늼삳뿋캤뛻뷰죚냙뿆듇뗤?훐컄냦?뗏낲ꆤ엁뿋즭?뗀룱삭쮹ꆤ컩뗂?훷뇠쇵?풰?샮퇾맢?틫뛔췢뺭볃쎳틗듳톧돶냦짧
??뺩?탂뗇ퟖ???뫅?춼쫩퓚냦뇠쒿?CIP?쫽뻝?늼삳뿋캤뛻뷰죚냙뿆듇뗤??펢?뗏낲ꆤ엁뿋즭?Paxson?D???뗀룱삭쮹ꆤ컩뗂?Wood?D?훷뇠?쇵풰?샮퇾맢틫?ꆪ놱뺩?뛔췢뺭볃쎳틗듳톧돶냦짧??????ISBN??㠱〰???㠱???ꋱ?늼ꆭ?ꋲ?ꋙ엁ꆭꋚ쇵ꆭꋛ샮ꆭ?ꋳ?뷰죚톧?듇뗤?ꋴ?F???????훐맺냦놾춼쫩망CIP쫽뻝뫋ퟖ??〰ㄩ뗚?㐳㘸?뫅?놱뺩쫐냦좨뻖훸ퟷ좨뫏춬뗇볇뫅?춼ퟖ??????????㜹?ꇰc?㈰〱쓪?뛔췢뺭볃쎳틗듳톧돶냦짧돶냦랢탐냦좨쯹폐?랭펡뇘뺿늼삳뿋캤뛻뷰죚냙뿆듇뗤뗏낲ꆤ엁뿋즭?뗀룱삭쮹ꆤ컩뗂?훷뇠쇵?풰?샮퇾맢?틫퓰죎뇠벭??ퟳ럅뻼뛔췢뺭볃쎳틗듳톧돶냦짧놱뺩쫐뎯퇴쟸믝탂뚫뷖??뫅?폊헾뇠싫??〰?㈹췸횷?http???www?uibep?com삳컟쫐쪥쇺펡컱쫩뾯폐쿞퓰죎릫쮾펡쮢??탂뮪쫩뗪놱뺩랢탐쯹랢탐?뾪놾??㠷ꇁ?〹????????????펡헅????잧ퟖ????쓪??퓂놱뺩뗚?냦?????쓪??퓂뗚?듎펡쮢ISBN??㠱〰????????Gꆤ㈰?펡쫽??〰?ꆪ?〰?닡??뚨볛????〰풪
틫헟뗄뮰쯦ퟅ좫쟲뷰죚튵뗄엮늪랢햹?탂뗄샭싛ꆢ탂뗄릤뻟튲죧폪뫳뒺쯱냣펿쿖돶살ꆣ헢킩탂뗄샭싛뫍릤뻟뛔폚컒맺뷰죚쫐뎡뗄붨짨폫랢햹뻟폐쪮럖훘튪뗄틢틥ꆣ떫쫇?평폚좱랦뛔탂쏻듊믹뒡탔ꆢ쾵춳탔뗄죏쪶?뛔맺쓚듳뛠쫽죋살쮵?튻킩튵훸ퟷ뎣뎣믡쿔뗃믞즬쓑뚮ꆣ놾듇뗤쓚죝탂펱ꆢ뢲룇쏦맣ꆢ퇓짬탔잿?캪맣듳뗄뷰죚퇐뺿헟ꆢ듓튵헟벰낮뫃헟워볜쇋춨쿲쿖듺ퟮ탂뷰죚횪쪶뗄쟅솺ꆣ튻ꆢ쓚죝탂펱ꆣ듇뗤훐쫕벯쇋ퟮ뷼벸쓪퓚뷰죚샭싛뫍뷰죚릤뻟랽쏦뗄뒴탂돉맻ꆣ웤훐?탭뛠룅쓮쫇뷼튻솽쓪닅쳡돶믲뗃떽돤럖퇐뺿뗄?죧틸탐놣쿕?좫쓜뷰죚믺릹?Bancassurance?Allfinanz?뗈ꆣ뛾ꆢ뢲룇쏦맣ꆣ듇뗤짦벰폐맘뷰죚뗄샭싛ꆢ쪵컱ꆢ튵컱닙ퟷ믺릹ꆢ볠맜믺훆?틔벰램싉램맦뗈랽쏦뗄쓚죝?쫇튻놾쏻뢱웤쪵뗄냙뿆듇뗤ꆣ죽ꆢ퇓짬탔잿ꆣ퓚뛔쎿튻듊쳵룅삨탔뗘뷩짜웤닺짺ꆢ랢햹맽돌?늢쾵춳탔닻쫶믹놾뿲볜쓚죝뫳?뮹룸돶쇋듳솿뗄닎뾼컄쿗?쪹뛔쒳튻듊쳵믲룃듊쳵뗄쒳튻랽쏦룐탋좤뗄뛁헟뿉틔뷸탐삩햹탔퓄뛁ꆣ듋췢?헅붨컄ꆢ쇵쿨ꆢ샮횾좺ꆢ쯎캪뗈튲닎폫쇋놾쫩뗄랭틫릤ퟷꆣ본폚틫헟쮮욽폐쿞?컄훐죴폐늻떱횮뒦?뺴쟫늻쇟듍뷌ꆣ틫헟????쓪?퓂폚놱뺩
잰??퇔쓜붫놾듇쫩벰웤ퟷ헟쏇뷩짜룸튻룶탂뗄맣듳뛁헟좺ꆪꆪꆪ훐맺죋쏱?컒짮룐죙탒ꆣ퓚뺭볃탍맽돌훐?헒돶탂뗄쓜폫쏱ퟥ컄뮯쿠뫍킳뗄맜샭폫ퟩ횯냬램쓋쫇튻훖쳴햽?뛸펭뷓헢튻쳴햽뗄ퟮ폐솦릤뻟뻍쫇샭쓮뫍횪쪶ꆣ놾듇쫩뇣쫇쓒삨훮ퟓ냙볒ퟮ뻟쪵솦뫍펰쿬솦쮼쿫뗄릤뻟쿤ꆣ놾듇쫩쫇횪쪶뗄뷡뺧?헢킩횪쪶튻횱펰쿬ퟅ컒쏇쯜퓬죧뫎좥뾼싇ퟩ횯쓚늿뇤뮯뗄쮼캬쒣쪽?늢틑뺭쫜쇋쪱볤뗄뾼퇩ꆣ쓺뮹믡랢쿖?헢킩맛쓮헽돉캪ퟩ횯폫맜샭캴살랢햹뗄럧쿲뇪ꆣ떫헢킩횪쪶뮹쎻폐놻뫜뫃뗘닉폃?튻룶훷튪뗄헏낭뻍쫇웤뛔쿳뷶쿞폚튵퓓횾뫍쫩벮뗄뛁헟ꆣ뛠쓪살?헢튻뻖쿞탔떼훂쇋럇튵죋쪿쓑폚샭뷢뗄튵룅쓮뫍쫵폯뗄듳솿벤퓶뫍랱퇜?룸웕춨뛁헟퓬돉쇋샭뷢짏뗄늻뇘튪뗄삧쓑?쪹쯻쏇쓑틔돤럖쫜틦폚톧헟쏇뗄헦횪ퟆ볻ꆣ놾듇쫩뷢뻶쇋헢튻쓑쳢?쯼뛔맘볼뗄룅쓮뷸탐쇋쾵춳뗄맩쓉ꆢ믣뇠?늢쟫맺볊횪쏻뗄볒캪헢킩룅쓮쳡릩쇋쟥컺뗄뷢쫍ꆣ뛔폚쿱훐맺헢퇹뗄탍뺭볃맺볒?컒쾣췻쿱헢퇹뗄듇쫩쓜릻뛔틔쿂뛁헟햹쪾쯼벫웤놦맳뗄볛횵?ꇱ톧헟뫍톧짺ꆪꆪꆪ쯻쏇탨튪튻놾뿉닩퓄훘튪룅쓮ꆢ뻟폐뷸튻늽퓄뛁쯹탨뗄닎뾼쫩쒿벰뛔쿠맘훷쳢쳡릩솴뷓뗄릤뻟쫩?틔킡뫅ퟖ쳥듳킴ퟖ쒸뇪쏷붻닦닎뾼듊쳵??ꇱ릤짌맜샭쇬떼닣뫍튵죋쪿ꆪꆪꆪ쯻쏇쿫닩떽맜샭뫍ퟩ횯쫵폯뗄춨쯗틗뚮뗄뷢쫍?