25
;
2.
-
3.
26
:
NP
????????
C,
-
C -
r - n -
27
M&A:
1
-
ROA, ROE, ESP
M&A
1
No -362.
28
cumulative abnormal return CAR
M&A
--
--
29
M&A
-
M&A
-
t-
--
- -
-
-
- A
-
30
CAPM -
- 3%).
Donker H., Siew Hong Teoh
1
, Sara B.
Moeller, Rene M. Stulz, Scott Richardson, Daniel Hirshleifer, Frederik P.
Schlingemann
.
Healy, P.M.,
Palepu, K.G., Ruback, R.S. (1992), Ecbo E., Thorburn K. (2000),
).
1
Dong, Ming, Daniel Hirshleifer, Scott Richardson, and Siew Hong Teoh, Does investor misevaluation drive the
takeover market? // Working paper, The Ohio State University, 2003. p. 725-762
31
1.4
;
;
-
-;
;
-
-
M&A
,
Franks J.R., R.S. Harris., C. Mayer (19
32
-
,
Jensen, Ruback (1983)
Loughran, Vijh (1997)
--
Travlos (1987):
Faccio, McConnell, Stolin (2004)
-
-
-1,81%).
- ):
33
Табл. 1
-
1
Chang,
1998)
+2,64%
***
+0,09%
-2,46%
***
-0,02%
(Ang and Kohers,
2001)
+1,32%
***
+1,825%
***
-1,26%
***
+0,62%
Moeller,
Schlingemann,
Stulz, 2004)
+1,493%
***
+1,208%
***
-2,023%
***
+0,364%
, ,
(Fuller, Netter,
Stegemoller,
2002)
+2,43%
***
+1,62%
***
-1,86%
**
+0,34%
(Bradley and
Sundaram, 2004)
+1,39%
***
+0,71%
***
-1,29%
***
+0,83%
***
,
(Faccio,
McConnell and
Stolin, 2004)
+3,90%
***
+1,17%
***
-1,81%
**
+0,3%
(
***
- -
**
- -
*
-
-
-
1
(19),
34
Campbell, Ghosh, Sirmans (2001)
-
-