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LIST OF TABLES
A.1 Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
A.2 Three year After Deal Performance on Bidder Filing attitude . . . . . . . . . . . . . . . .. 40
A.3 Target Manager Tone Choice After the Announcement of The Deal . . . . . . . . . . . 42
A.4 Target Premium Change prediction Probit Regression . . . . . . . . . . . . . . . . . . . . . . 43
A.5 Target Deal Completion prediction Probit Regression . . . . . . . . . . . . . . . . . . . . . . 45
A.6 Target Shareholder Welfare Change on Target Manager Attitude . . . . . . . . . . . . . 47
A.7 Correlation Matrix of Tone Measure and Option Based Overconfidence
Measure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
A.8 Deal Premium and Bidder Managerial Tone Choice . . . . . . . . . . . . . . . . . . . . . . . 50
A.9 Deal Premium and Target Managerial Tone hoice . . . . . . . . . . . . . . . . . . . . . . . . . .52
A.10 Bidder Tone and Firm Characteristics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
A.11 Target Tone Choice and Firm Characteristics . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

vi

LIST OF FIGURES
A.1 3 Year Performance and Target Tone Measure . . . . . . . . . . . . . . . . . . . . .. . . . . . .59
A.2 3 Year Performance and Bidder Tone Measure . . . . . . . . . . . . . . . . . . . . . . . . . . . .60
A.3 3 Year Performance and Bidder Tone Measure Small Size . . . . . . . . . . . . . . . .. . . 61
A.4 3 Year Performance and Bidder Tone Measure Big Size . . . . . . . . . . . . . . . . .. . .. .62
A.5 3 Year Performance and Bidder Tone Measure Small M/B . . . . . . . . . . . . . . . . . . 63
A.6 3 Year Performance and Bidder Tone Measure Big M/B . . . . . . . . . . . . . . . . . . . 64
A.7 3 Year Performance and Bidder Tone Measure Financial Constrained. . . . . . . . . 65
A.8 3 Year Performance and Bidder Tone Measure Financial Unconstrained . .. . . . . . 66
A.9 3 Year Performance and Bidder Tone Measure Dictatorship . . . . . . . . . . . . . . . . 67
A.10 3 Year Performance and Bidder Tone Measure Democracy . . . . . . . . . . .. . . . . . . 68
A.11 Target CAR and Tone Measure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . 69
A.12 Bidder CAR and Tone Measure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .70
A.13 Target CAR and Tone Measure Small Size . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 71
A.14 Target CAR and Tone Measure Big Size . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
A.15 Target CAR and Tone Measure Small M/B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
A.16 Target CAR and Tone Measure Big M/B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
A.17 Target CAR and Tone Measure Financial Constrained . . . . . . . . . . . . . . . .. . . . . . 75
A.18 Target CAR and Tone Measure Financial Unconstrained . . . . . . . . . . . . . . . . . .. . 76
A.19 Target CAR and Tone Measure Dictatorship . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
A.20 Target CAR and Tone Measure Democracy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78

vii

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Tabel A.1: Summary Statistics
This table summarize the tone measure of the company's filings and some financial information
in the sample. Tone measure is calculated using the Loughran and McDonald negative tone
measure and term-weighting method. Board recommendation, financial advisor opinions, risk
factor, reason for the merger and background of the merger are those parts clearly identified and
calculated the same way as the tone measure. Market-to-book is defined as the ratio of the
market value of the firm assets to the book value of the firm assets. ROA is defined as operating
income before depreciation divided by total assets. Leverage is defined as long-term plus and
short-term debt normalized by total assets. Total assets are from COMPUSTAT. Stock one year
return is the stock return prior to the deal announcement. Announcement return is the cumulative
return around deal announcement. The 1,3,5 year relative performance are the relative
performance of the matching size and book-to-market firms.
Completed Deals
Target
Bidder
mean se(mean) Median N
mean
se(mean) Median N
Tone measure
27.38 0.462
23.62
848
33.88
0.432
30.67 1389
Board
3.466
303
7.657
1.013
2.986
504
Recommendation 6.848 0.993
Financail
Advisor Opinion 5.249 1.335
1.166
338
4.435
1.014
1.278
526
14.96
0.684
8.183
832
Risk Factors
14.79 1.237
6.870
259
Reasons for the
Merger
6.539 1.819
2.127
223
7.454
1.494
1.781
390
Background of
Merger
7.248 0.733
3.156
438
7.676
0.838
2.219
707
3.152
0.140
1.927 1256
Market to Book
2.154 0.0777
1.568
739
ROA
0.0717 0.0117
0.0253 739
0.0123 0.00706 0.0413 1254
Leverage
0.212 0.00938 0.141
739
0.222 0.00607 0.187 1256
Total Assets
1558
180.2
186.6
739
6433
604.0
963.4 1256
Relative
Transaction Size 0.851 0.139
0.187
592
1.094
0.0822
0.414 1256
Cash Flow
126.1 21.38
9.397
739
712.8
75.38
72.65 1254
Stock one year
return
1.164 0.0321
1.060
800
1.480
0.0330
1.253 1357
Value of
Transanction
2399
265.6
366.9
848
2190
219.5
304.2 1389
Word counts
77760 1947
60268 848
100946
5019
80283 1389
Announcement
return
0.240 0.0101
0.192
773
0.0282 0.00277 0.0219 1349
1 year relative
return
0.0114 0.0238
0.0660 741
0.0918 0.0182
-0.168 1366
3 year relative
return
-0.154 0.0397
-0.252 742
-0.257
0.0371
-0.456 1367
5 year return

