Oxford Academic

	N	Mean	SD	Min	P25	Median	P75	Max
Panel A: All

MARCAP ($ mil.)	2,576	7,179.097	18,281.350	12.413	316.908	1,257.557	5,067.570	121,753.100
BEME	2,576	0.476	0.354	0.019	0.243	0.400	0.618	2.143
RUN-UP	2,576	0.131	0.525	−0.681	−0.139	0.044	0.256	2.899
SIGMA	2,576	0.027	0.017	0.008	0.015	0.022	0.032	0.098
LEVERAGE	2,576	0.187	0.159	0.000	0.058	0.161	0.274	0.697
CASH HOLD	2,576	0.156	0.191	0.002	0.031	0.068	0.207	0.832
OPER PERFORM	2,576	0.085	0.135	−0.543	0.027	0.081	0.166	0.365
CF/EQ	2,576	0.049	0.130	−0.797	0.032	0.058	0.093	0.339
DEAL VALUE ($ mil.)	2,576	964.475	2,683.313	4.050	55.030	172.035	563.000	18,529.400
RELSIZE	2,576	0.319	0.413	0.011	0.056	0.163	0.409	2.474
DIVERSIFIC	2,576	0.321	0.467	0	0	0	1	1
HOSTILE	2,576	0.016	0.125	0	0	0	0	1
TENDER	2,576	0.173	0.378	0	0	0	0	1
MULTIBID	2,576	0.036	0.188	0	0	0	0	1
ACAR	2,576	−1.31%	7.84%	−26.06%	−4.90%	−1.09%	2.14%	23.34%

Panel B: Stock

MARCAP ($ mil.)	1,665	6,451.306	17,211.220	12.413	284.106	1,103.338	4,443.740	121,753.100
BEME	1,665	0.435	0.328	0.019	0.221	0.374	0.570	2.143
RUN-UP	1,665	0.182	0.597	−0.681	−0.127	0.074	0.300	2.899
SIGMA	1,665	0.029	0.019	0.008	0.016	0.024	0.036	0.098
LEVERAGE	1,665	0.178	0.156	0.000	0.053	0.149	0.263	0.697
CASH HOLD	1,665	0.162	0.203	0.002	0.033	0.066	0.210	0.832
OPER PERFORM	1,665	0.062	0.146	−0.543	0.025	0.037	0.145	0.365
CF/EQ	1,665	0.032	0.136	−0.797	0.025	0.051	0.079	0.339
DEAL VALUE ($ mil.)	1,665	1,149.202	3,157.049	4.050	54.000	169.620	581.500	18,529.400
RELSIZE	1,665	0.345	0.390	0.011	0.068	0.200	0.492	2.474
DIVERSIFIC	1,665	0.264	0.441	0	0	0	1	1
HOSTILE	1,665	0.004	0.060	0	0	0	0	1
TENDER	1,665	0.014	0.117	0	0	0	0	1
MULTIBID	1,665	0.016	0.126	0	0	0	0	1
ACAR	1,665	−2.294%	8.339%	−26.059%	−6.176%	−1.938%	1.458%	23.338%
Panel C: Cash

MARCAP ($ mil.)	911	8,509.254	20,032.140	12.413	365.141	1,600.106	6,159.875	121,753.100
BEME	911	0.552	0.385	0.019	0.288	0.459	0.714	2.143
RUN-UP	911	0.036	0.341	−0.681	−0.154	−0.010	0.176	2.600
SIGMA	911	0.022	0.012	0.008	0.014	0.019	0.027	0.098
LEVERAGE	911	0.203	0.163	0.000	0.067	0.186	0.289	0.697
CASH HOLD	911	0.144	0.167	0.002	0.025	0.070	0.205	0.832
OPER PERFORM	911	0.127	0.100	−0.543	0.050	0.133	0.186	0.365
CF/EQ	911	0.079	0.114	−0.797	0.047	0.075	0.113	0.339
DEAL VALUE ($ mil.)	911	626.856	1,404.376	4.050	57.970	178.620	540.140	17,068.790
RELSIZE	911	0.270	0.449	0.011	0.043	0.107	0.289	2.474
DIVERSIFIC	911	0.425	0.495	0	0	0	1	1
HOSTILE	911	0.038	0.192	0	0	0	0	1
TENDER	911	0.463	0.499	0	0	0	1	1
MULTIBID	911	0.074	0.261	0	0	0	0	1
ACAR	911	0.501%	6.446%	−26.059%	−2.764%	0.153%	3.273%	23.338%

Mean

Min

P25

Median

P75

Max

Panel A: All

MARCAP ($ mil.)

2,576

7,179.097

18,281.350

12.413

316.908

1,257.557

5,067.570

121,753.100

BEME

2,576

0.476

0.354

0.019

0.243

0.400

0.618

2.143

RUN-UP

2,576

0.131

0.525

−0.681

−0.139

0.044

0.256

2.899

SIGMA

2,576

0.027

0.017

0.008

0.015

0.022

0.032

0.098

LEVERAGE

2,576

0.187

0.159

0.000

0.058

0.161

0.274

0.697

CASH HOLD

2,576

0.156

0.191

0.002

0.031

0.068

0.207

0.832

OPER PERFORM

2,576

0.085

0.135

−0.543

0.027

0.081

0.166

0.365

CF/EQ

2,576

0.049

0.130

−0.797

0.032

0.058

0.093

0.339

DEAL VALUE ($ mil.)

