the merger effect on acquirer stock return, which means the merger directly influence the acquirer stock return. Thus the … hypothesis that mergers effect the stock return are empirically supported of accepted. The result also show that the merger does …

with capital, asset quality, management, earnigs, and liquidity as known as CAMEL. Capital use CAR ratio, asset quality use … NPL ratio, management use NPM ratio, earnigs use NIM and BOPO ratio, and the last liquidity use LDR ratio. That ratio can …