Влияние культурных показателей стран на эффективность трансграничных сделок слияния и поглощения

Не смотря на, качественный теоретический и эмпирический анализ, работа имеет пути развития. В мире существует огромное количество нефинансовых факторов, которые оказывают влияние на деятельность множества компаний. В работе сделаны замечания относительно только некоторых переменных и их влияния, а также вариант их усовершенствования. Также стоит рассмотреть данные факторы в призме теории жизненного цикла организации, что позволит более точно выявить влияние религиозных различий.

Полученные и агрегированные результаты дают четкую картину развитым компаниям на рассмотрение потенциальных компаний для поглощения. При применении научных результатов, рассмотренных данной работой на промежутке 25 лет, и результатов эмпирического анализа данной статьи, возможно сократить общее количество неуспешных сделок слияния и поглощения.

Список литературы

1. Григорьева С. А., Гринченко А. Ю. Влияние сделок слияний и поглощений в финансовом секторе на стоимость компаний-покупателей на развивающихся рынках капитала // Корпоративные финансы. 2013. №4(28). С. 53-71. https://cfjournal.hse.ru/2013--4%20(28)/113617214.html

2. Stigler, G. (1950). Monopoly and Oligopoly Power by Merger. American Economic Review, 40:23-34.

3. Wilson BD. 1980. The propensity of multinational companies to expand through acquisitions. Journal of International Business Studies 11: 59-65.

4. Lamoreaux, N. R. (1985). The Great Merger Movement in American Business, 1895-1904. Cambridge: Cambridge University Press.

5. Huang, Y., Walkling, R., 1987. Target abnormal returns associated with acquisition announcements: Payment, acquisition form, and managerial resistance. Journal of Financial Economics 19, 329-349.

6. O'Brien, A. P. (1988). Factory Size, Economies of Scale, and the Great Merger Wave of 1898-1902. Journal of Economic History, 48:639-649.

7. Golbe, D. and White, L. (1988), `Mergers and Acquisitions in the U.S. Economy: An Aggregate and Historical Overview', in Alan J. Auerbach (ed.), Mergers and Acquisitions, Chicago: University of Chicago Press, pp. 25-47.

8. David B.; Erik E. (1990). Mergers and acquisitions in IPO markets: evidence from Germany, Recent Research and Quantitative Analysis, A volume in Quantitative Finance, ISBN: 978-0-7506-8289-3.

9. Seth A. 1990. Sources of value creation in acquisition: an empirical investigation. Strategic Management Journal 11(6): 431-447.

10. Benzing, C. (1991). The Determinants of Aggregate Merger Activity before and after Celler-Kefauver, Review of Industrial Organization, Vol. 6, pp. 61-72.

11. Morck R, Yeung B. 1991. Why investors value multinationality. Journal of Business 64(2): 165-188.

12. Healy, P., Palepu, K., Ruback, R., 1992. Does corporate performance improve after mergers? Journal of Financial Economics 31, 135-176.

13. Franks, J., Harris, R., Titman, S., 1991. The postmerger share-price performance of acquiring firms. Journal of Financial Economics 29, 81-96.

14. Agrawal, A., Jaffe, J., Mandelker, G., 1992. The post-merger performance of acquiring firms: A reexamination of an anomaly. Journal of Finance 47, 1605-1621.

15. Kaplan, S., Weisbach, M., 1992. The success of acquisitions: Evidence from divestitures. Journal of Finance 47, 107-138.

16. Loderer, C., Martin, K., 1992. Postacquisition Performance of Acquiring Firms. Financial Management 21 (3), 69-79.

17. Benzing, C. (1993). Mergers - What the “Grimm” Data Tell Us. Review of Industrial Organization, 8(6), 747-753.

18. Dunning JH. 1993. Multinational Enterprises and the Global Economy. Addison-Wesley: Wokingham, U.K.

19. Chung, K., Pruitt, S., 1994. A simple approximation of Tobin s Q. Financial Management 23, 70-74.

20. Datta, D. and Puia, G. (1995) Cross-border acquisitions: An examination of the influence of relatedness and cultural fit on shareholder value creation in U.S. acquiring firms. Management International Review 35, 337-359.

21. Doukas J. 1995. Overinvestment, Tobin's q and gains from foreign acquisitions. Journal of Banking and Finance 19: 1285-1303.