2,576

964.475

2,683.313

4.050

55.030

172.035

563.000

18,529.400

RELSIZE

2,576

0.319

0.413

0.011

0.056

0.163

0.409

2.474

DIVERSIFIC

2,576

0.321

0.467

HOSTILE

2,576

0.016

0.125

TENDER

2,576

0.173

0.378

MULTIBID

2,576

0.036

0.188

ACAR

2,576

−1.31%

7.84%

−26.06%

−4.90%

−1.09%

2.14%

23.34%

Panel B: Stock

MARCAP ($ mil.)

1,665

6,451.306

17,211.220

12.413

284.106

1,103.338

4,443.740

121,753.100

BEME

1,665

0.435

0.328

0.019

0.221

0.374

0.570

2.143

RUN-UP

1,665

0.182

0.597

−0.681

−0.127

0.074

0.300

2.899

SIGMA

1,665

0.029

0.019

0.008

0.016

0.024

0.036

0.098

LEVERAGE

1,665

0.178

0.156

0.000

0.053

0.149

0.263

0.697

CASH HOLD

1,665

0.162

0.203

0.002

0.033

0.066

0.210

0.832

OPER PERFORM

1,665

0.062

0.146

−0.543

0.025

0.037

0.145

0.365

CF/EQ

1,665

0.032

0.136

−0.797

0.025

0.051

0.079

0.339

DEAL VALUE ($ mil.)

1,665

1,149.202

3,157.049

4.050

54.000

169.620

581.500

18,529.400

RELSIZE

1,665

0.345

0.390

0.011

0.068

0.200

0.492

2.474

DIVERSIFIC

1,665

0.264

0.441

HOSTILE

1,665

0.004

0.060

TENDER

1,665

0.014

0.117

MULTIBID

1,665

0.016

0.126

ACAR

1,665

−2.294%

8.339%

−26.059%

−6.176%

−1.938%

1.458%

23.338%

Panel C: Cash

MARCAP ($ mil.)

911

8,509.254

20,032.140

12.413

365.141

1,600.106

6,159.875

121,753.100

BEME

911

0.552

0.385

0.019

0.288

0.459

0.714

2.143

RUN-UP

911

0.036

0.341

−0.681

−0.154

−0.010

0.176

2.600

SIGMA

911

0.022

0.012

0.008

0.014

0.019

0.027

0.098

LEVERAGE

911

0.203

0.163

0.000

0.067

0.186

0.289

0.697

CASH HOLD

911

0.144

0.167

0.002

0.025

0.070

0.205

0.832

OPER PERFORM

911

0.127

0.100

−0.543

0.050

0.133

0.186

0.365

CF/EQ

911

0.079

0.114

−0.797

0.047

0.075

0.113

0.339

DEAL VALUE ($ mil.)

911

626.856

1,404.376

4.050

57.970

178.620

540.140

17,068.790

RELSIZE

911

0.270

0.449

0.011

0.043

0.107

0.289

2.474

DIVERSIFIC

911

0.425

0.495

HOSTILE

911

0.038

0.192

TENDER

911

0.463

0.499

MULTIBID

911

0.074

0.261

ACAR

911

0.501%

6.446%

−26.059%

−2.764%

0.153%

3.273%

23.338%

	N	Mean	SD	Min	P25	Median	P75	Max
Panel A: All

MARCAP ($ mil.)	2,576	7,179.097	18,281.350	12.413	316.908	1,257.557	5,067.570	121,753.100
BEME	2,576	0.476	0.354	0.019	0.243	0.400	0.618	2.143
RUN-UP	2,576	0.131	0.525	−0.681	−0.139	0.044	0.256	2.899
SIGMA	2,576	0.027	0.017	0.008	0.015	0.022	0.032	0.098
LEVERAGE	2,576	0.187	0.159	0.000	0.058	0.161	0.274	0.697
CASH HOLD	2,576	0.156	0.191	0.002	0.031	0.068	0.207	0.832
OPER PERFORM	2,576	0.085	0.135	−0.543	0.027	0.081	0.166	0.365
CF/EQ	2,576	0.049	0.130	−0.797	0.032	0.058	0.093	0.339
DEAL VALUE ($ mil.)	2,576	964.475	2,683.313	4.050	55.030	172.035	563.000	18,529.400
RELSIZE	2,576	0.319	0.413	0.011	0.056	0.163	0.409	2.474
DIVERSIFIC	2,576	0.321	0.467	0	0	0	1	1
HOSTILE	2,576	0.016	0.125	0	0	0	0	1
TENDER	2,576	0.173	0.378	0	0	0	0	1
MULTIBID	2,576	0.036	0.188	0	0	0	0	1
ACAR	2,576	−1.31%	7.84%	−26.06%	−4.90%	−1.09%	2.14%	23.34%