-0.319

0.0477

-0.344
38

743

-0.532

0.0503

-0.727

1367

Table A.1 (cont’d)

Tone measure
Board
Recommendation
Financail
Advisor Opinion
Risk Factors
Reasons for the
Merger
Background of
Merger
Market to Book
ROA
Leverage
Total Assets
Relative
Transaction Size
Cash Flow
Stock one year
return
Value of
Transanction
Word counts

mean
31.50

Incompleted deals
se(mean) p50
N
1.575
26.32 110

mean
35.01

se(mean) p50
1.497
31.83

N
149

4.483

0.724

3.368

39

10.43

4.510

3.945

55

2.217
13.34

0.512
3.236

1.500
4.875

31
31

4.532
16.54

2.087
2.178

0.925
9.617

42
83

8.844

3.322

2.626

24

10.31

5.234

2.626

26

9.494
1.861
0.0745
0.240
1953

1.925
0.222

5.707
1.291

47
98

2.863
0.280

2.772
1.835

67
130

0.0359
0.0207
435.3

0.0195
0.220
258.6

98
98
98

10.91
2.857
0.0134
0.246
6501

0.0155
0.0186
3169

0.0287 130
0.221 130
929.0 130

0.971
125.5

0.160
42.80

0.453
18.62

76
98

1.132
475.2

0.192
160.0

0.425
36.24

130
130

1.509

0.287

1.074

104

1.362

0.0766

1.155

145

3097
84054

890.9
5081

348.7
67778

110
110

2686
97866

688.0
7710

282
74021

149
149

39

Table A.2 Three year After Deal Performance on Bidder Filing Attitude
This table reports the regression estimates from the linear regression of the three-year buy-andhold return on the bidder tone measure and other controls. The dependent variable is buy-andhold return of the merged firm return. The relative performance is calculated by matching the
size and book to market ratio.. The tone measure is the term-weighted measure using Loughran
and McDonald(2011) negative dictionary. The board recommendation, financial advisor opinion,
risk factors , reason for the merger are those calculated tone measure if those parts could be clean
identified. Cash merger is the dummy variable, equal 1 if if the deal is all cash, 0 otherwise.
Market-to-book is defined as the ratio of the market value of the firm assets to the book value of
the firm assets. ROA is defined as operating income before depreciation divided by total assets.
Leverage is defined as long-term plus and short-term debt normalized by total assets. Total assets
are from COMPUSTAT. Stock one year return is the stock return prior to the deal completion.
The standard errors are reported in the parenthesis.
(1)
Tone measure

(2)

(3)

0.002**
[0.001]

Risk Factors

-0.002
[0.003]

Reason for the
Merger

ROA
Leverage

Total Assets
Relative Size

(6)

0.001
[0.002]

Financial
Advisor Opinion

Market to Book

(5)

0.007*** 0.007***
[0.002]
[0.002]

Board
Recommendation

Cash Merger

(4)

0.094
[0.106]
-0.008**
[0.004]
0.022
[0.172]
0.073
[0.190]
-0.000
[0.000]
0.000
[0.009]

