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1. C : 1.1. , () (),.,,. .

.,,, / ;.

.,.,, (. Manne, 1965; 1967).,,,,.,,.

,,,, ;

( ).

, ; ( 3),., 3 ().,. 7 (discipline of last resort) . Fama, 1980, p. 295.

,,, ,, (.,, Jensen, 1986) / (earnings per share) . Bhagat, Shleifer, Vishny, 1990. ,.

,, 4.

,,, (.

Schwert, 1999).,.

,. 80-. : -, (-) . Comment, Jarrel, 1987. (takeovers made in heaven).

4., 80-.

, (Murphy, 1985); . 1980.

20%, (chief executive officer), - (Hall, Liebman, 1998)..., 80-. : 1000.,, 5 (Jensen, Murphy, 1990).

8 (), ; 80-. (hubris theory) . Roll, 1986.,,.

: ,,,.,. (, ,,,,.,., ).

,, (.

Fama, 1970; 1991):,, (). -.

,,.,, . , q (..,,, ).,, .

. - (, hubris theory, 9 ) , ( ),, ;.

. ().,.

,.,.

.,, (Klein, Crawford, Alchian, 1978).,. (economies of scale).

. :, , .

, (.,, Scott, 1977),, (,,, ),..,,, 5.

,, (tax shield),.

Stapleton, 1982.

.,,.

,. , (.,, Chung, Weston, 1982).

.

, (stakeholders) ,,,.,,,,,,,,,,.,, (. Shleifer, Summers, 1988),,,.

, (signalling)., -. ;,. , (sitting on a gold mine) . Bradley, Desai, Kim, 1983; 1988.

., (Ross, 1977)., ;

,,.

.,, (. Holmstrm, Tirole, 1993; Tirole, 1999)..

..-., :,.., (.

Bolton, von Thadden, 1998).

,,,,.. (. 1.3 1.4),, (, split-off IPO).

(agency problems). (Jensen, Meckling, 1976), ;.

, ( )., (,..).

,,.

()., ( ). ;., (sell-off) (divestiture) -, 6.

,,,, .

.:

,, (. M.Jensen, 1986; 1988).,,.

, .

,.

.,, .,,.

1.3.

.,,,.,, :

()., .

,, (.,, Moody, 1904),.,, :, 12 60-. (Mller, Hochreiter, 1976).,,, -,,.

,..,,,,. ,.

., ,,,.

( ),.,. merging for monopoly, 20-. merging for oligopoly (. Stigler, 1950).

:, (equity carve-outs). ,,,.

1.2. : ., 663 (19621985.),, 60-.

19%, 70- 35% 80-. 30% (Jarrel, Brickley, Netter, 1988, p. 51); (Bradley, Desai, Kim, 1988).

,,,, ;.

:., 1984.

NASDAQ 10 19%, 10,7% (Asquit, 1988).

,, ; .,, , (winners curse) . Giliberto, Varaiya, 1989.

, -,.

, ;,, 7.

.,,, -.

.. 13,.,, -, 4% (Jensen, Ruback, 1983). 60-. , 70-. 2% (. Jarrel, Brickley, Netter, 1988).

, 80-., (, Bradley, Desai, Kim, 1988) -8..

:,., ,,,,,, , 35 (. The Determinants and Effects of Mergers, 1980).

,, -. 133 1975. 1984., 53% -;, 5% (You, Caves, Smith, Henry, 1986).

,.,,..

- (19691974.), 336., 5. CAPM (,,, ex post ).

,, - 20.,, 117.

(Malatesta, 1983)., :,,,,.

, -..., (19631988.)., 10. 78 ( 330) ( )., (Berkovitch, Narayanan, 1993)...

-, 60- 70-...,.,,,.,,. ( ),.,,, (. Ravenskraft, Scherer, 1987).

,..., -.,,,.

, , , (Mitchell, Lehn, 1990).

, -,,., - ( ) . Palepu, 1986; Morck, Shleifer, Vishny, 1988.

( 50, 19791983.), ( ) - 2,4, . Healy, Palepu, Ruback, 1992., ,, (de Young, 1997).

,, -., -,.

,, (.,, Bradley, Desai, Kim, 1983), 5 ,.,,.

, (,,, ) , . Shivdasani, 1993; Schwert, 1996.

,., (), -, , ().

.,,, -,.

(.,, Harford, 1999) :,,,.

,,, , -,.

().,,,,, - (Mikkelson, Ruback, 1985)9, (Shleifer, Summers, 1988).

,,,, / (, - ). 60- 70-.

.,,, (. Jensen, 1993).

,,,,..

.., 18951947 19481979.,, (Shughart, Tollison, 1984). (bubble process), .

, :,, . .

., -, .., (.,, New York Times 31.XI. 1985, p. 29, 31).

- 12,0%, - 1,5%, (Travlos, 1987). : /.

,,,.,,, ., .

,, , ., ().,., , ..

1.3. : 80-.,.

- (going private). 70- 80-. ., (Leveraged Buy-Out, LBO). 80-. 10% 27% LBO.

, (shell corporation);.

, ( ) - -. LBO, ;.

