Panel A: (−5, +5) 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

−0.0349

0.4341

−0.0190

−0.0018

0.1375

(−1.4380)

(1.4405)

(−0.7344)

(−0.0108)

(0.8510)

Pre ROA

0.1554

(0.8521)

Pre ROE

−0.0907

(−0.6956)

Pre CFFO/TA

0.5010^***

(2.8218)

Pre Mat/Sales

0.0108

0.1204

0.0180

−0.2420

0.1180

(0.2556)

(0.2281)

(0.3579)

(−0.8413)

(0.4526)

Pre Lab/Sales

0.0362

−1.2997

−0.1564

−0.9549

−0.0985

(0.2562)

(−0.8632)

(−1.1806)

(−1.1642)

(−0.1262)

Pre Oh/Sales

−0.0274

−0.1653

−0.0295

−0.2273

0.0159

(−0.5548)

(−0.2670)

(−0.5533)

(−0.6741)

(0.0469)

Pre Tax/Sales

1.0530^**

5.9362

0.4168

−7.2140^**

−7.9634^**

(1.9604)

(0.9711)

(0.8078)

(−2.1657)

(−2.2877)

Pre Int/Sales

−0.0718

0.9964

−0.2520

−2.4080

−4.2429^***

(−0.2945)

(0.3310)

(−0.9886)

(−1.4697)

(−2.7656)

Pre Sales/TA

0.0041

−0.2688

−0.0156

0.3601^**

(0.1887)

(−1.0021)

(−0.6113)

(2.4810)

Group Merger

0.0107

0.2247

0.0205

0.0355

0.0186

(0.8310)

(1.3924)

(1.5093)

(0.4054)

(0.2030)

Related Merger

0.0095

0.1501

0.0050

−0.0631

−0.1107

(0.6191)

(0.8174)

(0.3222)

(−0.6325)

(−1.0777)

Public Acquirer

0.0079

−0.5546^**

0.0042

0.0681

0.0766

(0.3959)

(−2.2322)

(0.1987)

(0.5033)

(0.5397)

Public Target

0.0200

−0.0708

0.0068

0.1052

0.0099

(1.3063)

(−0.3701)

(0.4079)

(1.0096)

(0.0976)

BIFR Merger

0.0395^**

−0.1254

0.0074

0.0354

0.0092

(2.4114)

(−0.5945)

(0.4265)

(0.3160)

(0.0788)

F Statistic

1.3596

0.9936

1.5204

1.7824

1.2216

Adjusted R²

0.0439

−0.0013

0.0929

0.1236

0.0350

N

62

62

62

62

62