뗚?뻭뗚?웚놱뺩붻춨듳톧톧놨?짧믡뿆톧냦?Vol???No???????쓪?퓂JournalofBeijingJiaotongUniversity?SocialSciencesEdition??Sep?????늢릺킭춬킧펦뗄볆쯣훬놦쿜?컢퇇뻽?쟥뮪듳톧뺭볃맜샭톧풺?놱뺩???????햪?튪?킭춬킧펦쫇웳튵늢릺뗄뫋탄쓚죝ꆣ놾컄ퟛ쫶쇋맺쓚췢맘폚킭춬킧펦뗄쪵횤퇐뺿?늢ퟜ뷡돶늢릺킭춬킧펦뗄볆쯣랽램ꆣ헢킩랽램듓늻춬뗄뷇뛈돶랢뫢솿킭춬킧펦?웤훐랢햹뗃뇈뷏돉쫬뗄쫇퓚틬뎣쫕틦뗄믹뒡짏볆쯣킭춬킧펦?틔벰듓튵벨룄뇤뷇뛈ퟅ쫖뫢솿킭춬킧펦ꆣ움볛탂쒣탍뫍맺쓚뗄솽훖랽램퓚볆쯣뗄뫏샭탔틔벰ힼ좷탔짏퓲탨튪ퟶ뷸튻늽뗄첽쳖ꆣ맘볼듊?늢릺?킭춬킧펦?틬뎣쫕틦훐춼럖샠뫅?F?????????컄쿗뇪쪶싫?A???컄헂뇠뫅??????????????????????????ComputationofSynergyinMergersZHUBao_xian?WUYa_jun?SchoolofEconomicsandManagement?TsinghuaUniversity?Beijing???????China?Abstract?Synergyisthecoreofcorporationsꆯmergers?Thisarticleintroducestheempiricalstudyaboutsynergyinmergers?andsummarizesmethodsthatcanbeusedtocomputethesynergy?Thesemethodsfocusondifferentemphases?Thetwoprevailingmethodsarethemethodbasedonabnormalreturnandthemethodbasedonperformanceimprovementfollowingmergers?Howev?er?thenewmodelandtheothertwomethodsareinneedoffurtherstudytoimprovetheirratio?nalityandexactitude?Keywords?merger?synergy?abnormalreturn??웳튵늢릺튻횱쫇쏀맺쓋훁좫쟲뺭볃뗄죈뗣ꆣ놾컄ퟛ뫏닻쫶쇋맺쓚췢맘폚킭춬킧펦볆쯣뗄??쫀볍??쓪듺틔살?좫쟲웳튵늢릺튻샋룟맽튻퇐뺿돉맻ꆣ쒿잰맺쓚뛔킭춬킧펦볆쯣랽램뗄퇐뺿샋?훐맺뫍퇇훞뗄늢릺믮뚯틠쫇럧웰퓆펿?헢튻쿖뮹뒦퓚웰늽뷗뛎?탨튪늻뛏뷨본맺췢틑폐뗄랽램?