Panel A: (−3, +3) Year Analysis

Model I

Model II

Model III

Model IV

Model V

Post ROA

Post ROE

Post CFFO/TA

Post Sales/TA

Post Sales/TA

Intercept

−0.0354

0.7383^*

−0.0031

−0.0250

0.0913

(−1.4259)

(1.7096)

(−0.1072)

(−0.1687)

(0.6189)

Pre ROA

0.2632

(1.2872)

Pre ROE

0.2951

(0.6645)

Pre CFFO/TA

0.3706^**

(2.1350)

Pre Mat/Sales

0.0064

0.4926

0.0001

−0.2614

0.0541

(0.1478)

(0.6404)

(0.0025)

(−0.9834)

(0.2211)

Pre Lab/Sales

0.0181

−1.9213

−0.3055^**

−1.0963

−0.2041

(0.1226)

(−0.8303)

(−1.9906)

(−1.3654)

(−0.2713)

Pre Oh/Sales

−0.0043

−0.4523

−0.0279

−0.0797

0.1052

(−0.0895)

(−0.5352)

(−0.4892)

(−0.2716)

(0.3532)

Pre Tax/Sales

0.3552

5.2931

−0.0605

−5.8264^**

−6.8908^**

(0.6991)

(0.6439)

(−0.1118)

(−2.0487)

(−2.3370)

Pre Int./Sales

−0.1946

1.1048

−0.1803

−2.5435^*

−4.3393^***

(−0.7918)

(0.2571)

(−0.6351)

(−1.7074)

(−3.1814)

Pre Sales/TA

−0.0019

−0.4106

−0.0079

0.3020^**

(−0.0918)

(−1.1648)

(−0.2834)

(2.4713)

Group Merger

−0.0009

0.2344

0.0217

0.0545

0.0160

(−0.0677)

(0.9771)

(1.3784)

(0.6643)

(0.1897)

Related Merger

0.0078

0.1959

0.0115

−0.0428

−0.0863

(0.5014)

(0.7355)

(0.6637)

(−0.4687)

(−0.9169)

Public Acquirer

0.0201

−0.8412^**

−0.0099

0.0714

0.0868

(0.9657)

(−2.3195)

(−0.4150)

(0.5663)

(0.6577)

Public Target

0.0182

−0.1423

0.0087

0.0692

−0.0024

(1.2045)

(−0.5379)

(0.4840)

(0.7533)

(−0.0262)

BIFR Merger

0.0453^***

−0.0697

−0.0036

0.0162

−0.0074

(2.6841)

(−0.2292)

(−0.1833)

(0.1570)

(−0.0688)

F Statistic

1.7153

1.0022

0.3026

2.0285

1.4731

Adjusted R²

0.1233

0.0004

0.0399

0.1565

0.0720

N

62

62

62

62

62