틔벰죧뫎붫쯼쏇퓋폃폚뻟쳥뺭펪뮷뺳뗄뫃훷틢?ꇱ뻟폐뾪삫탔쮼캬뫍훇믛뗄웕춨뛁헟ꆪꆪꆪ쯻쏇쿫헒떽튻놾뿉뻍쒳룶쳢뿬쯙샀웤뫋탄톧쫵횪쪶뗄ꆰ뿬닍ꆱ뛁놾ꆣ쿱놾듇쫩튻샠뗄릤뻟쫩?웤쪹폃랽램뫜뛠ꆣ붻닦쯷틽쾵춳뿉쯦쓣ퟔ죧뗘첽쯷ꆣ죧맻쓣톡훐튻룶훷쳢?뇣뿉틔퇘ퟅ튻쳵쿠뮥솪쾵뗄쮼슷뷸뛸맡뒩짌튵폫맜샭뗄훷튪쇬폲ꆣ뛔폚뒦폚뺭볃뫍짧믡벱뻧뇤룯쪱듺뗄훐맺뛁헟?뿉틔폐죧쿂벸쳵쿠뮥맘솪뗄쮼쿫슷뺶???맜샭럧룱ꆣ쓄훖쇬떼랽쪽뾴살ퟮ캪폐킧?캪쪲쎴?폐킧좨췾뗄잰쳡쳵볾쫇쪲쎴??뻙샽쮵?쓣뿉닎퓄쿂쇐듊쳵?쫗쾯횴탐맙?캯죎?웳튵볒뺫짱?쇬떼?맜샭탐캪?맜샭럧룱?좨솦?럧쿕돐떣?햽싔맜샭?볌죎볆뮮ꆢ뷓냠죋볆뮮?볠뚽?췅뛓붨짨?룟벶맜샭췅뛓?쿲맜샭?얮뺭샭?뗈뗈ꆣ???ퟩ횯짨볆ꆣ죧뫎춨맽럖엤죎컱ꆢ솪쾵릵춨췸싧뫍뻶닟쾵춳랢뻲풱릤뗄ퟮ듳잱쓜??뇈죧?쓣뿉닎볻?맙쇅훷틥?릵춨?럖좨뮯?볒ퟥ웳튵?탅쾢벼쫵?릤ퟷ짨볆?뻘헳ퟩ횯?뿧맺릫쮾?ퟩ횯랢햹?ퟩ횯짨볆?ퟩ횯킧맻?훘ퟩ?짧믡벼쓜샭싛?벼쫵?뗈뗈ꆣ???죋솦풴쾵춳ꆣ떱뷱놻뷓쫜뗄폐맘탐횮폐킧뗄닙ퟷ쪵볹뫍돌탲뗄훁샭쏻퇔폐쓄킩?죧뫎랢믓죋샠풴쾵춳뗄ퟮ듳킧쓜??늻럁닎볻?움맀훐탄?닐벲?릤쪱?죋솦풴햽싔?릤ퟷ럖컶?맜샭랢햹?첸에?닎폫?킽쾵춳?벨킧움맀?탄샭웵풼?훖ퟥ?헐울?낲좫?ꆤ?ꆤ
톡냎랽램?엠통?뗈뗈ꆣ???룶죋벨킧폫쫊펦탔ꆣ퓚늻뛏뇤뮯뗄쳵볾쿂?쓄훖랽램ퟮ캪폐킧?죧뫎냑죋쏇뗄뚯믺뮯캪짺닺탐뚯??샽죧?뿉닎볻?뿵릤?뇤룯랽램?쓜솦?뒴퓬탔?닮듭?쒿뇪짨뚨?죋볊벼쓜?탄샭붡뾵?뚯믺?룶죋벨킧?룶탔ꆢ죋룱?짺닺싊?훊솿좦?톹솦?뗈뗈ꆣ???맜샭뗄컄뮯놳뺰ꆣ죧뫎ퟮ뫃뗘샭뷢뫍럖컶붫볛횵맛뫍맜샭쪵볹쓉죫늻춬쏱ퟥ뫍탐튵뗄놳뺰훐좥??쓣뿉닎볻?캣믺?컄뮯?뺫볲?췢엉맍풱?헾뢮뫍웳튵?맺볊맜샭?뛠퇹탔맜샭?ퟩ횯컄뮯?죋뿚짺첬톧?쮽폐뮯?벼쫵죃?뗈뗈ꆣ???햽싔뻶닟ꆣ훆뚨짌컱볆뮮맽돌훐쏦쇙뗄럧쿕뫍믺폶폐쓄킩?죧뫎돤럖랢믓췅뛓뗄킧쓜?쓄킩욫볻믡췡쟺헽좷뗄에뛏??뇈랽뿉닎볻?탐캪뻶닟샭싛?톯?룉풤랽램?뻶닟?뛠퇹뮯?췅ퟩ뻶닟?룯탂?늢릺?췸싧뮯?좫쏦훊솿맜샭?뗈뗈ꆣ???싗샭ꆣ뛔폚죧뫎닅쓜퓚뿁퇏뗄쫐뎡뮷뺳훐쪵쿖풭퓲탔뗄짌튵쒣쪽컒쏇뺿뺹횪뗀뛠짙?죧뫎벤샸풱릤돉캪웳튵ꆰ솼쏱ꆱ뛸웳튵돉캪뛔짧믡뺡퓰뗄짺솦뻼??뿉닎볻?짌튵싗샭?돥춻?릫쮾짧믡뇭쿖?웧쫓?릫헽ꆢ헽틥?톧쾰탍ퟩ횯?뗀뗂랢햹?ퟩ횯릫쏱?헾훎?볛횵맛?뗈뗈ꆣ?랲듋훖훖?늻쪤쎶뻙ꆣ폐뛠짙쳵듊쳵?벸뫵뻍폐뛠짙훖쪹폃놾듇쫩뗄랽램ꆣ틲듋?컒쾣췻뛸쟒짮탅훐맺뗄뛁헟쓜릻퓚헢늿뫆뗄듇쫩훐헒떽쯻쏇ퟔ벺뗄탋좤쯹퓚ꆣ쓡룱뛻ꆤ쓡뿋뛻톷?NigelNicholson?싗뛘짌톧풺
쒿??슼탲ꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭ?i?룥죋쏻떥ꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭ?iiꆪv?틫헟뗄뮰ꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭ?vi?듊쳵AꆪZꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭ??ꆪ????펢몺뛔헕쯷틽?내펢폯ퟖ쒸업탲?ꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭ????ꆪ????훐컄쯷틽?내몺폯운틴업탲?ꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭꆭ????ꆪ????
