"... In PAGE 15: ... In addition to their primary ACO, respondents indicated that they interacted with other ACOs; frequently mentioned ACOs were Seattle, Wichita, Los Angeles, and Atlanta. Table5 shows the primary and secondary ACOs specified by the airborne respondents. Table 5.... ..."

"... In PAGE 19: ... Table5 shows that each institution has added both full-time and adjunct faculty as well as management staff beyond the initial Program Chair/Executive Director. Thus, the initial increase in program capacity resulted in more required support, which in turn needs more students (more revenue) to finance that support.... ..."

"... In PAGE 7: ... Additionally, about 67% of sample respon- dents were executives, filling positions such as director, manager or chief employee. Table1 lists the respondent company characteristics, including industry type, gender, age, education level, working experience, and position. 4.... ..."

"... In PAGE 23: ....5.2. Probit results Table6 presents the results of the probits that estimate the probability of retention on the surviving board, computed separately for inside and outside directors. Insiders are less likely to be retained following a hostile deal, probably a result of animosity ... In PAGE 28: ... Thus, while directors can avoid the loss of the target seat by spurning the merger, there is a penalty imposed by the rest of the directors market. The observed reduced-form coefficient is positive and the indirect retention effect is predicted to be negative (and was estimated to be zero in the probits of Table6 ), this inference is unaffected by the reduced-form problem discussed above. The last column of Table 7 presents an overall estimation for all inside and outside target directors.... In PAGE 45: ... Two predicted signs are given in the column labeled Pred. The top sign is for the effect on retention ( Table6 ) and the bottom sign is for the effect on future other board seats (Table 7). Variable Definition Pred Relation to Board Seat Retention amp; Future Board Seats Hostility 1 if the offer is characterized as hostile by the WSJ or DJNR.... In PAGE 47: ... Abnormal change is the actual change minus the change for a cohort of nontarget directors matched on age and starting number of directorships. Most of the variables are defined in Table 5 and the legend to Table6 . Unexplained Retention is based on the results of the probit models in Table 6 and adjusts for the endogeneity of the retention decision.... In PAGE 47: ... Those models attempt to explain whether a director remains on the surviving board, either of the new, merged firm, or of the still-independent target, following the contest. The Unexplained Retention variable is equal to the error from the probit in Table6 predicting retention on the surviving board. In the inside director specifications, Remains Employed is a dummy variable set equal to one if the director is still listed as employed, either with the original or merged firm, or with a different firm, in the Register of Corporations, Directors, and Executives two years after the end of the takeover event.... ..."