Dutch Acquirers and Country Factors
A research to the difference in performance between domestic
and cross-border acquisitions.
University of Groningen
Faculty of Business and Administratio n
Specialization: Corporate Finance
Author: R.J.W. Spek
Appendix 1: Outcomes for alternative hypothesis 1
Table 1: The (C)AR’s of the Dutch acquirers around the announcement day for domestic
M&A, categorized by relative size.
Panel A: AR’s per trading day in the event window ( -10, +10)
Domestic 50%> Number: 7 -10 0,63% -0,15% -0,42% -1,07% 3,37% ** 0,73% 6,01% * -9 0,01% 1,03% ** -0,91% 0,21% -1,10% -0,62% -1,58% -8 -0,47% -0,01% 0,68% -1,57% ** -1,17% 0,55% -2,88% -7 0,23% 0,48% -0,32% 0,64% -0,08% -0,97% 0,81% -6 -0,12% -0,20% -0,28% -0,13% 0,10% 0,19% 0,00% -5 -0,14% 0,31% 0,13% -1,00% -0,47% -0,57% -0,37% -4 -0,14% 0,22% -0,30% -0,22% -0,54% -1,81% * 0,72% -3 0,10% 0,52% 1,07% -1,61% * -0,10% -0,49% 0,30% -2 0,23% 0,27% 0,51% 0,52% -0,16% -0,64% 0,31% -1 -0,24% 0,08% 0,00% -0,35% -0,77% 1,88% -3,42% 0 2,10% *** 0,03% 0,88% ** -0,09% 7,17% *** 5,26% *** 9,08% *** 1 0,51% *** -0,66% 0,15% 2,07% *** 1,59% ** 0,87% 2,30% ** 2 0,49% * -0,23% 0,48% 1,06% * 1,23% -0,30% 2,76% 3 -0,55% * 0,10% 0,19% -0,83% -1,78% ** -2,16% * -1,41% 4 0,07% 0,34% -0,86% -0,32% 0,43% -0,30% 1,15% 5 0,38% 0,19% 0,59% -0,16% 0,85% -0,49% 2,18% 6 -0,23% -0,21% -0,11% -0,42% -0,23% -0,21% -0,24% 7 -0,56% * -0,27% 0,55% -1,17% -1,29% -0,70% -1,88% 8 0,31% ** 0,29% -0,07% 0,05% 0,71% 1,53% * -0,11% 9 0,13% 0,21% -0,30% -0,58% 0,66% 1,81% * -0,48% 10 -0,10% -0,18% 0,56% -0,92% 0,11% 0,34% -0,12% 51 21 8 14 7 10-20% 20%> 20-50% 8 Total <5% 5-10%
Panel B: CAR’s per event window
Domestic 50%> (0, +1) 2,61% *** -0,64% 1,03% ** 1,98% ** 8,76% *** 6,13% *** 11,38% *** (-1, 0) 1,87% *** 0,10% 0,88% -0,44% 6,40% *** 7,14% *** 5,66% *** (-1, +1) 2,38% -0,56% 1,03% 1,62% 7,99% 8,01% 7,96% (-2, +2) 3,09% -0,51% 2,02% 3,21% 9,05% 7,08% 11,03% (-10, +10) 2,65% 2,17% 2,21% -5,89% 8,51% 3,90% * 13,13% 20-50% Total <5% 5-10% 10-20% 20%>
Table 2: The (C)AR’s of the Dutch acquirers around the announcement day for cross-border
M&A, categorized by relative size.
Panel A: AR’s per trading day in the event window ( -10, +10)
Cross-border Number: -10 0,39% * 0,53% ** 0,18% 0,32% 0,01% 0,38% -0,43% -9 0,13% 0,12% -0,16% 0,14% 0,36% 0,41% 0,30% -8 0,09% 0,03% -0,26% -0,52% 0,89% 0,46% 1,41% -7 0,04% -0,26% 0,38% 0,50% 0,78% -0,06% 1,76% * -6 -0,23% -0,19% -0,88% * 0,08% -0,16% 0,09% -0,44% -5 -0,03% 0,00% -0,43% 0,25% -0,04% 0,76% -0,97% -4 0,17% 0,24% -0,22% 0,63% -0,14% 0,18% -0,52% -3 -0,06% 0,05% -0,45% * -0,40% -0,09% 0,15% -0,37% -2 0,04% 0,15% 0,10% -0,52% -0,16% -0,63% 0,40% -1 0,24% 0,09% -0,16% 0,27% 1,05% ** 0,66% 1,51% ** 0 0,93% *** 0,59% ** 0,47% ** -0,11% 3,15% *** 1,85% ** 4,66% *** 