Appendices I Acquiring companies

(1)

Appendices

I Acquiring companies

Table 53: A list of bidding firms used in this research

Company:

Aalberts Industries NV

Kendrion NV

ABN Amro Holding NV

KLM Royal Dutch airlines NV

Aegon NV

Koninklijke DSM NV

AFC Ajax

Koninklijke Econosto NV

Air France KLM

Koninklijke Frans Maas groep

Akzo Nobel NV

Koninklijke KPN NV

AM NV

Koninklijke Nedloyd NV

AND international Publishers NV

Koninklijke Nedschroef Holding NV

Arcadis NV

Koninklijke Numico NV

Arcelor Mittal NV

Koninklijke Philips Electronics NV

ASM international NV

Koninklijke ten Cate NV

ASML Holding NV

Koninklijke Volker Wessels Stevin NV

Athlon Groep NV

Koninklijke Vopak NV

Baan Company NV

Koninklijke Wessanen NV

Ballast Nedam NV

Management shares

BE Semiconductor industries NV

Mittal Steel Company NV

Blue Fox Enterprises NV

Nagron Nationaal grond bezit NV

Brunel international NV

New skies satellites NV

Buhrman NV

Newways Electronics international NV

Koninklijke Ahold NV

Nutreco Holding NV

Cardio control NV

OCE NV

Centrale suiker maatschappij NV

OPG Groep NV

CMG plc

Petroplus international NV

Corio NV

Pharming Group NV

Crucell NV

Pink Roccade NV

CSS Holding NV

Priority Telecom NV

Delft Instruments

Qurius NV

DOCdata NV

Randstad Holding NV

Draka Holding NV

Reed Elsevier NV

Endemol Holding NV

Royal Boskalis Westminster NV

Eriks Group NV

Royal Dutch/Shell Group

Euronext NV

Samas-Groep NV

Fornix Biosciences NV

Scala Business Solutions NV

Free record shop holding NV

Simac Teckniek NV

Fugro NV

Smit internationale NV

Gamma Holding NV

Stork NV

Gemalto NV

Tele Atlas NV

(2)

Geveke NV

TNT Post Group NV

Grontmij NV

TomTom BV

Gucci group NV

Toolex international NV

Hagemeyer NV

Twentsche Kabel Holding NV

HBG Hollandsche Beton groep NV

Unilever group

Heijmans NV

Unit 4 Agresso NV

Heineken

United Pan-europe Communications

Hunter Douglas NV

Univar NV

IHC Caland NV

Van der Moolen Holding NV

Imtech NV

Vedior NV

ING Groep NV

VNU NV

Ispat international NV

Wavin NV

Innoconcepts

Wolters Kluwer NV

II Target countries

Table 54: Target countries involved in this research

Before Euro, January

1993 to December 1998

During Euro era January

1999 to July 2007

1Austria

2Argentina

3Australia

3Australia New zealand

4Belgium

5Brazil

6Canada

6Bulgaria

7Chile

7Canada

8China

8Chile

9Colombia

9China

10Denmark

10Croatia

11Estonia

11Czech repubblic

12Finland

12Colombia

13France

13Denmark

14Gabon

14Ecuador

15Germany

15Egypt

16Ghana

16Estonia

17Greece

17Finland

18Hungary

18France

19Ireland

19Gabon

20India

20Germany

21Italy

21Ghana

22Mexico

22Greece

23Norway

23Hong Kong

24Poland

24Hungary

25Portugal

25Ireland

(3)

27Slovakia

27Italy

28South africa

28Japan

29Sweden

29Kazachstan

30Switzerland

30Mexico

31Taiwan

31Morocco

32Thailand

32New Zealand

33Turkey

33Norway

34Tunesia

34Philippines

35United states of

America

35Poland

36United Kingdom

36Portugal

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III Descriptive statistics

In this appendix the results of the Jarque Bera test will be presented. The AAR which are tested

on their normality are the returns found by means of the Mean, Market and Market and Risk

adjusted model. The period of which they are tested is the estimation window from 106 till

t=-5 and consists of 100 observations.

III-I Jarque Bera

Table 55: The Results of the Jarque Bera test on the AAR of the estimation window (106, -5) of the total sample of 346 events

AAR Mean

AAR Market AAR Market & Risk

Mean

0,0004 0.0000 0,0004

Median

0,0003 0.0000 0,0003

Maximum

0,0045 0,0035 0,0046

Minimum

-0,0027 -0,0035 -0,0026

Std. Dev.