Panel B: Stock

MARCAP ($ mil.)	1,665	6,451.306	17,211.220	12.413	284.106	1,103.338	4,443.740	121,753.100
BEME	1,665	0.435	0.328	0.019	0.221	0.374	0.570	2.143
RUN-UP	1,665	0.182	0.597	−0.681	−0.127	0.074	0.300	2.899
SIGMA	1,665	0.029	0.019	0.008	0.016	0.024	0.036	0.098
LEVERAGE	1,665	0.178	0.156	0.000	0.053	0.149	0.263	0.697
CASH HOLD	1,665	0.162	0.203	0.002	0.033	0.066	0.210	0.832
OPER PERFORM	1,665	0.062	0.146	−0.543	0.025	0.037	0.145	0.365
CF/EQ	1,665	0.032	0.136	−0.797	0.025	0.051	0.079	0.339
DEAL VALUE ($ mil.)	1,665	1,149.202	3,157.049	4.050	54.000	169.620	581.500	18,529.400
RELSIZE	1,665	0.345	0.390	0.011	0.068	0.200	0.492	2.474
DIVERSIFIC	1,665	0.264	0.441	0	0	0	1	1
HOSTILE	1,665	0.004	0.060	0	0	0	0	1
TENDER	1,665	0.014	0.117	0	0	0	0	1
MULTIBID	1,665	0.016	0.126	0	0	0	0	1
ACAR	1,665	−2.294%	8.339%	−26.059%	−6.176%	−1.938%	1.458%	23.338%
Panel C: Cash

MARCAP ($ mil.)	911	8,509.254	20,032.140	12.413	365.141	1,600.106	6,159.875	121,753.100
BEME	911	0.552	0.385	0.019	0.288	0.459	0.714	2.143
RUN-UP	911	0.036	0.341	−0.681	−0.154	−0.010	0.176	2.600
SIGMA	911	0.022	0.012	0.008	0.014	0.019	0.027	0.098
LEVERAGE	911	0.203	0.163	0.000	0.067	0.186	0.289	0.697
CASH HOLD	911	0.144	0.167	0.002	0.025	0.070	0.205	0.832
OPER PERFORM	911	0.127	0.100	−0.543	0.050	0.133	0.186	0.365
CF/EQ	911	0.079	0.114	−0.797	0.047	0.075	0.113	0.339
DEAL VALUE ($ mil.)	911	626.856	1,404.376	4.050	57.970	178.620	540.140	17,068.790
RELSIZE	911	0.270	0.449	0.011	0.043	0.107	0.289	2.474
DIVERSIFIC	911	0.425	0.495	0	0	0	1	1
HOSTILE	911	0.038	0.192	0	0	0	0	1
TENDER	911	0.463	0.499	0	0	0	1	1
MULTIBID	911	0.074	0.261	0	0	0	0	1
ACAR	911	0.501%	6.446%	−26.059%	−2.764%	0.153%	3.273%	23.338%

Year	All	Stock	Cash
Panel D: Distribution by year

1985	70	2.72	26	1.56	44	4.83
1986	63	2.45	14	0.84	49	5.38
1987	56	2.17	19	1.14	37	4.06
1988	64	2.48	18	1.08	46	5.05
1989	46	1.79	20	1.20	26	2.85
1990	34	1.32	24	1.44	10	1.10
1991	35	1.36	29	1.74	6	0.66
1992	35	1.36	25	1.50	10	1.10
1993	43	1.67	25	1.50	18	1.98
1994	171	6.64	132	7.93	39	4.28
1995	208	8.07	162	9.73	46	5.05
1996	175	6.79	137	8.23	38	4.17
1997	249	9.67	203	12.19	46	5.05
1998	257	9.98	207	12.43	50	5.49
1999	211	8.19	159	9.55	52	5.71
2000	178	6.91	133	7.99	45	4.94
2001	122	4.74	89	5.35	33	3.62
2002	71	2.76	36	2.16	35	3.84
2003	86	3.34	47	2.82	39	4.28
2004	83	3.22	41	2.46	42	4.61
2005	67	2.60	33	1.98	34	3.73
2006	90	3.49	28	1.68	62	6.81
2007	74	2.87	18	1.08	56	6.15
2008	44	1.71	18	1.08	26	2.85
2009	44	1.71	22	1.32	22	2.41

Total	2,576	100.00	1,665	100.00	911	100.00
Panel E: Distribution by Fama-French 48 industries

Agriculture	5	0.19	4	0.20	1	0.11
Food products	16	0.62	8	0.40	8	0.88
Tobacco products	0	0.00	0	0.00	0	0.00
Recreation	12	0.47	7	0.35	5	0.55
Entertainment	18	0.70	11	0.55	7	0.77
Printing and publishing	17	0.66	3	0.15	14	1.54
Consumer goods	27	1.05	10	0.50	17	1.87
Apparel	14	0.54	4	0.20	10	1.10
Healthcare	45	1.75	37	1.86	8	0.88
Medical equipment	68	2.64	42	2.11	26	2.85
Pharmaceutical products	113	4.39	76	3.82	37	4.06
Chemicals	26	1.01	8	0.40	18	1.98
Rubber and plastic products	12	0.47	3	0.15	9	0.99
Textiles	6	0.23	1	0.05	5	0.55
Construction materials	24	0.93	6	0.30	18	1.98
Construction	8	0.31	4	0.20	4	0.44
Steel works, etc.	24	0.93	10	0.50	14	1.54
Fabricated products	3	0.12	0	0.00	3	0.33
Machinery	59	2.29	29	1.46	30	3.29
Electrical equipment	17	0.66	9	0.45	8	0.88
Automobiles and trucks	23	0.89	5	0.25	18	1.98
Aircraft	8	0.31	2	0.10	6	0.66
Shipbuilding, railroad equipment	3	0.12	2	0.10	1	0.11
Defense	4	0.16	2	0.10	2	0.22
Precious metals	5	0.19	5	0.25	0	0.00
Non-metallic and industrial metal mining	2	0.08	0	0.00	2	0.22
Coal	1	0.04	1	0.05	0	0.00
Petroleum and natural gas	57	2.21	40	2.01	17	1.87
Utilities	59	2.29	43	2.16	16	1.76
Communication	78	3.03	55	2.76	23	2.52
Personal services	13	0.50	6	0.30	7	0.77
Business services	335	13.00	221	11.10	114	12.51
Computers	141	5.47	82	4.12	59	6.48
Electronic equipment	134	5.20	91	4.57	43	4.72
Measuring and control equipment	55	2.14	24	1.21	31	3.40
Business supplies	21	0.82	10	0.50	11	1.21
Shipping containers	6	0.23	3	0.15	3	0.33
Transportation	37	1.44	11	0.55	26	2.85
Wholesale	57	2.21	28	1.41	29	3.18
Retail	73	2.83	38	1.91	35	3.84
Restaurants, hotels, motels	36	1.40	23	1.16	13	1.43
Banking	726	28.18	591	29.68	135	14.82
Insurance	76	2.95	46	2.31	30	3.29
Real estate	7	0.27	2	0.10	5	0.55
Trading	90	3.49	53	2.66	37	4.06
Almost nothing	15	0.58	9	0.45	6	0.66

