Influencing factors

Total

Procyclical M&As

Anticyclical M&As

Difference

p value

Significance^a

M/B ratio t₋₁

2.71

2.48

3.01

−0.54

0.10

*

M/B ratio t₀

2.65

2.45

2.92

−0.47

0.75

-

Net debt/EBITDA ratio t₋₁

0.83

1.24

0.29

0.95

0.88

-

Net debt/EBITDA ratio t₀

1.10

1.17

1.01

0.16

0.53

-

Relative size t₋₁

17.16%

22.72%

10.07%

12.66%

0.08

*

Premium size (1 day premium)

29.63%

21.78%

39.06%

−17.29%

0.06

*

Premium size (1 month premium)

37.89%

28.59%

52.34%

−23.75%

0.01

***

Strategic direction of acquisition

0.04

**

related

47

22

25

in %

60%

50%

74%

unrelated

31

22

9

in %

40%

50%

26%