Optimal Decision-Making in Chinese Cross-Border Mergers and Acquisitions: A Perspective of Overbidding

Table 7

Summary of the statistics of the first-order condition test.

Variable	Min	P25	Mean	Median	P75	Max	Std
FOC	−0.0230	−0.0203	−0.0171	−0.0178	−0.0146	−0.0039	0.0042