8342937142

SHAMSHER MOHAMAD AND ANN U AR MD. NASSIR

TABLE I (C)

Daily avcrage abnonnal relurns (AK) and cumulalive abnormal returns (CAR) for a sam ple of thirty' bidders ofiering a combination of shares and cash to thcir target shareholders, for the clcvcn days surrounding the initial announcement

	Years 1985 through 1988
Event day	AR t-Score	CAR
-5	0.2735 1.498	0.2735
-4	-0.1160 -0.635	0.1575
-3.	0.0503 0.276	0.2078
-2	0.0951 0.521	0.3029
-1	-0.0296 -0.162	0.2733
0	-0.8871 -4.858**	-0.6138
1	-0.0920 -0.504	-0.7058
2	-0.1385 -0.759	-0.8443
3	-0.2001 -1.096	-1.0444
4	-0.1655 -0.906	-1.2099
5	-0.0503 -0.276	-1.2602
** Significantly different from /.ero at 1% level TAB1.E 2 (A)
DifTerences in	average abnormal returns (AR) between
cash and share bidders for the eleven days surrounding the initial announcement.
Event day	DifTerences in AR	t-Score
-5	0.121	0.600
-4	0.105	0.360
-3	-0.087	-0.480
-2	0.380	1.260
-1	0.480	1.470
0	0.519	1.970
1	0.910	3.170**
2	0.203	1.010
3	0.184	0.770
4	-0.146	-0.560
5	0.021	0.110

** Significantly different from /ero at 1% lewi

TABLE 2(B)

Differences in theaverageabnonnal returns (AR) betweę cash and combination bidders, for the eleven da\ surrounding the initial announcement.

Event day	Differences in AR	t-Score
-5	-0.205	-0.870
-4	0.486	1.740
-3	0.050	0.210
-2	0.265	0.990
-1	0.206	0.871
0	0.581	2.390*
i	0.520	1.970
2	0.210	1.260
3	0.450	1.080 ^1
4	0.225	0.900
5	0.209	1.180

* Significantly different from /ero at 5% level

TABLE 2 (C)

Differences in theaverageabnormal returns (AR) betweet share and combination bidders, for the eleven dav surrounding the initial announcement.

Event day	Differences in AR	t-Score
-5	-0.326	-1.600
-4	0.381	1.690
-3	0.137	0.590
-2	-0.115	-0.440
-I	-0.272	-1.301
0	0.061	0.240
1	-0.390	-1.362 1
2	0.007	0.040
3	0.266	1.481
4	0.371	1.720
5	0.188	1.050

PERTAN1KA VOL 14 NO.l, 1991

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