Total	2,576	100.00	1,991	100.00	911	100.00

Year

All

Stock

Cash

Panel D: Distribution by year

1985

2.72

1.56

4.83

1986

2.45

0.84

5.38

1987

2.17

1.14

4.06

1988

2.48

1.08

5.05

1989

1.79

1.20

2.85

1990

1.32

1.44

1.10

1991

1.36

1.74

0.66

1992

1.36

1.50

1.10

1993

1.67

1.50

1.98

1994

171

6.64

132

7.93

4.28

1995

208

8.07

162

9.73

5.05

1996

175

6.79

137

8.23

4.17

1997

249

9.67

203

12.19

5.05

1998

257

9.98

207

12.43

5.49

1999

211

8.19

159

9.55

5.71

2000

178

6.91

133

7.99

4.94

2001

122

4.74

5.35

3.62

2002

2.76

2.16

3.84

2003

3.34

2.82

4.28

2004

3.22

2.46

4.61

2005

2.60

1.98

3.73

2006

3.49

1.68

6.81

2007

2.87

1.08

6.15

2008

1.71

1.08

2.85

2009

1.71

1.32

2.41

Total

2,576

100.00

1,665

100.00

911

100.00

Panel E: Distribution by Fama-French 48 industries

Agriculture

0.19

0.20

0.11

Food products

0.62

0.40

0.88

Tobacco products

0.00

Recreation

0.47

0.35

0.55

Entertainment

0.70

0.55

0.77

Printing and publishing

0.66

0.15

1.54

Consumer goods

1.05

0.50

1.87

Apparel

0.54

0.20

1.10

Healthcare

1.75

1.86

0.88

Medical equipment

2.64

2.11

2.85

Pharmaceutical products

113

4.39

3.82

4.06

Chemicals

1.01

0.40

1.98

Rubber and plastic products

0.47

0.15

0.99

Textiles

0.23

0.05

0.55

Construction materials

0.93

0.30

1.98

Construction

0.31

0.20

0.44

Steel works, etc.

0.93

0.50

1.54

Fabricated products

0.12

0.00

0.33

Machinery

2.29

1.46

3.29

Electrical equipment

0.66

0.45

0.88

Automobiles and trucks

0.89

0.25

1.98

Aircraft

0.31

0.10

0.66

Shipbuilding, railroad equipment

0.12

0.10

0.11

Defense

0.16

0.10

0.22

Precious metals

0.19

0.25

0.00

Non-metallic and industrial metal mining

0.08

0.00

0.22

Coal

0.04

0.05

0.00

Petroleum and natural gas

2.21

2.01

1.87

Utilities

2.29

2.16

1.76

Communication

3.03

2.76

2.52

Personal services

0.50

0.30

0.77

Business services

335

13.00

221

11.10

114

12.51

Computers

141

5.47

4.12

6.48

Electronic equipment

134

5.20

4.57

4.72

Measuring and control equipment

2.14

1.21

3.40

Business supplies

0.82

0.50

1.21

Shipping containers

0.23

0.15

0.33

Transportation

1.44

0.55

2.85

Wholesale

2.21

1.41

3.18

Retail

2.83

1.91

3.84

Restaurants, hotels, motels

1.40

1.16

1.43

Banking

726

28.18

591

29.68

135

14.82

Insurance

2.95

2.31

3.29

Real estate

0.27

0.10

0.55

Trading

3.49

2.66

4.06

Almost nothing

0.58

0.45

0.66

Total

2,576

100.00

1,991

100.00

911

100.00

Year	All	Stock	Cash
Panel D: Distribution by year

1985	70	2.72	26	1.56	44	4.83
1986	63	2.45	14	0.84	49	5.38
1987	56	2.17	19	1.14	37	4.06
1988	64	2.48	18	1.08	46	5.05
1989	46	1.79	20	1.20	26	2.85
1990	34	1.32	24	1.44	10	1.10
1991	35	1.36	29	1.74	6	0.66
1992	35	1.36	25	1.50	10	1.10
1993	43	1.67	25	1.50	18	1.98
1994	171	6.64	132	7.93	39	4.28
1995	208	8.07	162	9.73	46	5.05
1996	175	6.79	137	8.23	38	4.17
1997	249	9.67	203	12.19	46	5.05
1998	257	9.98	207	12.43	50	5.49
1999	211	8.19	159	9.55	52	5.71
2000	178	6.91	133	7.99	45	4.94
2001	122	4.74	89	5.35	33	3.62
2002	71	2.76	36	2.16	35	3.84
2003	86	3.34	47	2.82	39	4.28
2004	83	3.22	41	2.46	42	4.61
2005	67	2.60	33	1.98	34	3.73
2006	90	3.49	28	1.68	62	6.81
2007	74	2.87	18	1.08	56	6.15
2008	44	1.71	18	1.08	26	2.85
2009	44	1.71	22	1.32	22	2.41

