Table 5: Sample descriptive statistics by M&A Payment Method (2008 2013) – Total Sample (N = 68) Cash (N = 46) Mixed (N = 18) Stock (N = 4) Mean Median Mean Median Mean Median Mean Median Variable Panel A: Bidder Characteristics 14.353 15.000 14.978 15.000 12.611 13.000 15.000 15.500 Credit_ratinglevel 8.971 8.934 9.194 9.056 8.219 8.013 9.793 10.050 Ln_size 0.186 0.104 0.191 0.117 0.210 0.083 0.010 0.008 Collateral 0.275 0.231 0.246 0.216 0.336 0.308 0.329 0.316 FinancialLeverage 0.513 0.439 0.506 0.392 0.493 0.439 0.690 0.692 BookToMKT 2.118 2.000 1.913 2.000 2.556 2.000 2.500 2.000 Blockownership 0.113 0.112 0.130 0.122 0.089 0.074 0.019 0.012 Cashflow_assets 0.066 -0.080 0.157 -0.054 -0.048 -0.326 -0.465 -0.421 Runup Panel B: Deal Characteristics 0.207 0.067 0.121 0.049 0.467 0.216 0.025 0.022 Rel_dealsize 0.691 1.000 0.435 0.000 1.278 1.000 1.000 1.000 Num_analysts 0.456 0.000 0.435 0.000 0.556 1.000 0.250 0.000 IntraIndustry Panel C: Target Characteristics 0.294 0.000 0.261 0.000 0.389 0.000 0.250 0.000 Private_Public
Table 5: Sample descriptive statistics by M&A Payment Method (2008 – 2013) Total Sample (N = 68) Cash (N = 46) Mixed (N = 18) Stock (N = 4) Variable Mean Median Mean Median Mean Median Mean Median Panel A: Bidder Characteristics Credit_ratinglevel 14.353 15.000 14.978 15.000 12.611 13.000 15.000 15.500 Ln_size 8.971 8.934 9.194 9.056 8.219 8.013 9.793 10.050 Collateral 0.186 0.104 0.191 0.117 0.210 0.083 0.010 0.008 FinancialLeverage 0.275 0.231 0.246 0.216 0.336 0.308 0.329 0.316 BookToMKT 0.513 0.439 0.506 0.392 0.493 0.439 0.690 0.692 Blockownership 2.118 2.000 1.913 2.000 2.556 2.000 2.500 2.000 Cashflow_assets 0.113 0.112 0.130 0.122 0.089 0.074 0.019 0.012 Runup 0.066 -0.080 0.157 -0.054 -0.048 -0.326 -0.465 -0.421 Panel B: Deal Characteristics Rel_dealsize 0.207 0.067 0.121 0.049 0.467 0.216 0.025 0.022 Num_analysts 0.691 1.000 0.435 0.000 1.278 1.000 1.000 1.000 IntraIndustry 0.456 0.000 0.435 0.000 0.556 1.000 0.250 0.000 Panel C: Target Characteristics Private_Public 0.294 0.000 0.261 0.000 0.389 0.000 0.250 0.000
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