0,0016 0,0014 0,0016

Skewness

0,2295 0,0566 0,2429

Kurtosis

2,6989 2,6137 2,6879

Jarque-Bera

1,2554 0,6752 1,3890

Probability

0,5338 0,7135 0,4993

Sum

0,0361 -0,0033 0,0363

Sum Sq. Dev.

0,0002 0,0002 0,0002

Observations

100 100 100

Table 56: The Results of the Jarque Bera test on the AAR of the estimation window (106, -5), of the sample concerning 269 events in which the method of payment is classified as

alternative payments.

AAR Mean

AAR Market AAR Market & Risk

(5)

Table 57: The Results of the Jarque Bera test on the AAR of the estimation window (106, -5) of the sample concerning 63 events in which the method of payment is classified as cash

payments.

AAR Mean

AAR Market AAR Market & Risk

Mean

0,0004 0,0001 0,0004

Median

0.0000 -0.0000 -0,0001

Maximum

0,0068 0,0070 0,0079

Minimum

-0,0038 -0,0061 -0,0078

Std. Dev.

0,0023 0,0027 0,0028

Skewness

0,5566 0,3283 0,2467

Kurtosis

3,0178 2,6724 3,0235

Jarque-Bera

5,1644 2,2430 1,0167

Probability

0,0756 0,3258 0,6015

Sum

0,0412 0,0118 0,0406

Sum Sq. Dev.

0,0005 0,0007 0,0008

Observations

100 100 100

Table 58: The Results of the Jarque Bera test on the AAR of the estimation window (106, -5), of the sample concerning 14 events in which the method of payment is classified as share

payments.

AAR Mean

AAR Market AAR Market & Risk

Mean

0,0012 0,0006 0,0014

Median

0,0018 -0,0003 0,0012

Maximum

0,0283 0,0334 0,0390

Minimum

-0,0195 -0,0160 -0,0181

Std. Dev.

0,0076 0,0084 0,0090

Skewness

0,3642 0,8175 0,7110

Kurtosis

4,4356 5,1804 5,5701

Jarque-Bera

1,0798 3,0948 3,5948

Probability

0,0045 0,0000 0,0000

Sum

0,1206 0,0563 0,1400

Sum Sq. Dev.

0,0058 0,0069 0,0080

Observations

100 100 100

Table 59: The Results of the Jarque Bera test on the AAR of the estimation window (106, -5) of the sample concerning 206 events in which the target is active in related industries.

AAR Mean

AAR Market AAR Market & Risk

(6)

Jarque-Bera

2,2374 0,2662 2,2913

Probability

0,3267 0,8754 0,3180

Sum

0,0276 -0,0091 0,0165

Sum Sq. Dev.

0,0004 0,0003 0,0001

Observations

100 100 100

Table 60: The Results of the Jarque Bera test on the AAR of the estimation window (106, -5) of the sample concerning 140 events in which the target is active in unrelated industries.

AAR Mean

AAR Market AAR Market & Risk

Mean

0,0001 0,0000 0,0002

Median

0,0000 0,0000 0,0002

Maximum

0,0053 0,0050 0,0026

Minimum

-0,0038 -0,0042 -0,0016

Std. Dev.

0,0017 0,0019 0,0008

Skewness

0,1876 0,0783 0,0672

Kurtosis

2,8764 2,9087 3,0295

Jarque-Bera

0,6503 0,1370 0,0789

Probability

0,7224 0,9338 0,9613

Sum

0,0143 0,0053 0,0198

Sum Sq. Dev.

0,0003 0,0004 0,0000

Observations

100 100 100

Table 61: The Results of the Jarque Bera test on the AAR of the estimation window (106, -5) of the sample concerning 241 events which took place during of the euro era.

AAR Mean

AAR Market AAR Market & Risk

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Table 62: The Results of the Jarque Bera test on the AAR of the estimation window (106, -5), of the sample concerning 75 events which took place during the guilder era.

AAR Mean

AAR Market AAR Market & Risk

Mean

0,0000 -0,0004 0,0003

Median

0,0003 -0,0005 -0,0002

Maximum

0,0089 0,0056 0,0104

Minimum

-0,0087 -0,0063 -0,0100

Std. Dev.

0,0032 0,0025 0,0040

Skewness

-0,1172 0,2024 0,0634

Kurtosis

3,3800 2,5252 2,5841

Jarque-Bera

0,8307 1,6223 0,7875

Probability

0,6601 0,4443 0,6745

Sum

-0,0065 -0,0377 0,0286

Sum Sq. Dev.

0,0010 0,0006 0,0016

Observations

100 100 100

Table 63: The Results of the Jarque Bera test on the AAR of the estimation window (106, -5), of the sample concerning 98 event in which the target is situated in a stronger currency

area compared to the bidder.

