44
Appendix 1
CAR (-20,0)
45
# Acquirer country Target country Ann. date Acquirer Variance CAR Test statistic Target Variance CAR Test statistic CAAR
46 CAR (-20,0)
# Acquirer country Target country Ann. date Acquirer Variance CAR Test statistic Target Variance CAR Test statistic CAAR
75 France France 13-3-2006 -37,14% 0,0045245 -5,522 -73,92% 0,0000434 -112,264 -54,26% 76 Denmark Netherlands 24-2-2006 21,65% 0,0032207 3,815 -26,26% 0,0005580 -11,117 17,41% 77 Sweden Sweden 8-2-2006 11,48% 0,0042245 1,766 71,40% 0,0282486 4,248 11,91% 78 Germany Sweden 18-9-2006 31,34% 0,0059003 4,080 34,45% 0,0130535 3,015 32,27% 79 Netherlands Netherlands 25-4-2006 -14,13% 0,0010907 -4,278 -36,26% 0,0003877 -18,414 -14,75% 80 Germany Sweden 12-10-2006 43,48% 0,0237144 2,823 7,93% 0,0297550 0,460 32,57% 81 Finland Finland 2-2-2006 -77,61% 0,0058546 -10,143 -38,55% 0,0018625 -8,932 -44,97% 82 France France 20-9-2006 100,42% 0,0055176 13,519 11,41% 0,0099760 1,142 96,31% 83 Netherlands Norway 29-8-2006 76,93% 0,0077449 8,742 61,33% 0,1232593 1,747 75,68%
Variance CAR Test statistic Variance CAR Test statistic
47
Appendix 2
CAR (-5,1)
# Acquirer country Target country Ann. date Acquirer Variance CAR Test statistic Target Variance CAR Test statistic CAAR
48 CAR (-5,1)
# Acquirer country Target country Ann. date Acquirer Variance CAR Test statistic Target Variance CAR Test statistic CAAR
49
# Acquirer country Target country Ann. date Acquirer Variance CAR Test statistic Target Variance CAR Test statistic CAAR
75 France France 13-3-2006 -10,43% 0,0017547 -2,490 -25,12% 0,0000135 -68,297 -17,27% 76 Denmark Netherlands 24-2-2006 5,54% 0,0009112 1,837 -8,30% 0,0002130 -5,687 4,32% 77 Sweden Sweden 8-2-2006 0,74% 0,0008166 0,259 23,62% 0,0228625 1,562 0,90% 78 Germany Sweden 18-9-2006 12,61% 0,0044171 1,898 23,58% 0,0081539 2,612 15,89% 79 Netherlands Netherlands 25-4-2006 -6,03% 0,0004179 -2,948 -13,40% 0,0001528 -10,845 -6,23% 80 Germany Sweden 12-10-2006 10,92% 0,0044142 1,644 1,63% 0,0127859 0,144 8,07% 81 Finland Finland 2-2-2006 -24,26% 0,0030952 -4,361 -8,62% 0,0001095 -8,241 -11,19% 82 France France 20-9-2006 30,78% 0,0054543 4,167 2,49% 0,0067868 0,302 29,47% 83 Netherlands Norway 29-8-2006 29,28% 0,0012491 8,284 40,24% 0,1005444 1,269 30,16%
Variance CAR Test statistic Variance CAR Test statistic