탲뷼쓪살쫬횪뷰죚쫐뎡뗄죋쪿뚼믡랢쿖?뺡맜뷰죚뗄놾훊쒿뗄틔벰뫋탄뷰죚릤뻟뗄탔훊놣돖쿠뛔컈뚨?떫쫇뷰죚닺욷뫍뷰죚벼쫵좴돶쿖쇋놬햨탔뗄퓶뎤ꆣ뛠훖풭틲떼훂쇋헢훖놬햨탔퓶뎤쿖쿳뗄닺짺ꆣ쫗쿈?쯦ퟅ좫쟲뮯뗄뷸돌?탭뛠맺볒뗄막욱쫐뎡ꆢ췢믣쫐뎡틔벰춶쳥훆뚼뗃떽쇋뿬쯙뗄랢햹ꆣ뛠쓪틔살?튻킩뢻폐뾪췘뺫짱뗄춶믺릹뫍쮽죋춶헟늻뛏뗘퓶볓쯻쏇퓚췢맺쫐뎡?폈웤쫇탂탋쫐뎡짏뗄춶럝뛮틔쟳믱뗃룼룟뗄쫕틦믘놨?춬쪱럖즢춶틔맦뇜럧쿕ꆣ퓚탂뗄쫀뷧쳥훆쿂?쓪쟡뗄튻듺뫜뿉쓜믡뾴떽좫쟲뗄뺭볃훐탄붫쪷컞잰샽뗘듓뒫춳뗄랢듯맺볒쿲룟쯙랢햹뗄퇇훞뫍뮷첫욽퇳뗘쟸틆?뷰죚쫐뎡죧뫎살쫊펦헢튻뇤뮯붫쫇뷱뫳컒쏇뗄튻룶퇐뺿훘뗣ꆣ뗚뛾룶풭틲쫇탅쾢돉놾뫍붻틗돉놾뗄듳럹뛈붵뗍ꆣ뷱쳬뗄춶헟뿉틔뗃떽럇뎣럡뢻뗄탅쾢?춬쪱탅쾢뗄뒫능쯙뛈룼뿬?럸짤뗘쟸룼맣ꆣ뺭맽룄뷸뗄쫽뻝뿢퓊탭컒쏇뷸탐뢴퓓뗄쫽톧럖컶?뛸헢퓚벸쓪틔잰뮹횻쫇쳬랽특첷ꆣ쫽뻝쏜벯탍뗄탩쓢훇쓜벼쫵쪹뗃컒쏇쓜릻뾼싇퓚룼볓맣랺뗄믹뒡짏붨솢뷰죚쫐뎡뗄볜릹ꆣ뒫춳뗄붻틗랽쪽쿲뗧ퟓ붻틗쾵춳뗄뇤벫듳뗘붵뗍쇋붻틗돉놾?듳듳퓶볓쇋쫐뎡뗄쳗릺탐캪?듙쪹붻틗룷랽룼볓맣랺뗘쪹폃뢴퓓뗄탂탍뷰죚퇜짺릤뻟ꆣ뿉틔뫁늻뿤헅뗘쮵?헢킩탂탍뗄뷰죚벼쫵뫍뷰죚릤뻟쓜릻캪죎뫏튻훖믹뒡붻틗닺쳡릩쳗웚놣횵ꆣ쫐뎡뛠퇹뮯뗄랢햹캪뷰죚뷧듓튵죋풱쳡릩쇋룼맣랺뗄톡퓱?냼삨샻싊ꆢ믣싊뗄짏쿂쿞뫍횸쫽뮯닺욷뗈뗈ꆣ붻틗릤뻟뗄늻뛏랢햹쪹뗃ힼ좷뗘뫢솿붻틗춷듧돉캪뿉쓜?듓뛸떼훂탂뗄럧쿕맜샭뿆톧뗄돶쿖ꆣ훮죧횤좯믲틸탐듻뿮뗈럧쿕닺ퟩ뫏뗄뺻춷듧뿉틔ힼ좷뗘닢솿?죧맻뇘튪뗄뮰?뿍뮧뿉틔춨맽퓚쫐뎡짏뷸탐랴쿲닙ퟷ살쪵쿖췪좫믲늿럖뗄쳗웚놣횵ꆣ뿉틔헢퇹쮵?놾쫩쯹몭룇뗄헢킩탂탍뷰죚벼쫵ퟮ훕믡퓚튻룶쎻폐좱쿝뗄좫쟲쫐뎡짏뛔쯹폐뗄뷰죚닺뷸탐췪쏀뗄뚨볛ꆣ퓚놾쫩듊쳵뗄뇠톡맽돌훐?탂벼쫵뗄퓋폃랢믓쇋뫜듳뗄ퟷ폃ꆣ컒쏇춨맽뛔쳘뚨듊쳵퓚뷰죚뫍쎳틗웚뾯짏돶쿖뗄욵싊뷸탐춳볆살좷뚨룃듊쳵쫇럱톡죫놾쫩틔벰뛔웤뷢쫍쓚죝뗄뎤뛌ꆣ캪냼죝뮹횻쫇룕룕퓚뷸죫컄쿗뗄탂뿎쳢뗄쪵컯웚좨뗈?컒쏇튲뇠죫쇋퓚쳵쒿쯑헒웚탐붫뷘횹쪱뛔웤탋좤헽퓚톸쯙퓶뎤뗄튻킩쳵쒿ꆣ퓚놾쫩뗄뇠맽돌훐?컒쏇폐탒뗃떽쇋탭뛠퓚룷ퟔ쇬폲ힿ폐붨쫷뗄볒톧헟뗄듳솦횧돖ꆣ쯻쏇퓚냙쎦훐돩돶놦맳뗄쪱볤캪컒쏇퓚뫆죧퇌몣뗄뗤벮훐뇠톡뫍짳퓄듊쳵?뛔쯻쏇뗄탁쟚릤ퟷ컒쏇퓚듋훂틔ퟮ돏횿뗄킻틢ꆣ떱좻쟇낲쓝놾쫩톡죫뗄듊쳵늻뿉뇜쏢뗘랴펳쇋뷰죚잰퇘톧뿆튻킩ퟮ탂뗄랢햹ힴ뿶?떫탨튪횸돶뗄쫇?쯹폐뗄듊쳵뚼횻쫇캪뛁헟쳡릩쇋잳쿔뗄쓚죝뷩짜ꆣퟮ뫳?컒쏇뮹튪룐킻쟇낲쓝ꆤ탁웕즭뫍뾭즪쇕ꆤ뗀틁뛔놾쿮쒿뗄횧돖ꆣ쯽쏇퓚놾쫩뇠맽돌훐믽벫폐킧뗄짳킣뫍볇슼릤ퟷ쪹뗃놾쫩퓧죕뢶돉캪뿉쓜ꆣ뗏낲ꆤ엁뿋즭뗀룱삭쮹ꆤ컩뗂
agencytheoryꆤ?ꆤ??Aagencytheory듺샭샭싛튻욫샫듸살뗄캯췐죋닆뢻복짙쫇듺샭맘쾵듓뺭볃톧볒뗄뷇뛈살맛달죋샠쿠뮥횮뗄뢽볓돉놾?벴ꆰ닐폠쯰쪧ꆱ?ꆣ틲듋?Jens?볤뗄탐캪?컒쏇튻냣풤쿈볙짨쯹폐뗄룶쳥en뫍Meckling??????뚨틥듺샭돉놾캪쿂뚼틔룶죋샻틦캪쒿뗄뷸탐믮뚯ꆣ듋췢?컒쇐벸쿮횮뫍??ㄩ캯췐죋뗄볠뿘횧돶????듺쏇뮹볙짨쎿튻룶쳥뚼쓜돤럖쇋뷢웤쯻룶쳥샭죋뗄놣횤횧돶??㌩닐폠쯰쪧ꆣ뗄샻틦뚯믺?늢쓜뻍헢킩뚯믺죧뫎횸떼웤Barnea뗈죋???㠵?룹뻝놻뾼달뫏풼맘쯻룶쳥뗄탐캪탎돉컞욫풤웚ꆣ평듋?샻틦쾵뗄샠탍붫듺샭샭싛럖돉쇋솽듳늿럖ꆪꆪꆪ돥춻ퟔ좻뛸좻뗘닺짺쇋ꆣ떱솽룶룶쳥횮볤듺샭뗄뺭볃샭싛폫듺샭뗄뷰죚샭싛ꆣ듺샭닺짺튻훖듺샭맘쾵쪱헢킩돥춻뇤뗃룼캪쏷뗄뺭볃샭싛뾼달튻쏻쳡릩뷰뗄떥튻캯췐쿔ꆣ쯹캽닺짺듺샭맘쾵벴횸튻랽룶쳥?캯죋뫍튻캻횰퓰퓚폚짺닺닺욷믲쳡릩럾컱뗄췐죋?울폃쇭튻룶쳥?듺샭죋?듺뇭쯻?쯽쳡듺샭죋?뺭샭?횮볤뗄뫏춬맘쾵ꆣ캯췐죋믱릩쒳킩럾컱ꆣ헢훖뫏풼뗄믹놾쳘헷쫇캯췐뗃웳튵웚쒩볛횵뗄쯹폐좨ꆣ듺샭죋퓲붫틲죋붫튻늿럖뻶닟좨캯뢳룸듺샭죋ꆣ듺샭샭쯻쏇뢶돶뗄얬솦뛸믱뗃킽뷰ꆢ늿럖웳튵웚싛벴쫇퇐뺿헢샠뫏풼맘쾵뗄뺭볃샭싛ꆣ쒩볛횵?틖믲쫇뛾헟볦뗃ꆣJensen뫍Meckling??㤷㘩뛾죋ퟮ쿈뛔듺샭듓헢훖맘쾵훐닺짺뗄듺샭컊쳢훷튪폐샭싛ퟷ돶쾵춳쏨쫶ꆣ뛾ꆣ쫗쿈?돽럇쫜떽ퟣ릻뗄맄샸?벴벤샸컊돽럇폐벤샸틲쯘믲쫜떽웤쯻쳵볾뗄쿞쳢⤬듺샭죋늻믡쟣뺡쯹쓜ꆣ웤듎?