, -., ( ) LBO,.

LBO.

,, 10.,.

, (), Management Buy-Out, MBO. 80-. 1115% MBO.

LBO MBO, ( ). ;

.

KKR (Kohlberg, Kravis, Roberts and Company),.

LBO -..

LBO MBO,,,.,, LBO,,.

RJR Nabisco. 75.. KKR 90.., Nabisco., (112. ) KKR (.),, 11.

MBO, LBO..., 80-. (CEO), LBO, 1,4% 6,4% (Kaplan, 1989).

LBO MBO, (privately-hold firms).

, RJR Nabisco,.

,, .

() (Leveraged Cash-Out, LCO).,, (, junk bonds)., (), 12;

(stubs).

, LCO ( )., LCO,, (, 2030%).

LBO, Goldman Sachs Multimedia 1985.,. LCO,, .

LCO : Multimedia 13% 43%, Harcourt, Brace, Yovanovich 7% 30%. MBO,, LCO.

,., (,, LCO 1987., 2. (Kleiman, 1988).

, LCO,.

MBO), 13.

:, ( 45%), ( ),,, ( 5%).,, (. T.Warfield, J.Wild, K.Wild, 1995, p. 86).

LBO, -,, LCO. ; LBO., ( ), .

(), ( )., 19791986., 1990. (Kaplan, 1991).

Reverse Leverage Buy-Out RLBO,, ;. :, ( 45%), ( ),,, ( 5%).,, (. T.Warfield, J.Wild, K.Wild, 1995, p. 86).

., 72,,. ( ) - 78%, LBO 1415%, 376% (Secondary Initial Public Offering, SIPO) 150% (Muscarella, Vetsuypens, 1990).,.

RLBO. ,,,.. ,.., ( ),.

RLBO (Muscarella, Vetsuypens 1990)... 90, 19851986.

LBO, 19861987..,,, 14. (SIPO),, : LBO 82,4%, 51,3%.

0,86, 0,58.

,. ( 21,4% 14,3%):, LBO (Holthausen, Larker, 1996).

, RLBO,, ,.,,, .

:. () 15, junk bonds,, , ()., 80-.,,.

70-., Drexel, Burnham, Lambert (DBL) Texas Instrumental.

(,,.). DBL, (bank of last resort),. 80-. DBL.

, (1020 ), (deferred-interest bonds),.

(extendable reset bonds),.,.

80-., DBL.

80-.., 1984. 1989., 1000. LBO . (extendable reset interest rates) (market spread),,.

, LBO, (mezzanine financing). ,., -, 16.

, LBO MBO,,, ., -, , ( ).,, MBO.

, LBO17,,.

, 80-. , 80-.. ( , extendable reset bonds) 700900.

, LBO, (Kaplan, Stein, 1993). 80-.., 1970.

Penn Central 3,4%. 1987. 5,8%,. 1991. 10%., 1986., 60. ( Altman, Bencivenga, 1995).

LTV ; 1989.

DBL,,,. - LBO.

,,., 90-. 30% (Holmstrm, Kaplan, 2001, p. 6).

:., 19851986. ; 80-.

,.

.,.., 72 (, LBO, 15.) 19731980.

: 51%.

, : 40 30%.

(, ) 57% (De Angelo, De Angelo, Rice, 1984).

. ( 100.) MBO 19791984.

,,, :

,, 3,8%.

MBO.,, (, ), 58%.

,, 76% (Lowenstein, 1985).

,,, : MBO, -,...

, MBO,,, ;, (. Kaplan 1989; Smith, 1990).

.. LBO, (19801984.),,.,... 72,,, ( 20, 20 ) 41% . Lehn, Poulsen, 1988.

MBO, , ; 18.

( Kaplan, 1986; Smith, 1990), ;

.

, LBO (, MBO) ;,.,,.

(divisional) MBO. () ;. 151 MBO:,, ( 0,5%) . Hite, Vetsuypens, 1988.

, 45 MBO,, ( 2, ) 2% (Muscarella, Vetsuypens, 1990).,, (, ).

,,, .

, LBO,., 80-., LBO,,..,, LBO, :.,,, 80-.,, (. Andrade, Kaplan, 1998).

.. : 24, LBO 19801983.,, LBO 1986.,, LBO 1987., (. Kaplan, Stein, 1993).

,,, 80-. (. Blair, Schary, 1992).

,, LBO, 80-., (. Opler, 1993).,,,,..

, LBO,., Reverse LBO Mian, Rosenfeld, 1993 Holthausen, Larker, 1996.,, RLBO,,,,.

,, RLBO, (.

Holthausen, Larker, 1996, p. 296).

,,, -,, 70-.

80-.., . 60-.

1/2 2/3., ; (. Bhagat, Shleifer, Vishny, 1990). . 60-.,. 80-. : - (Matsusaka, 1993).

- , 19.,,. ,.

,, -,.

.., 80-., (abnormal), 19811986. -,, 27,6. (Black, Grundfest, 1988). : -, - (. Jain, 1985; Copeland, Lemgruber, Mayers, 1987).

:, 76 , 1,8%.

