ACCOUNTING RATIOS TO LOCATE TAKE‐OVER TARGETS
用单变量和多变量方法检验流动性、杠杆、派息、活动和盈利比率能否区分加拿大未被收购、被国内收购和被外国收购的公司，发现三类公司来自同一总体，即使会计信息与预期现金流有关，半强有效市场也会将其反映在目标公司证券价格中。
This paper uses both the univariate and multivariate techniques to discover whether liquidity, leverage, payout, activity, and profitability ratios can distinguish non‐taken‐over, domestic taken‐over and foreign taken‐over firms in Canada. The results indicate that the three categories of firms emanate from the same population, and the article concludes that even if a connection between historical accounting information and the firm's expected cash flows were to be hypothesized, the semi‐strong efficient capital market would ensure that accounting information would be impounded in the prices of securities of target firms.