캯췐죋훆?듺샭죋튻냣뚼믡뻝벺랽샻틦탐쫂ꆣ뛸뫍듺샭죋릲춬쿭폐웳튵웚쒩볛횵?뛸헢튻쯻쏇뗄헢킩탐캪늢늻튻뚨럻뫏캯췐죋뗄샻볛횵퓚뫏춬짌첸쪱쫇캴횪뗄?평듋쮫랽듦틦ꆣ틲듋?캯췐죋믡틔솽훖랽쪽살쿞훆듺퓚럧쿕럖떣뗄컊쳢?벴럧쿕럖떣컊쳢?ꆣ샽샭죋ퟷ돶욫샫ퟔ벺샻틦뗄탐캪????퓚뫏춬죧?튻럝쿲듺샭죋?캯췐죋?횧뢶만뚨뎥뷰훐뚩솢튻킩붱샸탔쳵뿮틔쪹듺샭죋뗄탐캪뗄뫏춬벴틢캶ퟅ캯췐죋?듺샭죋?돐떣쇋좫럻뫏캯췐죋뗄샻틦????퓚뫏춬폐킧웚쓚볠늿럧쿕ꆣ뿘듺샭죋뗄탐캪ꆣ쿠랴뗘?듺샭죋튲뿉쓜춬쪱뷢뻶쇋벤샸컊쳢뫍럧쿕럖떣컊쳢랢쿖?솦놣뇜쏢ퟷ돶늻샻폚캯췐죋뗄탐캪뗄뫏풼놻돆캪ꆰퟮ폅ꆱ뫏풼ꆣퟮ폅뫏풼룸쇋뛔ퟔ벺뛸퇔틠쫇ퟮ폅뗄?듋벴놣횤돉놾?ꆣ듺샭죋ퟣ릻뗄듌벤틲쯘듓뛸쪹횮뿋뺡웤캯췐죋뫍?믲듺샭죋뷸탐짏쫶퓋ퟷ뗄횧돶솦?춬쪱튲퓚캯췐죋뫍듺샭죋횮볤붫럧쿕뿉쓜쫇믵뇒탔횧돶?튲뿉쓜쫇럇믵뇒횧돶?ퟮ폅럖엤ꆣ탭뛠톧헟뛔헢킩쳵뿮뷸탐쇋퇐떫쯼쏇뚼쫇듺샭맘쾵뗄돉놾ꆣ뺿?샽죧?뿉닎볻Ross?ㄹ㜳?Shavell?뾼싇떽뚩풼뗄룟돉놾뫄럑?튪릹퓬튻??㜹?Holmstrom????㤩ꆣ럝쪹캯췐죋뫍듺샭죋쮫랽샻틦췪좫튻훂뗄뷰죚듺샭샭싛퇐뺿뗄쫇퓚뷰죚쫐뎡훐뫏춬쫇늻뿉쓜뗄ꆣ듺샭맘쾵쮫랽랢짺뗄볠돶쿖뗄뫏춬맘쾵ꆣ퓚폐맘뗄뷰죚컄쿗훐?뿘돉놾폫뷡뫏돉놾횮뫍캪쪹뇟볊쫕틦뗈폚뾼달쇋죽룶뗤탍뗄듺샭컊쳢????튻쏻펵폐뇟볊돉놾뗄쓇튻뗣ꆣ떫벴쪹죧듋?듺샭죋쯹폐좨뗄맜샭헟횻뛔웳튵돖폐늿럖쯹폐뗄탐캪죔믡폫캯췐죋뗄샻틦폐쯹욫샫ꆣ헢좨㬨㈩폐쿞퓰죎뗄햮컱죚????탅쾢늻뛔
ꆤ?ꆤagencytheory??돆ꆣ튻볒웳튵놻쫓캪튻ퟩ뫏춬맘쾵뗄솪뷡쳥쾵쿲쫐뎡뒫뗝쓚늿탅쾢ꆣ?Jensen뫍Meckling?ㄹ㜶?ꆣ쓇쎴?퓚죧듋훚뛠뗄뫏춬랽?뺭펪맜샭헟ꆢ막뚫ꆢ햮좨죋닎뾼컄쿗뗈뗈?횮볤랢짺쎬뛜폫돥춻늢늻쇮죋닯틬ꆣBanea?A??Haugen?R?&Senbet?L???㤸???죧맻릫쮾뗄뺭펪헟늢늻돖폐????뗄Agencyproblemsandfinancialcontracting?막좨EnglewoodCliffs?NJ?PrenuicHall??퓚뺭펪헟뫍막뚫횮볤뻍뿉쓜닺짺쎬뛜ꆣ뺭펪헟ퟷ뻶닟뗄쒿뗄쫇튪쪹쯻쏇ퟔ벺Black?F?&Scholes?M???㤷㌩?Thepricingof믱뗃뗄킧폃ퟮ듳뮯ꆣ틲듋optionsandcorporateliabilities?JournalofPo??튻쏻횻펵폐늿liticalEconomy?㠱????????럖막좨뗄뺭샭죋풱ퟶ돶뗄뻶닟뿉쓜폫펵폐Galai?D?&Masulis?R?⠱?㜶??Theoptionpri?????막좨뗄맜샭죋풱쯹ퟷ뗄뻶뚨늻튻훂ꆣcingmodelandtheriskfactorofstock?Journal샽죧?Jensen??????죏캪냩쯦ퟅퟔ평쿖뷰ofFinancialEconomics?㌬㔳????쇷믡닺짺듺샭돉놾ꆣퟔ평쿖뷰쇷쫇횸퓚춶Holmstrom?B????????Moralhazardandob?쇋좫늿뿉듸살뺻쿖횵쇷죫뗄쿮쒿뫳쪣폠servability?BellJournalofEconomics????뗄뿉릩뺭펪헟죎틢쪹폃뗄쿖뷰ꆣ죧맻퓚뛔????쯹폐헽뺻쿖횵쿮쒿춶뫳죔폐뷰쪣폠Jensen?M??ㄹ????Agencycostsoffreecash?뺭펪헟뿉쓜믡붫헢킩ퟔ평뷰샄폃폚쓇킩flow?AmericanEconomicReview??㘬㌲??컾짼쇋막뚫샻틦떫좴쓜퓶볓쯻쏇룶죋킧폃???Jensen?M?&Meckling?W???㤷???Theoryof뗄쿮쒿?닎볻Mann뫍Sicherman????ㄩꆣthefirm?managerialbehavior?agencycostsand떱뷸탐횻돐떣폐쿞퓰죎뗄햮컱죚쪱?ownershipstructure?JournalofFinancialE?막뚫뫍햮좨죋횮볤튲믡닺짺돥춻ꆣ샽죧?냑conomics?㌬㌰?????싲죫웚좨뫍튻볒룜룋릫쮾뗄막좨ퟷ샠뇈Mann?S?&Sicherman?N????㤱??Theagency?Black뫍Scholes?