22. Dewenter, Kathryn L., 1995, Do exchange rate changes drive foreign direct investment? Journal of Business 68, 405-433.

23. Feldman, R., Wholey, D., Christianson, J., Economic and Organizational Determinants of HMO Mergers and Failures. Inquiry, Vol. 33, No. 2 (Summer 1996), pp. 118-132

24. Eun CS, Kolodny R, Scheraga C. 1996. Cross-border acquisitions and shareholder wealth: tests of the synergy and internalization hypothesis. Journal of Banking and Finance 20: 1559-1582.

25. Barber, B., Lyon, J., 1996. Detecting abnormal operating performance: The empirical power and specification of test statistics. Journal of Financial Economics 41, 359-399.

26. Clarke, R., Ioannidis, C., 1996. On the relationship between aggregate merger activity and the stock market: some further empirical evidence. Economics Letters 53, 349-356.

27. Vasconcellos Gerardo, Kish Richard J. Factors affecting cross-border mergers and acquisitions: the Canada-US experience. Glob Financ J 1996;7(2):223-38 (Fall/Winter).

28. Gregory, A., 1997. An Examination of the Long Run Performance of UK Acquiring Firms. Journal of Business Finance and Accounting 24 (7-8), 971-1002.

29. Barber, B., Lyon, J., 1997. Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics 43, 341-372.

30. Barkema HG, Vermeulen F. 1998. International expansion through start-up or acquisition: a learning perspective. Academy of Management Journal 41: 7-26.

31. Higson, C., Elliott, J., 1998. Post-Takeover Returns - The UK Evidence. Journal of Empirical Finance 5 (1), 27-46.

32. Hitt, M., Harrison, J., Ireland, D.R. and Best, A. (1998) Attributes of successful and unsuccessful acquisitions. British Journal of Management 9(2), 91-115.

33. Clemente, M.N. and Greenspan, D.S. (1998) Winning at Mergers and Acquisitions. John Wiley & Sons, New York.

34. Lyon, J., Barber, B., Tsai, C., 1999. Improved methods for tests of long-run abnormal stock returns. Journal of Finance 54, 165-201.

35. Haleblian, J. and Finkelstein, S. (1999) The influence of organizational acquisition experience on acquisition performance: a behavioural learning perspective. Administrative Science Quarterly 44, 29-56.

36. Larsson, R. and Finkelstein, S. (1999) Integrating strategic, organizational and human resource perspectives on mergers and acquisitions: A case survey of synergy realization. Organization Science 10(1), 1-26.

37. Haufler, A., Wooton, I., 1999. Country size and tax competition for foreign direct investment. J. Public Econ. 71, 121-139.

38. Agrawal, Anup, Jaffe, Jeffrey F., 2000. The post-merger performance puzzle. Advances in Mergers and Acquisitions, 1. Amsterdam, Elsevier, pp. 7-41.

39. Kiymaz, H., & Mukherjee, T. K. (2000). The impact of country diversification on wealth effects in cross-border mergers. The Financial Review, 35(2), 37-58.

40. Ghosh, A., 2001. Does operating performance really improve following corporate acquisitions. Journal of Corporate Finance 7, 151-178.

41. Penas M., Unal H., Gains in Bank Mergers: Evidence from the Bond Markets. Journal of Financial Economics, 74 (2004), 149-179

42. Andrade, Gregor, Mark Mitchell, and Erik Stafford, 2001, New evidence and perspectives on mergers, Journal of Economic Perspectives 15, 103-120.

43. Linn, S., Switzer, J., 2001. Are cash acquisitions associated with better postcombination operating performance than stock acquisitions. Journal of Banking and Finance 25, 1113-1138.

44. Anand, Jaideep; Delios, Andrew (2002)."Absolute and relative resources as determinants of international acquisitions." Strategic Management Journal 23(2): 119-134.

45. Jayaraman, N., Khorana, A., Nelling, E., (2008) An Analysis of the Determinants and Shareholder Wealth Effects of Mutual Fund Mergers. The Journal of Finance, Vol. LVII, №3. 1521-1551.

46. Seth, A., Song, K. P., & Pettit, R. R. (2002). Value creation and destruction in cross border acquisitions: An empirical analysis of foreign acquisitions of U.S. firms. Strategic Management Journal, 23(10), 921-940.

