p$^{25\%}$ & p$^{50\%}$ & p$^{75\%}$ & p$^{90\%}$ \\ 
  \midrule
All & 0.129 & 6,394 & 0.358 & 0.352 & 0.008 & 0.043 & 0.218 & 0.622 & 0.999 \\ 
  Consumer Nondurables & 0.169 & 525 & 0.271 & 0.326 & 0.003 & 0.018 & 0.109 & 0.433 & 0.906 \\ 
  Consumer Durables & 0.159 & 249 & 0.292 & 0.315 & 0.010 & 0.031 & 0.168 & 0.459 & 0.861 \\ 
  Manufacturing & 0.140 & 910 & 0.307 & 0.320 & 0.010 & 0.040 & 0.181 & 0.497 & 0.889 \\ 
  Oil and Gas & 0.162 & 227 & 0.545 & 0.395 & 0.033 & 0.133 & 0.532 & 1.000 & 1.000 \\ 
  Chemicals & 0.135 & 217 & 0.257 & 0.314 & 0.008 & 0.021 & 0.111 & 0.366 & 0.869 \\ 
  Business Equipment & 0.107 & 1,315 & 0.442 & 0.363 & 0.015 & 0.090 & 0.372 & 0.802 & 1.000 \\ 
  Communication & 0.173 & 325 & 0.297 & 0.326 & 0.004 & 0.025 & 0.161 & 0.533 & 0.876 \\ 
  Utilities & 0.084 & 93 & 0.387 & 0.359 & 0.018 & 0.054 & 0.222 & 0.687 & 0.998 \\ 
  Wholesale and Retail & 0.131 & 835 & 0.337 & 0.351 & 0.007 & 0.034 & 0.185 & 0.604 & 0.983 \\ 
  Medical and Pharma & 0.094 & 530 & 0.432 & 0.393 & 0.007 & 0.058 & 0.294 & 0.884 & 1.000 \\ 
  Other & 0.144 & 1,168 & 0.333 & 0.331 & 0.011 & 0.049 & 0.206 & 0.567 & 0.943 \\ 
   \bottomrule
\end{tabular*}
[1] "Simulate expected discounted impact of goodwill impairments on future earnings by industry based on descriptive statistics"
[1] "Simulate goodwill earnings impact for each industry:"
[1] "Industry: 1"
[1] "Industry: 2"
[1] "Industry: 3"
[1] "Industry: 4"
[1] "Industry: 5"
[1] "Industry: 6"
[1] "Industry: 7"
[1] "Industry: 8"
[1] "Industry: 9"
[1] "Industry: 10"
[1] "Industry: 12"
[1] "Step 4: Set up estimation data set to be exported to Julia"
[1] "Step 5: Tables 3 and 4"
[1] "(A) Table 3: Descriptive Statistics on sample auctions"
[1] "(B) Table 4: Bidder type determinants model"
Script completed at:  1743630543 
Starting script at:  1743632177 
[1] "Step 1: Handcollected deal and bid information"
[1] "(A) Clean and add control variables"
[1] "Step 2: PPA data from Dealstats"
[1] "(A) Clean data"
[1] "(B) Generate Dealstats - SDC Merge Table"
[1] "(C) Generate Descriptive Statistics on PPA for all-cash deals"
[1] "(D) Add purchase price allocation data to deal and bid information"
[1] "Step 3: Accounting Treatment of Goodwill"
[1] "(1) Descriptive Statistics on impairment incidence and magnitude"
% latex table generated in R 4.1.1 by xtable 1.8-4 package
% Wed Apr  2 17:18:49 2025
\begin{tabular*}{\textwidth}{@{\extracolsep{\fill}}lccccccccc}
  \toprule 
 &&\multicolumn{10}{c}{Impairment Magnitude} \\\cmidrule(lr){3-12}
Industry & P(Impairment) & N & Mean & StDev & p$^{10\%}$ & p$^{25\%}$ & p$^{50\%}$ & p$^{75\%}$ & p$^{90\%}$ \\ 
  \midrule
All & 0.129 & 6,394 & 0.358 & 0.352 & 0.008 & 0.043 & 0.218 & 0.622 & 0.999 \\ 
  Consumer Nondurables & 0.169 & 525 & 0.271 & 0.326 & 0.003 & 0.018 & 0.109 & 0.433 & 0.906 \\ 
  Consumer Durables & 0.159 & 249 & 0.292 & 0.315 & 0.010 & 0.031 & 0.168 & 0.459 & 0.861 \\ 
  Manufacturing & 0.140 & 910 & 0.307 & 0.320 & 0.010 & 0.040 & 0.181 & 0.497 & 0.889 \\ 
  Oil and Gas & 0.162 & 227 & 0.545 & 0.395 & 0.033 & 0.133 & 0.532 & 1.000 & 1.000 \\ 
  Chemicals & 0.135 & 217 & 0.257 & 0.314 & 0.008 & 0.021 & 0.111 & 0.366 & 0.869 \\ 
  Business Equipment & 0.107 & 1,315 & 0.442 & 0.363 & 0.015 & 0.090 & 0.372 & 0.802 & 1.000 \\ 
  Communication & 0.173 & 325 & 0.297 & 0.326 & 0.004 & 0.025 & 0.161 & 0.533 & 0.876 \\ 
  Utilities & 0.084 & 93 & 0.387 & 0.359 & 0.018 & 0.054 & 0.222 & 0.687 & 0.998 \\ 
  Wholesale and Retail & 0.131 & 835 & 0.337 & 0.351 & 0.007 & 0.034 & 0.185 & 0.604 & 0.983 \\ 
  Medical and Pharma & 0.094 & 530 & 0.432 & 0.393 & 0.007 & 0.058 & 0.294 & 0.884 & 1.000 \\ 
  Other & 0.144 & 1,168 & 0.333 & 0.331 & 0.011 & 0.049 & 0.206 & 0.567 & 0.943 \\ 
   \bottomrule
\end{tabular*}
[1] "Simulate expected discounted impact of goodwill impairments on future earnings by industry based on descriptive statistics"
[1] "Simulate goodwill earnings impact for each industry:"
[1] "Industry: 1"
[1] "Industry: 2"
[1] "Industry: 3"
[1] "Industry: 4"
[1] "Industry: 5"
[1] "Industry: 6"
[1] "Industry: 7"
[1] "Industry: 8"
[1] "Industry: 9"
[1] "Industry: 10"
[1] "Industry: 12"
[1] "Step 4: Set up estimation data set to be exported to Julia"
[1] "Step 5: Tables 3 and 4"
[1] "(A) Table 3: Descriptive Statistics on sample auctions"
[1] "(B) Table 4: Bidder type determinants model"
Script completed at:  1743633593 