ㄹ???Galai뫍Masulis?costsoffreecashflow?acquisitionactivityand??????쳡룟릫쮾닺믘놨뗄랽닮믡퓶볓막equityissues?JournalofBusiness?㘴??ㄳ?욱뗄볛횵????룹뻝싲죫웚좨뗄쳘헷?늢쪹햮좯볛횵쿂붵Myers?S?&Majluf?M??ㄹ????Corporatefi??춨맽퓶볓캥풼뿉쓜탔?ꆣ뫜죝틗췆뛏nancingandinvestmentdecisionswhenfirms?춶폚룟랽닮뗄놾쿮쒿뿉춨맽쟖쪴햮좨죋뗄샻틦뛸쪹막뚫닆뢻퓶볓ꆣ쿔뛸haveinformationthatinvestorsdonothave?JournalofFinancialEconomics????????틗볻?햮좨죋튲쓜틢쪶떽막뚫뗄헢튻뚯믺?ㄱ?늢뛔막뚫탐캪뷸탐쿞훆?샽죧?햮컱웵풼?ꆣRoss?S?⠱?㜳??Theeconomictheoryofagency?떱튻볒릫쮾뗄맜샭닣춨맽돶쫛횤좯뗄theprincipal?sproblem?AmericanEconomicRe?랽쪽캪춶쿮쒿죚쪱?탅쾢늻뛔돆뗄컊view????ㄳ?????쳢붫뇭슶돶살?MyeRoss?S??ㄹ㜷??Thedeterminationoffinancialrs뫍Majuf??㤸??ꆣ맜샭닣뿉쓜헆컕쇋튻킩맘폚쯹춶쿮쒿뗄쓚structure?theincentivesignallingapproach?늿탅쾢BellJournalofEconomics?㠬㈳?????떫평폚뗀뗂럧쿕컊쳢헢킩탅쾢늻쓜췪좫뿉뾿뗘뒫뗝Shavell?S????㜹??Risk?sharingandincentives?컞돉놾?룸쫐뎡ꆣ퓚탅쾢늻뛔돆쪱릫쮾횤좯뗄볛룱뗍폚좫늿닎폫intheprincipal?agentrelationship?BellJournalofEconomics????㔵????헟뚼헆컕쿠춬탅쾢쟩뿶쿂뗄볛룱ꆣ탅쾢늻쮹뗙컄ꆤ싼?STEVENV?MANN?뛔돆뗄컊쳢믹놾짏뿉폃뛠훖탅뫅뿘훆믺훆뷢뻶ꆣRoss??㤷㜩퓸쒣쓢튻쏻뿉믱뗃틑횪붱샸볆뮮뗄뺭샭죋풱죧뫎샻폃릫쮾뗄닆컱
artificialneuralnetworksꆤ?ꆤ춳뻍뿉틔놻탞헽ꆣ퓚룸돶쫤죫볇슼뫳??artificialneuralnetworks죋릤짱뺭췸?캪싧쪹닐닮횵ퟮ킡?쾵춳늻뛏뗘뛔좨훘횵뷸탐죋릤짱뺭췸싧?ANNs?쫇틔볆쯣믺돌뗷헻ꆣ탲믲펲볾탎쪽뇭쿖뗄톧쾰쯣램ꆣANNs뗄ANNs폐쪱믡폶떽뻖늿ퟮ킡뫍맽뛈킣쳘뗣쫇폐튻룶쳥쾵뷡릹늢쳡릩튻훖탞헽랽헽뗄컊쳢ꆣ평폚짦벰럇쿟탔?쾵춳훐뗄쯣쪽ꆣ췸싧쳥쾵횸뗄쫇솬뷓퓋쯣뒦샭풪볾뗄램캴뇘뚼쓜뗃떽ퟜ쳥ퟮ킡횵ꆣ맽뛈킣헽퓲랽램뫍놻붻뮻탅뫅뗄쇷쿲ꆣ퇝쯣뒦샭풪볾횸췸싧쾵춳횻쓜듓닣쏦짏볇틤쫤죫횵뛸떱믲퓋쯣뒦샭웷퓲횸뒦폚쫤죫탅뫅폐킧랶캧쫤죫튻ퟩ탂뗄쫽뻝뫳좴늻쓜뛔횮뷸탐룅삨쓚뗄튻룶뷚뗣ꆣ퓚룃뷚뗣뒦?춨맽뮻릦?뫜뫃뗘풤닢?뗄쟩뿶ꆣ떫쫇?죔폐냬램뿉쓜믲벤믮릦쓜?쫤죫탅뫅놻뮻돉쫤돶탅틔뷢뻶헢킩컊쳢?뛸쟒ANN쪼훕쫇럇뎣폐뫅ꆣ퓚쫤돶떽듯쿂튻뷚뗣잰?쫤돶탅뫅뗄폃뗄쾵춳ꆣ쫂쪵짏?퓚풤닢뗄뺫좷뛈짏쯼횵춨뎣놻돋틔좨훘ꆣ헢튻탞헽맽돌뗄쒿뗄쏇췹췹폅폚쿟탔쒣탍ꆣ튻룶폐헽좷탞헽맽쫇튪룹뻝쒳튻ힼ퓲헒떽ퟮ폅뗄좨훘횵ꆣ퓚돌뗄췸싧쾵춳펦룃쓜릻룅삨?벴쪶뇰쫽뻝쫜볠뿘뗄탞헽맽돌훐?컒쏇뢳폨췸싧쾵춳훐틾몬뗄쒣탍쒣쪽ꆣ뺡맜듓룃쾵춳컒쏇늻튻킩쫤죫횵?좻뫳퓙붫쫤돶횵폫샭쿫?쒿뇪쓜쟳뗃훮죧t횵뗈춳볆솿?떫컒쏇죔뿉ퟷ횵쿠뇈뷏ꆣ평듋컒쏇뿉틔뗷헻좨훘횵듓뛸쇩쏴뛈럖컶ꆣ헢쫇횸퓚튻룶뫏샭뗄랶캧쓚쪹훮죧뻹랽룹컳닮뗈쒿뇪몯쫽뗄횵ퟮ킡ꆣ뇤뚯튻룶쫤죫횵?좻뫳맛달맀볆뗄쫤돶횵뛸퓚늻쫜볠뿘뗄탞헽맽돌훐?췸싧쾵춳붫죧뫎뇤뮯ꆣퟔ탐헒돶ퟮ폅닎쫽ꆣ뺡맜짱뺭췸싧쾵춳뮹쫇튻룶탂뗄퇐뺿짱뺭췸싧폐탭뛠훖?뛠닣룐횪웷뻍쫇쇬폲?쯼좴틑뺭퓚뺭볃뫍뷰죚쇬폲믱뗃돉튻룶볲떥뗄죋릤짱뺭췸싧ꆣ룃뒦샭웷훐볤릦뗄퓋폃ꆣ훮죧풤닢횤좯볛룱ꆢ좷뚨햮좯뗄ퟩ볾놻돆캪틾닣?쇭췢솽닣퓲쫇쫤죫닣럧쿕ꆢ풤닢틸탐웆닺믲웳튵늢릺쪧냜ꆢ뷸탐뫍쫤돶닣ꆣ퓚쫤죫닣뫍쫤돶닣뗄뮻몯쫽닺횤좯ퟩ뫏맜샭뗈뚼쫇뛔짱뺭췸싧쾵춳뿉틔쫇뫣뗈쪽?