Table IV
Changes in Total Debt Scaled by the Book Value of Assets
Summary statistics are presented for changes in total debt scaled by the book value of assets for
hostile and the friendly takeover attempts five years following the termination year for the
sample of 573 targets of unsuccessful takeovers for the 1982-1991 period, obtained from Mergerstat
Review, published annually by W. T Grimm. The median and mean percentage changes in
book value of debt scaled by the book value of total assets are reported, as well as the number
of firms with valid observations. Nonparametric significance levels for tests in difference in
medians are based on the Mann-Whitney-Wilcoxon test.