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**122.12.22.32.433.13.244.14.24.355.15.2TPNAremiumCP()/remiumCPTPNANAEP=−−TPNA−EPremiumCPTPNA−26.8769.062.018.15%2.2176.920.0390.99621.864.942.1750.7990-13.1451.85639.5335.36173766310716297817.7972647831016004168-639.53%(000014)ST000017000669ST000838-312.09%-279.02%-123.1%%49.8908.2-51.8374.61%43.39904.6-61.2875.971109.920460-59483569%38.84257.2-10765.63%11.2129.1-41.8818.98%2.7139.5-22.034.77*12345remiumCPBDSCRαβββββε=++++++)(*remiumCPTPNA−EPGMNA()TPNAEPNAGFGM−−××/GFB1B25%2B25%25%25%3B25%025%SDCRα0.2247881.0739900.2507811.2093860.3162851.282488B0.1064090.481179B10.0230760.190384B2-0.236656-0.443620B30.2541890.833921S-0.030230-1.532690-0.030462-1.536028-0.031780-1.596515D0.2386761.9559880.2305641.9089360.2201521.758792C-0.281201-1.311719-0.292473-1.369376-0.281536-1.309218R0.0355650.7079700.0351650.6989510.0338020.669984R20.1345770.1324910.139950F-stat2.5191672.0199602.169640878787-0.04-0.010.09-0.340.092150.010.030.05-0.120.05970.020.010.05-0.060.1743230.020.010.04-0.030.111390.020.020.10-0.200.4047280.030.030.03-0.010.06430.070.050.10-0.080.3941310.070.070.030.050.09220.110.020.15-0.141.3887600.120.070.19-0.080.6412110.130.080.32-0.4-0.8215110.160.170.070.040.2266itiimtitRRαβε=++iαiβmtRˆˆˆitiimtRRαβ=+21121ˆ100ittitiRRR−=−==∑ˆitR=mtR=ˆitmtRR=mtRtiitititRRARˆ−=∑==NiittARNAR11∑==ENttSNARCARAR%ARARAR0.9590.9780.0860.3611.1600.9810.1810.3770.8180.9480.1890.376CAR%5.15052.69281.21507.40602.10632.79267.09571.57073.4769[)20,0−(]0,10[]10,10−CAR012345678-20-18-16-14-12-10-8-6-4-20246810CARCAR024681012-20-18-16-14-12-10-8-6-4-20246810CAR199920002001%%10.0410.11/11.020.06/0.981822422.2212.0419.86/15.947.82/3.95211866126.920.9463.614/1.652.668/0.704237150-87-36.716.406.71/7.090.31/0.6969.978.9912.88A11.548.60/9.46-2.94/-2.0837471027.0326.9910.587/2.83-16.403/-24.162330730.4320.7121.13/10.280.43/-10.4324.88250.120.489.659.27/9.65-0.38/07.3611.243.8852.727.66822.68/20.7315.012/13.06229.0567.5438.49132.50ST1.91-14.34/-73.09-16.25/-756.17.51.422.95-20.052.29/13.0622.34/33.11112.5225112.5100.0012ScNARNARαβε∆=+∆+∆+S∆1NAR∆2NAR∆εS∆=1NAR∆2NAR∆20.3930R=2.5894statF−=2.6615statDW−=1LS//DependentVariableis*remiumCPSample:187Includedobservations:87VariableCoefficientStd.Errort-StatisticProb.α0.2247880.2093011.0739900.2860B0.1064090.2211430.4811790.6317S-0.0302300.019724-1.5326900.1292D0.2386760.1220231.9559880.0539C-0.2812010.214376-1.3117190.1933R0.0355650.0502340.7079700.4810R-squared0.134577Meandependentvar0.052679AdjustedR-squared0.081156S.D.dependentvar0.255700S.E.ofregression0.245105Akaikeinfocriterion-2.745668Sumsquaredresid4.866179Schwarzcriterion-2.575605Loglikelihood1.988914F-statistic2.519167Durbin-Watsonstat1.940349Prob(F-statistic)0.035899LS//DependentVariableis*remiumCPSample:187Includedobservations:87VariableCoefficientStd.Errort-StatisticProb.α0.2507810.2073621.2093860.23001B0.0230760.1212090.1903840.8495S-0.0304620.019831-1.5360280.1284D0.2305640.1207811.9089360.0598C-0.2924730.213581-1.3693760.1747R0.0351650.0503100.6989510.4866R-squared0.132491Meandependentvar0.052679AdjustedR-squared0.078941S.D.dependentvar0.255700S.E.ofregression0.245400Akaikeinfocriterion-2.743261Sumsquaredresid4.877906Schwarzcriterion-2.573199Loglikelihood1.884210F-statistic2.474165Durbin-Watsonstat1.944851Prob(F-statistic)0.038807LS//DependentVariableis*remiumCPSample:187Includedobservations:87VariableCoefficientStd.Errort-StatisticProb.2.169640α0.3162850.2466181.2824880.20342B-0.2366560.533465-0.4436200.65853B0.2541890.3048120.8339210.4068S-0.0317800.019906-1.5965150.1143D0.2201520.1251721.7587920.0824C-0.2815360.215041-1.3092180.1942R0.0338020.0504520.6699840.5048R-squared0.139950Meandependentvar0.052679AdjustedR-squared0.075446S.D.dependentvar0.255700S.E.ofregression0.245865Akaikeinfocriterion-2.728908Sumsquaredresid4.835967Schwarzcriterion-2.530501Loglikelihood2.259829F-statistic2.169640Durbin-Watsonstat1.963099Prob(F-statistic)0.0544732LS//DependentVariableisYSample:19011911Includedobservations:11VariableCoefficientStd.Errort-StatisticProb.C35.4486616.231532.1839380.0605X14.4103002.4835301.7758190.1137X2-0.8306151.057909-0.7851480.4550R-squared0.392964Meandependentvar44.65455AdjustedR-squared0.241205S.D.dependentvar53.56405S.E.ofregression46.65902Akaikeinfocriterion7.912734Sumsquaredresid17416.52Schwarzcriterion8.021250Loglikelihood-56.12836F-statistic2.589396Durbin-Watsonstat2.661485ProbF-statistic0.13578719987200119991200011997519991997920024200112002820017200222002620011200152002120021200232001420023200272002220024200242002-----220022200212002J.S..E.1998.2SheltonLois1999“Mergermarketdynamics:insightsintothebehavioroftargetandbidderfirms”,Journalofeconomicbehavior&organization”,Vol.412000363-383DyckAlexander,LuigiZingales2002“Privatebenefitsofcontrol:Aninternationalcomparison”,NBERworkingpaper8711BebchukLucian1999“Arent-protectiontheoryofcorporateownershipandcontrol”,NBER,workingpaper7203ShleiferAndrei,RoberW.Vishny1986“Largeshareholdersandcorporatecontrol”Journalofpoliticaleconomy,vol94,No,3M.Bradley,A.Desai,&E.H.Kim.1988“Syneregisti