뛸퓚틾닣훐뗄몯쫽퓲춨뎣뗄펦폃낸샽?Refenes????㔩ꆣ뺡맜춳볆쒣쫇C탎쟺쿟몯쫽믲쮫쟺헽쟐몯쫽ꆣ헢킩몯탍뫍ANNs퓚뫜듳돌뛈짏폐쯹훘뗾?헢솽쫽붫볓좨뫳뗄쫤죫횵횮뫍펳짤퓚듓?떽?ퟩ쒣탍죔쫇폐쯹쟸뇰뗄ꆣWhite?ㄹ㠹?ꆢ믲쫇듓??떽??뗄쟸볤쓚ꆣ퓚뛠닣룐횪Kuan뫍White?ㄹ㤲?첽쳖쇋춳볆믲볆솿웷훐탅뫅쇷뛔헻룶췸싧쾵춳뛸퇔쫇떥쿲뺭볃쒣탍폫잰삡췸싧쾵춳뗄쿠쯆탔ꆣ뗄?믲돆ꆰ잰삡ꆱꆣ죋쏇튲쓜듓룃췸싧쾵춳Cheng뫍Titterington??????듓춳볆톧뗄훐뗃떽쫤돶횵늢붫웤폫쫤죫횵쿠솪쾵?헢뷇뛈퇐뺿쇋ANNs?Ripley?ㄹ㤴?붫뇪ힼ럖뻍탎돉쇋톭뮷췸싧쾵춳?헢훖췸싧쾵춳뎣샠벼쫵폫ANNsퟷ쇋뇈뷏ꆣ평폚짱뺭췸싧놻펦폃폚쪱볤탲쇐쒣탍훐ꆣ쓇킩틾닣훐뚼쾵춳쓜릻럇뎣쟥컺뗘쟸럖듸폐늻춬쳘헷뗄폐퇝쯣뒦샭풪볾ꆣ뛸쟒뫜쏷쿔?쫤돶횵놻쫤죫횵뗄샠뇰?틲듋퓚럖샠톧쇬폲쯼놻맣뚨쒣캪쫤죫횵뗄룟뛈럇쿟탔몯쫽ꆣ틲듋?캪펦폃ꆣ폐맘ANNs뗄ퟛ뫏탔컄쿗럇뎣헽쫇헢훖풪볾뗄쳥쾵뷡릹쪹ANN돉캪춨뛠ꆣHecht?Nielsen?ㄹ㤰?뫍Wasserman폃뗄뷼쯆맀볆쾵춳ꆣ뮻뻤뮰쮵?횻튪펵폐??㤹㌩쫇폐맘ANNs뗄솽놾뷩짜탔뗄쫩ퟣ릻뗄퇝쯣뒦샭풪볾?ANN뿉틔펳짤죎튻벮ꆣ뮥솪췸탂컅벯췅comp?ai?neural?nets캴횪뗄듓쫤죫떽쫤돶뗄맽돌?White뗈죋?쫇튻룶쳡릩폫룃쇬폲퇐뺿폐맘뗄탅쾢쇏??㤲?ꆣ춨맽믘삡뒫능?벴춨맽쳝뛈쿂붵뗄뗄쳢싛첳ꆣ랽램톰헒닐닮몯쫽뗄ퟮ킡횵?헢튻췸싧쾵
ꆤ?ꆤassetallocation??닎뾼컄쿗웳튵?뛸웤쯻튻킩죋퓲짃뎤폚풤닢퓚뫎쪱Chng?B?&Titterington?D????????Neural룃춶ퟩ뫏펦룼뛠뗘춶죫막욱ꆣ뗚튻훖샠networks?areviewfromastatisticalperspec?탍뗄벼쓜뿉맩캪짆폚뷸탐춶톡퓱튻샠?tive?StatisticalScience????????뛸뫳헟퓲쫇쪱믺톡퓱믲닺엤훃뗄벼쓜ꆣHecht?Nielsen?R??ㄹ㤰??Neurocomputing?닺엤훃뻶닟뿉뷸튻늽쾸럖ꆣ춶헟Reading?MA?Addison?Wesley?K뿉퓚쳘쫢뗄믹뒡짏?닉폃쒳킩튵쒣탍춨uan?C?&White?H????㤲??Artificialneuraln맽룄뇤ퟩ뫏훐뗄룷쿮닺뗄좨훘살룄뇤쯻etworks?aneconometricperspective?Econo?me쏇뗄춶ퟩ뫏ꆣ샽죧?풤닢쒣탍뻍놻폃살tricReviews?ㄳ??????Refenes?A????㤵??Ed??Neuralnetworksin풤닢폫햮좯쿠뇈막욱뗄탔쓜믲쫇폫막욱쿠thecapitalmarkets?NewYork?JohnWiley?뇈늻뚯닺뗄탔쓜ꆣ룹뻝헢킩풤닢뗄뷡맻?Ripley?B??ㄹ㤴??Neuralnetworksandrelated춶헟붫춶놻풤닢뗄닺믲듓놻풤닢뗄methodsforclassification?JournaloftheRoy?닺훐뎷ꆣ컒쏇춨뎣샻폃쒣탍살뷸탐튻alStatisticalSociety????㐰?????쿮닺쿠뛔폚쇭튻쿮닺뗄풤닢?좻뫳룹Rumelhart?E?&McClelland?J??ㄹ㠶??Paral?뻝쒣탍풤닢뗄뷡맻훰죕룄뇤ퟩ뫏ꆣ헢훖샠leldistributedprocessing?Explorationsinthe탍뗄쒣탍폐쪱횸햽쫵닺엤훃?TAA??퓚microstructureofcognition?Cambridge?MA?M쪵볹훐뎣폫튻킩뢴퓓뗄퇜짺릤뻟붻틗?죧ITPress?Wa웚좨ꆢ웚믵뗈뷡뫏쪹폃ꆣ룃쾵춳릺싲듺뇭sserman?P????㤳??Advancedmethodsinneuralcomputing?NewYork?VanNostrand막욱뗄횸쫽웚좨믲웚믵?뛸늻쫇횱뷓릺싲Reinhold?막욱ꆣ죧맻웕춨막막욱볛횵짏헇?웚좨뫍White?A??Gallant?A?R??HornikK??Stinch?웚믵뗄춷듧튲믡뾴헇?듓뛸쪹춶ퟩ뫏랢combe?M?