英語(yǔ)翻譯
1.Relatively larger sizes of targets will induce the managers to inflate the stock price through advertising because of the possibility of significant economic gains.Hence,in equation (3)we hypothesize a positive coefficient on the DR variable.Similarly,higher managerial OWN may induce managers to increase advertising intensity due to relatively large personal gain fromdoing so.We also hypothesize a positive coefficient for the managerial OWN variable.However,it is important to note that in both cases increasing the stock price through increased advertising does not conflict with the existing acquiring firm’s shareholders’ interests.