65
i ε
it
.
estimation period)
-
-
α
i
β
i
.
STOXX Eastern Europe Total Market Index.
%
STOXX Europe Total Market Index.
CAR)
66
(-30;
+1), (-20; +20), (-14; +2), (-10; +2), (-10; +10), (-10; +20), (-5; +3), (-5; +5), (-
5; +10), (-3; +5), (-2; +2), (-2; +1).
CAR
i
= α + β
1
*RELSIZESALES
i
+ β
2
*PRICESALES + β
3
*ROE__TARGET +
β
4
*D_PAYMENT + β
5
*D_COUNTRY + β
6
*D_INDUSTRY + β
7
*D_TYPE + ε
i
;
CAR
i
i-
RELSIZESALES
--
-
PRICESALES
-
-
D_PAYMENT -, 1,
D_COUNTRY -,
67
D_INDUSTRY -,
--
D_TYPE - -, -
β
k
k-
ε
3.2
3.2.1
2,
Гипотеза 1.
-
Гипотеза 2.
-
68
-
Гипотеза 3.
-
-
Гипотеза 4.
-
Гипотеза 5.
-
-
WACC
-
- -
(Berk (1995), Baetge (2010), Welcl (2012),
Grabowski, King (2001)).
Гипотеза 6.
-
-
69
-
1) -
2)
3) ;
-
.
Bloomberg
Professional.
STOXX Limited
-
Bloomberg Professional
completed.
Bloomberg Professional Company
Takeover, Tender Offer Majority Stake Purchase.
4
70
--
(utilities).
(2011)). Fama,
Frenh
-
,
-
-
%.
% -
-
71
5
1
4, 2015 7
6
2
.6
2
2
1
:
2
,7
:
0
5
10
15
20
25
30
35
2014 2015 2016 2017
0
15
30
45
60
75
90
72
.
%
.7
1
.8
2
%
2
:
0
10
20
30
40
10-50 50-100 100-250 250-500 500-1000 1000+
0
20
40
60
80
100
50-74 75-99 100
73
3.2.3
Табл. 4
RELSIZESALES
-
-
-
PRICESALES
-
-
ROE_TARGET
-
-
D_PAYMENT
-
1 -
0 -
D_COUNTRY
-
1 -
0 -
D_INDUSTRY
-
1 - - -
0
74
D_TYPE
-
1 - -
0 -
- -
-
Berk (1995), Baetge (2010), Welcl (2012), Grabowski,
King (2001)).
Табл. 5
d_payment
47
0,575
0,500
0
1
pricesales
47
2,227
1,664
0,004
6,460
relsizesales
47
0,316
0,318
0,001
1,134
d_country
47
0,489
0,505
0
1
d_industry
47
0,340
0,479
0
1
roe_target
47
0,170
0,358
-0,565
1,472
d_type
47
0,298
0,462
0
1
-
4-2017