쿳쪹뗃뛔늢릺뗄쿠맘퇐뺿튻횱쫇샭싛퇐뺿쇬폲벫늢뷡뫏맺쓚뗄쪵볊?볓틔뒴탂뫍펦폃ꆣ캪믮풾뗄튻늿럖ꆣ킭춬킧펦?Synergy?쫇웳튵닎폫늢릺믮뚯쯹ힷ쟳뗄룹놾쒿뗄?ퟷ캪웳튵늢릺뗄튻ꆢ킭춬킧펦뗄뚨틥뫋탄쓚죝?틽웰쇋훚뛠톧헟뗄맣랺맘힢ꆣ닟싔맦뮮톧횮뢸Ansoff쫇냑킭춬킧펦헢튻듓????쓪?퓂놦낲벯췅춨맽뛾벶쫐뎡늢릺쏻듊폃폚맜샭톧뗄뗚튻죋ꆣ쯻퓚??쫀볍??쓪듺퇓훐쪵튵쇷춨막쯹틽랢뗄ꆰ놦퇓럧늨ꆱ뾪쪼?컒맺쫗쿈쳡돶쇋킭춬킧펦뗄샭쓮?붫웤뚨틥캪ꆰ뫏늢뫳짏쫐릫쮾뾪햹쇋듳맦쒣뗄늢릺믮뚯ꆣ쏦뛔훐맺믮뗄웳튵뺭펪뇭쿖뎬맽풭럖즢뗄웳튵뇭쿖횮뫍ꆱꆣ풾뗄늢릺쫐뎡?죧맻쓜릻ힼ좷뗘볆쯣킭춬킧펦?듓Ansoff뛔킭춬뗄뷢쫍뇈뷏잿뗷웤뺭볃톧몬틥?틠뛸헦쪵뗘뫢솿돶늢릺뗄킧맻?붫뛔컒맺뗄늢릺믮벴좡뗃폐탎뫍컞탎샻틦뗄잱퓚믺믡?틔벰헢훖잱뚯웰떽훘튪뗄횸떼ퟷ폃ꆣ퓚믺믡폫릫쮾쓜솦횮볤뗄뷴쏜솪쾵ꆣ컒쏇쿖퓚뇈쫕룥죕웚???????????ퟷ헟볲뷩?훬놦쿜?????ꆪ??쓐?붭쯕첩훝죋?쟥뮪듳톧뺭볃맜샭톧풺뷌쫚ꆣ?컢퇇뻽?????ꆪ??얮?헣붭듈쾪죋?쟥뮪듳톧뺭볃맜샭톧풺쮶쪿짺ꆣ
뗚?웚??????????????컢퇇뻽뗈?늢릺킭춬킧펦뗄볆쯣???뷏뎣폃쏀맺볓훝듳톧Weston뷌쫚쳡돶뗄늢릺킭훐쫕릺웳튵막뚫뗄쫕틦싊뷸탐쇋뾼닩ꆣ퓚??쫀춬킧펦뗄룅쓮ꆣWeston탎쿳뗘돆킭춬킧펦캪??볍??쓪듺?쯻쏇뗃떽뗄뷡맻폫Jensen뫍Ruback????벴뫏늢뫳웳튵뗄헻쳥볛횵듳폚풭럖즢뗄웳뛔튪풼쫕릺퇐뺿뗄뷡맻튻퇹???쓪듺쫕릺릫쮾뗄튵볛횵횮뫍ꆣ헢쫇킭춬킧펦뗄뺲첬뇭쫶ꆣ쫕틦싊뗸훁??ퟳ폒?듓춳볆뷇뛈뾴뗸럹뷏듳?뛸쏀맺늢릺컊쳢볒십뿋ꆤ주싞컖퓚쯹훸뗄ꆶ킭퓚??쓪듺?쫕틦싊뇤캪뢺뗄?????ꆣ춬킧펦뗄쿝??릫쮾늢릺훐죧뫎뇜쏢릦뿷튻ꆷ튻쳘뇰탨튪틽웰훘쫓뗄튻뗣쫇?ퟜ뗄쫂볾쫕틦쫩훐?쳡돶쇋뚯첬킭춬킧펦뗄룅쓮???ꆣ십뿋ꆤ주떽뗗쫇헽뮹쫇뢺?벴늢릺뫳킭춬킧펦쫇럱뗃틔쪵싞컖횸돶?뷸탐늢릺돽쇋횧뢶쫐뎡쿖볛틔췢?뮹튪쿖?늢릺쫇뒴퓬쇋볛횵뮹쫇웆뮵쇋볛횵ꆣ캧죆ퟅ캪캴살쒳룶쪱뿌뿉쓜닺짺뗄쫕죫쇷솿풤쿈횧뢶틧늢릺킭춬킧펦뗄폐컞틔벰듳킡?탭뛠톧헟햹뾪쇋볛ꆣ평폚막뚫ퟔ벺좥릺싲쒿뇪릫쮾뗄막럝쪱늻뇘쪵횤퇐뺿ꆣMichaelBradley?AnandDesai뫍E?횧뢶틧볛?틲뛸헢킩쫕죫?벴킭춬킧펦?튻뚨쫇막H??anKIM???????틔쏀맺????ꆫ????쓪볤랢짺뚫ퟔ벺좥릺싲막럝쪱쯹컞램뗃떽뗄뚫컷?킭춬킧뗄늢릺붻틗캪퇹놾?볆쯣쇋늢릺잰뫳늢릺쮫랽막펦튻뚨듺뇭쇋뎬맽쫐뎡풭쿈풤웚쮮욽뗄튵벨룄뚫솪뫏닆뢻뗄뇤뮯?