55
TRS total return to
shareholders
-2009
-.
T. R.
10-30% - -2009
-
-
-
.
Chari, Ouimet, Tesar (2004)
-
%.
Lee, Chung (2012)
--1,34%.
56
-
A.C. MacKinlay (1997)
-
Loughran T., Vijh A.M.
1970-1989
-
-6,5%.
Madsen, Wu-
Bain & Company
M&A
57
-
-
-
-
-
Табл. 3
-
-
Ruback, Jensen (1983)
4%
0%
Bradley, Desai, Kim (1988)
7,4%
Jarrell, Brickley,
Netter (1988)
- 5%
- 1%
Markides, Ittner (1994)
CAR =0,8%,
CAR = -0,83%,
Danbolt (1995)
CAR = -9,79%
Eun, Kolodny,
CAR = -1,2%
58
Scheraga (1996)
Loughran, Vijh (1997)
CAR = -6,5%
Moeller,
Schlingemann (2004)
CAR
CAR
Chari, Ouimet, Tesar (2004)
CAR = 2.4%
Asimakopoulos,
Athanasoglou (2013)
CAR = - 0,79
Kiymaz, College (2013)
CAR = 0,29
CAR= -0,01184
2017
-
-
59
2.4 -
Moeller, Schlingemann, Stulz (2004)
-
-
-
-
-2001
312
Moeller, Schlingemann, Stulz
-
60
EBITDA/Sales.
-
EV/EBITDA
Ramaswamy, Waegelein (2003)
-
sinessWeek (2002) %
-
The Boston
Consulting Group (2007):
Loderer, Martin (1990) -
61
-
-
Malmendier,
Tate (2008); Hayward, Hambrick (1997)) -
-
(Grinstein, Hribar (2004), Harford, Li (2007)).
-
-
-
-
Alexandridis, Petmezas, Travlos (2010))
-
- (Demsetz, Lehn (1985), Bauguess, Moeller,
Schlingemann, Zutter (2009)).
Alexandridis, Fuller, Terhaar, Travlos (2013
-
62
relsize
- , prem
-
, iaprem
Fama/French, hubris
-
-
Banz (1981) -
63
Perez-Quiroz,
Timmermann (2000)
Lu, Chollete (2010)
Cui,
Wu (2007)
Chan, Chen (1991)
Ibbotson Yearbook.
-
-
64
-
-
3.1
-
-
-
-
R
it
= α
i
+ β
i
R
mt
+ ε
it
,
R
mt
; α
i
β
i