47. GoЁrg, H. and K. Wakelin (2002), `The Impact of Exchange Rate Volatility on US Direct Investment', Manchester School, 70, 380-97.

48. Finkelstein, S. and Haleblian, J. (2002) Understanding acquisition performance: The role of transfer effects. Organization Science 13, 36-47.

49. Hayward, M.L.A. (2002) When do firms learn from their acquisition experience: Evidence from 1990-1995. Strategic Management Journal 23, 21-39.

50. Nenova, T., 2003. The value of corporate voting rights and control: a cross-country analysis. Journal of Financial Economics 68, 325-351.

51. Chen Chunlai, Findlay Christopher. A review of cross-border mergers and acquisitions in APEC. Asian-Pac Econ Lit 2003;17(2):14-38.

52. Shleifer Andrei, Vishny Robert W. Stock market driven acquisitions. J Financ Econ 2003;70:295-311.

53. Chen, C. & Findlay, C. 2003. A review of cross-border mergers and acquisitions in APEC. Asian-Pacific Economic Literature, 17: 14-38.

54. Sudarsanam, S. (2003) Creating Value from Mergers and Acquisitions: The Challenges. Prentice Hall, Harlow.

55. Rossi, Stefano, and Paolo F. Volpin, 2004, Cross-country determinants of mergers and acquisitions, Journal of Financial Economics 74, 277-304.

56. Buch, C. and DeLong, G. (2004): "Cross-border bank mergers: What lures the rare animal?", Journal of Banking & Finance, Volume 28, Issue 9, September.

57. Megginson, W.L. and Morgan, A. and Nail, L., 2004. The determinants of positive long-term performance in strategic mergers: Corporate focus and cash. Journal of Banking & Finance, 28(3), pp.523-552.

58. 41-45 Andrew C. Worthington (2004) “Determinants of Merger and Acquisition Activity in Australian Cooperative Deposit-Taking Institutions,” Journal of Business Research, Vol. 57(1), pp. 47-57.

59. Shimizu, K., Hitt, M. A., Vaidyanath, D., & Pisano, V. (2004). Theoretical foundations of cross border mergers and acquisitions: A review of current research and recommendations for future. Journal of International Management, 10, 307-353.

60. Seiler, M.J. (2004), Performing Financial Studies; A Methodological Cookbook, Prentice Hall, Upper Saddle River, NJ.

61. Moeller Sara B, Schlingemann Frederik P. Are cross-border acquisitions different from domestic acquisitions? Evidence on stock and operating performance for U.S. acquirers. J Bank Finance 2004;73:201-28.

62. Chari, A., Ouimet, P., & Tesar, L. L. (2004). Cross border mergers and acquisitions in emerging markets: The stock market valuation of corporate control. Working paper no. 3479. University of Michigan. Available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=608542&rec=1&srcabs=424884. Accessed 22.06.09.

63. Danbolt, J. (2004). Target company cross-border effects in acquisitions into the UK. European Financial Management, 10(1), 83-108.

64. Kiymaz, H. (2004). Cross-border acquisitions of US financial institutions: Impact of macroeconomic factors. Journal of Banking and Finance, 28, 1413-1439.

65. Bjorvatn, K., 2004. Economic integration and the profitability of cross-border mergers and acquisitions. Eur. Econ. Rev. 48, 1211-1226.

66. Marc J. The determinants and evaluation of merger success. Business Horizons, 2005, vol. 48, issue 1, pages 37-46

67. Olson, T., Pagano, S., (2005) A New application of Sustainable Growth: A Multi-Dimensional Framework for Evaluating the Long Run Performance of Bank Mergers. Journal of Business Finance&Accounting, 32(9)&(10), pp. 1995 - 2036.

68. Straub, T., (2005), Major Challenges in Doing M&A - A Theoretical Approach. University of Applied Sciences Western Switzerland.

69. Di Giovanni, J. (2005). What drives capital flows? The case of cross-border M&A activity and financial economies. Economic Systems, 28, 281-300.

70. Tolmunen, P. & Torstila, S. 2005. Cross-listings and M&A activity: Transatlantic evidence. Financial Management, 34: 123-142.