(19 ) . .., (), ()., ( ) ., (split-off IPO);, . :,, 2000,. 24.

,,,, (. Schipper, Smith, 1986).

,,. 70-. . q : 1965. 1,3, 80-. 0,5.,, (, ).

,, 80-. (). (. Mitchell, Mulherin, 1996), - 80-. ().......

: 90-., 80- 90-.,. 90-.

.

.,,, 90-. ( 1999. 15%). 70- 80-.

, -,.

80-.,,,.,,, (Rappaport, 1990). 90-.,, ., 90-.

0,20,3% ( 1988. 2,5%).

80-. . 90-.. 1993. ( ).

1990. 1994.,.

90-.,, 80-.

,. 1980.

1998... (!) . Hall, Liebman, 2000 ( LBO, 80-.,, .

Kaplan, 1989). 90-..

( ) ;,, (Economic Value Added, EVA).,,,,,, , (.,, Biddle, Bowen, Wallace, 1999).

,.

1980., 90-. (Gomperts, Metrick, 2000).,, ( ),.,.

90-. / ; 80-.,,,,,.

, 90-.: (, 19.; ), Martin Marietta Lockhead (10.;, - ), Viacom (8.; ), American Home Products (9,5.; ). ITT 1996.,,,.

,, .,, Holmstrm, 1989. ,.

, 80-.,,. - ;,.

90-...,,,. ( 80-.),.

1.4. .,,., XIX XX.,. -,.

, ( )., ,.

XIX -.

,.

90-. : 2000. 10% (listed).

( )20,, 2/5 (43,5%) 2000.,.

,,.

,,.,. (bust-up takeovers): ( ),.

, 60-.,., . 1.

: 19712000. 0,45% (Jovanovich, Rousseau, 2002).

200 , 19601977 .

1960. 1965. 1968. 1977.

5 62 80 112 10 7 14 32 20 30 : Spruill, 1983.

1950. 7.,,, 7;,,, (. Asch, 1970).

60- 70-.,, 22.

,.

., ,, {},.

, (product category) (two-digit).

,, . Comment, Jarrel, 1995.

,. : 80- 90-. (, ) (.,, Lamont, Polk, 2002).

, ( ), ., (.,, Berger, Ofek, 1996),.

. (, ) , ;, 23., ,.

.,,, (Kose, Ofek, 1995).

70- 80-..

., 90-., Standard and Poors 500,,,, 1981. (Montgomery, 1994).

,., . 1975.

1987. 35% 54%.

(. 1.3), 80-.

1.3.

. - (), , 70-. 1,3, 80- 7,0 ( ) . Morck, Shleifer, Vishny, 1990.

., -, : - q,, - (. Andrade, Mitchell, Stafford, 2001, Hasbrouck, 1985).

,,,., MBO, ,..

,,...,,, (C.Bludhorn, C.Icahn, I.Jacobs, C.Lindner, D.Murdock, V.Posner), :

(Holderness, Sheehan, 1985). :,,, (. Gorton, Kahl, 1999 Sec. 2C).

.,., (., 5700 ),,,,,,. () 2/3, (Lichtenberg, 1992).

,, (Martin, McConnel,l 1991; Shleifer, Summers, 1988; Jensen, 1984). , (Dimson, 1994).

,,. : q ( ). (HP-filtered) ( ) q 0,64 (Jovanovich, Rousseau, 2002).

:

q 60-.

, -,, q 70-.

.

.,,,.,,,,.,,,,,,.

,,,,,,,, /.., (.,, Franks, Mayer, 1998).

,, -,.,, ( ) 24.,,.

-.,,,, ( Charkham, 1995).

1971. 1990.

. ( , 19881990. 26, . Lichtenberg, Pushner, 1992)25.

,,, 25%, 90-. 38 (Baums, 1994).

,,.

,, ( ).

..,,..

,,, ..,.

, -,. 50- 70-. ( ),,,.,,,,,,. .

(.,, Morck, Nakamura, 1999).

. () (, ) . .,, Gershenkron, 1962., (, ), .

.,.

,,,. (, ),.

,, -, ,.,,,, (. La Port, Lopes-de-Silanes, Shleifer, Vishny, 1997).

,, (.,, Levine, Loyaza, Becu, 2000).,,..,.,.,, ( ),,, -, (Morck, Yeung, Yu, 2000).

90- 2000-. ;..,, Mannesman Telecom. -,,,,.

.

,, -,.,,,,,.

. ,,.

,,,,,. 80-.

(.,, Shiller, 1981; 1984),, (net present value).

, (, Fama, 1991), :,,. (Jegadeesh, Titman, 1993) , ,..,,, ,.

. -;,,,,, 26.,.

, 60- 70-., .

:, -. ,.

.

.;,,,.,,, (Mitchell, Lehn, 1990).

(.,, Grossman, Hart, 1980; Shleifer, Vishny, 1986) :

-,,, ( )27.

(self-reinforcing) : ,,.,, ;,, (Marris, Mueller, 1980, p. 42).

:,,..

(. 1.3).,.,, -,, LBO 80-.,., LBO,.

,,,, ( ).,,,. : ,, ,,.

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