랢쿖쒿뇪웳튵뫍쫕릺웳튵뗄뷸ꆣ틔룷훖쫐뎡놶쫽볆쯣뗄떱잰막볛틑뺭랴펳쇋뫏늢뷡맻퓚쎿룶쪱웚뚼캪헽?늢쟒쫕릺닺짺뗄킭죋쏇뛔펯샻뫍퓶뎤듳럹뛈쳡룟뗄풤웚ꆣ틲듋?십춬ퟷ폃쫕틦퓚벸쪮쓪훐쿠뛔컈뚨?캻폚??ꆫ??뿋ꆤ주싞컖냑킭춬킧펦뚨틥캪?뫏늢뫳뗄릫쮾퓚튵뗄쟸볤ꆣBradley뗈죋뗃돶뗄뷡싛쫇쫕릺닺짺킭벨랽쏦펦떱뇈풭살솽볒릫쮾뛀솢듦퓚쪱퓸뺭풤웚춬킧펦쫕틦ꆣ훁폚킭춬킧펦퓚쒿뇪릫쮾막뚫뫍쫕믲튪쟳듯떽뗄쮮욽룟ꆣ냑짨램뎬맽풭쿈풤웚튵벨릺릫쮾막뚫횮볤뗄럖엤?뺭맽볆쯣?쯻쏇랢쿖쒿뇪쮮욽뗄쿫램럅떽쎿막쫕틦?EPS?뗄놳뺰훐?컒쏇릫쮾막뚫믱뗃듳늿럖뗄쫕틦?쫕릺릫쮾막뚫뗃늻뿉틔냑킭춬킧펦뇭쫶캪죧쿂릫쪽?떽믲헟뗃떽뫜짙뗄쫕틦ꆣC???heol뗈죋??????뛔캴살뗄쎿막쫕틦?쒿잰뗄쎿막쫕틦?쒿잰뗄뿧맺늢릺뗄킭춬킧펦뷸탐쇋퇐뺿?뗃돶뗄뷡싛쫇?쎿막쫕틦ꇁ풤웚퓶뎤?킭췢맺릫쮾돉릦쫕릺쏀맺쒿뇪릫쮾뗄탐캪욽뻹뛸퇔춬킧펦쫇닺짺볛횵뗄탐캪?쫕릺릫쮾쫇럱믱뗃쫕틦틲맺쒿잰뗄막볛틑뺭쳥쿖쇋풤웚뗄캴살뺭펪뗄퓶볒뛸틬?쏀맺쒿뇪릫쮾퓲폐쿔훸뗄헽닆뢻쫕틦ꆣ뎤뫍펯샻쳡룟ꆣ릫쪽훐볓짏킭춬킧펦?쫇횸튪뒴웤쯻뗄탭뛠퇐뺿튲뗃돶쇋샠쯆뗄뷡싛ꆣ폚쫇쯻쏇퓬돶쿖퓚늻듦퓚ꆢ튲늻퓚풤웚횮쇐뗄볛횵ꆣ쯹틔췆뛏?퓚듳뛠쫽쟩뿶쿂늢릺ퟜ쫕틦캪헽?뛸쟒퓚늢쪵쿖킭춬킧펦?튵벨튪뇈풭쿈풤웚믲헟튪쟳뗄룄릺믮뚯훐킭춬킧펦쫇맘볼쟽뚯솦?늢릺믮뚯쟣쿲뷸룟ꆣ늢릺뫳폐뿉쓜돶쿖튵벨룄뷸?떫죧맻헢킩폚뒴퓬볛횵ꆣ튵벨룄뷸쫇틑뺭풤웚떽뗄?쓇뻍늻쫇킭춬킧펦ꆣ쇭튻랽쏦?뢥샗뗂샯뿋ꆤ킻샕????쓪퓸뛔맽횻폐뒴퓬돶늻퓚풤웚횮쇐뗄볛횵?닅쫇헦헽쪵쿖좥냙쓪볤릫쮾늢릺ퟶ맽쿪뺡뗄뾼닩?쯻뗃돶뗄ퟮ쇋킭춬킧펦ꆣ훕뷡싛쫇?붫뷼???뗄늢릺ꆰ쎻폐쫕킧?믲헟엢뛾ꆢ킭춬킧펦뗄쪵횤퇐뺿놾ꆱ?횻폐뷼???뗄늢릺듯떽풤웚킧맻ꆣ십뿋ꆤ주싞컖틔????ꆫ????쓪볤랢짺뗄훘듳늢릺쪵샽캪쫂볾퇐뺿램쫇늢릺킭춬킧펦볬퇩훐ퟮ뎣볻뗄틀뻝?퓚?룶늻춬쪱뛎퓋폃쯄훖늻춬뗄쒣쪽뫢솿랽램횮튻ꆣퟔ??쫀볍??쓪듺틔살?탭뛠뺭볃톧쇋막뚫뗄쫕틦?웤퇐뺿뷒쪾ퟣ폐???뗄훘듳탔햽헟퓋폃쫂볾퇐뺿램볬퇩킭춬킧펦뛔늢릺쮫랽막뚫싔늢릺쫇쪧냜뗄ꆣ쯻쏇죏캪?늢릺랽맽폚샖맛뗘닆뢻뗄펰쿬ꆣ헢킩퇐뺿뗃돶쇋튻룶쿠쯆뗄뷡싛?맀볆쇋늢릺쯹쓜듸살뗄킭춬킧펦뛸퓚붻틗볛룱훐벴쒿뇪릫쮾막뚫ퟜ쫇늢릺믮뚯뗄뻸뛔펮볒?쫕틦횧뢶쇋맽룟뗄틧볛?뛸쪵쪩늢릺뫳풤웚뗄킭춬킧뫁컞틉컊캪헽?늻춬뗄뷶쫇듳킡뛸틑ꆣ쪵횤퇐뺿펦컞램쪵쿖쫇늢릺쪧냜뗄훷튪풭틲ꆣ헹싛뗄붹뗣벯훐떽늢릺릫쮾막뚫쓜럱듓늢릺믮뚯훐믱샻헢튻뗣짏?훷튪폐헽쫕틦ꆢ캢죵헽쫕틦틔벰죽ꆢ킭춬킧펦뗄볆쯣뢺쫕틦죽훖뷡싛ꆣJensen뫍Ruback??????퇐뺿떽쒿잰캪횹?킭춬킧펦뗄볆쯣랽램훷튪뿉틔뗃돶?퓚돉릦뗄튪풼쫕릺훐쫕릺웳튵뗄쫕틦싊캪럖캪솽훖?튻훖쫇Bradley뗈죋??????쪹폃뗄퓚??ꆣJarrell?Brickley뫍Netter??????뛔벸쪮쓪틬뎣쫕틦뗄믹뒡짏볆쯣킭춬킧펦?쇭튻훖쫇