0.002
[0.002]
0.013
-0.184
-0.148
0.081
[0.167] [0.175] [0.119]
[0.279]
-0.007
-0.016* 0.012*** 0.014***
[0.005] [0.009] [0.004]
[0.005]
-0.491
-0.313
-0.479
-0.338
[0.541] [0.320] [0.336]
[0.242]
-0.565
-0.168
-0.123
0.127
[0.384] [0.326] [0.277]
[0.332]
0.000*** -0.000
-0.000 0.000***
[0.000] [0.000] [0.000]
[0.000]
-0.012
0.008
0.001
0.001
[0.027] [0.013] [0.009]
[0.008]

40

Table A.2 (cont’d)
Cash Flow
One year Stock
Return

Constant
Observations
R-squared

-0.000
0.000
0.000
0.000
0.000
[0.000]
[0.000] [0.000] [0.000] [0.000]
0.083*** 0.137*** -0.045 0.081*** -0.031
[0.022]
[0.038] [0.041] [0.024] [0.032]
0.487*** 0.380***
0.129
-0.129
-0.063 0.271**
[0.074]
[0.099]
[0.220] [0.154] [0.126] [0.115]
1,367
0.006

1,224
0.016

462
0.035

41

478
0.014

749
0.019

349
0.044

Table A.3 Target Manager Tone Choice After the Announcement of The Deal
This table reports the regression estimates from the linear regression of the target manager tone
choice after they observe the market reaction upon the deal announcement. The dependent
variable is the target manager tone choice. The tone measure is the term-weighted measure using
Loughran and McDonald(2011) negative dictionary. The board recommendation, financial
advisor opinion, risk factors , reason for the merger are those calculated tone measure if those
parts could be clean identified. Cash merger is the dummy variable, equal 1 if if the deal is all
cash, 0 otherwise. Market-to-book is defined as the ratio of the market value of the firm assets to
the book value of the firm assets. ROA is defined as operating income before depreciation
divided by total assets. Leverage is defined as long-term plus and short-term debt normalized by
total assets. Total assets are from COMPUSTAT. Stock one year return is the stock return prior
to the deal completion. The standard errors are reported in the parenthesis.
(1)
CAR

(2)

(3)

(4)

(5)

(6)

-4.126**
[1.824]

-5.196***
[1.694]
-5.128***
[1.077]

-2.560
[1.783]
-0.149
[1.415]

-0.076
[1.757]
1.282
[1.678]

-1.734
[5.311]
-8.924***
[2.549]

4.245
[3.018]
7.967
[5.406]

-0.194
[0.196]

-0.194
[0.290]

-0.272
[0.368]

0.280
[0.396]

-9.722***
[3.299]
-5.633***
[2.053]
0.000**
[0.000]
0.300***
[0.092]
-0.001
[0.001]

0.619
[1.064]
2.971
[3.505]
-0.000
[0.000]
0.077
[0.330]
0.003**
[0.002]

-0.169
[0.336]
-0.968 29.946***
[0.877]
[4.174]
-0.485
-3.684
[1.075]
[5.271]
0.000
-0.000
[0.000]
[0.000]
2.328*** 0.493***
[0.771]
[0.176]
-0.000
-0.001
[0.000]
[0.001]

Cash Merger
Market to
Book

ROA
Leverage
Total Assets
Relative Size
Cash Flow
One year
Stock Return
Constant
Observations
R-squared

-0.363
-0.099
[0.769]
[0.636]
28.172*** 30.262*** 6.170***
[0.643]
[1.530]
[2.006]
773
0.007

511
0.129

193
0.022

42

-0.232
[3.887]
-4.710
[3.780]
0.000
[0.000]
-0.129
[0.100]
-0.003
[0.002]

-0.077
[0.394]
0.723
[2.611]

-0.370
[0.594]
14.388***
[2.736]

0.296
[0.539]
2.508**
[1.014]

216
0.381

180
0.302

148
0.045

Table A.4 Target Premium Change prediction Probit Regression
This table reports the regression estimates from the probit regression to predict the premium
change using target tone and other controls. The dependent variable is the dummy for the
premium change, which equals 1 if deal completed, 0 otherwise. The tone measure is the termweighted measure using Loughran and McDonald(2011) negative dictionary. The board
recommendation, financial advisor opinion, risk factors , reason for the merger are those
calculated tone measure if those parts could be clean identified. Cash merger is the dummy
variable, equal 1 if if the deal is all cash, 0 otherwise. Market-to-book is defined as the ratio of
the market value of the firm assets to the book value of the firm assets. ROA is defined as
operating income before depreciation divided by total assets. Leverage is defined as long-term
plus and short-term debt normalized by total assets. Total assets are from COMPUSTAT. Stock
one year return is the stock return prior to the deal completion.