&Wooldridge?J?⠱㤹???Artifi?짺듳듳뎬맽막욱퓶뎤뛈뗄퓶횵ꆣTAA놻cialneuralnetwork?Approximationandlearn?폃폚룹뻝룷훖틲쯘죧샻싊ꆢ뇒횵헇뗸벰몣ingtheory?Cambridge?MA??Blackwell?췢춶살뗷헻춶ퟩ뫏럧쿕?닎볻ArnottWhite?H????????Learninginartificialneural뗈죋????㤩ꆣnetworks?astatisticalperspective?Neural뚯첬닺엤훃벼쫵쫇쇭튻훖샠탍뗄Computation??????????낢죸쓉컷퇇쮹ꆤ났욤쮹뿢늮쮹닺엤훃벼쫵?룃샠벼쫵뗄훘뗣늻퓚폚풤닢?ATHANASퟩ뫏닺훐쓄튻쿮캴살뗄뇭쿖룼뫃?뛸퓚IOSEPISCOPOS?폚붨솢튻쳗쓜릻쪹춶ퟩ뫏ퟔ뚯쯦쫐뎡뇤뚯뛸뇤뮯뗄믺훆ꆣ헢튻믺훆볈쓜춨맽웚좨뫍웚믵살쪵쿖?튲뿉춨맽뗷헻내풤뚨맦퓲assetallocation닺엤훃룄뇤춶ퟩ뫏훐룷쿮닺뗄좨훘살쪵쿖ꆣ퓚닺횤좯ퟩ뫏맜샭뗄럖컶훐?십뿂뇈랽쮵?뿉틔닉폃헢퇹뗄헾닟ꆪꆪꆪ릺싲놾캬듄??㤵㤩ퟮ돵ퟶ뗄릤ퟷ쫇헒돶ퟩ뫏훐쎿웚뇭쿖솼뫃뗄닺뛸퓚웤뇭쿖늻뫃쪱쫛튻횤좯뗄ퟮ폅좨훘ꆣ떫쯻뫜뿬뻍틢쪶떽릹돶?틔쪹춶ퟩ뫏놣횵?튲뻍쫇쮵?춨맽붵퓬튻룶춶ퟩ뫏쯹뷸탐뗄뻶닟풶짙폚뗷헻뗍뛔웤훐쒳쿮닺돖탸쿂뗸돐떣뗄럧쿕살쿖폐춶ퟩ뫏쪱쯹튪ퟷ뗄뻶닟ꆣ헢뛔럖컶놣뮤춶ퟩ뫏ꆣ쇭튻훖뚯첬닺엤훃헾닟폐펯샻뗄춶뺭샭쯦쪱볤췆틆뗄뇭쿖죧뫎쫇춨맽훘탂릹퓬살캬돖쎿튻닺뗄뫏샭돖헢튻컊쳢뷏캪훘튪ꆣ샽죧?죧맻튻쿮춶폐솿?헢냼삨싲뷸믲싴돶쓇킩룕룕뾪쪼폐ퟩ뫏훐볈폐막욱튲폐햮좯?쒳킩춶뺭샭쯹퓶횵믲뇡횵뗄닺ꆣ짏쫶솽훖닟싔퓚늻뿉쓜쪮럖짃뎤폚톡퓱춶ퟩ뫏쯹튪춶뗄춬뗄쫐뎡뷗뛎랢믓ퟷ폃ꆣ떱쫐뎡ힴ뿶뇤뚯
assetpricingꆤ?ꆤ뷏듳쪱쿠쯆???ퟮ뫃닉폃놣횵헾닟?뛸떱쫐뎡뗄늨?뻹뫢ힴ첬쿂쫐뎡돶쟥?뿉틔퓚컞럧쿕뚯쟷쫆늻쏷쿔쪱?훘탂릹퓬헾닟붫룼폐킧ꆣ샻싊뗄쳵볾쿂뷸탐컞쿞훆뗄뷨듻ꆣퟮ훕뗄헢킩풭샭퓚Perold뫍Sharpe뗄쫩훐폐뫜쒣탍?놾닺뚨볛쒣탍?CAPM?쫇폐맘뫃뗄쏨쫶ꆣ좨뫢럧쿕뫍놨돪뗄ퟮ훷튪뗄쒣쪽ꆣ?컞쳵볾뗄?CAPM쮵쏷쎿튻쿮닺뗄뎬뛮쫕틦닎뾼컄쿗싊?놨돪싊복컞럧쿕놨돪싊?폫룃쿮닺뗄Arott?R?D??Kelso?C?M??Kiscadden?S?&쫐뎡럧쿕ꛂ쾵쫽돉헽뇈?Macedo?R??ㄹ㠹??Forecastingfactorre?E?Ri?Rf??ꛂimE?Rm?Rf?turns?anintriguingpossibility?JournalofPortfolioManagement?ㄶ???????웤훐Rm듺뇭쫐뎡짏춶ퟩ뫏뗄쫕틦싊?뛸Markowitz?H????㔹??Portfolioselection?Ef?ꛂim?cov?Ri?Rm??var?Rm??듺뇭룃쿮닺ficientdiversificationofinvestments?New뗄놴쯾?beta?쾵쫽?룃쾵쫽폃폚뫢솿룃쿮York?JohnWileyandSons?닺쫕틦싊뫍쫐뎡쫕틦싊볤뗄킭랽닮ꆣPerold?A?&Sharpe?W?F???㤸???DynamicBlack?ㄹ㜲?뗃떽쇋쎻폐컞럧쿕닺뺭볃strategiesforassetallocation?FinancialAna?쳵볾쿂뗄CAPM?쇣beta쾵쫽CAPM?ꆣlystsJournal?㐴???????CAPM뗃떽쇋맣랺볬퇩ꆣBlack뗈죋Sharpe?W?F??ㄹ????Assetallocation?man???㤷㈩ꆢFama뫍MacBeth??㤷??릹퓬쇋솽agementstyleandperformancemeasurement?룶놻맣캪폃폚볬퇩뗄쒣쪽ꆣ떫쫇?CAPMJournalofPortfolioManagement?ㄸ??????C쪵횤볬퇩뷡맻늢늻쇮죋싺틢?듋췢Roll?W?R?컖뗂?C?W?R?WARD???㤷㜩뮹횸돶쇋쫐뎡춶ퟩ뫏늻뿉맛닢탔뗄컊쳢ꆣ헢킩뚼쫇캪쪲쎴뇘탫럅쯉떥튻쪱웚ꆢ떥튻beta쾵쫽뗈쳵볾뗄풭틲ꆣ듓샺쪷assetpricing닺뚨볛뷇뛈뾴?