1 0,45% ** 0,20% -0,19% 0,23% 1,96% 1,57% * 2,42% *** 2 0,00% -0,03% 0,23% 0,75% -0,43% 0,30% -1,28% 3 -0,16% -0,34% 0,01% -0,30% 0,52% 0,83% 0,17% 4 -0,03% 0,06% -0,41% -0,33% 0,01% 0,05% -0,05% 5 -0,20% -0,30% -0,33% -0,24% 0,30% -0,58% 1,33% *** 6 -0,37% -0,44% 0,02% -1,46% ** 0,24% -0,11% 0,65% 7 0,17% 0,08% 0,03% 0,21% 0,57% 0,83% 0,27% 8 0,17% 0,30% 0,00% 0,40% -0,39% 0,05% -0,90% 9 0,11% 0,45% 0,12% -0,41% -0,96% ** -1,23% ** -0,65% 10 0,14% 0,08% 0,32% 0,17% 0,25% 0,77% -0,36% 240 156 24 20 39 21 18 20%> 20-50% 50%> Total <5% 5-10% 10-20%
Panel B: CAR’s per event window
Cross-border (0, +1) 1,38% *** 0,79% ** 0,28% 0,12% 5,11% *** 3,43% *** 7,07% *** (-1, 0) 1,17% *** 0,68% * 0,30% 0,16% 4,20% *** 2,52% ** 6,17% *** (-1, +1) 1,62% 0,88% 0,11% 0,39% 6,16% 4,09% 8,58% (-2, +2) 1,66% 1,00% 0,44% 0,62% 5,57% 3,75% 7,70% (-10, +10) 1,98% 1,41% -1,63% * -0,35% 7,73% 6,72% 8,90% 20%> <5% 5-10% Total 10-20% 20-50% 50%>
Table 3: The (C)AR’s around the announcement day of the Dutch companies that acquirers
North American firms, categorized by relative size.
Panel A: AR’s per trading day in the event window ( -10, +10)
North America Number: -10 0,29% 0,38% 0,61% 0,47% -0,40% -0,79% -0,23% -9 0,06% 0,20% -0,34% -0,39% 0,19% 0,96% -0,14% -8 0,10% 0,33% -0,46% 0,28% -0,54% -0,38% -0,62% -7 0,33% ** 0,09% 0,27% 1,25% 0,50% 0,25% 0,62% -6 -0,04% 0,01% -0,90% 0,44% -0,12% 0,38% -0,34% -5 -0,05% -0,17% -0,67% 0,11% 0,62% 2,21% ** -0,08% -4 0,00% -0,09% -0,07% 0,81% -0,30% 0,38% -0,60% -3 -0,07% 0,02% -0,19% 0,00% -0,39% -0,36% -0,40% -2 -0,56% ** -0,40% -0,03% -0,72% -1,29% ** -1,05% -1,40% * -1 0,09% 0,21% -1,49% ** 0,23% 0,54% 0,91% 0,37% 0 1,32% *** 0,97% ** -0,71% 1,76% *** 3,46% *** 2,30% 3,98% *** 1 0,39% 0,32% -1,07% 0,04% 1,86% -0,10% 2,74% ** 2 0,03% -0,04% 1,41% -0,15% -0,44% 0,11% -0,68% 3 -0,20% -0,40% 0,82% -0,37% 0,05% 2,52% -1,04% 4 -0,01% 0,38% -0,75% -0,47% -0,58% -1,19% -0,31% 5 0,10% 0,05% -0,68% 0,01% 0,85% -0,47% 1,45% 6 -0,01% -0,22% -0,08% 0,02% 0,74% 2,20% ** 0,09% 7 0,04% -0,08% -1,19% 0,76% 0,60% 1,57% 0,17% 8 -0,01% -0,02% 0,11% 0,14% -0,17% -0,84% 0,13% 9 0,25% ** 0,05% 1,44% * -0,19% 0,59% -0,70% 1,16% 10 0,33% 0,33% 0,62% 0,21% 0,25% 1,17% -0,16% 13 4 9 79 47 8 11 20%> 20-50% 50%> Total <5% 5-10% 10-20%
Panel B: CAR’s per event window
North America (0, +1) 1,71% *** 1,29% ** -1,78% 1,80% ** 5,32% *** 2,20% 6,71% *** (-1, 0) 1,41% *** 1,18% ** -2,20% 1,99% ** 4,00% *** 3,21% 4,35% *** (-1, +1) 1,80% 1,49% -3,27% * 2,03% 5,86% 3,11% 7,09% (-2, +2) 1,28% * 1,06% -1,90% 1,15% 4,14% 2,17% 5,01% (-10, +10) 2,39% 1,94% -3,36% 4,22% 6,05% 9,08% 4,70% 20%> 20-50% 10-20% 50%> Total <5% 5-10%
Table 4: The (C)AR’s around the announcement day of the Dutch companies that acquirers
British firms, categorized by relative size.
