Influencing factors | Total | Procyclical M&As | Anticyclical M&As | Difference | p value | Significancea |
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% |
|