Table 4: Sample descriptive statistics by M&A Payment Method (2003 2008) – Total Sample (N = 68) Cash (N = 41) Mixed (N = 23) Stock (N = 4) Mean Median Mean Median Mean Median Mean Median Variable Panel A: Bidder Characteristics 14.529 15.000 14.854 15.000 14.391 15.000 12.000 10.500 Credit_ratinglevel 8.909 8.240 8.948 8.230 8.930 8.534 8.384 8.182 Ln_size 0.204 0.141 0.160 0.129 0.311 0.247 0.038 0.039 Collateral 0.250 0.214 0.208 0.178 0.334 0.323 0.205 0.239 FinancialLeverage 0.345 0.307 0.374 0.320 0.298 0.250 0.322 0.327 BookToMKT 1.897 2.000 1.829 2.000 2.043 2.000 1.750 1.500 Blockownership 0.124 0.125 0.137 0.135 0.123 0.094 -0.009 -0.012 Cashflow_assets 0.143 0.152 0.101 0.143 0.271 0.229 -0.172 -0.025 Runup Panel B: Deal Characteristics 0.201 0.065 0.134 0.065 0.337 0.126 0.101 0.108 Rel_dealsize 0.853 1.000 0.805 1.000 0.957 1.000 0.750 1.000 Num_analysts 0.515 1.000 0.390 0.000 0.739 1.000 0.500 0.500 IntraIndustry Panel C: Target Characteristics 0.279 0.000 0.293 0.000 0.217 0.000 0.500 0.500 Private_Public
Table 4: Sample descriptive statistics by M&A Payment Method (2003 – 2008) Total Sample (N = 68) Cash (N = 41) Mixed (N = 23) Stock (N = 4) Variable Mean Median Mean Median Mean Median Mean Median Panel A: Bidder Characteristics Credit_ratinglevel 14.529 15.000 14.854 15.000 14.391 15.000 12.000 10.500 Ln_size 8.909 8.240 8.948 8.230 8.930 8.534 8.384 8.182 Collateral 0.204 0.141 0.160 0.129 0.311 0.247 0.038 0.039 FinancialLeverage 0.250 0.214 0.208 0.178 0.334 0.323 0.205 0.239 BookToMKT 0.345 0.307 0.374 0.320 0.298 0.250 0.322 0.327 Blockownership 1.897 2.000 1.829 2.000 2.043 2.000 1.750 1.500 Cashflow_assets 0.124 0.125 0.137 0.135 0.123 0.094 -0.009 -0.012 Runup 0.143 0.152 0.101 0.143 0.271 0.229 -0.172 -0.025 Panel B: Deal Characteristics Rel_dealsize 0.201 0.065 0.134 0.065 0.337 0.126 0.101 0.108 Num_analysts 0.853 1.000 0.805 1.000 0.957 1.000 0.750 1.000 IntraIndustry 0.515 1.000 0.390 0.000 0.739 1.000 0.500 0.500 Panel C: Target Characteristics Private_Public 0.279 0.000 0.293 0.000 0.217 0.000 0.500 0.500
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