놱랽붻춨듳톧톧놨?짧믡뿆톧냦????????????????????쓪??H???ealy뗈죋??????쳡돶뗄듓튵벨룄뇤ퟅ쫖움맀릫쮾볛횵캪좨훘?릫쮾볛횵뻍쫇짏쏦뚨틥뗄WTi킭춬킧펦ꆣ뫳살뗄톧헟퓚듋믹뒡짏쳡돶쇋탭뛠룄뫍WAiꆣ뷸틢볻?냼삨틬뎣쫕틦볆쯣랽램뗄룄뷸?볆쯣믹ힼퟮ뫳?룃듎쫕릺틔쏀풪뇭쪾뗄ퟜ킭춬킧펦뗄룄뇤뗈뗈ꆣ듋췢?????Andrei뗈죋??????뻍움맀ꚤꚰi볆쯣죧쿂?늢릺킭춬킧펦붨솢쇋튻룶탂뗄쒣탍ꆣ룃쒣탍듓탂ꚤꚰ?i?ꚰiꆤCARCi뗄쫓뷇돶랢샭뷢벰볆쯣킭춬킧펦?떫쫇죧뫎붫쒣웤훐?ꚰi?WTi?WAiꆣ탍폫쪵볊뷴쏜솪뫏웰살듓뛸ힼ좷볆쯣돶킧펦횵?룹뻝볆쯣뷡맻?ퟷ헟뗃돶쇋죧쿂뷡싛?죔좻탨튪ퟶ뷸튻늽뗄첽쳖ꆣ??쒿뇪릫쮾뫍쫕릺릫쮾뗄ퟜ볛횵욽뻹쳡룟쇋놾컄춬쪱뷩짜쇋맺쓚쿖폐뗄맘폚킭춬킧펦볆??????퇹놾훐???뗄쫕릺쫕틦캪헽ꆣ돉릦뗄튪쯣뗄ퟮ탂뚯첬ꆣ헢킩볆쯣랽램뾼싇떽훐맺뗄쪵볊풼쫕릺닺짺쿔훸뗄킭춬킧펦?늢쟒쪹릫쮾풴뗃쟩뿶늢뷸탐쇋쿠펦뒦샭?떫볆쯣랽램뗄뫏샭탔뫍떽룼캪폐킧뗄럖엤ꆣힼ좷탔죔탨튪틽웰컒쏇뗄맘힢ꆣ??쒿뇪릫쮾뫍쫕릺릫쮾뗄막뚫뚼쪵쿖쇋쿔훸?튻?퓚틬뎣쫕틦뗄믹뒡짏볆쯣킭춬킧펦뗄헽틬뎣쫕틦?떫뻸듳뛠쫽쫕틦놻쒿뇪릫쮾막뚫Bradley뗈죋퓚틬뎣쫕틦뗄믹뒡짏볆쯣늢릺믱뗃ꆣퟜ퇹놾훐????뗄쒿뇪릫쮾믱뗃헽뗄쫕틦?킭춬킧펦?틔벰킭춬킧펦퓚쒿뇪릫쮾막뚫뫍쫕릺욽뻹틬뎣쫕틦쫇????쒿뇪릫쮾틔쏀풪뇭쪾뗄욽릫쮾막뚫횮볤뗄뮮럖ꆣퟷ헟냑돉릦튪풼쫕릺뗄ퟜ뻹쫕틦폫ퟜ쫕틦횮뇈쫇????ꚤW?T?ꚤꚰ??ꆣ쿠랴?킭춬킧펦뚨틥캪쒿뇪릫쮾뫍쫕릺릫쮾막뚫펵폐닆쫕릺릫쮾뗄욽뻹틬뎣쫕틦뷶캪??????횻폐???뢻뗄뇤뮯ퟜ뛮?벴?뗄퇹놾릫쮾믱뗃헽뗄틬뎣쫕틦?ꚤW?T?ꚤꚰ?뇈싊ꚤꚰ?ꚤWT?ꚤWA쫇???ꆣ??ퟷ헟쫗쿈믹폚쫐뎡쒣탍램맀쯣튪풼쫕릺닺짺??쯦ퟅ쪱볤뗄퓶뎤?쒿뇪릫쮾뗄막뚫쫕틦듓뗄틬뎣쫕틦틔벰샛볆틬뎣쫕틦?CAR?ꆣCAR뗄??????퓶뎤훁??????ꆣ쿠랴?쫕릺릫쮾막뚫뗄쪱볤뿧뛈캪뗚튻룶돶볛릫쮾탻늼죕잰?쳬떽돉릦쫕틦좴쯦횮복짙?듓?????붵뗍떽??????ꆣ쫂쫕릺릫쮾탻늼붻틗돉붻횮죕뫳?쳬ꆣ듓뗚튻룶돶쪵짏?폐튻뛎쪱볤쫕릺릫쮾뗄틬뎣쫕틦쿔훸캪뢺ꆣ볛릫쮾탻늼죕잰?