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Итак, слияния и поглощения представляются инновационной деятельностью, в среднем, создающей ценность для акционеров. Рост курсов акций не сопровождается экономическими потерями какой-либо заинтересованной группы. В среднем созданная выгода достается акционерам поглощаемой компании, акционеры поглощающей компании не получают существенных выгод. Эмпирическое исследование российских слияний и поглощений показало, что последнее утверждение справедливо и для России.

Вклад автора заключается в обобщении и систематизации теоретических и практических исследований в области слияний и поглощений, проведенных в США, а также составлении базы данных по российским сделкам слияний и поглощений и получении количественных результатов для используемой модели.

Библиография 1. Еженедельные отчеты инвестиционного банка УАТОНФ с 01.01.2001 по 30.03.2003.

2. Ю.Бригхэм, Л. Гапенски ФИНАНСОВЫЙ МЕНЕДЖМЕНТ в 2 т. СПб, УЭкономическая школаФ.1997.

3. Максим Трудолюбов ЗРЯ СЛИВАЛИСЬ И ПОГЛОЩАЛИ. РАЗМЕР НЕФТЯНОЙ КОМПАНИИ НЕ ИМЕЕТ ЗНАЧЕНИЯ // Ведомости 12.02.4. // Статья по материалам выступления на конференции "Эффективные слияния и поглощения:

вопросы инвестиций и управления" Москва, Мариотт Гранд отель, 19 июня 2001 года.

5. Gregor Andrade and Erik Stafford INVESTIGATING THE ECONOMIC ROLE OF MERGERS. Harvard Business School. August 1999. 44 p.

6. A.R. Appleyard, G.K. Yarrow THE RELATIONSHIP BETWEEN TAKE-OVER ACTIVITY AND SHARE VALUATION // The Journal of Finance. December 1975.

Vol. 30. Issue 5. P. 1239-1249.

7. Auerbach A.J. and Reishus D. TAXES AND THE MERGER DECISION in Coffee J and Lowenstein L. TAKEOVERS AND CONTESTS FOR CORPORATE CONTROL, Oxford: Oxford University Press, 8. Thomas W. Bates and Michael L. Lemmon BREAKING UP IS HARD TO DO AN ANALYSIS OF TERMINATION FEE PROVISIONS AND MERGER OUTCOMES.

College of Business and Economics, University of Delaware, Newark, DE 19716.

August 2002. 51p.

9. Elazar Berkovitch, M.P. Narayanan MOTIVES FOR TAKEOVERS: AN EMPIRICAL INVESTIGATION // The Journal of Financial and Quantitive Analysis.

September 1993. Vol. 28. Issue 3. P. 347-362.

10. Berkovitch, E., M. Bradley, and N. Khanna TENDER OFFER AUCTIONS, RESISTANCE STRATEGIES, AND SOCIAL WELFARE // Journal of Law, Economics, and Organizations. 1989. Vol. 5. Issue 2. P. 395-412.

11. Berkovitch, E. and N. Khanna HOW TARGET SHAREHOLDERS BENEFIT FROM VALUE-REDUCING DEFENSIVE STRATEGIES IN TAKEOVERS // Journal of Finance. 1990. Vol. 45. Issue 1. P. 137-156.

12.Bhagat, S. and R. Jefferis THE CAUSES AND CONSEQUENCES OF TAKEOVER DEFENSE: EVIDENCE FROM GREENMAIL // Journal of Corporate Finance. 1993. Vol. 1. Issue 2. P. 201-231.

13. DO TAKEOVERS CREATE VALUE A RESIDUAL INCOME APPROACH ON U.K. DATA / Magnus Bild, Mikael Runsten, Paul Guest and Andy Cosh. ESRC Centre for Business Research, University of Cambridge, Working Paper No. 252, December 2002. 28 p.

14. Richard A. Brealy, Stewart C. Myers PRINCIPLES OF CORPORATE FINANCE 1991. p. 918.

15. Elijah Brewer III, William E. Jackson III and Julapa A. Jagtiani IMPACT OF INDEPENDENT DIRECTORS AND THE REGULATORY ENVIRONMENT ON BANK MERGER PRICES: EVIDENCE FROM TAKEOVER ACTIVITY IN THE 1990S. Federal Reserve Bank of Chicago WP 2000-31, December 2000. 27p.

