Scatter plots of market capitalization and abnormal returns with Acquisition-Acquiree news.

Blue dots are positive abnormal returns and red dots are negative abnormal returns. Each abnormal return is winsorized to the range of [−0.5, 1] for better visualization. Different market capitalizations are used in different graphs, (A): Original market cap (Pearson Coefficient: −0.27, p = 0.00, Spearman’s Coefficient: −0.43, p = 0.00), (B): Market cap normalized by S&P index (Pearson Coefficient: −0.27, p = 0.00, Spearman’s Coefficient: −0.44, p = 0.00), (C): Logarithm of market cap (Pearson Coefficient: −0.42, p = 0.00, Spearman’s Coefficient: −0.43, p = 0.00), (D): Logarithm of market cap normalized by S&P index. (Adjusted market cap) (Pearson Coefficient: −0.43, p = 0.00, Spearman’s Coefficient: −0.44, p = 0.00).