Total	2,576	100.00	1,665	100.00	911	100.00
Panel E: Distribution by Fama-French 48 industries

Agriculture	5	0.19	4	0.20	1	0.11
Food products	16	0.62	8	0.40	8	0.88
Tobacco products	0	0.00	0	0.00	0	0.00
Recreation	12	0.47	7	0.35	5	0.55
Entertainment	18	0.70	11	0.55	7	0.77
Printing and publishing	17	0.66	3	0.15	14	1.54
Consumer goods	27	1.05	10	0.50	17	1.87
Apparel	14	0.54	4	0.20	10	1.10
Healthcare	45	1.75	37	1.86	8	0.88
Medical equipment	68	2.64	42	2.11	26	2.85
Pharmaceutical products	113	4.39	76	3.82	37	4.06
Chemicals	26	1.01	8	0.40	18	1.98
Rubber and plastic products	12	0.47	3	0.15	9	0.99
Textiles	6	0.23	1	0.05	5	0.55
Construction materials	24	0.93	6	0.30	18	1.98
Construction	8	0.31	4	0.20	4	0.44
Steel works, etc.	24	0.93	10	0.50	14	1.54
Fabricated products	3	0.12	0	0.00	3	0.33
Machinery	59	2.29	29	1.46	30	3.29
Electrical equipment	17	0.66	9	0.45	8	0.88
Automobiles and trucks	23	0.89	5	0.25	18	1.98
Aircraft	8	0.31	2	0.10	6	0.66
Shipbuilding, railroad equipment	3	0.12	2	0.10	1	0.11
Defense	4	0.16	2	0.10	2	0.22
Precious metals	5	0.19	5	0.25	0	0.00
Non-metallic and industrial metal mining	2	0.08	0	0.00	2	0.22
Coal	1	0.04	1	0.05	0	0.00
Petroleum and natural gas	57	2.21	40	2.01	17	1.87
Utilities	59	2.29	43	2.16	16	1.76
Communication	78	3.03	55	2.76	23	2.52
Personal services	13	0.50	6	0.30	7	0.77
Business services	335	13.00	221	11.10	114	12.51
Computers	141	5.47	82	4.12	59	6.48
Electronic equipment	134	5.20	91	4.57	43	4.72
Measuring and control equipment	55	2.14	24	1.21	31	3.40
Business supplies	21	0.82	10	0.50	11	1.21
Shipping containers	6	0.23	3	0.15	3	0.33
Transportation	37	1.44	11	0.55	26	2.85
Wholesale	57	2.21	28	1.41	29	3.18
Retail	73	2.83	38	1.91	35	3.84
Restaurants, hotels, motels	36	1.40	23	1.16	13	1.43
Banking	726	28.18	591	29.68	135	14.82
Insurance	76	2.95	46	2.31	30	3.29
Real estate	7	0.27	2	0.10	5	0.55
Trading	90	3.49	53	2.66	37	4.06
Almost nothing	15	0.58	9	0.45	6	0.66

Total	2,576	100.00	1,991	100.00	911	100.00

Table I.

Open in new tab

M&A sample descriptive statistics

The table presents sample descriptive statistics for a sample of successful US public acquisitions over the period between January 1 1985 and December 31 2009 drawn from the Thomson Financial SDC M&A Database. All variables are defined in the Appendix. Panels A–C are for all deals, stock deals, and cash deals, respectively. Panel D presents the yearly composition, and Panel E the industry composition of the sample. N denotes the number of observations. Dollar values are inflation-adjusted to the level of 2009 using the US GDP deflator. All continuous variables are winsorized at the 1st and 99th percentiles.

	N	Mean	SD	Min	P25	Median	P75	Max
Panel A: All

MARCAP ($ mil.)	2,576	7,179.097	18,281.350	12.413	316.908	1,257.557	5,067.570	121,753.100
BEME	2,576	0.476	0.354	0.019	0.243	0.400	0.618	2.143
RUN-UP	2,576	0.131	0.525	−0.681	−0.139	0.044	0.256	2.899
SIGMA	2,576	0.027	0.017	0.008	0.015	0.022	0.032	0.098
LEVERAGE	2,576	0.187	0.159	0.000	0.058	0.161	0.274	0.697
CASH HOLD	2,576	0.156	0.191	0.002	0.031	0.068	0.207	0.832
OPER PERFORM	2,576	0.085	0.135	−0.543	0.027	0.081	0.166	0.365
CF/EQ	2,576	0.049	0.130	−0.797	0.032	0.058	0.093	0.339
DEAL VALUE ($ mil.)	2,576	964.475	2,683.313	4.050	55.030	172.035	563.000	18,529.400
RELSIZE	2,576	0.319	0.413	0.011	0.056	0.163	0.409	2.474
DIVERSIFIC	2,576	0.321	0.467	0	0	0	1	1
HOSTILE	2,576	0.016	0.125	0	0	0	0	1
TENDER	2,576	0.173	0.378	0	0	0	0	1
MULTIBID	2,576	0.036	0.188	0	0	0	0	1
ACAR	2,576	−1.31%	7.84%	−26.06%	−4.90%	−1.09%	2.14%	23.34%