쳬웰볆쯣CAR쫇틲캪쿻쾢벫퓚횮뫳뗄퇐뺿훐?탭뛠톧헟뛔퓚틬뎣쫕틦뗄폐뿉쓜쳡퓧킹슩?헢퇹ퟶ뿉틔믱좡틲늢릺쫂볾틽믹뒡짏볆쯣킭춬킧펦헢튻랽램뷸탐쇋룄뷸ꆣ늻웰뗄막볛짏뗄죎뫎뇤뚯ꆣ맽?헢킩룄뷸늢쎻폐짦벰훷튪뗄볆쯣랽램?뛸쫇벯볆쯣돶CAR횮뫳?ퟷ헟럖뇰볆쯣쇋쒿뇪릫쮾훐퓚틬뎣쫕틦뗄볆쯣랽쏦ꆣ뫍쫕릺릫쮾막뚫틔쏀풪뫢솿뗄쫕틦???돖폐웚틬뎣쫕틦?HPAR?HoldingPeriodꚤW?AbnormalReturn?Ti?WTiꆤCARTiꚤW틬뎣쫕틦뗄볆쯣퓚늢릺킧펦퇐뺿훐뗃떽쇋맣?Ai?WAiꆤCARAi랺뗄펦폃?죧뫎ힼ좷ꆢ뫏샭뗘볆쯣늢릺믮뚯훐뗄틬??웤훐?WTi?뗚튻룶돶볛릫쮾탻늼쫕릺쒿뇪릫쮾뗄릫룦죕잰?쳬쒿뇪릫쮾막욱뗄쫐뎡볛횵뎣쫕틦?돉캪탭뛠퇐뺿맘힢뗄붹뗣ꆣChris뗈죋??????????듓춶닟싔뷇뛈돶랢?쪹폃쇋돖폐웚틬CARTi?뗚튻룶돶볛릫쮾탻늼죕잰?쳬떽돉릦뎣쫕틦헢튻룅쓮ꆣ쫕릺릫쮾탻늼붻틗돉릦횮죕뫳?쳬쒿뇪릫쮾뗄샛막욱j쫕릺뫳뗄쫕틦쪹폃쎿퓂쫽뻝?Pjt쫇t볆틬뎣쫕틦?WAi?쫕릺릫쮾탻늼죕잰?쳬쫕릺퓂럝ퟮ뫳튻룶붻틗죕뗄쫕엌볛룱?죧맻떱퓂랢럅릫쮾막욱뗄쫐뎡볛횵?CARAi?쫕릺릫쮾탻늼죕막샻Djt?쓇쎴막욱j퓚t퓂뗄춶쫕틦쫇?잰?쳬떽탻늼쫕릺돉릦횮죕뫳?쳬뗄샛볆틬뎣Rjt?Pjt???Djt쫕틦ꆣRjt?Pjt??틔냙럖뇈뇭쪾뗄ퟜ킭춬킧펦쫕틦CARC쫇??냑쫕틦Rjt볓ퟜ뫳뻍뿉틔뗃떽HPAR?벴퓚CART뫍CARA뗄볓좨욽뻹ꆣ틲캪CART뫍맛달웚n쓚릺싲늢돖폐막욱뗄쫕틦폫춬튻쪱볤CARA믹폚늻춬뗄쪱볤뒰볆쯣?솽헟횮볤늻뻟폐쓚믹ힼ쫕틦횮닮?횱뷓뿉뇈탔ꆣ퓚볆쯣CARC쪱?ퟷ헟릹퓬쇋튻룶nn볛횵좨훘뗄춶ퟩ뫏HPARj?ꇇ???Rjt??ꇇ???Ret??틔쒿뇪릫쮾뫍쫕릺릫쮾뗄i??i??
뗚?웚??????????????컢퇇뻽뗈?늢릺킭춬킧펦뗄볆쯣???쪽훐?Ret쫇믹ힼ퓚t웚뗄쫕틦?n듓쫕릺췪돉떱Cashflowindpost?ꛁ?ꛂCashflowindpre?ꛇ퓂쒩쯣웰ꆣ웤훐?Cashflowindpost뫍Cashflowindpre럖뇰듺뇭늢릺뫳ꆢChris뗈죋퓚웤뛔펢맺늢릺킧펦뗄퇐뺿훐쪹늢릺잰릫쮾뺭탐튵뗷헻뫳뗄쿖뷰쇷?탐튵뗷헻뫳폃쇋HPAP뛸늻쫇CARꆣ쯻쏇죏캪?CAR퓚춳쿖뷰쇷뗈폚릫쮾떱쓪뗄쿖뷰쇷복좥룃탐튵릫쮾뗄볆짏폐춬랽닮뗄폅뗣?떫늻쓜쳡릩튻룶랽뇣뗄춶욽뻹쿖뷰쇷ꆣꛂ킱싊듺뇭릫쮾탐튵뗷헻뫳쿖뷰쇷닟싔ꆣ퓚좷뚨늻춬쪱웚춶볛횵뗄쫕틦믲헟쯰뗄뎤웚뇤뮯?ꛁ퓲뇭쪾늢릺틽웰뗄쿖뷰쇷뗄틬뎣쪧뗄쪱뫲?buy?and?hold햽싔룼폐폃ꆣ뇤뮯ꆣ헢튻랽램틲캪뾼싇떽쇋틽웰쿖뷰쇷뇤뮯뗄??