industry in the period from January 1, 2006 to December 31, 2007, from
the Datastream database. It is identified that 62 firms for 2006 and 58 for
2007 have completed mergers and acquisitions. Some of firms are multiple
acquirers. Pooled data have been used in the empirical analysis. The
financial and account data required for the empirical analysis are gathered
from annual reports