Panel B: Stock

MARCAP ($ mil.)	1,665	6,451.306	17,211.220	12.413	284.106	1,103.338	4,443.740	121,753.100
BEME	1,665	0.435	0.328	0.019	0.221	0.374	0.570	2.143
RUN-UP	1,665	0.182	0.597	−0.681	−0.127	0.074	0.300	2.899
SIGMA	1,665	0.029	0.019	0.008	0.016	0.024	0.036	0.098
LEVERAGE	1,665	0.178	0.156	0.000	0.053	0.149	0.263	0.697
CASH HOLD	1,665	0.162	0.203	0.002	0.033	0.066	0.210	0.832
OPER PERFORM	1,665	0.062	0.146	−0.543	0.025	0.037	0.145	0.365
CF/EQ	1,665	0.032	0.136	−0.797	0.025	0.051	0.079	0.339
DEAL VALUE ($ mil.)	1,665	1,149.202	3,157.049	4.050	54.000	169.620	581.500	18,529.400
RELSIZE	1,665	0.345	0.390	0.011	0.068	0.200	0.492	2.474
DIVERSIFIC	1,665	0.264	0.441	0	0	0	1	1
HOSTILE	1,665	0.004	0.060	0	0	0	0	1
TENDER	1,665	0.014	0.117	0	0	0	0	1
MULTIBID	1,665	0.016	0.126	0	0	0	0	1
ACAR	1,665	−2.294%	8.339%	−26.059%	−6.176%	−1.938%	1.458%	23.338%
Panel C: Cash

MARCAP ($ mil.)	911	8,509.254	20,032.140	12.413	365.141	1,600.106	6,159.875	121,753.100
BEME	911	0.552	0.385	0.019	0.288	0.459	0.714	2.143
RUN-UP	911	0.036	0.341	−0.681	−0.154	−0.010	0.176	2.600
SIGMA	911	0.022	0.012	0.008	0.014	0.019	0.027	0.098
LEVERAGE	911	0.203	0.163	0.000	0.067	0.186	0.289	0.697
CASH HOLD	911	0.144	0.167	0.002	0.025	0.070	0.205	0.832
OPER PERFORM	911	0.127	0.100	−0.543	0.050	0.133	0.186	0.365
CF/EQ	911	0.079	0.114	−0.797	0.047	0.075	0.113	0.339
DEAL VALUE ($ mil.)	911	626.856	1,404.376	4.050	57.970	178.620	540.140	17,068.790
RELSIZE	911	0.270	0.449	0.011	0.043	0.107	0.289	2.474
DIVERSIFIC	911	0.425	0.495	0	0	0	1	1
HOSTILE	911	0.038	0.192	0	0	0	0	1
TENDER	911	0.463	0.499	0	0	0	1	1
MULTIBID	911	0.074	0.261	0	0	0	0	1
ACAR	911	0.501%	6.446%	−26.059%	−2.764%	0.153%	3.273%	23.338%

	N	Mean	SD	Min	P25	Median	P75	Max
Panel A: All

MARCAP ($ mil.)	2,576	7,179.097	18,281.350	12.413	316.908	1,257.557	5,067.570	121,753.100
BEME	2,576	0.476	0.354	0.019	0.243	0.400	0.618	2.143
RUN-UP	2,576	0.131	0.525	−0.681	−0.139	0.044	0.256	2.899
SIGMA	2,576	0.027	0.017	0.008	0.015	0.022	0.032	0.098
LEVERAGE	2,576	0.187	0.159	0.000	0.058	0.161	0.274	0.697
CASH HOLD	2,576	0.156	0.191	0.002	0.031	0.068	0.207	0.832
OPER PERFORM	2,576	0.085	0.135	−0.543	0.027	0.081	0.166	0.365
CF/EQ	2,576	0.049	0.130	−0.797	0.032	0.058	0.093	0.339
DEAL VALUE ($ mil.)	2,576	964.475	2,683.313	4.050	55.030	172.035	563.000	18,529.400
RELSIZE	2,576	0.319	0.413	0.011	0.056	0.163	0.409	2.474
DIVERSIFIC	2,576	0.321	0.467	0	0	0	1	1
HOSTILE	2,576	0.016	0.125	0	0	0	0	1
TENDER	2,576	0.173	0.378	0	0	0	0	1
MULTIBID	2,576	0.036	0.188	0	0	0	0	1
ACAR	2,576	−1.31%	7.84%	−26.06%	−4.90%	−1.09%	2.14%	23.34%

Panel B: Stock

MARCAP ($ mil.)	1,665	6,451.306	17,211.220	12.413	284.106	1,103.338	4,443.740	121,753.100
BEME	1,665	0.435	0.328	0.019	0.221	0.374	0.570	2.143
RUN-UP	1,665	0.182	0.597	−0.681	−0.127	0.074	0.300	2.899
SIGMA	1,665	0.029	0.019	0.008	0.016	0.024	0.036	0.098
LEVERAGE	1,665	0.178	0.156	0.000	0.053	0.149	0.263	0.697
CASH HOLD	1,665	0.162	0.203	0.002	0.033	0.066	0.210	0.832
OPER PERFORM	1,665	0.062	0.146	−0.543	0.025	0.037	0.145	0.365
CF/EQ	1,665	0.032	0.136	−0.797	0.025	0.051	0.079	0.339
DEAL VALUE ($ mil.)	1,665	1,149.202	3,157.049	4.050	54.000	169.620	581.500	18,529.400
RELSIZE	1,665	0.345	0.390	0.011	0.068	0.200	0.492	2.474
DIVERSIFIC	1,665	0.264	0.441	0	0	0	1	1
HOSTILE	1,665	0.004	0.060	0	0	0	0	1
TENDER	1,665	0.014	0.117	0	0	0	0	1
MULTIBID	1,665	0.016	0.126	0	0	0	0	1
ACAR	1,665	−2.294%	8.339%	−26.059%	−6.176%	−1.938%	1.458%	23.338%
Panel C: Cash