Panel A: AR’s per trading day in the event window ( -10, +10)
UK Number: -10 0,59% 1,61% ** -0,85% -0,37% -0,82% 0,37% -9 0,37% -0,40% 1,30% 1,27% * 1,48% 0,92% -8 -0,43% -0,55% -1,71% * 1,12% 1,05% 1,22% -7 -0,26% -0,74% -0,40% 1,01% 0,94% 1,13% -6 -0,49% -0,75% -0,18% -0,17% 0,00% -0,46% -5 -0,30% -0,20% -0,82% -0,02% 0,99% -1,70% -4 0,13% 0,18% -0,47% 0,63% 1,41% -0,68% -3 -0,35% 0,45% -1,27% -1,35% * -1,12% -1,74% -2 -0,03% 0,17% 0,42% * -0,98% -1,56% -0,01% -1 0,17% 0,20% 1,40% *** -1,12% -1,38% -0,69% 0 -0,16% -0,40% -2,06% 2,33% *** 3,45% ** 0,46% 1 -0,45% -0,73% -1,35% 1,10% ** 1,03% 1,22% 2 0,30% 0,16% 0,08% 0,86% 1,17% 0,34% 3 -0,02% -0,59% 1,49% -0,18% 0,85% -1,91% 4 0,09% -0,12% 0,45% 0,20% 0,78% -0,77% 5 -1,20% ** -2,37% *** 0,31% 0,07% -0,08% 0,32% 6 -0,95% ** -0,86% -1,85% -0,24% -0,36% -0,04% 7 0,34% 0,24% -0,65% 1,56% 1,19% 2,18% 8 -0,30% -0,15% -0,25% -0,71% -0,92% -0,36% 9 0,09% 1,24% ** -1,19% -1,39% -2,74% * 0,88% 10 -0,27% ** -0,36% 0,36% -0,69% * 0,40% -2,50% ** Total <5% 5-20% 20%> 20-50% 50%> 35 19 8 8 5 3
Panel B: CAR’s per event window
UK (0, +1) -0,61% -1,13% * -3,41% 3,43% *** 4,49% ** 1,68% * (-1, 0) 0,02% -0,20% -0,66% 1,21% * 2,07% -0,23% (-1, +1) -0,43% -0,92% -2,01% *** 2,31% 3,10% * 0,99% (-2, +2) -0,17% -0,59% -1,52% 2,18% ** 2,70% * 1,32% (-10, +10) -3,14% -3,96% -7,26% * 2,93% 5,78% -1,83% 20-50% 50%> Total <5% 5-20% 20%>
Table 5: The (C)AR’s around the announcement day of the Dutch companies that acquirers
Code Law firms, categorized by relative size.
Panel A: AR’s per trading day in the event window ( -10, +10)
Code Law Number: -10 0,72% * 0,71% 0,67% 0,84% 1,32% 0,37% -9 -0,20% 0,04% -0,44% -1,06% -1,03% -1,10% -8 0,10% 0,24% -0,50% 0,18% 0,76% -0,40% -7 -0,28% -0,52% 0,29% 0,15% 0,24% 0,06% -6 -0,40% -0,32% -1,24% ** 0,29% 0,68% -0,11% -5 0,18% 0,23% 0,19% -0,12% 0,23% -0,47% -4 0,53% 0,94% -0,01% -0,80% -0,91% -0,69% -3 -0,22% -0,13% -0,33% -0,52% 0,01% -1,04% -2 0,37% * 0,30% 0,23% 0,91% 1,01% 0,82% -1 0,31% -0,06% 0,20% 2,31% *** 4,19% *** 0,44% 0 1,44% *** 1,14% ** 0,89% 3,66% *** 3,85% ** 3,47% ** 1 0,63% 0,28% 1,24% 1,55% -0,04% 3,14% ** 2 0,04% 0,07% 0,49% -0,69% -0,78% -0,60% 3 -0,33% -0,18% -0,94% * -0,24% -0,54% 0,06% 4 -0,05% -0,06% -0,61% 0,75% * -0,04% 1,55% ** 5 -0,23% -0,22% -0,46% 0,06% -1,18% 1,30% * 6 -0,46% -0,95% -0,53% 2,09% 0,88% 3,31% 7 0,28% 0,31% 0,46% -0,12% 0,07% -0,30% 8 0,63% 0,79% 0,58% -0,08% 0,71% -0,87% 9 0,51% 1,01% *** -0,21% -1,10% * -0,20% -2,01% * 10 0,03% 0,18% -0,14% -0,45% -0,80% -0,10% 20-50% 50%> Total <5% 5-20% 20%> 5 5 73 50 15 10
Panel B: CAR’s per event window
Code Law (0, +1) 2,07% *** 1,43% ** 2,14% * 5,21% *** 3,81% 6,61% *** (-1, 0) 1,75% *** 1,08% 1,09% 5,97% *** 8,04% *** 3,91% ** (-1, +1) 2,38% ** 1,36% 2,33% 7,52% *** 7,99% ** 7,05% (-2, +2) 2,79% 1,73% 3,05% 7,74% 8,22% 7,27% (-10, +10) 3,60% 3,78% -0,18% 7,61% 8,41% 6,82% 20-50% 50%> Total <5% 5-20% 20%>
Table 6: The (C)AR’s around the announcement day of the Dutch companies that acquirers
Scandinavian firms, categorized by relative size.
