Table 8: Change in accounting quality Sign of the dif. if Difference Difference in Measure AQ higher Pre-Merger Post-Merger (post-pre) differences Non-Segment 0.0583 0.0633 0.0050 Segment 0.0613 0.0783 0.0170** 0.0120 Non-Segment 0.0583 0.0633 0.0050 StdDev of NI + SegmentLowCompl 0.0739 0.0816 0.0077 0.0027 Non-Segment 0.0583 0.0633 0.0050 SegmentHighCompl 0.0558 0.0762 0.0204** 0.0154 Non-Segment 0.6858 0.6944 0.0086 Segment 0.6454 0.7927 0.1473** 0.1387* StdDev of NI/ Non-Segment 0.6858 0.6944 0.0086 StdDev of OCF + SegmentLowCompl 0.7055 0.8164 0.1109 0.1023 Non-Segment 0.6858 0.6944 0.0086 SegmentHighCompl 0.6127 0.7815 0.1688** 0.1602* Non-Segment -0.6646 -0.6900 -0.0254 Segment -0.7497 -0.5505 0.1992*** 0.2246*** Correlation of Non-Segment -0.6646 -0.6900 -0.0254 Accruals and OCF + SegmentLowCompl -0.7278 -0.6394 0.0884 0.1138 Non-Segment -0.6646 -0.6900 -0.0254 SegmentHighCompl 0.2667*** -0.7626 -0.4959 0.2921*** 0.2667*** (continues on next page)
Table 8: Change in accounting quality Measure Sign of the dif. if AQ higher Pre-Merger Post-Merger Difference (post-pre) Difference in differences StdDev of NI + Non-Segment 0.0583 0.0633 0.0050 0.0120 Segment 0.0613 0.0783 0.0170** Non-Segment 0.0583 0.0633 0.0050 0.0027 SegmentLowCompl 0.0739 0.0816 0.0077 Non-Segment 0.0583 0.0633 0.0050 0.0154 SegmentHighCompl 0.0558 0.0762 0.0204** StdDev of NI/ StdDev of OCF + Non-Segment 0.6858 0.6944 0.0086 0.1387* Segment 0.6454 0.7927 0.1473** Non-Segment 0.6858 0.6944 0.0086 0.1023 SegmentLowCompl 0.7055 0.8164 0.1109 Non-Segment 0.6858 0.6944 0.0086 0.1602* SegmentHighCompl 0.6127 0.7815 0.1688** Correlation of Accruals and OCF + Non-Segment -0.6646 -0.6900 -0.0254 0.2246*** Segment -0.7497 -0.5505 0.1992*** Non-Segment -0.6646 -0.6900 -0.0254 0.1138 SegmentLowCompl -0.7278 -0.6394 0.0884 Non-Segment -0.6646 -0.6900 -0.0254 0.2921*** SegmentHighCompl -0.7626 -0.4959 0.2667*** 0.2667*** (continues on next page)
Euronext-I-March-2013.docx