MARCAP ($ mil.)	911	8,509.254	20,032.140	12.413	365.141	1,600.106	6,159.875	121,753.100
BEME	911	0.552	0.385	0.019	0.288	0.459	0.714	2.143
RUN-UP	911	0.036	0.341	−0.681	−0.154	−0.010	0.176	2.600
SIGMA	911	0.022	0.012	0.008	0.014	0.019	0.027	0.098
LEVERAGE	911	0.203	0.163	0.000	0.067	0.186	0.289	0.697
CASH HOLD	911	0.144	0.167	0.002	0.025	0.070	0.205	0.832
OPER PERFORM	911	0.127	0.100	−0.543	0.050	0.133	0.186	0.365
CF/EQ	911	0.079	0.114	−0.797	0.047	0.075	0.113	0.339
DEAL VALUE ($ mil.)	911	626.856	1,404.376	4.050	57.970	178.620	540.140	17,068.790
RELSIZE	911	0.270	0.449	0.011	0.043	0.107	0.289	2.474
DIVERSIFIC	911	0.425	0.495	0	0	0	1	1
HOSTILE	911	0.038	0.192	0	0	0	0	1
TENDER	911	0.463	0.499	0	0	0	1	1
MULTIBID	911	0.074	0.261	0	0	0	0	1
ACAR	911	0.501%	6.446%	−26.059%	−2.764%	0.153%	3.273%	23.338%

Year	All		Stock		Cash
Year	N	%	N	%	N	%
Panel D: Distribution by year

1985	70	2.72	26	1.56	44	4.83
1986	63	2.45	14	0.84	49	5.38
1987	56	2.17	19	1.14	37	4.06
1988	64	2.48	18	1.08	46	5.05
1989	46	1.79	20	1.20	26	2.85
1990	34	1.32	24	1.44	10	1.10
1991	35	1.36	29	1.74	6	0.66
1992	35	1.36	25	1.50	10	1.10
1993	43	1.67	25	1.50	18	1.98
1994	171	6.64	132	7.93	39	4.28
1995	208	8.07	162	9.73	46	5.05
1996	175	6.79	137	8.23	38	4.17
1997	249	9.67	203	12.19	46	5.05
1998	257	9.98	207	12.43	50	5.49
1999	211	8.19	159	9.55	52	5.71
2000	178	6.91	133	7.99	45	4.94
2001	122	4.74	89	5.35	33	3.62
2002	71	2.76	36	2.16	35	3.84
2003	86	3.34	47	2.82	39	4.28
2004	83	3.22	41	2.46	42	4.61
2005	67	2.60	33	1.98	34	3.73
2006	90	3.49	28	1.68	62	6.81
2007	74	2.87	18	1.08	56	6.15
2008	44	1.71	18	1.08	26	2.85
2009	44	1.71	22	1.32	22	2.41

Total	2,576	100.00	1,665	100.00	911	100.00
Panel E: Distribution by Fama-French 48 industries

Agriculture	5	0.19	4	0.20	1	0.11
Food products	16	0.62	8	0.40	8	0.88
Tobacco products	0	0.00	0	0.00	0	0.00
Recreation	12	0.47	7	0.35	5	0.55
Entertainment	18	0.70	11	0.55	7	0.77
Printing and publishing	17	0.66	3	0.15	14	1.54
Consumer goods	27	1.05	10	0.50	17	1.87
Apparel	14	0.54	4	0.20	10	1.10
Healthcare	45	1.75	37	1.86	8	0.88
Medical equipment	68	2.64	42	2.11	26	2.85
Pharmaceutical products	113	4.39	76	3.82	37	4.06
Chemicals	26	1.01	8	0.40	18	1.98
Rubber and plastic products	12	0.47	3	0.15	9	0.99
Textiles	6	0.23	1	0.05	5	0.55
Construction materials	24	0.93	6	0.30	18	1.98
Construction	8	0.31	4	0.20	4	0.44
Steel works, etc.	24	0.93	10	0.50	14	1.54
Fabricated products	3	0.12	0	0.00	3	0.33
Machinery	59	2.29	29	1.46	30	3.29
Electrical equipment	17	0.66	9	0.45	8	0.88
Automobiles and trucks	23	0.89	5	0.25	18	1.98
Aircraft	8	0.31	2	0.10	6	0.66
Shipbuilding, railroad equipment	3	0.12	2	0.10	1	0.11
Defense	4	0.16	2	0.10	2	0.22
Precious metals	5	0.19	5	0.25	0	0.00
Non-metallic and industrial metal mining	2	0.08	0	0.00	2	0.22
Coal	1	0.04	1	0.05	0	0.00
Petroleum and natural gas	57	2.21	40	2.01	17	1.87
Utilities	59	2.29	43	2.16	16	1.76
Communication	78	3.03	55	2.76	23	2.52
Personal services	13	0.50	6	0.30	7	0.77
Business services	335	13.00	221	11.10	114	12.51
Computers	141	5.47	82	4.12	59	6.48
Electronic equipment	134	5.20	91	4.57	43	4.72
Measuring and control equipment	55	2.14	24	1.21	31	3.40
Business supplies	21	0.82	10	0.50	11	1.21
Shipping containers	6	0.23	3	0.15	3	0.33
Transportation	37	1.44	11	0.55	26	2.85
Wholesale	57	2.21	28	1.41	29	3.18
Retail	73	2.83	38	1.91	35	3.84
Restaurants, hotels, motels	36	1.40	23	1.16	13	1.43
Banking	726	28.18	591	29.68	135	14.82
Insurance	76	2.95	46	2.31	30	3.29
Real estate	7	0.27	2	0.10	5	0.55
Trading	90	3.49	53	2.66	37	4.06
Almost nothing	15	0.58	9	0.45	6	0.66