Panel A: AR’s per trading day in the event window ( -10, +10)
Scandinavia Number: -10 0,24% -0,49% 1,64% -9 0,22% -0,90% 0,37% -8 -0,01% 2,44% -0,30% -7 -0,96% -1,14% -0,78% -6 -0,04% -0,52% -0,35% -5 0,58% 0,72% 1,11% -4 0,13% 1,34% -0,43% -3 0,37% -1,07% 1,53% -2 -0,81% -1,75% -1,54% -1 -0,46% -1,25% -0,83% 0 -1,06% ** -1,15% -2,07% ** 1 2,28% *** -0,29% 5,17% 2 0,06% 2,21% 0,73% 3 0,90% -2,20% 1,52% 4 -0,19% -0,45% -0,17% 5 -0,30% -1,14% -0,68% 6 -1,73% ** -2,42% -3,15% 7 1,15% 2,00% 1,25% 8 0,59% 0,02% 1,53% 9 -0,49% 0,21% -1,03% 10 0,41% -0,08% 1,55% 12 7 5 Total <20% 20%>
Panel B: CAR’s per event window
Scandinavia (0, +1) 1,23% -1,44% 3,11% (-1, 0) -1,52% ** -2,39% -2,90% * (-1, +1) 0,76% -2,68% 2,28% (-2, +2) 0,01% -2,22% 1,47% (-10, +10) 0,87% -5,89% 5,07% Total <20% 20%>
Appendix 2: Outcomes for alternative hypothesis 2
Table 1: The difference between domestic and cross-border M&A (C)AR’s, categorized by
relative size.
Panel A: The differences of AR’s per trading day in the event window( -10, +10)
Domestic - Cross-border Number: -10 0,24% -0,68% 3,96% -0,61% 3,18% 0,36% 6,44% *** -9 -0,12% 0,91% -0,49% 1,75% 6,10% -1,03% -1,88% -8 -0,56% -0,04% -3,65% 0,53% -0,92% 0,09% -4,29% ** -7 0,19% 0,74% -2,95% -1,52% 7,38% * -0,91% -0,95% -6 0,11% 0,00% -0,05% -0,15% -2,74% 0,11% 0,44% -5 -0,11% 0,31% -1,94% -0,92% -5,66% -1,34% 0,60% -4 -0,31% -0,02% 2,21% -3,42% * 1,83% -1,98% ** 1,24% -3 0,17% 0,48% 1,51% -1,22% 1,32% -0,64% 0,67% -2 0,19% 0,12% 0,17% 4,02% ** 0,56% 0,00% -0,09% -1 -0,47% -0,02% 1,59% 5,10% ** -0,38% 1,22% -4,93% *** 0 1,17% ** -0,56% -3,93% -0,94% -5,08% 3,41% ** 4,42% ** 1 0,06% -0,86% 1,60% 2,06% -5,98% -0,70% -0,11% 2 0,49% -0,20% 3,27% -3,02% 1,13% -0,60% 4,04% *** 3 -0,39% 0,44% 2,94% 1,98% -0,50% -2,98% *** -1,58% 4 0,10% 0,28% -0,90% 0,00% 3,55% -0,36% 1,20% 5 0,58% 0,49% -1,12% 1,98% -1,29% 0,09% 0,86% 6 0,14% 0,23% 5,88% * -4,04% ** -0,52% -0,10% -0,89% 7 -0,73% ** -0,35% 2,25% -2,17% 4,80% -1,53% -2,15% * 8 0,14% -0,01% -1,85% -1,34% 1,15% 1,48% 0,79% 9 0,01% -0,25% 0,06% 0,50% 5,14% 3,03% *** 0,17% 10 -0,24% -0,26% 2,29% -0,01% 2,69% -0,43% 0,24% 20-50% 50%> 7/21 Total <5% 5-10% 10-20% 20%> 8/24 8/20 14/39 7/18 21/156 51/239
Panel B: The differences of CAR’s per event window
Domestic - Cross-border (0, +1) 1,23% ** -1,42% * -2,33% 1,12% -11,06% ** 2,71% * 4,31% * (-1, 0) 0,70% -0,58% -2,35% 4,16% -5,46% 4,63% ** -0,51% (-1, +1) 0,76% -1,44% -0,75% 6,22% * -11,44% * 3,92% * -0,62% (-2, +2) 1,44% * -1,52% 2,69% 7,22% -9,76% 3,32% 3,33% (-10, +10) 0,67% 0,75% 10,84% -1,45% 15,74% -2,82% 4,22% Total <5% 5-10% 10-20% 20%> 20-50% 50%>
Table 2: The difference between domestic and North American cross-border M&A (C)AR’s,
categorized by relative size.