틬뎣쫕틦볆쯣훐믹ힼ뗄룄뇤뎤웚탔틲쯘?튪폅폚뷶뷶뇈뷏늢릺잰뫳쿖뷰쇷쫽튲폐탭뛠퇐뺿뛔볆쯣틬뎣쫕틦훐쪹폃뗄믹ힼ솿뇤뮯뗄쒣탍ꆣ쳡돶쇋틬틩ꆣChris뗈죋쪹폃뗄믹ힼ쫕틦Ret쫇룹뻝헢튻랽램?ퟷ헟믘맩뗃돶ꛂ횵캪?????ꛁ쯹폐퓚t웚폫쫕릺릫쮾퓚맦쒣짏뻟폐춬퇹쫽솿벶횵캪?????뇭쪾평늢릺틽웰뗄쿖뷰쇷뗄퓶뎤캪뗄릫쮾ퟩ돉뗄뗈볛횵좨훘춶ퟩ뫏뗄쫕틦ꆣ????ꆣ헢튲뇭쏷?퓚늢릺췪돉횮뫳?릫쮾뗄쿖뷰Chris뗈횸돶?룹뻝쫐뎡쒣탍뫢솿틬뎣쫕틦?평듋쇷폐쿔훸뗄쳡짽?늢릺쫇돉릦뗄ꆣ맛달떽뗄쫕릺뫳뗄틬뎣쫕틦뿉쓜평쪵횤퇐뺿랽램늻뷶뷶쫇뛔쿖뷰쇷?뛔쎿막쫕틦뗈웤쯼닆컱짨볆훐뫶싔뗄틲쯘틽웰?웤훐릫쮾맦쒣뗄듳킡쫇횸뇪?컒쏇튲뿉틔닉폃춬퇹뗄쮼슷뷸탐믘맩?듓뛸튻룶폈웤쿠맘뗄틲쯘?틲캪쫕릺릫쮾뗄쫜뮶펭돌퓚돽좥닆컱쫽뻝뗄뎤웚뇤뮯펰쿬틲쯘횮뫳?뾼닩뛈늻뿉쓜듓볛횵좨훘믲뗈좨훘뗄쫐뎡횸쫽훐쳥쿖늢릺폐쎻폐틽웰닆컱쫽뻝닺짺틬뎣뗄퓶뎤ꆣ닆컱돶살ꆣ듋췢?죧맻막욱쫕틦탲쇐쿠맘?뇈죧쫕릺랢횸뇪뗄뎤웚뇤뮯쫇풤웚훐뗄뇤뮯?룹뻝컒쏇뛔킭짺퓚쫕릺릫쮾막욱쫕틦솬탸캪헽뗄쪱웚횮뫳?릫춬킧펦뗄뚨틥?닆컱쫽뻝돽좥뎤웚뇤뮯뫳닺짺뗄쮾막욱놾살뻟폐뗄헽쫕틦뻍믡놻떱ퟷ틬뎣쫕틦?틬뎣퓶뎤뻍쫇늢릺틽웰뗄킭춬킧펦ꆣ헢뻍퓬돉탩볙뗄틬뎣쫕틦ꆣ?죽?움볛킭춬킧펦뗄탂쒣탍뗚튻듎쳡돶뗷헻릫쮾맦쒣듳킡뗄쫇Franks?Andrei뗈죋??????뻍늢릺킭춬킧펦붨솢뗄탂Harris뫍Titman??????ꆣ쯻쏇퇐뺿쏀맺????ꆫ쒣탍죏캪붻틗평막욱쫐뎡뛔늢릺릫쮾뗄맀볛쟽????쓪랢짺뗄쫕릺췪돉뫳죽쓪쓚뗄쫕틦?뷡맻랢뚯ꆣ룃쒣탍ퟮ믹놾뗄샭싛볙짨쫇?뷰죚쫐뎡쫇뗍쿖?퓚뒫춳뗄믹ힼ쿂쫕릺폐쿔훸뗄틬뎣쫕틦?떫죧킧뗄?틲듋폐튻킩릫쮾뗄맀볛늻헽좷?쿠랴?맜샭맻믹ힼ뾼싇떽쇋릫쮾맦쒣듳킡ꆢ샺쪷쫕틦ꆢ막샻뗈닣쫇췪좫샭탔뗄?돤럖샭뷢막욱쫐뎡뗄컞킧탔늢틲쯘뗄펰쿬?틬뎣쫕틦뻍쿻쪧쇋ꆣLoughran뗈죋샻폃횮?늿럖쫇춨맽늢릺뻶닟샻폃횮ꆣ놾쒣탍훐?????????퓚볆쯣쫕릺릫쮾믱뗃뗄뎤웚쫕틦쪱?퓲뗄늢릺믮뚯쫇샭탔뗄맜샭닣퓚뗍킧뗄쫐뎡훐뗄튻냑틬뎣쫕틦뚨틥캪퇹놾막욱뫍뛔펦막욱?횸뻟폐훖춶믺탎쪽?헢튻샭싛폫싞뛻뗄탩죙볙짨쿠랴?죏쿠춬뗄맦쒣뫍헊쏦?쫐뎡볛횵뇈싊?뗄쫕틦횮닮ꆣ캪뷰죚쫐뎡쫇샭탔뗄?뛸릫쮾맜샭닣늻샭탔?ꆣ?뛾?듓튵벨룄뇤ퟅ쫖움맀킭춬킧펦Andrei뗈죋붨솢뗄쒣탍죧쿂?뇈뷏늢릺잰뫳릫쮾훷튪닆컱쫽뻝죧쿖뷰쇷ꆢ뾼싇솽볒릫쮾?릫쮾?뫍릫쮾??막놾럖뇰캪쎿막쫕틦ꆢ뺻닺쫕틦싊뗄뇤뮯?뾼닩릫쮾늢릺잰KꆢK??쎿떥캻막놾뗄쫐뎡볛횵럖뇰캪QꆢQ?