Total	2,576	100.00	1,991	100.00	911	100.00

Year	All		Stock		Cash
Year	N	%	N	%	N	%
Panel D: Distribution by year

1985	70	2.72	26	1.56	44	4.83
1986	63	2.45	14	0.84	49	5.38
1987	56	2.17	19	1.14	37	4.06
1988	64	2.48	18	1.08	46	5.05
1989	46	1.79	20	1.20	26	2.85
1990	34	1.32	24	1.44	10	1.10
1991	35	1.36	29	1.74	6	0.66
1992	35	1.36	25	1.50	10	1.10
1993	43	1.67	25	1.50	18	1.98
1994	171	6.64	132	7.93	39	4.28
1995	208	8.07	162	9.73	46	5.05
1996	175	6.79	137	8.23	38	4.17
1997	249	9.67	203	12.19	46	5.05
1998	257	9.98	207	12.43	50	5.49
1999	211	8.19	159	9.55	52	5.71
2000	178	6.91	133	7.99	45	4.94
2001	122	4.74	89	5.35	33	3.62
2002	71	2.76	36	2.16	35	3.84
2003	86	3.34	47	2.82	39	4.28
2004	83	3.22	41	2.46	42	4.61
2005	67	2.60	33	1.98	34	3.73
2006	90	3.49	28	1.68	62	6.81
2007	74	2.87	18	1.08	56	6.15
2008	44	1.71	18	1.08	26	2.85
2009	44	1.71	22	1.32	22	2.41

Total	2,576	100.00	1,665	100.00	911	100.00
Panel E: Distribution by Fama-French 48 industries

Agriculture	5	0.19	4	0.20	1	0.11
Food products	16	0.62	8	0.40	8	0.88
Tobacco products	0	0.00	0	0.00	0	0.00
Recreation	12	0.47	7	0.35	5	0.55
Entertainment	18	0.70	11	0.55	7	0.77
Printing and publishing	17	0.66	3	0.15	14	1.54
Consumer goods	27	1.05	10	0.50	17	1.87
Apparel	14	0.54	4	0.20	10	1.10
Healthcare	45	1.75	37	1.86	8	0.88
Medical equipment	68	2.64	42	2.11	26	2.85
Pharmaceutical products	113	4.39	76	3.82	37	4.06
Chemicals	26	1.01	8	0.40	18	1.98
Rubber and plastic products	12	0.47	3	0.15	9	0.99
Textiles	6	0.23	1	0.05	5	0.55
Construction materials	24	0.93	6	0.30	18	1.98
Construction	8	0.31	4	0.20	4	0.44
Steel works, etc.	24	0.93	10	0.50	14	1.54
Fabricated products	3	0.12	0	0.00	3	0.33
Machinery	59	2.29	29	1.46	30	3.29
Electrical equipment	17	0.66	9	0.45	8	0.88
Automobiles and trucks	23	0.89	5	0.25	18	1.98
Aircraft	8	0.31	2	0.10	6	0.66
Shipbuilding, railroad equipment	3	0.12	2	0.10	1	0.11
Defense	4	0.16	2	0.10	2	0.22
Precious metals	5	0.19	5	0.25	0	0.00
Non-metallic and industrial metal mining	2	0.08	0	0.00	2	0.22
Coal	1	0.04	1	0.05	0	0.00
Petroleum and natural gas	57	2.21	40	2.01	17	1.87
Utilities	59	2.29	43	2.16	16	1.76
Communication	78	3.03	55	2.76	23	2.52
Personal services	13	0.50	6	0.30	7	0.77
Business services	335	13.00	221	11.10	114	12.51
Computers	141	5.47	82	4.12	59	6.48
Electronic equipment	134	5.20	91	4.57	43	4.72
Measuring and control equipment	55	2.14	24	1.21	31	3.40
Business supplies	21	0.82	10	0.50	11	1.21
Shipping containers	6	0.23	3	0.15	3	0.33
Transportation	37	1.44	11	0.55	26	2.85
Wholesale	57	2.21	28	1.41	29	3.18
Retail	73	2.83	38	1.91	35	3.84
Restaurants, hotels, motels	36	1.40	23	1.16	13	1.43
Banking	726	28.18	591	29.68	135	14.82
Insurance	76	2.95	46	2.31	30	3.29
Real estate	7	0.27	2	0.10	5	0.55
Trading	90	3.49	53	2.66	37	4.06
Almost nothing	15	0.58	9	0.45	6	0.66

Total	2,576	100.00	1,991	100.00	911	100.00

This Feature Is Available To Subscribers Only