71. Ali, S., Guo, W., 2005. Determinants of FDI in China. J. Global Bus. Technol. 1, 21-33.

72. Timothy H. Hannan & Steven J. Pilloff, 2009. "Acquisition Targets and Motives in the Banking Industry," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(6), pages 1167-1187, 09.

73. Buehler, Stefan and Kaiser, Christian and Jaeger, Franz, 2006. Merge or Fail? The Determinants of Mergers and Bankruptcies in Switzerland, 1995-2000. Economics Letters, Forthcoming. Available at SSRN: http://ssrn.com/abstract=765164

74. Duncan, Catriona, and Monia Mtar (2006) `Determinants of International Acquisition Success: Lessons from FirstGroup in North America,' European Management Journal 24(6), 396-410

75. Martynova, Marina and Oosting, Sjoerd and Renneboog, Luc, The Long-Term Operating Performance of European Mergers and Acquisitions (November 2006). ECGI - Finance Working Paper No. 137/2006; TILEC Discussion Paper No. 2006-030. Available at SSRN: http://ssrn.com/abstract=944407

76. Roman, K., & Michael, T. (2006). Size does matter--Firm size and the gains from acquisitions on the Dutch market. Working Paper. University of Amsterdam. Available at SSRN: http://ssrn.com/abstract=929009. Accessed 02.02.09.

77. Danzon, P., Epstein, A., Nicholson, S., “Mergers and Acquisitions in the Pharmaceutical Industry” with Sean Nicholson and Andrew J. Epstein. Managerial and Decision Economics 28 August 2007: 207-328 10

78. Klaus Gugler & Ralph Siebert, 2007. "Market Power versus Efficiency Effects of Mergers and Research Joint Ventures: Evidence from the Semiconductor Industry," The Review of Economics and Statistics, MIT Press, vol. 89(4), pages 645-659.

79. Hahn, F., (2007), Domestic Mergers in the Austrian Banking Sector - A Performance Analysis, Applied Financial Economics, 2007, 17(1-3), 185-196.

80. Tseveen Gantumur & Andreas Stephan, 2007. "Mergers & Acquisitions and Innovation Performance in the Telecommunications Equipment Industry," Discussion Papers of DIW Berlin 728, DIW Berlin, German Institute for Economic Research.

81. Liodakis M., and Pang, C., 2007, Searching for value-enhancing acquirers, in International mergers and acquisitions activity since 1990: Recent research and quantitative analysis, G. Gregoriou and L. Renneboog (eds.), Massachusetts: Elsevier, 51-78

82. Ismail, Ahmad and Davidson, Ian, (2007), The Determinants of Target Returns in European Bank Mergers, The Service Industries Journal, 27, issue 5, p. 617-634.

83. Daude, C. and M. Fratzscher (2007), `The Pecking Order of Cross-border Investment', Journal of International Economics, 74, 1, 94-119.

84. Hernando, Ignacio and Nieto, Maria and Wall, Larry D., Determinants of Domestic and Cross-Border Bank Acquisitions in the European Union (November 7, 2008). Paolo Baffi Centre Research Paper No. 2008-33; Banco de Espana Working Paper No. 0823. Available at SSRN: http://ssrn.com/abstract=1295883 or http://dx.doi.org/10.2139/ssrn.1295883

85. Mueller, Dennis C. and Gugler, Klaus Peter, The Determinants of Merger Waves: An International Perspective (2008). ZEW - Centre for European Economic Research Discussion Paper No. 08-076. Available at SSRN: http://ssrn.com/abstract=127529

86. Inga-Lena Darkow , Christoph Kaup & Dirk Schiereck (2008) Determinants of Merger & Acquisition success in global logistics, International Journal of Logistics Research and Applications, 11:5, 333-345

87. Bris, Arturo, Neil Brisley, and Christos Cabolis, 2008, Adopting better corporate governance: Evidence from cross-border mergers, Journal of Corporate Finance 14, 224-240.

88. Eduardo Pablo. Determinants of cross-border M&As in Latin America. Journal of Business Research, Volume 62, Issue 9, September 2009, Pages 861-867.

89. Chen Y., Huang Y. and Chen C. (2009). Financing Constraints, Ownership Control, and Cross-Border M&As: Evidence from Nine East Asian Economies, Corporate Governance: An International Review, Volume 17, Issue 6, pages 665-680.