Tone measure

(1)
(2)
0.012*** 0.022***
[0.003]
[0.006]

Board
Recommendation

(3)

(4)

(5)

0.015**
[0.007]

Financial
Advisor Opinion

-0.091
[0.061]

Risk Factors

0.012
[0.008]

Reason for the
Merger
Cash Merger
Market to Book
ROA
Leverage
Total Assets
Relative Size
Cash Flow
One year Stock
Return

(6)

-0.219
-0.142
[0.174]
[0.330]
-0.009
-0.014
[0.038]
[0.043]
1.171***
0.149
[0.423]
[0.390]
1.037*** 1.617***
[0.275]
[0.600]
0.000
-0.000
[0.000]
[0.000]
-0.001
0.001
[0.018]
[0.037]
-0.000
0.000
[0.000]
[0.000]
-0.151

-0.175

43

-0.440
[0.299]
-0.083
[0.094]
1.011
[0.618]
0.839**
[0.363]
-0.000
[0.000]
-0.003
[0.037]
0.000
[0.000]

0.464
[0.405]
0.025
[0.035]
1.395**
[0.654]
0.891*
[0.496]
-0.000
[0.000]
-0.029
[0.038]
0.000
[0.000]

0.004
[0.003]
-0.426
[0.311]
-0.047
[0.082]
1.314*
[0.687]
0.928**
[0.385]
0.000
[0.000]
-0.060
[0.080]
-0.000
[0.001]

-0.110

-0.322*

-0.012

Table A.4 (cont’d)

Constant
Observations

[0.095]
[0.124]
[0.107]
[0.189]
[0.078]
1.574*** 1.824*** 1.523*** 0.928*** 1.157*** -1.160***
[0.113]
[0.246]
[0.284]
[0.301]
[0.333]
[0.295]
917

568

207

229

44

191

159

Table A.5 Target Deal Completion prediction Probit Regression
This table reports the regression estimates from the probit regression to predict the deal
completion using target tone and other controls. The dependent variable is the dummy for the
deal completion, which equals 1 if deal completed, 0 otherwise. The tone measure is the termweighted measure using Loughran and McDonald(2011) negative dictionary. The board
recommendation, financial advisor opinion, risk factors , reason for the merger are those
calculated tone measure if those parts could be clean identified. Cash merger is the dummy
variable, equal 1 if if the deal is all cash, 0 otherwise. Market-to-book is defined as the ratio of
the market value of the firm assets to the book value of the firm assets. ROA is defined as
operating income before depreciation divided by total assets. Leverage is defined as long-term
plus and short-term debt normalized by total assets. Total assets are from COMPUSTAT. Stock
one year return is the stock return prior to the deal completion.
(1)
Tone measure

(2)

-0.010***
[0.004]

-0.012**
[0.005]

Board
Recommendation

(3)

(4)

(5)

0.008
[0.011]

Financial
Advisor Opinion

0.004
[0.005]

Risk Factors

0.017
[0.012]

Reason for the
Merger
Cash Merger
Market to Book
ROA
Leverage
Total Assets
Relative Size

(6)

-0.131
[0.147]
0.009
[0.043]
-0.388
[0.275]
-0.416*
[0.228]
-0.000
[0.000]
-0.005
[0.014]

-0.184
[0.261]
-0.004
[0.053]
-0.585
[0.489]
-0.606
[0.526]
-0.000
[0.000]
-0.001
[0.032]

45

-0.040
[0.255]
0.097
[0.091]
-0.402
[0.431]
-0.080
[0.364]
0.000
[0.000]
-0.017
[0.023]

-0.502
[0.410]
0.018
[0.047]
0.210
[0.447]
-0.959*
[0.553]
0.000
[0.000]
-0.007
[0.016]

-0.001
[0.003]
-0.854***
[0.320]
0.042
[0.093]
-1.077
[0.891]
-0.328
[0.428]
0.000
[0.000]
-0.031
[0.024]

Table A.5 (cont’d)
Cash Flow
One year
Stock Return
Constant
Observations

0.000
[0.000]

0.000
[0.000]