ꆣ볙뫳튵벨쫇럱뗃떽룄짆?헢쫇움맀늢릺벨킧뗄믹놾뚨Q뫍Q?늻쫇폐킧뗄맀볛?떫쫇랴펳쇋춶헟랽램ꆣ튪볆쯣킭춬킧펦?퓲탨튪퓚듋믹뒡짏뷸튻뛔릫쮾뗄춶맛뗣ꆣ늻쪧튻냣탔?볙짨Q?Q?ꆣ늽붫풤웚퓶뎤뗄틲쯘뾼싇뷸좥ꆣHealy뗈죋쓇쎴늢릺잰릫쮾?뗄쫐뎡볛횵쫇KQ?릫쮾?뗄쫐??????쪹폃뗄랽램뾼싇떽틽웰닆컱횸뇪뇤뮯뗄뿉뎡볛횵쫇K?Q?ꆣ쓜듦퓚뗄뎤웚탔틲쯘?폫컒쏇뛔킭춬킧펦뗄샭뷢솽볒릫쮾뫏늢?뫏늢뫳릫쮾쎿떥캻막놾뗄맀쿠튻훂ꆣ볛캪S?퓲뫏늢뫳릫쮾뗄쫐뎡볛횵V?S?K?Healy뗈죋톡좡쇋????ꆫ????쓪랢짺뗄ퟮK???S놻돆캪늢릺뗄킭춬킧펦쟽뚯솦ꆣ쫂쪵짏?듳뗄??듎늢릺붻틗캪퇹놾ꆣퟷ헟붫퓋펪쿖뷰쇷S뻍쫇쫐뎡죏캪뗄듓늢릺훐믱뗃쫕틦뗄살풴?쫇뚨틥캪?쿺쫛쫕죫복좥쿺쫛돉놾?복좥쿺쫛럑폃뫍췆뚯늢릺믮뚯뷸돌뗄죳뮬볁?뿉쓜쫇뛠풪뮯ꆢ얷훞튻냣탐헾뾪횧?퓙볓짏헛뻉뫍첯쿺ꆣ웤훷튪볆쯣뺭볃튻쳥뮯뗈ꆣ뇈죧?죧맻쫐뎡퓞돉뛠풪뮯?뛸솽릫쪽죧쿂?볒릫쮾폖살ퟔ늻춬뗄탐튵?퓲S뻍믡뇈뷏룟ꆣ믲
놱랽붻춨듳톧톧놨?짧믡뿆톧냦????????????????????쓪??헟?죧맻튻볒퓋ퟷ솼뫃뗄릫쮾?룟뗄Q??쫕릺튻볒볙짨뿉쓜떼훂뗄훘듳컳닮뷸탐뫏샭뗄뒦샭?쓑틔퓋펪늻병뗄릫쮾?뗍뗄Q??퓲S믡뇈뷏룟ꆣ캪킭춬킧펦뗄ힼ좷볆솿쳡릩틀뻝ꆣ뫏늢뫳뿉쓜믡돶쿖틔쿂쯄훖쇙뷧쟩뿶?듓주싞컖뗄뚯첬킭춬킧펦룅쓮죫쫖?훬놦쿜????S?Q?쫐뎡뛔뫏늢뫳릫쮾맀볛쪱?닉폃뗄쎿??????춨맽뇈뷏훐맺짏쫐릫쮾늢릺잰뫳뗄막떥캻막놾뗄볛횵폫맀횵뷏뗍뗄릫쮾쿠춬?볛뫍쫐횵에뛏킭춬킧펦뗄폐컞벰듳킡ꆣퟷ헟춨맽S?Q??쫐뎡뛔뫏늢뫳릫쮾맀볛쪱?닉폃뗄튻쾵쇐뗄럖컶뗃돶?뇈뷏늢릺잰뫳쿠맘릫쮾뗄막쎿떥캻막놾뗄볛횵폫맀횵뷏룟뗄릫쮾쿠춬?볛뫍쫐횵뿉틔뫜뫃뗘쮵쏷늢릺뗄킭춬킧펦쟩뿶ꆣS?Q??샖맛뗄쫐뎡죏캪뫏늢뫳뗄릫쮾볛횵뻟쳥랽램쫇붫룷퇹놾릫쮾늢릺잰뫳뗄막볛돋틔룃룼룟?짵훁룟폚맀횵뷏룟뗄릫쮾ꆣ헢훖쟩뿶쫇폐릫쮾뗄막쫽?뗃떽룷릫쮾늢릺잰뫳뗄ퟜ욽뻹쫐횵?뿉쓜뗄?벴ퟜ욽뻹쿖횵?좻뫳폃늢릺잰뗄욽뻹쿖횵복좥늢S?Q?헢훖쟩뿶튲쫇폐뿉쓜뗄?쯤좻컒쏇늻릺볛룱?퓙폫늢릺뫳릫쮾뗄욽뻹쿖횵뇈뷏ꆣ퓚듋듳풸틢뾴떽헢훖쟩뿶ꆣ믹뒡짏?뾼싇듳쫐뗄펰쿬?맛달늢릺쫇럱닺짺쇋킭듳뛠쫽쟩뿶쿂?Q?S?Q?ꆣ춬킧펦?늢릺닺짺뗄킭춬킧펦폐뛠듳ꆣퟷ헟틔??헢퇹?릫쮾뫏늢쯹믱뗃뗄좫늿쫕틦쫇S?K?웰짏쫐릫쮾횮볤죃뿘막좨뗄늢릺낸샽캪퇹놾?K???KQ?K?Q?ꆣ돆?S캪컞킭춬킧펦뗣?죧퓚뻟쳥뗄볆쯣훐돤럖뾼싇떽쇋훐맺막쫐뗄뻟쳥쟩맻?S싺ퟣ?S?K?K???KQ?K?Q???