16. C. Brown and J.L. Medoff THE IMPACT OF FIRM ACQUISITIONS ON LABOR NBER working paper, 17. Burch, T. LOCKING OUT RIVAL BIDDERS: THE USE OF LOCKUP OPTIONS IN CORPORATE MERGERS // Journal of Financial Economics. 2001. Vol. 60. Issue 1. P. 103-142.

18. Nicholas F. Carlinea, Scott C. Linna,b and Pradeep K. Yadava THE INFLUENCE OF MANAGERIAL OWNERSHIP ON THE REAL GAINS IN CORPORATE MERGERS AND MARKET REVALUATION OF MERGER PARTNERS:

EMPIRICAL EVIDENCE. Stern School of Business, New York University, New York, NY 10012, USA. February 2002. 43 p.

19. Coates, J.C. and G. Subramanian A BUY-SIDE MODEL OF LOCKUPS: THEORY AND EVIDENCE // Stanford Law Review. 2001. Vol. 53. Issue 2. P. 307-396.

20. Comment, R. and G. Jarrell TWO-TIER AND NEGOTIATED TENDER OFFERS:

THE IMPRISONMENT OF THE FREE-RIDING SHAREHOLDER Journal of Financial Economics. 1987. Vol. 19. Issue 1. P. 283-310.

21. Comment, R. and G.W. Schwert POISON OR PLACEBO EVIDENCE ON THE DETERRENCE AND WEALTH EFFECTS OF MODERN ANTITAKEOVER MEASURES // Journal of Financial Economics. 1995. Vol. 39. Issue 1. P. 3-43.

22.THE IMPACT OF MERGERS AND ACQUISITIONS ON COMPANY EMPLOYMENT IN THE UNITED KINGDOM / Conyon, M., Girma, S., Thompson, S, and Wright, P. // European Economic Review, 2002. Vol. 46, P. 31-49.

23. Cosh, A. and Guest, P. THE LONG RUN PERFORMANCE OF HOSTILE TAKEOVERS: UK EVIDENCE Centre for Business Research Working Paper No.

215, University of Cambridge. 2001. 45 p.

24. Cotter, J. and M. Zenner HOW MANAGERIAL WEALTH AFFECTS THE TENDER OFFER PROCESS // Journal of Financial Economics. 1994. Vol. 35. P. 63-97.

25.Deakin, S. and Hughes, A. ECONOMIC EFFICIENCY AND THE PROCEDURALISATION OF COMPANY LAW // Company, Financial and Insolvency Law Review. 1991. Vol. 3. P. 169-189.

26. Deakin, S. and Slinger, G. HOSTILE TAKEOVERS, CORPORATE LAW AND THE THEORY OF THE FIRM // Journal of Law and Society. 1997. Vol. 24. P.

124-150.

27.IMPLICIT CONTRACTS, TAKEOVERS, AND CORPORATE GOVERNANCE: IN THE SHADOW OF THE CITY CODE / Simon Deakin, Richard Hobbs, David Nash and Giles Slinger. London, ESRC Centre for Business Research, University of Cambridge, Working Paper 254. December 2002. 45p.

28. D.K. Denis and J.J. McConnell CORPORATE MERGERS AND SECURITY RETURNS // Journal of Financial Economics. 1986. Vol. 16. P. 143 - 29. Fama, Eugene and Kenneth French INDUSTRY COSTS OF EQUITY // Journal of Financial Economics. 1997. Vol. 43. Issue 2. P. 153-193.

30. Fishman, M. PREEMPTIVE BIDDING AND THE ROLE OF THE MEDIUM OF EXCHANGE IN ACQUISITIONS // Journal of Finance. 1989. Vol. 44. Issue 1. P.

41-57.

31. Kathleen Fuller, Jeffry Netter and Mike Stegemoller WHAT DO RETURNS TO ACQUIRING FIRMS TELL US AVIDENCE FROM FIRMS THAT MAKE MANY ACQUISITIONS // The Journal of Finance. August 2002. Vol. 57, № 4. 31p.