Panel A: The differences of AR’s per trading day in the event window( -10, +10)
Domestic - North America Number: -10 0,34% -0,53% -1,04% -1,54% 3,77% *** 1,52% 6,24% *** -9 -0,05% 0,83% -0,57% 0,61% -1,30% -1,58% -1,43% -8 -0,56% -0,34% 1,14% -1,85% -0,63% 0,92% -2,27% -7 -0,11% 0,40% -0,59% -0,60% -0,58% -1,22% 0,19% -6 -0,08% -0,21% 0,62% -0,57% 0,21% -0,19% 0,34% -5 -0,09% 0,48% 0,80% -1,10% -1,09% -2,78% -0,29% -4 -0,15% 0,31% -0,23% -1,03% -0,25% -2,18% 1,32% -3 0,18% 0,50% 1,26% -1,61% 0,30% -0,13% 0,71% -2 0,79% ** 0,68% 0,54% 1,25% 1,13% 0,41% 1,71% -1 -0,33% -0,13% 1,49% -0,58% -1,31% 0,97% -3,79% ** 0 0,78% -0,94% 1,59% -1,85% * 3,71% *** 2,96% 5,10% *** 1 0,12% -0,98% 1,22% 2,03% * -0,28% 0,97% -0,43% 2 0,46% -0,19% -0,92% 1,21% 1,67% -0,41% 3,44% *** 3 -0,35% 0,50% -0,63% -0,46% -1,84% -4,67% *** -0,37% 4 0,08% -0,05% -0,11% 0,15% 1,00% 0,88% 1,46% 5 0,28% 0,14% 1,27% -0,17% -0,01% -0,01% 0,74% 6 -0,22% 0,01% -0,03% -0,44% -0,97% -2,41% -0,33% 7 -0,60% * -0,19% 1,74% -1,93% -1,89% * -2,27% -2,05% 8 0,32% 0,31% -0,18% -0,09% 0,87% 2,36% -0,24% 9 -0,12% 0,15% -1,74% -0,39% 0,07% 2,50% -1,64% 10 -0,43% -0,51% -0,06% -1,13% -0,14% -0,83% 0,04% 20%> 20-50% 50%> 51/79 21/47 8/8 8/11 14/13 7/4 7/9 Total <5% 5-10% 10-20%Panel B: The differences of CAR’s per event window
Domestic - North America (0, +1) 0,90% -1,92% ** 2,82% * 0,17% 3,43% ** 3,93% * 4,67% ** (-1, 0) 0,46% -1,07% 3,08% ** -2,43% 2,40% 3,93% 1,31% (-1, +1) 0,57% -2,05% * 4,30% ** -0,40% 2,13% 4,90% 0,88% (-2, +2) 1,82% ** -1,57% 3,92% 2,06% 4,92% * 4,91% 6,02% ** (-10, +10) 0,26% 0,23% 5,56% -10,11% ** 2,46% -5,18% 8,43% 20%> 20-50% 50%> Total <5% 5-10% 10-20%
Table 3: The difference between domestic and British cross-border M&A (C)AR’s,
categorized by relative size.
Panel A: The differences of AR’s per trading day in the event window (-10, +10)
Domestic - UK Number: -10 0,04% -1,75% ** 0,29% 3,74% *** 1,55% 5,64% *** -9 -0,35% 1,43% * -1,29% -2,37% -2,10% -2,50% -8 -0,03% 0,53% 1,24% -2,28% -0,51% -4,10% * -7 0,49% 1,22% 0,54% -1,09% -1,90% -0,33% -6 0,37% 0,56% -0,12% 0,27% 0,19% 0,46% -5 0,16% 0,51% 0,27% -0,45% -1,56% 1,33% -4 -0,28% 0,04% 0,34% -1,17% -3,22% ** 1,40% -3 0,46% 0,07% 0,79% 1,26% 0,62% 2,05% -2 0,26% 0,10% 0,35% 0,82% 0,93% 0,32% -1 -0,41% -0,13% -1,30% 0,35% 3,27% * -2,73% * 0 2,26% *** 0,43% 2,54% 4,84% *** 1,81% 8,62% *** 1 0,96% * 0,06% 2,48% 0,48% -0,16% 1,08% 2 0,19% -0,38% 0,58% 0,37% -1,47% 2,42% * 3 -0,53% 0,69% -1,65% -1,60% -3,01% ** 0,50% 4 -0,02% 0,45% -0,58% 0,22% -1,09% 1,93% 5 1,58% *** 2,56% *** -0,30% 0,78% -0,41% 1,86% 6 0,71% 0,65% 1,56% 0,01% 0,14% -0,21% 7 -0,90% ** -0,51% 0,12% -2,85% ** -1,89% -4,06% ** 8 0,61% 0,44% 0,70% 1,42% 2,45% 0,25% 9 0,04% -1,04% 0,86% 2,05% * 4,55% *** -1,36% 10 0,17% 0,18% -0,63% 0,80% -0,06% 2,38% 7/5 7/3 5-20% 20%> 20-50% 50%> 51/35 21/19 16/8 14/8 Total <5%Panel B: The differences of CAR’s per event window
Domestic - UK (0, +1) 3,22% *** 0,49% 5,02% ** 5,33% *** 1,65% 9,71% *** (-1, 0) 1,85% ** 0,30% 1,24% 5,20% *** 5,08% * 5,89% * (-1, +1) 2,81% *** 0,37% 3,72% 5,68% *** 4,91% * 6,97% * (-2, +2) 3,26% *** 0,08% 4,65% 6,87% ** 4,37% 9,72% *** (-10, +10) 5,79% ** 6,12% 6,77% 5,59% -1,88% 14,96% * 20-50% 50%> Total <5% 5-20% 20%>
Table 4: The difference between domestic and Code Law cross-border M&A (C)AR’s,
categorized by relative size.