90. Baker, Malcolm, C. Fritz Foley, and Jeffrey Wurgler, 2009, Multinationals as abitrageurs: The effect of stock market valuations on foreign direct investment, Review of Financial Studies 22, 337-369.

91. Coeurdacier, Nicolas, Roberto A. DeSantis, and Antonin Aviat, 2009, Cross-border mergers and acquisitions and European integration, Economic Policy 24, 55-106.

92. Shim, J. and Okamuro, H. (2010), 'Does ownership matter in mergers? A comparative study of the causes and consequences of mergers by family and non-family firms', Jornal of Banking & Finance, http://www.sciencedirect.com/science/article/B6VCY-50M6XGI-2/2/leef8f447a31b37f69a8712adf6b5a.

93. Laabs, J.-P. and Schiereck, D., (2010), The Long-term Success of M&A in the Automotive Supply Industry: Determinants of Capital Market Performance, Publications of Darmstadt Technical University, http://EconPapers.repec.org/RePEc:dar:wpaper:56586.

94. Hyun, H.J. and Kim, H.H. (2010). “The determinants of cross-border M&As: The role of institutions and financial development in the gravity model”, World Economy, 33, 2, 292-310.

95. Chen, Y., & Young, M. (2010). Cross-border mergers and acquisitions by Chinese listed companies: A principal principal perspective. Asia Pacific Journal of Management, 27, 523-539.

96. Dikova, D., Rao, S., & van Witteloostuijn, A. (2010). Cross-border acquisitions abandonment and completion. Journal of International Business Studies, 41(2), 223-245.

97. Papadakis, V.M., Thanos, I.C., 2010. Measuring the performance of acquisitions: an empirical investigation using multiple criteria. Br. J. Manag. 21,859-873.

98. Changqi, W. and Ningling, X. (2010), “Determinants of cross-border merger & acquisition performance of Chinese enterprises”, Procedia - Social and Behavioral Sciences, Vol. 2 No. 5, pp. 6896-6905.

99. Malhotra, S., Sivakumar, K., & Zhu, P. (2011). A comparative analysis of the role of national culture on foreign market acquisitions by U.S. firms and firms from emerging countries. Journal of Business Research, 64(7), 714-722.

100. Muehlfeld, Katrin & Weitzel, Utz & van Witteloostuijn, Arjen, 2011. "Mergers and acquisitions in the global food processing industry in 1986-2006," Food Policy, Elsevier, vol. 36(4), pages 466-479, August.

101. Hamza, T. 2011. Determinants of short-term value creation for the 28. bidder: Evidence from France, Journal of Management & Governance, 15(2):157-186

102. Blonigen, Bruce A & Taylor, Christopher T, 2000. "R&D Intensity and Acquisitions in High-Technology Industries: Evidence from the US Electronic and Electrical Equipment Industries," Journal of Industrial Economics, Wiley Blackwell, vol. 48(1), pages 47-70, March.

103. Viљiж J., Periж B. (2011). The determinants of value of incoming cross-border mergers & acquisitions in European transition countries, Communist and Post-Communist Studies. Volume 44, Issue 3, Pages 173-182.

104. Bhagata, S., Malhotrab, S., & Zhu, P. (2011). Emerging country cross-border acquisitions: Characteristics, acquirer returns and cross sectional determinants. Emerging Markets Review, 12(3), 250-271.

105. Isil Erel, Rose C. Liao dan Michael S. Weisbach. Determinants of Cross-Border Mergers and Acquisitions, The Journal of Finance, Vol. LXVII, No. 3 (June 2012), The Journal of the American Finance Association

106. Kohlia R., Jit Singh B. (2012). Analyzing determinants of value creation in domestic and cross border acquisitions in India. International Business Review, Volume 21, Issue 6, Pages 998-1016.

107. Ahern, Kenneth, Daniele Daminelli, and Cesare Fracassi, 2012, Lost in translation? The effect of cultural values on mergers around the world, Journal of Financial Economics, forthcoming.

108. Vaara, E., Sarala, R., Stahl, G. K., & Bjцrkman, I. (2012). The impact of organizational and national cultural differences on social conflict and knowledge transfer in international acquisitions. Journal of Management Studies, 49(1), 1-27.

