Panel A: Overall Sample

Assets (in millions)

Sales (in millions)

ROA

S/A

Acquirer

Target

Acquirer

Target

Acquirer

Target

Acquirer

Target

Mean

199.77

24.24

73.63

12.11

0.10

0.04

1.04

0.92

Median

21.65

5.22

19.67

3.63

0.10

0.05

0.93

0.80

Minimum

0.09

0.00

0.11

0.00

−0.47

−0.19

0.37

0.00

Maximum

2,915.40

466.78

1,391.64

195.79

0.24

0.23

2.58

3.11

N

62

66

62

66

62

66

62

65

Panel B: Group Mergers

Assets (in millions)

Sales (in millions)

ROA

S/A

Acquirer

Target

Acquirer

Target

Acquirer

Target

Acquirer

Target

Mean

148.87

23.36

62.50

16.37

0.09

0.04

0.97

0.91

Median

24.26

9.33

20.04

4.24

0.10

0.06

0.90

0.74

Minimum

0.09

0.11

0.11

0.00

-0.47

-0.19

0.37

0.09

Maximum

1,302.06

308.22

657.87

195.79

0.24

0.23

2.23

3.11

N

38

39

38

39

38

39

38

39

Panel C: Non-Group Mergers

Assets (in millions)

Sales (in millions)

ROA

S/A

Acquirer

Target

Acquirer

Target

Acquirer

Target

Acquirer

Target

Mean

281.53

24.92

94.36

6.01

0.10

0.04

1.16

0.89

Median

8.78

2.50

12.78

2.30

0.10

0.03

1.01

0.84

Minimum

1.31

0.00

0.84

0.00

0.02

−0.18

0.48

0.00

Maximum

2,915.40

466.78

1,391.64

29.80

0.19

0.18

2.58

2.60

N

23

26

23

26

23

26

23

26

Panel D: Related Mergers

Assets (in millions)

Sales (in millions)

ROA

S/A

Acquirer

Target

Acquirer

Target

Acquirer

Target

Acquirer

Target

Mean

247.04

27.96

85.69

14.57

0.09

0.05

1.00

0.97

Median

24.26

5.22

19.63

4.11

0.10

0.06

0.88

0.86

Minimum

0.09

0.00

0.11

0.00

−0.47

−0.18

0.37

0.00

Maximum

2,915.40

466.78

1,391.64

195.79

0.24

0.23

2.58

3.11

N

46

50

46

50

46

50

46

50

Panel E: Unrelated Mergers

Assets (in millions)

Sales (in millions)

ROA

S/A

Acquirer

Target

Acquirer

Target

Acquirer

Target

Acquirer

Target

Mean

63.85

12.61

38.96

4.42

0.11

0.00

1.15

0.69

Median

17.32

5.14

19.80

1.18

0.10

0.02

0.98

0.64

Minimum

1.64

0.20

1.19

0.00

0.04

−0.19

0.38

0.09

Maximum

410.60

49.47

361.85

34.26

0.17

0.10

2.56

1.84

N

16

16

16

16

16

16

16

16

Panel F: BIFR Mergers

Assets (in millions)

Sales (in millions)

ROA

S/A

Acquirer

Target

Acquirer

Target

Acquirer

Target

Acquirer

Target

Mean

590.08

61.77

42.00

4.40

0.11

−0.04

0.89

0.59

Median

251.15

14.83

25.02

0.61

0.11

−0.02

0.88

0.64

Minimum

11.33

0.00

1.89

0.00

0.02

−0.19

0.48

0.00

Maximum

2,915.40

466.78

134.62

29.80

0.21

0.06

1.33

1.13

N

10

11

10

11

10

11

10

11

Panel G: Non-BIFR Mergers

Assets (in millions)

Sales (in millions)

ROA

S/A

Acquirer

Target

Acquirer

Target

Acquirer

Target

Acquirer

Target

Mean

124.71

16.73

79.71

13.65

0.09

0.05

1.07

0.97

Median

14.37

4.26

19.67

4.06

0.10

0.07

0.96

0.83

Minimum

0.09

0.11

0.11

0.00

−0.47

−0.18

0.37

0.02

Maximum

2,835.74

308.22

1,391.64

195.79

0.24

0.23

2.58

3.11

N

52

55

52

55

52

55

52

55