AAR Mean

AAR Market AAR Market & Risk

(8)

Table 64: The Results of the Jarque Bera test on the AAR of the estimation window (106, -5), of the sample concerning 75 events in which the target is situated in a comparable

currency area compared to the bidder.

AAR Mean

AAR Market AAR Market & Risk

Mean

0,0003 0,0000 0,0005

Median

0,0003 0,0000 0,0004

Maximum

0,0044 0,0052 0,0054

Minimum

-0,0038 -0,0044 -0,0042

Std. Dev.

0,0018 0,0019 0,0020

Skewness

-0,0183 0,0282 0,1640

Kurtosis

2,6321 2,8681 2,4403

Jarque-Bera

0,5696 0,0857 1,7535

Probability

0,7522 0,9581 0,4161

Sum

0,0265 0,0024 0,0535

Sum Sq. Dev.

0,0003 0,0004 0,0004

Observations

100 100 100

Table 65: The Results of the Jarque Bera test on the AAR of the estimation window (106, -5), of the sample concerning 75 events in which the target is situated in a weaker currency

area compared to the bidder.

AAR Mean

AAR Market AAR Market & Risk

Mean

0,0007 0,0001 0,0007

Median

0,0006 -0,0003 0,0003

Maximum

0,0073 0,0071 0,0103

Minimum

-0,0035 -0,0065 -0,0056

Std. Dev.

0,0023 0,0027 0,0032

Skewness

0,3903 0,2767 0,6828

Kurtosis

3,0384 3,1347 3,5313

Jarque-Bera

2,5450 1,3519 8,9464

Probability

0,2801 0,5087 0,0114

Sum

0,0670 0,0102 0,0737

Sum Sq. Dev.

0,0005 0,0007 0,0010

Observations

100 100 100

IV Graphical results of the CAAR

This appendix will show the graphically results of the CAAR during the event window of t=-5 till

t=5, for each of the hypotheses tested.

(9)

IV-I Dutch Acquirer

Figure 3: The CAAR of the mean adjusted model of the bidding sample consisting of 346 events

Figure 4: The CAAR of the Market adjusted model of the bidding sample consisting of 346 events

Figure 5: The CAAR of the Market and risk adjusted model of the bidding sample consisting of 346 events

Market & Risk adjusted CAAR

-0,0020 0,0000 0,0020 0,0040 0,0060 0,0080 0,0100 0,0120 0,0140 0,0160 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

Market adjusted CAAR

-0,0020 0,0000 0,0020 0,0040 0,0060 0,0080 0,0100 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

Mean adjusted CAAR

(10)

IV-II Dutch Acquirer/method of payment

Figure 6: The CAAR of the mean adjusted model of the sample concerning alternative methods of payment consisting of 269 events

Figure 7: The CAAR of the Market adjusted model of the sample concerning alternative methods of payment consisting of 269 events

Figure 8: The CAAR of the Market and risk adjusted model of the sample concerning alternative methods of payment consisting of 269 events

-0,0040 -0,0020 0,0000 0,0020 0,0040 0,0060 0,0080 0,0100 0,0120 0,0140 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

-0,0040 -0,0020 0,0000 0,0020 0,0040 0,0060 0,0080 0,0100 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

Mean adjusted CAAR

(11)

Figure 9: The CAAR of the Mean adjusted model of the sample concerning cash payments consisting of 63 events

Figure 10: The CAAR of the Market adjusted model of the sample concerning cash payments consisting of 63 events

Figure 11: The CAAR of the Market & Risk adjusted model of the sample concerning cash payments consisting of 63 events

-0,0040 -0,0020 0,0000 0,0020 0,0040 0,0060 0,0080 0,0100 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

-0,0060 -0,0040 -0,0020 0,0000 0,0020 0,0040 0,0060 0,0080 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days

Mean adjusted CAAR

(12)

Figure 12: The CAAR of the Mean adjusted model of the sample concerning share payments consisting of 14 events

Figure 13: The CAAR of the Market adjusted model of the sample concerning share payments consisting of 14 events

Figure 14: The CAAR of the Market & Risk adjusted model of the sample concerning share payments consisting of 14 events

0,0000 0,0050 0,0100 0,0150 0,0200 0,0250 0,0300 0,0350 0,0400 0,0450 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

Marketadjusted CAAR

0,0000 0,0050 0,0100 0,0150 0,0200 0,0250 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

Mean adjusted CAAR

(13)

IV-III Dutch Acquirer /Related, Unrelated

Figure 15: The CAAR of the Mean adjusted model of the sample concerning relating targets consisting of 206 events