-0.000
[0.000]

0.008
0.012
-0.043
[0.070]
[0.111]
[0.105]
1.488*** 1.599*** 1.313*** 1.231***
[0.119]
[0.233]
[0.293]
[0.272]
958

598

223

242

46

-0.000
[0.000]

-0.001
[0.001]

-0.055
[0.073]
1.479***
[0.306]

0.823*
[0.445]
0.920**
[0.418]

204

167

Table A.6 Target Shareholder Welfare Change on Target Manager Attitude
This table reports the regression estimates from the linear regression of the target shareholder
welfare change on the target tone measure and other controls. The dependent variable is the
target shareholder welfare change from the deal announcement till the termination or completion.
The tone measure is the term-weighted measure using Loughran and McDonald(2011) negative
dictionary. The board recommendation, financial advisor opinion, risk factors , reason for the
merger are those calculated tone measure if those parts could be clean identified. Cash merger is
the dummy variable, equal 1 if if the deal is all cash, 0 otherwise. Market-to-book is defined as
the ratio of the market value of the firm assets to the book value of the firm assets. ROA is
defined as operating income before depreciation divided by total assets. Leverage is defined as
long-term plus and short-term debt normalized by total assets. Total assets are from
COMPUSTAT. Stock one year return is the stock return prior to the deal completion. The
standard errors are reported in the parenthesis.
(1)
Tone measure

(2)

-0.000
[0.001]

-0.002*
[0.001]

Board
Recommendation

(3)

(4)

-0.001**
[0.000]

Risk Factors

-0.001
[0.003]

Reason for the
Merger

Market to Book
ROA
Leverage
Total Assets

Relative Size

(6)

0.002**
[0.001]

Financial
Advisor Opinion

Cash Merger

(5)

-0.067**
[0.026]
-0.014***
[0.005]
-0.088
[0.080]
-0.021
[0.053]
0.000
[0.000]

-0.055
[0.037]
-0.010
[0.006]
-0.070
[0.086]
0.010
[0.091]
-0.000
[0.000]

-0.083**
[0.034]
-0.006
[0.006]
-0.064
[0.080]
-0.018
[0.050]
0.000
[0.000]

0.004
[0.006]

0.005
[0.006]

-0.000
[0.002]

47

0.000
[0.001]
-0.127** 0.097***
[0.062]
[0.037]
-0.023** -0.013**
[0.011]
[0.005]
-0.292
0.004
[0.282]
[0.084]
-0.141
-0.010
[0.145]
[0.053]
-0.000
-0.000
[0.000]
[0.000]
0.005
0.003***
[0.007]
[0.001]

Table A.6 (cont’d)
Cash Flow

0.000
[0.000]

One year Stock
Return
Constant
Observations
R-squared

0.079***
[0.026]

0.018
[0.017]
0.151***
[0.040]

841
0.000

583
0.037

0.000*
[0.000]

0.000**
[0.000]

0.000**
[0.000]

0.000
[0.000]

-0.008
-0.001
0.017
0.004
[0.027] [0.021]
[0.022]
[0.010]
0.108** 0.125*** 0.180*** 0.161***
[0.054] [0.042]
[0.069]
[0.045]
216
0.059

48

237
0.057

197
0.053

164
0.055

Table A.7 Correlation Matrix of Tone Measure and Option Based Overconfidence Measure
This table reports the correlation matrix of the tone measure based on the textual analysis The
acuqiror correlation matrix is reported in the top panel and the target correlation matrix is
reported in the bottom panel. The raw tone measure is caluclated as the raw ratio of the negative
dictionary on the total words reported. The weighted tone measure is calculated based on the
term-weighting method based on the Loughran and McDonald (2011) and Jurafsky and Martin
(2008). The option based overconfidence measure is based on the Malmendier and Tate (2005)
and Campbell Gallmeyer Johnson Rutherford Stanley (2011) method. The correlation
coefficients are reported in the table.