32. Giammarino, R.M., and R.L. Heinkel A MODEL OF DYNAMIC TAKEOVER BEHAVIOR // Journal of Finance. 1986. Vol. 41. P. 465-480.

33. Hadlock, C., J. Houston, and M. Ryngaert THE ROLE OF MANAGERIAL INCENTIVES IN BANK ACQUISITIONS // Journal of Banking and Finance. 1991.

Vol. 23. P. 221-249.

34. Hannah, L. TAKEOVER BIDS IN BRITAIN BEFORE 1950: AN EXERCISE IN BUSINESS PRE-HISTORY // Business History. 1974. Vol. 16. P. 65-77.

35. Hansmann, H. and Kraakman, R. The end of history in corporate law // Georgetown Law Journal. 2001. Vol. 3. P. 89 - 439.

36. Hartzell, J., E. Ofek, and D. Yermack WHATТS IN IT FOR ME PERSONAL BENEFITS OBTAINED BY CEOS WHOSE FIRMS ARE ACQUIRED Stern School of Business Working Paper: New York University, New York, NY. 2000. 51 p.

37. Hirshleifer, D. and I.P.L. Png FACILITATION OF COMPETING BIDS AND THE PRICE OF A TAKEOVER TARGET // The Review of Financial Studies. 1989. Vol.

2. issue 4. P. 587-606.

38.Bengt Holmstrom, Steven N. Kaplan CORPORATE GOVERNANCE AND MERGER ACTIVITY IN THE U.S.: MAKING SENSE OF THE 1980s AND 1990s.

Massachusetts Institute of Technology, Department of Economics, Working Paper Series, Working Paper 01-11. February 2001. 46 p.

39. Hopner, M. and Jackson, G. AN EMERGING MARKET FOR CORPORATE CONTROL THE MANNESMAN TAKEOVER AND GERMAN CORPORATE GOVERNANCE. MpIfG Discussion paper 01 / 4. 2001. 42 p.

40. Raymond Jackson THE CONSIDERATION OF ECONOMIES IN MERGER CASES // The Journal of Business. October 1970 Vol. 43. Issue 4. P.439-447.

41. Gregg A. Jarrell, Annette B. Paulsen BIDDER RETURNS National Bureau for Economic Research working paper. 1987. 15 p.

42. Gregg A. Jarrell, James A. Brickly, Jeffry M. Netter THE MARKET FOR CORPORATE CONTROL: THE EMPIRICAL EVIDENCE SINCE 1980 // The Journal of Economic Perspectives. Winter 1988. Vol. 2. Issue 1. P. 49-68.

43. Jennings R.H. and M.A. Mazzeo COMPETING BIDS, TARGET MANAGEMENT RESISTANCE, AND THE STRUCTURE OF TAKEOVER BIDS // The Review of Financial Studies. 1993. Vol. 6. Issue 4. P. 883-909.

44. Jensen, M.C. and R.S. Ruback The market for corporate control: The evidence // Journal of Financial Economics. 1983. Vol. 11. P. 5-50.

45. Michael C. Jensen TAKEOVERS: THEIR CAUSES AND CONSEQUENCES. // The Journal of Economic Perspectives. Winter 1988. Vol. 2. Issue 1. P. 21-48.

46. Lehn, K. and A. Poulsen FREE CASH FLOW AND STOCKHOLDER GAINS IN GOING PRIVATE TRANSACTIONS // Journal of Finance. 1989. Vol. 44. Issue 3.

P. 771-787.

47. K. Lehn and Annette B. Poulsen SOURCES OF VALUE IN LEVERAGED BUYOUTS // Public policy towards corporate takeovers. New Brunswick, NJ.

Transaction Publishers. 1987.

48. Martin, K.J. and J.J. McConnell CORPORATE PERFORMANCE, CORPORATE TAKEOVERS, AND MANAGEMENT TURNOVER // Journal of Finance. 1991.

Vol. 46. P. 671-687.

49. Robin Mason and Helen Weeds THE FAILING FIRM DEFENCE: MERGER POLICY AND ENTRY. Centre for Economic Policy Research, INDUSTRIAL ORGANIZATION, DISCUSSION PAPER SERIES No. 3664, London, UK.