Figure 16: The CAAR of the Market adjusted model of the sample concerning relating targets consisting of 206 events

Figure 17: The CAAR of the Market & Risk adjusted model of the sample concerning relating targets consisting of 206 events

-0,0040 -0,0020 0,0000 0,0020 0,0040 0,0060 0,0080 0,0100 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

Mean adjusted CAAR

(14)

Figure 18: The CAAR of the Mean adjusted model of the sample concerning unrelated targets consisting of 140 events

Figure 19: The CAAR of the Market adjusted model of the sample concerning unrelated targets consisting of 140 events

Figure 20: The CAAR of the Market & Risk adjusted model of the sample concerning unrelated targets consisting of 140 events

0,0000 0,0010 0,0020 0,0030 0,0040 0,0050 0,0060 0,0070 0,0080 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

0,0000 0,0020 0,0040 0,0060 0,0080 0,0100 0,0120 0,0140 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

Mean adjusted CAAR

(15)

IV-IV Dutch Acquirer /Euro, Guilder

Figure 21: The CAAR of the Mean adjusted model of the sample concerning the guilder era consisting of 75 events

Figure 22: The CAAR of the Market adjusted model of the sample concerning the guilder era consisting of 75 events

Figure 23: The CAAR of the Market & Risk adjusted model of the sample concerning the guilder era consisting of 75 events

0,0000 0,0020 0,0040 0,0060 0,0080 0,0100 0,0120 0,0140 0,0160 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

-0,0040 -0,0020 0,0000 0,0020 0,0040 0,0060 0,0080 0,0100 0,0120 0,0140 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

Mean adjusted CAAR

(16)

Figure 24: The CAAR of the Mean adjusted model of the sample concerning the euro era consisting of 271 events

Figure 25: The CAAR of the Market adjusted model of the sample concerning the euro era consisting of 271 events

Figure 26: The CAAR of the Market & Risk adjusted model of the sample concerning the euro era consisting of 271 events

-0,0020 0,0000 0,0020 0,0040 0,0060 0,0080 0,0100 0,0120 0,0140 0,0160 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

Market Adjusted CAAR

-0,0020 0,0000 0,0020 0,0040 0,0060 0,0080 0,0100 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

Mean adjusted CAAR

(17)

IV-V Dutch Acquirer /currency strength

Figure 27: The CAAR of the Mean adjusted model of the sample concerning targets situated in stronger currency areas compared to the Dutch currency consisting of 98 events

Figure 28: The CAAR of the Market adjusted model of the sample concerning targets situated in stronger currency areas compared to the Dutch currency consisting of 98 events

Figure 29: The CAAR of the Market & Risk adjusted model of the sample concerning targets situated in stronger currency areas compared to the Dutch currency consisting of 98 events

-0,0050 -0,0040 -0,0030 -0,0020 -0,0010 0,0000 0,0010 0,0020 0,0030 0,0040 0,0050 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

-0,0060 -0,0050 -0,0040 -0,0030 -0,0020 -0,0010 0,0000 0,0010 0,0020 0,0030 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

Mean adjusted CAAR

(18)

Figure 30: The CAAR of the Mean adjusted model of the sample concerning targets situated in comparable currency areas compared to the Dutch currency consisting of 147 events

Figure 31: The CAAR of the Market adjusted model of the sample concerning targets situated in comparable currency areas compared to the Dutch currency consisting of 147 events

Figure 32: The CAAR of the Market & Risk adjusted model of the sample concerning targets situated in comparable currency areas compared to the Dutch currency consisting of 147 events

0,0000 0,0050 0,0100 0,0150 0,0200 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

0,0000 0,0020 0,0040 0,0060 0,0080 0,0100 0,0120 0,0140 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days Mean adjusted CAAR

(19)

Figure 33: The CAAR of the Mean adjusted model of the sample concerning targets situated in weaker currency areas compared to the Dutch currency consisting of 98 events

Figure 34: The CAAR of the Market adjusted model of the sample concerning targets situated in weaker currency areas compared to the Dutch currency consisting of 98 events

Figure 35: The CAAR of the Market & Risk adjusted model of the sample concerning targets situated in weaker currency areas compared to the Dutch currency consisting of 98 events

-0,0050 0,0000 0,0050 0,0100 0,0150 0,0200 0,0250 0,0300 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

-0,0040 -0,0020 0,0000 0,0020 0,0040 0,0060 0,0080 0,0100 0,0120 0,0140 0,0160 -5 -4 -3 -2 -1 0 1 2 3 4 5 Days CAAR

Mean adjusted CAAR