Acquiror
raw tone measure
weighted tone
measure
option based tone
measure

Target
raw tone measure
weighted tone
measure
option based tone
measure

raw tone
measure

weighted tone
measure

option based tone
measure

1
0.2587

1

0.0789

-0.1291

raw tone
measure

weighted tone
measure

1
option based tone
measure

1
-0.0377

1

-0.0338

0.0589

49

1

Table A.8 Deal Premium and Bidder Managerial Tone Choice
This table reports the regression estimates from the linear regression of the takeover deal
premium on bidder tone measure and other controls. The dependent variable is the takeover deal
premium, which is reported in SDC as the deal price over the target price one month before the
deal announcement. The tone measure is the term-weighted measure using Loughran and
McDonald(2011) negative dictionary. The unconstrained is the dummy variable using the Kaplan
and Zingales index, 1 if KZ index is in the bottom 30 \%, 0 otherwise, The constrained is the
dummy variable using the Kaplan and Zingales index, 1 if KZ index is in the top 30 \%, 0
otherwise. Free cash flow is calculated as operating income before depreciation less interest
expense less income taxes less capital expenditures. GIM corporate governance index is from
Gompers Ishii Metrick (2003). Market-to-book is defined as the ratio of the market value of the
firm assets to the book value of the firm assets. ROA is defined as operating income before
depreciation divided by total assets. Leverage is defined as long-term plus and short-term debt
normalized by total assets. Total assets are from COMPUSTAT. Stock run up is the stock return
prior to the deal completion. Cash merger is the dummy variable, 1 for cash merger, 0 otherwise.
The relative size is the ratio of deal value to the firm total assets. The standard errors are
reported in the parenthesis.

VARIABLES
Bidder Tone

(1)
Premium
1 month

(2)
Premium
1 month

(3)
Premium
1 month

(4)
Premium
1 month

(5)
Premium
1 month

-0.104
[0.132]

-0.292**
[0.141]
12.247***
[4.603]

-0.322**
[0.149]

-0.162
[0.154]

-0.328**
[0.166]

Unconstrained
Constrained
Free Cash Flow
GIM Governance
Market to Book
ROA

Leverage
Total Assets
Stock Run up
cash_merger

0.258
[0.426]
-26.512
[16.171]
-16.551
[11.303]
0.000
[0.000]
5.429***
[1.659]
1.491
[4.480]

3.381
[8.685]
23.280
[37.844]
-16.443
-9.479
[23.147]
[58.726]
-0.729
-1.520**
[0.628]
[0.655]
0.012
0.284
0.565
-0.147
[0.376]
[0.398]
[0.771]
[0.765]
-28.472
-51.189** -26.249
-17.917
[19.042]
[23.216]
[24.888] [29.696]
30.140*** 28.797*** 26.696** 29.233**
[8.745]
[9.797]
[10.910] [12.800]
0.000
0.000
0.000
0.000
[0.000]
[0.000]
[0.000]
[0.000]
5.670***
4.595** 5.508*** 5.486***
[1.962]
[2.043]
[2.022]
[2.024]
1.593
5.009
6.942
5.844
[3.996]
[4.317]
[5.970]
[5.035]
50

Table A.8 (cont’d)
rlsize
Constant
Observations
R-squared

0.298
0.206
0.857
-1.562
-0.250
[0.432]
[0.492]
[0.684]
[2.160]
[2.253]
43.760*** 60.730*** 52.696*** 50.058*** 59.426***
[5.908]
[7.996]
[7.504]
[9.906]
[12.478]
1,239
0.028

1,071
0.049

951
0.051

51

531
0.046

428
0.070

Table A.9 Deal Premium and Target Managerial Tone Choice
This table reports the regression estimates from the linear regression of the takeover deal
premium on target tone measure and other controls. The dependent variable is the takeover deal
premium, which is reported in SDC as the deal price over the target price one month before the
deal announcement. The tone measure is the term-weighted measure using Loughran and
McDonald(2011) negative dictionary. The unconstrained is the dummy variable using the Kaplan
and Zingales index, 1 if KZ index is in the bottom 30 %, 0 otherwise, The constrained is the
dummy variable using the Kaplan and Zingales index, 1 if KZ index is in the top 30 %, 0
otherwise. Free cash flow is calculated as operating income before depreciation less interest
expense less income taxes less capital expenditures. GIM corporate governance index is from
Gompers Ishii Metrick (2003). Market-to-book is defined as the ratio of the market value of the
firm assets to the book value of the firm assets. ROA is defined as operating income before
depreciation divided by total assets. Leverage is defined as long-term plus and short-term debt
normalized by total assets. Total assets are from COMPUSTAT. Stock run up is the stock return
prior to the deal completion. Cash merger is the dummy variable, 1 for cash merger, 0 otherwise.
The relative size is the ratio of deal value to the firm total assets. The standard errors are
reported in the parenthesis.