ꆣ죧뿶?뛔쯍엤막ꆢ퓶막ꆢ맺폐막뫍램죋막뗈쿠맘컊맻?S?S?뻍폐헽뗄킭춬킧펦?ퟜ뗄킧펦캪헽ꆣ쳢뷸탐쇋쿠펦뗄뒦샭ꆣ쫕릺뫳릫쮾믱뗃뗄ퟜ킧펦쫇S?K?K???ퟛ뫏짏컄?컒쏇튻릲뷩짜쇋킭춬킧펦뗄컥훖KQ?K?Q??웤훐쒿뇪릫쮾뗄쫕틦쫇?P?Q?K?볆쯣랽램ꆣ뗚튻훖랽램퓚틬뎣쫕틦뗄믹뒡짏볆쯣쫕릺릫쮾뗄쫕틦쫇?S?P?K??S?Q??ꆣK?킭춬킧펦?뗚뛾훖랽램헫뛔늢릺잰뫳쿖뷰쇷뗄뇤S??Q?Q??P뚼틗믱뗃?맘볼쫇S뗄볆쯣ꆣ죧맻뮯뷸탐볆쯣ꆣ헢솽훖랽램틑뺭랢햹뗃뇈뷏돉쫬?쓜릻헽좷뗘볆쯣돶S횵?쓇쎴킭춬킧펦뗄횵뻍뿉퓚퇐뺿훐놻뷏뛠뗘쪹폃?늢쟒늻뛏폐탂뗄퇐뺿뛔틔볆쯣돶살ꆣ늻맽?ퟷ헟놾죋늢쎻폐펦폃룃쒣탍웤볓틔탞헽룄뷸ꆣ뗚죽훖랽램듓탂뗄쫓뷇돶랢샭볆쯣쪵볊늢릺뗄킭춬킧펦횵?쯹틔헢튻쒣탍폐훺뷢뫍뫢솿킭춬킧펦?떫쫇퓚볆쯣뗄뿉탐탔짏뮹탨폚샭뷢킭춬킧펦?떫죧뫎펦폃쒣탍볆쯣돶킧펦횵?튪ퟶ뷸튻늽뗄짮죫ꆣ맺쓚뗄솽훖랽램쫇뛔킭춬킧뮹탨튪뷸튻늽뗄짮죫ꆣ펦볆쯣뗄폐틦뎢쫔?늢쟒뾼싇떽쇋훐맺쒿잰뗄쪵?쯄?맺쓚뗄킭춬킧펦볆쯣랽램볊쟩뿶?떫퓚쳡룟볆쯣뗄ힼ좷뛈뫍뫏샭탔랽쏦탨맺쓚튲폐늻짙퇐뺿뎢쫔볆쯣킭춬킧펦ꆣ쿄탂튪볓틔헥ퟃꆣ욽ꆢ쯎맢튫?????????죏캪늢릺웳튵뻶닟헟뿉틔샻폃쫕벯떽뗄벺랽뫍놻늢릺랽뗄맽좥ꆢ쒿잰뫍풤닢쯄ꆢ뷡쫸폯볦늢뫳붫살뗄룷샠쫽뻝?내늢릺믮뚯뿉쓜퓶볓뗄쇋뷢뫍움맀킭춬킧펦뛔폚쎿튻룶쿫튪춨맽늢쿖뷰쇷솿뷸탐럖컶ꆢ맩쓉뫍볆쯣?듓뛸뗃떽킭춬킧릺ힷ쟳돉뎤뗄릫쮾살쮵쫇튻쿮늻뿉뇜쏢뗄릤ퟷꆣ펦뗄맀볆횵ꆣ킭춬킧펦볈쫇에뛏늢릺뿉탐탔뗄믹뒡?튲쫇훆뚨룹뻝킭춬킧펦뗄살풴?킭춬킧펦뗄닺짺훷튪붻틗볛룱뗄틀뻝?짵훁뻶뚨ퟅ늢릺뗄돉냜ꆣ훐맺평쯄늿럖뇤뮯떼훂?펪튵쫕죫뗄퓶볓?ꚤR??닺욷쫐뎡늢릺믮뚯죕틦욵랱ꆣ뷡뫏훐맺뗄쪵볊쳘헷?돉놾뗄붵뗍?ꚤCP??쮰쫕뗄복짙?ꚤT?뫍뷰돉놾늻뛏컼좡맺췢틑폐뗄퇐뺿돉맻?볓틔뷨본ꆢ뒴탂ꆢ뗄붵뗍?ꚤCA??쯹틔킭춬킧펦뗄퓶솿쿖뷰쇷뿉뇭펦폃?듓뛸ힼ좷뗘볆쯣킭춬킧펦?붫쫇튻룶늻뛏짮쪾캪?ꚤCF?ꚤR?ꚤCP?ꚤT?ꚤCAꆣ맀볆돶늢죫뗄맽돌ꆣ헢붫뛔늢릺웰떽훘튪뗄횸떼ퟷ폃?늢릺뫳웳튵뗄쫙쏼웚뫍쫙쏼웚쓚룷쓪뗄뺻퓶볓쿖뷰뷸튻늽췆뚯늢릺믮뚯뗄붡뾵랢햹ꆣ쇷?톡좡쫊떱뗄헛쿖싊r?붫쫙쏼웚쓚뗄뺻퓶볓쿖뷰쇷솿헛쿖볓ퟜ?벴뿉뗃떽틔뺻퓶볓쿖뷰쇷뗄쿖닎뾼컄쿗?횵볆쯣돶뗄킭춬킧펦횵ꆣ????쏀?십뿋ꆤ주싞컖?킭춬킧펦뗄쿝??릫쮾퓚릺늢훐죧?헢튻볆쯣랽램뗄늻ퟣ횮뒦쫇볆쯣맽돌훐듦퓚뫎뇜쏢릦뿷튻?M??퇮뺼틫?짏몣?짏몣풶뚫돶냦맽뛠뗄풤닢?죧맻늻쓜뛔맘볼닎쫽뗄좷뚨벰죋캪짧???????쿂뗚??튳?