109. Buckley, P., Forsans, N., & Munjal, S. (2012). Host-home country linkages and hosthome country specific advantages as determinants of foreign acquisitions by Indian firms. International Business Review, 21, 878-890.

110. De Beule, F., & Duanmu, J. (2012). Locational determinants of internationalization: A firm-level analysis of Chinese and Indian acquisitions. European Management Journal, 30(3), 264-277.

111. Bertrand, O., Betschinger, M.-A., 2012. Performance of domestic and cross-border acquisitions: empirical evidence from Russian acquirers. J. Comp. Econ.40, 413-437.

112. Erel, I., Liao, R.C., Weisbach, M.S., 2012. Determinants of cross-border mergers and acquisitions. J. Financ. 67, 1045-1082.

113. Deng, Xin & Kang, Jun-koo & Low, Buen Sin, 2013. "Corporate social responsibility and stakeholder value maximization: Evidence from mergers," Journal of Financial Economics, Elsevier, vol. 110(1), pages 87-109.

114. Nicholson, R., & Salaber, J. (2013). The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms. International Business Review, 22, 963-980.

115. Beccalli, Elena and Frantz, Pascal (2013) The determinants of mergers and acquisitions in banking. Journal of Financial Services Research, 43 (3). pp. 265-291.

116. Arpita Agnihotri, (2013) "Determinants of acquisitions: an Indian perspective", Management Research Review, Vol. 36 Iss: 9, pp.882 - 898

117. Rahim N., Pok W. (2013). Shareholder wealth effects of M&As: the third wave from Malaysia, International Journal of Managerial Finance, Vol. 9 No. 1,No. 1, pp. 49-69.

118. Namvar, Ethan and Phillips, Blake, (2013), Commonalities in investment strategy and the determinants of performance in mutual fund mergers, Journal of Banking & Finance, 37, issue 2, p. 625-635.

119. Beltratti, A., Paladino, G., 2013. Is M&A different during a crisis? Evidence from the European banking sector. J. Bank. Financ. 37, 5394-5405.

120. Deng, P., & Yang, M. Cross-border mergers and acquisitions by emerging market firms: A comparative investigation. International Business Review (2014), http://dx.doi.org/10.1016/j.ibusrev.2014.07.005

121. MOSCHIERI C. and CAMPA J. M. (2014) New trends in mergers and acquisitions: idiosyncrasies of the European market, Journal of Business Research 67, 1478-1485. doi:10.1016/j.jbusres.2013.07.018

122. Stefano Caiazza & Alberto Franco Pozzolo & Giovanni Trovato, 2014. "Do domestic and cross-border M&As differ? Cross-country evidence from the banking sector," Applied Financial Economics, Taylor & Francis Journals, vol. 24(14), pages 967-981, July.

123. Manuel Portugal Ferreira, J. C. (2014). Mergers & acquisitions research: A bibliometric study of top strategy and. Journal of Business Research, 2550-2558.

124. Rao-Nicholson, R., Salaber, J., 2014a. Cross-border Arbitrage and Acquisition Performance in the Eurozone Crisis, Working Paper. University of Bath.

125. Rao-Nicholson, R., Salaber, J., 2014b. Impact of the financial crisis on the performance of European acquisitions. In: Temouri, Y., Jones, C. (Eds.),International Business and Institutions after the Financial Crisis. Palgrave Macmillan, pp. 73-92.

126. Rao-Nicholson, R., Salaber, J., 2015. Impact of financial crisis on banking acquisitions: a look at shareholder wealth. Int. J. Econ. Bus. 22 (1), 87-117.

127. Rao-Nicholson, R., Salaber, J. and Cao, T. H. (2016) Long-term performance of mergers and acquisitions in ASEAN countries. Research in International Business and Finance. ISSN 0275-5319 Available from: http://eprints.uwe.ac.uk/26884

128. Geroski, P.A., 1984. On the relationship between aggregate merger activity and the stock market. European Economic Review 25, 223-233.

129. Agrawal, A., Jaffe, J.F., Mandelker, G.N., 1992. The Post-merger Performance of Acquiring Firms: A Re-examination of an Anomaly. Journal of Finance 47 (4), 1605-1621.

Приложение

Результаты регрессионного анализа

Размещено на Allbest.ru