{'fraction_non_alphanumeric': 0.012552301255230125, 'fraction_numerical': 0.008368200836820083, 'mean_word_length': 5.095541401273885, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
Relative Size in Mergers and Operating Performance: Indian Experience

In today's globalised economy, mergers and acquisitions are being increasingly used the world over as a strategy for achieving a larger size and asset base, faster growth in market share and for becoming more competitive through economies of scale. One of the important factors that could affect the outcome of a merger is the relative size of the acquiring and acquired companies. This paper studies the impact of mergers on the operating performance of acquiring corporates by examining some pre- and post-merger financial ratios with a sample of firms chosen from all mergers involving public limited and traded companies in India between 1991 and 2003. The results suggest that there are minor variations in terms of the impact on operating performance following mergers, when the acquiring and acquired firms are of different relative sizes, as measured by market value of equity.