Panel A: The differences of AR’s per trading day in the event window( -10, +10)
Domestic - Code Law Number: -10 -0,09% -0,86% -1,23% 2,53% ** -0,59% 5,64% *** -9 0,21% 1,00% 0,44% -0,04% 0,41% -0,48% -8 -0,56% -0,25% 0,03% -1,35% -0,21% -2,49% -7 0,51% 1,00% -0,15% -0,23% -1,21% 0,74% -6 0,28% 0,12% 0,94% -0,19% -0,49% 0,11% -5 -0,31% 0,08% -0,75% -0,35% -0,80% 0,10% -4 -0,67% -0,72% -0,13% 0,26% -0,90% 1,41% -3 0,32% 0,65% -0,14% 0,42% -0,50% 1,35% -2 -0,14% -0,03% 0,54% -1,08% -1,64% -0,51% -1 -0,54% 0,14% -0,09% -3,08% *** -2,31% * -3,86% ** 0 0,66% -1,11% -0,42% 3,51% *** 1,41% 5,61% *** 1 -0,12% -0,95% -0,11% 0,04% 0,91% -0,84% 2 0,45% -0,29% 0,17% 1,92% 0,48% 3,36% ** 3 -0,22% 0,28% 0,78% -1,54% -1,61% -1,47% 4 0,12% 0,40% 0,48% -0,33% -0,26% -0,39% 5 0,61% 0,42% 0,47% 0,79% 0,70% 0,89% 6 0,23% 0,74% 0,25% -2,32% ** -1,09% -3,55% ** 7 -0,84% ** -0,58% -0,99% -1,17% -0,77% -1,58% 8 -0,32% -0,50% -0,12% 0,79% 0,82% 0,76% 9 -0,38% -0,81% -0,12% 1,77% 2,00% 1,53% 10 -0,13% -0,36% -0,14% 0,56% 1,14% -0,02% 51/73 21/50 16/13 14/10 20-50% 50%> 7/5 7/5 Total <5% 5-20% 20%>
Panel B: The differences of CAR’s per event window
Domestic - Code Law (0, +1) 0,54% -2,06% ** -0,53% 3,55% ** 2,33% 4,77% * (-1, 0) 0,12% -0,97% -0,51% 0,43% -0,89% 1,75% (-1, +1) 0,00% -1,92% -0,62% 0,47% 0,02% 0,91% (-2, +2) 0,31% -2,24% 0,08% 1,31% -1,14% 3,76% (-10, +10) -0,95% -1,62% -0,31% 0,90% -4,51% 6,30% 20-50% 50%> Total <5% 5-20% 20%>
Table 5: The difference between domestic and Scandinavian cross-border M&A (C)AR’s,
categorized by relative size.
Panel A: The differences of AR’s per trading day in the event window( -10, +10)
Domestic - Scandinavia Number: -10 0,39% 0,34% 1,73% -9 -0,20% 0,33% -1,47% -8 -0,45% -0,39% -0,87% -7 1,18% 1,42% ** 0,70% -6 -0,08% -0,38% 0,44% -5 -0,71% -0,21% -1,58% -4 -0,27% -0,51% -0,12% -3 -0,26% 0,64% -1,62% -2 1,04% 0,67% 1,38% -1 0,23% 0,17% 0,06% 0 3,16% *** 0,52% 9,24% *** 1 -1,77% ** -0,12% -3,59% ** 2 0,43% 0,63% 0,50% 3 -1,45% ** -0,54% -3,30% ** 4 0,26% 0,15% 0,59% 5 0,68% 0,23% 1,53% 6 1,50% ** 0,48% 2,92% ** 7 -1,71% ** -1,37% * -2,54% * 8 -0,28% 0,24% -0,82% 9 0,62% 0,03% 1,69% 10 -0,51% 0,22% -1,44% 51/12 37/7 14/5 Total <20% 20%>Panel B: The differences of CAR’s per e vent window
Domestic - Scandinavia (0, +1) 1,39% 0,41% 5,65% *** (-1, 0) 3,39% *** 0,69% 9,30% *** (-1, +1) 1,62% 0,58% 5,71% ** (-2, +2) 3,09% ** 1,88% 7,58% ** (-10, +10) 1,78% 2,57% 3,44% Total <20% 20%>
Appendix 3: Outcomes for alternative hypothesis 3
Table 1: The difference between the (C)AR’s of the acquires of North American targets
compared to the other cross-border M&A, categorized by relative size.