VARIABLES
Target Tone

(1)
Premium 1
month
-0.174
[0.186]

Unconstrained

(2)
Premium
1 month
-0.074
[0.297]
-10.263
[7.426]

(3)
Premium
1 month
-0.338
[0.241]

(4)
Premium 1
month
-0.110
[0.309]

Constrained
Free Cash
Flow

116.024***
[43.754]

GIM
Governance
Market to
Book

ROA
Leverage
Total Assets
Stock Run up

-2.390*
[1.335]

-11.984
[56.462]
1.010
[1.939]

-1.168
[0.918]

-2.057
[1.458]

-1.260
[1.766]

-5.494***
[1.686]

-18.223
[11.856]
5.502
[16.806]
-0.001***
[0.000]
-2.143
[2.449]

-10.922
[21.001]
-18.622
[18.315]
-0.000
[0.000]
1.343
[3.391]

11.314***
[3.137]
2.374
[12.387]
-0.000
[0.000]
-5.032
[8.189]

49.183**
[23.921]
-34.596**
[14.985]
-0.001
[0.000]
1.807
[2.672]

52

(5)
Premium
1 month
0.072
[0.414]
20.939**
[9.980]
513.062**
[188.824]

-3.836
[4.110]
135.933**
[65.504]
2.213
[26.178]
-0.000
[0.000]
-17.380
[12.247]

Table A.9 (cont’d)
cash_merger
rlsize
Constant
Observations
R-squared

-1.364
[5.332]
1.801***
[0.388]
52.848***
[9.461]
567
0.029

-2.690
-0.133
[10.898]
[5.909]
1.549***
-0.879
[0.482]
[3.110]
52.839*** 75.921***
[14.859]
[21.975]
130
0.062

151
0.062

53

6.734
[7.557]
1.253**
[0.561]
53.970***
[13.299]

8.606
[10.375]
0.249
[6.268]
29.057
[32.756]

117
0.296

47
0.313

Table A.10 Bidder Tone and Firm Characteristics
This table reports the regression estimates from the linear regression of the Bidder tone choice on
the firm characteristics. The dependent variable is the bidder managerial tone measure. The tone
measure is the term-weighted measure using Loughran and McDonald(2011) negative dictionary.
The unconstrained is the dummy variable using the Kaplan and Zingales index, 1 if KZ index is
in the bottom 30 \%, 0 otherwise, The constrained is the dummy variable using the Kaplan and
Zingales index, 1 if KZ index is in the top 30 \%, 0 otherwise. Free cash flow is calculated as
operating income before depreciation less interest expense less income taxes less capital
expenditures. GIM corporate governance index is from Gompers Ishii Metrick (2003). Marketto-book is defined as the ratio of the market value of the firm assets to the book value of the firm
assets. ROA is defined as operating income before depreciation divided by total assets. Leverage
is defined as long-term plus and short-term debt normalized by total assets. Total assets are from
COMPUSTAT. Stock run up is the stock return prior to the deal completion. Cash merger is the
dummy variable, 1 for cash merger, 0 otherwise. The relative size is the ratio of deal value to the
firm total assets. The standard errors are reported in the parenthesis.
(1)
(2)
(3)
(4)
(5)
Bidder
Bidder
Bidder
Bidder
Bidder
VARIABLES
Tone
Tone
Tone
Tone
Tone
Uniconstrained

-8.920***
[0.972]

Constrainted

-6.490***
[1.033]
9.604***
[1.865]
15.675***
[4.039]

Free Cash Flow
GIM
Governance
Market to Book

ROA

Leverage
Total Assets
Stock Run-up
Constant
Observations
R-squared

-0.559***
[0.192]
0.097
[0.067]
10.832***
[2.674]
10.369***
[2.192]
-0.000***
[0.000]
-1.040***
[0.366]
39.494*** 32.827*** 32.832*** 34.181*** 41.276***
[0.831]
[0.459]
[0.460]
[1.952]
[1.132]
1,260
0.069

1,260
0.026

1,119
0.037
54

561
0.012

1,176
0.128

Table A.10 (cont’d)
VARIABLES

(6)
Bidder Tone

(7)
Bidder Tone

(8)
Bidder Tone

Uniconstrained
Constrainted

-5.679**
[2.242]
19.500**
[8.205]

4.991**
[2.248]

