For our purposes, CARW are highly correlated with focusing transactions (positively and significantly), the value of transaction (positively and significantly at the 10 percent), percentage sought (negatively and significantly at the 5 percent), the fact that the transaction is terminated by the bidder (negatively and significantly at the 5 percent), and the number of days between the announcement and the withdrawal date (positively and significantly at the 5 percent).
We first assess the CARW according to the transaction characteristics.
Panel B reports the univariate results for CARW with respect to firm characteristics.
In Table 6, we report the OLS results of the regression of CARW over the -5+5 window around the date of withdrawal.
Our main results do not change, although we note that the bidder dummy that equals one if the transaction is cancelled by the bidder and zero otherwise loses its significance, in the CARW explanatory models.