Panel A: The differences of AR’s per trading day in the event window ( -10, +10)
North America - Other Number: -10 -0,16% -0,22% 0,65% 0,32% -0,61% -1,43% 0,39% -9 -0,11% 0,11% -0,27% -1,12% -0,25% 0,68% -0,89% -8 0,01% 0,43% -0,31% 1,68% *** -2,15% *** -1,03% -4,04% *** -7 0,44% 0,49% -0,17% 1,57% ** -0,41% 0,39% -2,29% *** -6 0,29% 0,30% -0,03% 0,75% 0,06% 0,37% 0,19% -5 -0,04% -0,24% -0,35% -0,31% 0,99% 1,78% 1,77% ** -4 -0,24% -0,47% 0,22% 0,36% -0,23% 0,25% -0,16% -3 -0,01% -0,04% 0,38% 0,84% -0,45% -0,64% -0,07% -2 -0,89% *** -0,80% ** -0,21% -0,43% -1,70% ** -0,52% -3,59% *** -1 -0,22% 0,16% -1,98% ** -0,09% -0,77% 0,30% -2,27% *** 0 0,58% * 0,55% * -1,77% ** 3,93% *** 0,47% 0,56% -1,36% * 1 -0,09% 0,17% -1,32% -0,41% -0,15% -2,07% 0,64% 2 0,04% -0,01% 1,77% ** -1,89% *** -0,01% -0,24% 1,21% 3 -0,05% -0,09% 1,22% -0,14% -0,70% 2,09% -2,42% 4 0,04% 0,47% -0,51% -0,29% -0,87% -1,53% -0,51% 5 0,45% 0,50% -0,52% 0,52% 0,83% 0,13% 0,23% 6 0,54% 0,32% -0,15% 3,12% *** 0,75% 2,85% ** -1,12% 7 -0,19% -0,22% -1,84% ** 1,16% * 0,05% 0,92% -0,20% 8 -0,27% -0,47% 0,16% -0,53% 0,33% -1,09% 2,06% *** 9 0,20% -0,57% * 1,98% ** 0,47% 2,33% *** 0,65% 3,62% *** 10 0,29% 0,36% 0,44% 0,09% 0,00% 0,50% 0,40% Total <5% 5-10% 10-20% 20%> 20-50% 50%> 13/26 4/17 8/16 11/10 9/9 79/161 47/109
Panel B: The differences of CAR’s per event window
North America - Other (0, +1) 0,50% 0,72% -3,09% *** 3,52% *** 0,32% -1,51% -0,72% (-1, 0) 0,36% 0,71% -3,76% *** 3,84% *** -0,30% 0,86% -3,63% *** (-1, +1) 0,28% 0,88% -5,08% *** 3,43% *** -0,45% -1,21% -2,99% ** (-2, +2) -0,57% 0,07% -3,51% * 1,11% -2,16% -1,96% -5,38% *** (-10, +10) 0,62% 0,75% -2,59% 9,60% *** -2,52% 2,92% -8,40% ** Total <5% 5-10% 10-20% 20%> 20-50% 50%>
Table 2: The difference between the (C)AR’s of the acquires of Brit ish targets compared to
the other cross-border M&A, categorized by relative size.
Panel A: The differences of AR’s per trading day in the event window ( -10, +10)
UK - Other Number: -10 0,23% 1,22% ** -1,33% -0,47% -1,56% 0,96% -9 0,28% -0,59% 1,60% * 1,14% 1,40% 0,74% -8 -0,62% -0,66% -1,62% * 0,28% 0,79% -0,22% -7 -0,35% -0,55% -1,02% 0,29% 1,31% -0,75% -6 -0,30% -0,64% 0,30% -0,02% -0,11% -0,02% -5 -0,32% -0,23% -0,86% 0,02% 0,29% -0,88% -4 -0,04% -0,07% -0,79% 0,97% 1,62% -0,19% -3 -0,34% 0,46% -1,02% -1,59% -1,66% -1,65% -2 -0,09% 0,02% 0,73% -1,03% -1,22% -0,49% -1 -0,08% 0,13% 1,66% * -2,74% *** -2,69% *** -2,64% * 0 -1,27% *** -1,12% * -2,75% *** -1,03% 2,10% ** -5,04% *** 1 -1,06% ** -1,06% * -1,65% -1,08% -0,71% -1,43% 2 0,35% 0,21% -0,47% 1,62% * 1,14% 1,94% 3 0,16% -0,29% 1,98% ** -0,89% 0,04% -2,50% * 4 0,14% -0,20% 1,01% 0,25% 0,96% -0,87% 5 -1,17% *** -2,36% *** 0,73% -0,29% 0,66% -1,21% 6 -0,67% -0,48% -1,43% -0,60% -0,32% -0,82% 7 0,20% 0,19% -0,94% 1,25% 0,48% 2,29% 8 -0,55% -0,51% -0,53% -0,40% -1,27% 0,64% 9 -0,03% 0,90% -1,29% -0,54% -1,99% * 1,83% 10 -0,48% -0,51% 0,13% -1,18% -0,48% -2,57% * 5/16 3/15 35/201 19/133 8/37 8/31 20-50% 50%> Total <5% 5-20% 20%>
Panel B: The differences of CAR’s per event window
UK - Other (0, +1) -2,33% *** -2,18% *** -4,40% *** -2,11% 1,39% -6,47% *** (-1, 0) -1,35% ** -1,00% -1,09% -3,77% *** -0,59% -7,68% *** (-1, +1) -2,40% *** -2,05% ** -2,74% * -4,85% *** -1,30% -9,11% *** (-2, +2) -2,14% ** -1,82% -2,48% -4,27% * -1,38% -7,66% ** (-10, +10) -5,99% *** -6,11% ** -7,57% * -6,04% -1,23% -12,88% * 20-50% 20%> 50%> Total <5% 5-20%
Table 3: The difference between the (C)AR’s of the acquirers of Code Law targets compared
to the other cross-border M&A, categorized by relative size.