Free Cash
Flow

-12.872***
[4.318]

9.647
[11.865]

GIM
Governance
Market to
Book
ROA
Leverage
Total Assets
Stock Run-up
Constant
Observations
R-squared

(9)
Bidder Tone

-0.580***
[0.196]

-0.231
[0.217]

0.042
[0.069]
-13.341***
[3.008]
-11.056***
[2.232]
-0.000***
[0.000]
-1.015***
[0.355]
36.903***
[0.956]

0.057
[0.067]
-9.920***
[3.262]
-10.189***
[2.371]
-0.000***
[0.000]
-1.133***
[0.387]
36.887***
[1.061]

-0.536
[0.379]
-23.288***
[6.428]
-10.604***
[3.441]
-0.000***
[0.000]
-1.260*
[0.738]
41.592***
[2.809]

-0.119
[0.345]
-22.104**
[8.605]
-11.806***
[3.518]
-0.000***
[0.000]
-0.759
[0.716]
41.600***
[3.340]

1,176
0.102

1,042
0.089

560
0.082

451
0.130

55

Table A.11 Target Tone Choice and Firm Characteristics
This table reports the regression estimates from the linear regression of the target tone choice on
the firm characteristics. The dependent variable is the target managerial tone measure. The tone
measure is the term-weighted measure using Loughran and McDonald(2011) negative dictionary.
The unconstrained is the dummy variable using the Kaplan and Zingales index, 1 if KZ index is
in the bottom 30 %, 0 otherwise, The constrained is the dummy variable using the Kaplan and
Zingales index, 1 if KZ index is in the top 30 %, 0 otherwise. Free cash flow is calculated as
operating income before depreciation less interest expense less income taxes less capital
expenditures. GIM corporate governance index is from Gompers Ishii Metrick (2003). Marketto-book is defined as the ratio of the market value of the firm assets to the book value of the firm
assets. ROA is defined as operating income before depreciation divided by total assets. Leverage
is defined as long-term plus and short-term debt normalized by total assets. Total assets are from
COMPUSTAT. Stock run up is the stock return prior to the deal completion. Cash merger is the
dummy variable, 1 for cash merger, 0 otherwise. The relative size is the ratio of deal value to the
firm total assets. The standard errors are reported in the parenthesis.} The standard errors are
reported in the parenthesis.
VARIABLES
Uniconstrained

(1)
Target Tone

(2)
Target Tone

(3)
Target Tone

(4)
Target Tone

-4.446**
[2.100]

Constrainted

-4.244*
[2.273]
7.095*
[4.225]

Free Cash Flow

-9.993***
[3.542]

GIM
Governance

-0.386
[0.289]

Market to Book

31.539***
[1.667]

28.629***
[1.080]

28.276***
[1.008]

28.952***
[2.835]

-0.317
[0.682]
-7.851
[7.100]
-6.501
[4.864]
0.000
[0.000]
1.740
[1.576]
30.557***
[2.870]

218
0.020

218
0.019

198
0.042

205
0.008

194
0.065

ROA
Leverage
Total Assets
Stock Run-up
Constant
Observations
R-squared

(5)
Target Tone

56

Table A.11 (cont’d)
VARIABLES

(6)
Target Tone

(7)
Target Tone

(8)
Target Tone

(9)
Target Tone
-5.976
[5.792]
-21.901
[89.946]
-88.656***
[19.495]
-0.401
[0.450]
0.970
[1.275]
33.546
[27.306]
-16.922**
[8.382]
-0.000
[0.000]
3.505
[3.538]
35.428***
[10.387]
60
0.392

Uniconstrained
Constrainted

6.311
[5.172]

Free Cash Flow

-12.889**
[5.865]

GIM Governance
Market to Book
ROA
Leverage
Total Assets
Stock Run-up
Constant
Observations
R-squared

-0.566
[0.681]
-7.358
[7.640]
-8.670*
[5.215]
-0.000
[0.000]
1.890
[1.592]
29.056***
[2.760]

-0.727
[0.582]
-0.756
[8.143]
-8.898*
[5.118]
0.000
[0.000]
2.812*
[1.650]
27.992***
[2.680]

-0.575**
[0.283]
-0.047
[0.349]
0.254
[1.552]
1.163
[3.757]
0.000***
[0.000]
-0.759
[1.564]
29.935***
[3.666]

194
0.063

176
0.099

204
0.065

57

0112345
67
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