t

acquirers

targets

mean

t-statistics

p-statistics

mean

t-statistics

p-statistics

−30

0.0024

(1.2863)

(0.1988)

0.0028

(1.5866)

(0.1130)

−29

−0.0005

(−0.3062)

(0.7596)

−0.0043**

(−2.5285)

(0.0117)

−28

0.0009

(0.4784)

(0.6325)

−0.0028

(−1.4544)

(0.1463)

−27

0.0009

(0.4371)

(0.6622)

0.0025

(1.3650)

(0.1727)

−26

−0.0015

(−1.0823)

(0.2796)

0.0028

(1.3264)

(0.1851)

−25

0.0014

(0.6133)

(0.5399)

0.0020

(1.0717)

(0.2842)

−24

0.0004

(0.2196)

(0.8263)

0.0001

(0.0389)

(0.9690)

−23

−0.0008

(−0.4702)

(0.6384)

0.0015

(0.8030)

(0.4222)

−22

−0.0030*

(−1.8709)

(0.0619)

0.0003

(0.1833)

(0.8546)

−21

0.0023

(1.4037)

(0.1609)

0.0003

(0.1982)

(0.8430)

−20

−0.0003

(−0.1726)

(0.8630)

−0.0015

(−0.7648)

(0.4446)

−19

−0.0003

(−0.1680)

(0.8666)

0.0030

(1.4654)

(0.1432)

−18

−0.0006

(−0.3679)

(0.7131)

0.0014

(0.7349)

(0.4626)

−17

−0.0001

(−0.0481)

(0.9617)

−0.0030*

(−1.6849)

(0.0924)

−16

0.0009

(0.4923)

(0.6227)

0.0050***

(2.8605)

(0.0044)

−15

−0.0013

(−0.8352)

(0.4039)

0.0011

(0.6177)

(0.5369)

−14

0.0019

(1.0652)

(0.2872)

0.0037

(1.4277)

(0.1538)

−13

0.0003

(0.1783)

(0.8586)

0.0018

(0.8657)

(0.3869)

−12

−0.0025

(−1.4720)

(0.1416)

0.0034**

(2.0657)

(0.0392)

−11

−0.0016

(−0.9706)

(0.3322)

0.0055**

(2.5617)

(0.0106)

−10

−0.0008

(−0.5350)

(0.5928)

0.0028

(1.4586)

(0.1451)

−9

−0.0004

(−0.2579)

(0.7966)

0.0016

(0.8136)

(0.4161)

−8

0.0005

(0.3135)

(0.7540)

0.0058***

(3.0244)

(0.0026)

−7

0.0011

(0.5728)

(0.5670)

0.0035**

(1.9971)

(0.0462)

−6

0.0003

(0.1411)

(0.8878)

0.0033*

(1.7394)

(0.0824)

−5

−0.0007

(−0.4915)

(0.6232)

0.0085***

(4.2072)

(0.0000)

−4

0.0021

(1.0513)

(0.2936)

0.0072***

(3.9853)

(0.0001)

−3

−0.0011

(−0.5590)

(0.5764)

0.0078***

(3.8933)

(0.0001)

−2

0.0001

(0.0338)

(0.9731)

0.0104***

(4.9772)

(0.0000)

−1

0.0012

(0.7695)

(0.4419)

0.0190***

(7.5616)

(0.0000)

0

−0.0097***

(−3.9065)

(0.0001)

0.1391***

(17.2129)

(0.0000)

1

−0.0007

(−0.3923)

(0.6950)

0.0278***

(5.7712)

(0.0000)

2

−0.0004

(−0.1920)

(0.8478)

−0.0016

(−1.1764)

(0.2398)

3

0.0003

(0.1986)

(0.8426)

0.0008

(0.5355)

(0.5925)

4

−0.0005

(−0.2958)

(0.7675)

−0.0026**

(−2.1146)

(0.0348)