Proxies for Information Asymmetry and Firm Characteristics This table reports summary statistics on the following target and acquirer characteristics in the year prior to the M&A: analyst coverage (number of financial analysts), analyst forecast dispersion (standard deviation EPS/stock price), analyst forecast error (absolute value of the difference between the median EPS estimate and actual value/stock price), media coverage (number of Factiva articles in pre-M&A year), implied volatility, total assets, market capitalization, the market-to-book ratio of equity (M/B), the

cash ratio (cash and cash equivalents/total assets), the debt ratio (total debt/total assets), profitability (EBITDA/total assets), and R&D (R&D expenses/total assets).

S AK ENERJI RATIOS 2005 2006 2007 2008 Current Ratio % 345 322 297 203 Liquidity Ratio % 200 251 254 187

Cash Ratio % 173 215 154 91 Table 3: 2008-2013 Liquidity Ratios of Ak Enerji A.

We follow Fresard (2010), adopting Z-scored cash holdings to measure cash level of a company, more specifically, ZCash, is the annual cash holding ratio minus the mean of industry-year

cash ratio based on all companies within the industry and divide standard deviation of industry-year level of cash holdings, also can be referred as relative-to-industry cash.

Company

Cash Ratio Institutional Insider Name Difference Holdings Holdings Difference Difference ADEN -6.

Confidence = 70 IF: Do you want to analyze the liquidity risk based on the

cash ratio ratio?

However, upon rising local financing opportunities,

cash ratio decreased to 10.

Even though it is not as monotone as for the aggregates, the

cash ratio increased substantially over the past three decades.

37 sufficiency of

cash Ratio of repayment of debt -- -- -- Interest coverage ratio -- -- -- Long-term debt ratio -- -- -- Ratio of financing of -0.

Concerning

cash ratio, group II had statistically significant, superior values (difference reaches 73.

For example, firms with greater leverage are more likely to suffer from financial distress than firms with low leverage, and the

cash ratio measures the amount of liquid assets that the firm has on hand that could be used to make up a short fall in operating cash flows.

0]: Crisis era

Cash Ratio is not significantly differing from pre-crisis era.

The common measures of liquidity are: Current ratio, Quick ratio,

Cash ratio, Net Working Capital (NWC) and Net Working Capital ratio.