November 2002. 44 p.

50. McConnell J.J. and Muscarella C.J. CAPITAL EXPENDITURE DECISIONS AND MARKET VALUE OF THE FIRM // Journal of Financial Economics. 1985. Vol. 14.

P. 399-422.

51. McLaughlin, R.M. INVESTMENT-BANKING CONTRACTS IN TENDER OFFERS // Journal of Financial Economics. 1990. Vol. 28. P. 209-233.

52. William L. Megginson, Angela Morgan, Lance Nail The determinants of positive long-term performance in strategic mergers: Corporate focus and cash. The University of Oklahoma, Clemson University. June 2002. 44 p.

53.Mitchell, L. A THEORETICAL AND PRACTICAL FRAMEWORK FOR ENFORCING CORPORATE CONSTITUENCY STATUTES // Texas Law Review.

1992. Vol. 70. P. 579-643.

54. Morck, R., A. Shleifer, and R. Vishny CHARACTERISTICS OF TARGETS OF HOSTILE AND FRIENDLY TAKEOVERS // Alan J. Auerbach, ed., Corporate takeovers: Causes and Consequences (National Bureau of Economic Research, Chicago, IL) 1988. 60 p.

55. Mueller, D. and Sirower, M. THE CAUSES OF MERGERS: TESTS BASED ON THE GAINS TO ACQUIRING FIRMSТ SHAREHOLDERS AND THE SIZE OF PREMIA. Centre for Business Research Working Paper № 109, University of Cambridge. 1998. 48 p.

56.James F. Nielsen, Ronald W. Melicher A FINANCIAL ANALYSIS OF ACQUISITON AND MERGER PREMIUMS // The Journal of Financial and Quantitive Analysis. March 1973. Vol. 8. Issue 2. P. 139-148.

57.Orts, E. BEYOND SHAREHOLDERS: INTERPRETING CORPORATE CONSTITUENCY STATUTES // George Washington Law Review. 1992. Vol. 60.

P. 16-139.

58. Palepu, K.G. PREDICTING TAKEOVER TARGETS: A METHODOLOGICAL AND EMPIRICAL ANALYSIS // Journal of Accounting and Economics. 1986. Vol. 8. P.

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59. Richard J. Rosen MERGER MOMENTUM AND INVESTOR SENTIMENT: THE STOCK MARKET REACTION ON MERGER ANNOUNCEMENTS. The Kelly School, Indiana University, SSRN working paper. December 2002, 43 p.

60. Richard S. Ruback THE CITIES SERVISE TAKEOVER: A CASE STUDY // The Journal of Finance. December 1982. Vol. 38. Issue 2. P. 319-330.

61. Richard S. Ruback AN OVERVIEW OF TAKEOVER DEFENCES Working paper № 1836-86 Massachusetts Institute of Technology. 1986. 23 p.

62. J. Segall MERGING FOR FUN AND PROFIT Industrial Management Review.

Winter 1968. Vol. 9. P. 17-30.

63. Andrei Shleifer, Lawrence H. Summers BREACH OF TRUST IN HOSTILE TAKEOVERS. Harvard University - Department of Economics, National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI).

August 1987 NBER Working Paper № W2342.

64. Ajit Singh, Alaka Singh and Bruce Weisse CORPORATE GOVERNANCE, COMPETITION, THE NEW INTERNATIONAL FINANCIAL ARCHITECTURE AND LARGE CORPORATIONS IN EMERGING MARKETS, ESRC Centre for Business Research, University of Cambridge, Working Paper № 250. December 2002. 67 p.

65. A.J. Yeats A FRAMEWORK FOR EVALUATING POTENTIAL COMPETITION AS A FACTOR IN BANK MERGERS AND ACQUISITIONS: COMMENT // Journal of Money, Credit and Banking. August 1974. Vol. 6. Issue 3. P. 395-402.

66. Office of the Chief Economist, Securities and Exchange Commission THE ECONOMICS OF ANY-OR-ALL AND TWO-TIER TENDER OFFERS 1985.

67.Office of the Chief Economist, Securities and Exchange Commission INSTITUTIONAL OWNERSHIP, TENDER OFFERS AND LONG-TERM INVESTMENT 1985.

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