00Thaler_FM i-xxvi.qxd

Table

4.3

Total Returns from First Negative Stub to Announcement/Distribution Days

First

Announcement Day Plus One

Distribution Day Minus One

Negative Stub

Stub

Stub

Creative/UBID

−8.09

5.17

.49

.00

.49

6.32

.25

−.22

.47

HNC/Retek

−8.04

14.94

−.19

−.34

.15

17.80

.23

.09

.13

Daisytek/PFSWeb

−13.72

5.64

−.48

−.84

.36

5.39

−.59

−.90

.31

Metamor/Xpedior

−3.65

7.75

.15

−.22

.37

9.89

−.06

−.48

.41

3Com/Palm

−63.16

4.09

−.41

−.69

.28

13.43

−.17

−.61

.44

Methode/Stratos

−10.06

2.42

−.59

−.72

.13

5.79

−.59

−.78

.20

A

verage

−17.78

6.67

−.17

−.47

.30

9.77

−.16

−.48

.33

(−

1.94)

(3.70)

(−

1.02)

(−

3.46)

(5.21)

(4.79)

(−

1.03)

(−

3.20)

(5.78)

A

verage

−20.61

6.45

−.24

−.52

.28

9.75

−.18

−.48

.31

excluding Xpedior (

−1.93)

(2.94)

(−

1.23)

(−

3.36)

(4.18)

(3.90)

(−

.95)

(−

2.62)

(4.69)

Note.

Returns are total simple returns from the day of the first negative stub to either the day after the announcement day or the day

prior to the

distribution day. For Xpedior, we count the announcement day as the day on which Xpedior’s parent announces that it is being ac

quired, and the dis-

tribution day as the day Xpedior’s parent ceases trading, t-statistics of averages are in parentheses.

RR

PT

ST

−

R

ST

R

PT

RR

PT

ST

−

R

ST

R

PT