7 2003 1 8 1
2
3
4
5
6
7
8
1 2001 2 9
2 1997 12 3 2002 9 4 10
5 1999 1 6 2001 10 11
7 2002.10.8 12
8 10 2002.11.7 13
9 1999 5 14
10 2002 9 15
16
17
18
19
20
21
22
23
24
25
26
27
28
P/E 29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
11 1991 9 12 Ralph C. Ferrara, Meredith M. Brown, John H.Hal Takeovers Attack and Survival, A Strategist's Mannal Butterwoiths, 1987, PP.291293. 57
13 P376 2001 14 Lipton,"Takeover Bids in the Target's Boardroom", 35Bus Law.101, 124, 1979. 15 Ralph C.Ferrare, Meredith M. Brown, John H. Hal Takeovers Attack and Survival, A Strategist's Mannal,Butterwoiths, 1987,P.279. 58
16 LeoHerzel & Richard W.Shepro,Bidders and Targets Mergers and Acquisitions in the U.S.,Basil Blackwell,1990.p.p.5960. 17 John H.Farrar,"Business Judgment and Defensive Tactics in HostileTakeover Bids", Institutional Investors, Takeover andmodernization of Corporate Law, Oxford University Press, 1993,P.363. 59
18 P227 2000 60
19 2002 2 20 P85-86 1996 21 P279 1998 61
22 Relph C. Ferrara, Meredith M.Brown, John H. Hal Takeovers Attack and Survival, A Strategist's Manual, Butterworths,1987,P.275. 23 Matthias MBekier Anna JBogardus Tim Oldham?2001 4 62
63
64
24 2001 11 65
25 P30 1997 26 2001 2 66
67
68
69
70
27,,,, 71
72
28 51 49 1982 3 73
29 1.2 23 2000 6.35 1.5 23 1 74
75
30 2000 4 76
77
31 1998 2 78
32 1998 2 79
33 1994 3 34 1996 5 80
35 2002 10 81
36 2002.10.15 82
83
1. 2000 2. 2002 3. 1999 4. 1999 5. 2002 11 8 6. 10 11 7. 135 2001 12 25 28 8. 2001 8 3 9. 2002 1 14 10. -2002 5 13 11. 1999 12. 13., 2002 10 25 14. 2002 11 5 15. - 2000 6 3 16.1993 4 22 112 17.1993 12 29 18. 19. 10 2002 9 28 20. 11 2002 9 21. 2002 11 1 22.1993 8 2 121 23.2002 1 7 24.1997 12 16 25. Bernstein, Aaron, Why ESOP Deals Have Slowed to a Crawl, Business Week, March 18, 1996, pp101-102 26. Berkovitch E., and N. Khanna, A Theory of Acquisition Markets: Mergers Versus Tender Offers, and Golden Parachutes, Review of Financial Studies, 4,1991, pp. 149-174 27. Bradley, M., and L. Wakeman, The Wealth Effects of Targeted Share Repurchases, Journal of Financial Economics, 11,1983, pp. 301-328 28. Comment, Robert, and G. William Schwert, Poison or Placebo? Evidence on the Deterrence and Wealth Effects of Modern Anti-takeover Measures, Journal of Financial Economics, 39, 1995, pp.3-43 29. Dann, Larry Y. and Harry DeAngelo, Standstill Agreements, Privately Negotiated Stock Repurchases, and the Market for Corporate Control, Journal of Financial Economics, 11, 1983, pp. 275-300 30. Datta, S., and M. Iskandar-Datta, Takeover Defenses and Wealth Effects on Securityholders: The Case of Poison Pill Adoptions, Journal of Banking & Finance, 20, 1996, pp.1231-1250. 31. Former Lucent CEO McGinn Was Granted Stverance of $12.5 Million in Cash, Stock, The Wall Street Journal, Aug 14, 2001 84
32. Heron, Randall A., and Wilbur G. Lewellen, An Empirical Analysis of the Re-incorporation Decision, 33. Johnson, D.J., and N. L. Meade, Shareholder Wealth Effects of Poison Pills in the Presence of Anti-Takeover Amendments, Journal of Applied Business Research, 12, Fall 1996, pp. 10-19 34. J. Fred Weston, Juan A. Siu and Brian A. Johnson, 2001, Takeovers, Restructuring, and Corporate Governance, 3 rd Edition, Prentice Hall 35. Lucian Arye Bebchuk, John C.Coates IV & Guhan Subranmanian. The Powerful Anti-takeover Force of Staggered Boards: Theory, Evidence, and Policy, Stanford Law Review, May 2002, Vol.54, pp. 887-951. 36. MalekzadehMcWilliams & N. Sen, Implications of CEO Structural and Ownership Powers, Board Ownership and Composition on the Market s Reaction to Anti-takeover Charter Amendments, Journal of Applied Business Research, 14, Summer 1998, pp.53-62 37. Mcwilliams, V. B., Managerial Share Ownership and the Stock Price Effects of Anti-takeover Amendments Proposals, Journal of Finance, 45, 1990, pp.1627-1640 38. Mikkelson, W.H., and R.S. Ruback, Targeted Repurchases and Common Stock Returns, The RAND Journal of Financial Economics, 22, winter 1991, pp. 544-561 39. Mogavero, Damian J., and Michael F. Toyne, The Impact of Golden Parachutes on Fortune 500 Stock Returns: A Reexamination of the Evidence, Quarterly Journal of Business and Economics, 34, 1995, pp.30-38 40. Richard Epstein. Where Have All the Hostile Takeovers Gone?, New Zealand Management, March 2000, Vol.47, pp. 58-59. 41. Wasserstein, Bruce, Big Deal, New York: Warner Books, 1998. 42. Woker, Greenmail to Bidder Riles Texas Thrift s shareholders, American Banker, Feb 28,2000 85