Cumulative abnormal returns around acquisition announcements
| CAR[−1, +1] mean (median) | CAR[−l, +3] mean (median) | CAR[−3, +3] mean (median) | CAR[−5, +5] mean (median) | |
|---|---|---|---|---|
| All acquisitions | 1.98%*** (0.68) % | 1.91%*** (0.70) % | 1.81%*** (0.92) % | 1.65%*** (0.86) % |
| Minority acquisitions | 1.66%*** (0.59) % | 1.31%*** (0.56) % | 0.97%* (0.64) % | 1.15% (0.82) % |
| Majority acquisitions | 2.18%*** (0.70) % | 2.29%*** (0.77) % | 2.34%*** (0.94) % | 1.97%** (0.89) % |
| 100 % acquisitions | 2.59%*** (0.92) % | 2.63%** (1.12)% | 2.61%*** (1.18)% | 3.23%*** (0.97) % |
| CAR[−1, +1] mean (median) | CAR[−l, +3] mean (median) | CAR[−3, +3] mean (median) | CAR[−5, +5] mean (median) | |
|---|---|---|---|---|
| All acquisitions | 1.98%*** (0.68) % | 1.91%*** (0.70) % | 1.81%*** (0.92) % | 1.65%*** (0.86) % |
| Minority acquisitions | 1.66%*** (0.59) % | 1.31%*** (0.56) % | 0.97%* (0.64) % | 1.15% (0.82) % |
| Majority acquisitions | 2.18%*** (0.70) % | 2.29%*** (0.77) % | 2.34%*** (0.94) % | 1.97%** (0.89) % |
| 100 % acquisitions | 2.59%*** (0.92) % | 2.63%** (1.12)% | 2.61%*** (1.18)% | 3.23%*** (0.97) % |
Notes: *,**,***Significant at the 10, 5 and 1 percent of levels (italic faced), respectively
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