能翻多少是多少吧，谢谢大家了！
3.2. Dependent variables
We assessed the economic outcomes of acquisitions by utilizing the event-study methodology (Brown and Warner, 1985) and estimated cumulative abnormal returns (CARs) for each acquiring firm. Our estimation encompasses two event windows (_1 to 0 and_3 to +3 days). The event date (Day 0) was defined as the day prior to an appearance for the first time of the acquisition announcement in the Wall Street Journal. The event study has emerged as the dominant method for measuring the effects of various economically relevant factors on the market value of corporations (Caves, 1989; Lubatkin and Shrieves, 1986; Wright et al., 1995). Caves (1989) argued that the event-study methodology is a ‘‘genuine innovation—theoretically well grounded, cheap to execute, and able to evade the problem of holding constant other factors that plague ex post studies of mergers’ effects’’ (p. 151). To assess the robustness of our findings, we employed percentage changes in ROA as another dependent variable. Scholars (e.g., Keats, 1990) have proposed that multiple measures of economic outcomes be examined for robustness. To estimate these values, we identified the dates of acquisition consummations and then estimated the average ROAs for the four quarters prior to the acquisition consummations. Four quarters were used to control for any seasonality in firms’ ROA figures. We have also estimated the average ROAs for four quarters following the acquisition consummations. Subsequently, we estimated the percentage changes in average ROAs of pre- and postacquisition periods.

12.3.2.相依变量
我们通过使用事件研究法（布朗和沃勒，1985）来评估收购成本，并对每个收购公司的股票超常收益率（CARs）进行评估。我们的评估包括两个事件窗口（_1到0和_3到＋3天）。事件日期（0天）被定义为首次出现在华尔街日报上的收购声明之前的时间。事件研究法作为测量关于公司市场值的各种经济相关因素的主导方法而出现。（卡伍斯，1989；卢巴金和施瑞伍斯，1986；赖特等人，1995）。卡伍斯（1989）认为事件研究法是真正的有充分根据的理论创新，实施花费少，而且能够避免给合并效果事后研究造成麻烦的其它不变因素的问题。（p.151）为了评估我们研究成果的鲁棒性，我们使用资产收益率的百分比变化作为另一个相依变量。学者们（如希特斯，1990）建议使用多种测量方法来检测鲁特性。为了估计这些值，我们确认收购完成日期并估计在收购完成之前的四个季度的平均资产收益率。用四个季度来控制公司资产收益率数据的季节性。同时，我们也估算了在收购完成后四个季度的平均资产收益率。因此我们估计了收购前和收购后两阶段的平均资产收益率的百分比变化。