Panel A: The differences of AR’s per trading day in the event window ( -10, +10)
Code Law - OtherNumber: -10 0,47% 0,26% 0,60% 1,13% 1,24% 1,10% -9 -0,48% -0,12% -0,59% -1,92% ** -1,89% -1,94% * -8 0,01% 0,31% -0,17% -0,96% 0,40% -2,50% ** -7 -0,47% -0,39% -0,20% -0,84% 0,40% -2,35% ** -6 -0,24% -0,19% -1,13% 0,59% 0,79% 0,45% -5 0,29% 0,34% 0,42% -0,11% -0,70% 0,69% -4 0,53% 1,03% ** -0,26% -0,88% -1,43% -0,23% -3 -0,22% -0,25% 0,13% -0,58% -0,19% -0,93% -2 0,48% 0,21% 0,58% 1,44% * 2,15% * 0,58% -1 0,10% -0,23% 0,22% 1,69% ** 4,62% *** -1,49% 0 0,74% ** 0,81% * 0,98% * 0,69% 2,62% ** -1,64% 1 0,26% 0,13% 1,74% *** -0,55% -2,12% 1,01% 2 0,06% 0,14% 0,03% -0,35% -1,42% 0,94% 3 -0,24% 0,23% -1,12% * -1,03% -1,80% -0,15% 4 -0,02% -0,17% -0,33% 1,01% -0,12% 2,21% ** 5 -0,04% 0,11% -0,24% -0,33% -0,80% -0,05% 6 -0,13% -0,75% 0,20% 2,49% *** 1,30% 3,68% *** 7 0,16% 0,34% 0,48% -0,92% -1,00% -0,79% 8 0,66% * 0,71% 0,55% 0,41% 0,87% 0,04% 9 0,56% 0,83% * -0,11% -0,19% 1,35% -1,88% * 10 -0,15% 0,14% -0,55% -0,94% -2,06% * 0,36% Total <5% 5-20% 20%> 20-50% 50%> 50/102 13/32 10/29 5/16 5/13 73/163
Panel B: The differences of CAR’s per event window
Code Law - Other
(0, +1) 0,99% ** 0,94% 2,72% *** 0,14% 0,50% -0,63% (-1, 0) 0,83% * 0,58% 1,20% 2,38% ** 7,24% -3,13% ** (-1, +1) 1,09% * 0,71% 2,94% *** 1,83% 5,12% ** -2,12% (-2, +2) 1,62% ** 1,06% 3,55% *** 2,92% 5,86% ** -0,59% (-10, +10) 2,33% 3,49% 1,20% -0,15% 2,21% -2,88% Total <5% 5-20% 20%> 20-50% 50%>
Table 4: The difference between the (C)AR’s of the acquires of Scandinavian targets
compared to the other cross-border M&A categorized, by relative size.
Panel A: The differences of AR’s per trading day in the event window ( -10, +10)
Scandinavia - O t h e r Number: -10 -0,16% -1,26% * 1,53% -9 0,09% 0,02% 0,23% -8 -0,11% 0,26% -0,59% -7 -1,05% -1,01% -1,24% -6 0,20% 0,44% 0,07% -5 0,64% 0,23% 1,26% -4 -0,04% 0,31% -0,49% -3 0,45% -0,42% 1,74% -2 -0,90% -0,38% -1,56% -1 -0,74% -0,29% -1,47% 0 -2,09% *** -0,87% -4,14% *** 1 1,93% *** 0,07% 4,44% *** 2 0,06% -0,53% 0,49% 3 1,12% * 0,78% 1,39% 4 -0,17% -0,18% -0,20% 5 -0,11% 0,28% -0,76% 6 -1,43% ** -0,23% -3,01% ** 7 1,04% 1,03% 1,28% 8 0,44% -0,37% 1,55% 9 -0,64% -0,44% -0,60% 10 0,29% -0,54% 1,49% Total <20% 20%> 12/228 7/194 5/34
Panel B: The differences of CAR’s per event window
Scandinavia - Other (0, +1) -0,16% -0,80% 0,30% (-1, 0) -2,83% *** -1,16% -5,61% *** (-1, +1) -0,90% -1,10% -1,17% (-2, +2) -1,74% -2,01% -2,24% (-10, +10) -1,17% -3,11% 1,43% Total <20% 20%>