ퟮ돵뗄퇐뺿랽쿲쫇붫룶쳥뻶닟훃쿖듺닺뚨볛샭싛뗄믹뒡쫇십뿆캬듄폚튻룶쯦쪱볤뇤뮯뗄쒣탍훐뷸탐퇐뺿?퓚뗄닺톡퓱샭싛???㔲?ꆣ퓚튻웚릹볜훐십헢튻쒣탍훐듺샭죋킧폃ퟮ듳뮯ꆣ평듋헢뻍뿆캬듄볙짨듺샭죋뗄킧폃틔벰쯻쏇캪횮뛸쫇Merton??????뗄쯦쪱볤뇤뮯뗄CAPM횧뢶뗄볛룱횻평놨돪싊뗄뻹횵뫍랽닮뻶?ICAPM?ꆣ쇭췢뮹폐Ross??????뗄쳗샻뚨ꆣ헢훖뻹횵?랽닮쒣탍볈쓜듓?쯦믺뚨볛샭싛?APT?ꆣ닺쫕틦싊럖늼뗄?뛾듎킧폃뷇뛈살횤쏷?튲Merton?퓚뛠룶춬튻듺샭죋뻟폐쿠쯆뿉폃?쯦믺욫뫃뗄?닺놨돪싊뗄뛠풪헽첬뗄웚췻뫍쫐뎡돶쟥뗄볙짨쿂?췆떼돶쇋?믲헟룼튻냣뗄쮵램?췖풲?럖늼살횤쏷ꆣICAPMꆣ퓚Merton뗄쒣탍훐?닺볛룱뺡맜뛾듎킧폃뻟폐놥뫍탔벰뛔뻸뛔럧쿕퇡럾듓삩즢맽돌ꆣ죧맻춶믺믡ퟩ뫏?벴욫뛱뗄붥퓶탔뗈좱쿝?뛠풪헽첬럖늼튲캥놳닮폫삩즢닎쫽?틔벰늻춬닺놨돪싊볤뗄쇋닺뗄폐쿞뢺햮탔?뻹횵?랽닮쒣탍뛔쮲볤쿠맘탔?뚼늻쯦쪱볤뗄뇤뮯뛸룄뇤?퓲뷰죚뺭볃죔폐웕뇩뛸짮풶뗄펰쿬ꆣ뿉뗃떽튻룶솬탸쪱볤쓚컈뚨뗄CAPM?떥평뻹횵?랽닮쒣탍뗃떽뗄춶ퟩ뫏뇟튻beta횤좯쫐뎡쿟맘쾵쪽ꆣ뛸죧맻룃춶뷧뿉평죎틢솽룶뇟뷧횤좯ퟩ뫏탎돉?돆캪믺믡ퟩ뫏쫇쯦믺뗄?퓲컞싛죧뫎?뚼믡돶쿖쮫믹뷰럖룮ꆣLintn튻룶뛠훘beta맘쾵쪽?er???????Sharpe??㤶㐩뫍Mossin?ㄹ㘶?붫쮫믹뷰럖룮폫E?Ri?Rf??ꛂimE?Rm?Rf?튻킩볙짨뷡뫏ꆣ헢킩볙짨폐?듺샭죋맛쓮?ꇆꛂisE?Rs?Rf?
ꆤ?ꆤassetpricing??웤훐ꛂis횸뗚i훖닺뫍뗚s훖ힴ첬뇤솿횮떱폚듦퓚튻룶헽뗄쿟탔뚨볛램퓲?뷸튻늽볤뗄킭랽닮ꆣ틲듋?쏦쇙쯦믺뇤뮯뗄춶쮵?쯼쿠떱폚뛔쒳킩뻟폐뗝퓶욫뫃뗄듺샭ퟩ뫏믺믡?듺샭죋탨튪퓚볈뚨닆뢻쮮욽쿂죋뛸퇔?듦퓚ퟮ폅탨쟳ꆣ듓헢튻샭싛컒쏇뛔쯻쏇쿖폐ퟩ뫏뗄캴살뇤뮯쟩뿶뷸탐놣뿉횪?쳗샻붻틗쾡좱틢캶ퟅ듦퓚튻룶퇏룱횵ꆣ죧맻Sힴ첬뇤솿횸뗄쫇춶ퟩ뫏?퓲헽뗄쯦믺뒦샭맽돌?룃맽돌놻돆캪쯦믺쳹헢S룶춶ퟩ뫏춨뎣놻돆캪쳗웚놣횵닺쿖틲ퟓꛌt?쟒폐ퟩ뫏ꆣ??Et?ꛌt??Ri?t???캪췆떼돶쳗샻뚨볛샭싛?APT??Ross??㤷㘩볙짨닺놨돪싊평튻쿟탔틲ퟓ쒣탍뛔CAPM?뻹뫢쒣탍?뛸퇔?R?Et?Rm?Rf?i?E?Ri??ꇆꛂikfk?ꛅi?ꛌt?R?fvar?RꆤE?Rm??Rmm?Rf뻶뚨ꆣ웤훐쎿튻틲ퟓfk?늻쪧튻냣탔?뫍닐닮ꛅ춬쪱뛔쿻럑CAPM?CCAPM?뛸퇔?ꛌt?Uꇤi뗄뻹횵뚼캪쇣ꆣ퓚럖즢탔뫃뗄춶ퟩ뫏훐?Ct????Uꇤ?Ct?ꆣ뛔ICAPM뫍APT뗄샭?쎿튻닺뗄뎬뛮쫕틦싊뚼붫평ꛂ뗄쿟탔ퟩ뫏살좷뚨싛퇐뺿쇬쿈폚탭뛠쪵횤퇐뺿?죧볛룱?쫕?틦뇈?Basu?ㄹ㜷??막쾢쫕틦싊?Fama뫍E?Ri??Rf?ꇆꛂikꛋkFrench???????틔벰맦쒣?Banz????ㄻ웤훐ꛂ놻돆캪틲쯘뢺뫉솿?뛸ꛋ횸럧쿕틧Reiganum?ㄹ㠱?Schwert??㤸㌻Chan뗈볛ꆣ죋ⰱ㤸㔩뿉쳡룟떥튻beta쾵쫽CAPM뗄Huberman??????쳡돶쇋쇭튻훖엉짺쫊폃탔ꆣ헢킩싛컄훐쳡벰뗄틲쯘?뫍훜쒩뗄APTꆣConnor??????퓲쫇붫뻹뫢샭싛킧펦?French?ㄹ㠰?벰튻퓂킧펦?Keim?폫APT솪쾵웰살뗄뗚튻죋ꆣConner뫍??㠳?튻웰?돉캪뷢쫍쫐뎡컞킧뗄풭틲ꆣ떫Korajczyk????㘬ㄹ㠸?삩햹쇋헢튻싛쫶ꆣ쫇?헽죧Fama?ㄹ㜰?쯹힢틢떽뗄쓇퇹?떱Dybvig뫍Ross?ㄹ㠳⤬Ingersoll??㤸??뛔퓚튻룶쳘쫢뗄쒣탍훐ퟶ폐맘쫐뎡폐킧탔쪵APT뷸탐쇋폐폃뗄삩햹뫍쳡솶ꆣ퇩쪱?쪵퇩뷡맻튲횻쫇쓇튻룶쳘뚨쒣탍뗄뛔APT튻횱폐쪵훊탔뗄쪵횤퇐뺿ꆣ뷡맻ꆣ뛔헢킩춳볆솿뺿뺹쫇럱뿉틔듺뇭웤Roll뫍Ross?ㄹ㠰?닉폃틲ퟓ럖컶램살볬쯻솿튲뷸탐쇋탭뛠퇐뺿ꆣReiganum??㤸ㄩ퇩APT?뛸Connor뫍Korajczyk????㠩쪹틑뺭횤쏷?떱뿘훆맦쒣쪱볛룱?쫕틦킧펦폃ꆰ붥뷸뗄ꆱ훷돉럖럖컶램살헒돶틲ퟓꆣ쇭붫쿻쪧ꆣퟮ뷼?Fama뫍French??㤹㈬튻랽쏦?Chen뗈죋??㤸㘩쏷좷뛸쿪쾸뗘쮵??㤳?횤쏷맦쒣뫍막욱헊쏦볛횵폫쫐뎡볛쏷쇋컥룶뿉듺뇭헻쳥뺭볃틲쯘뗄뫪맛뇤솿횵뗄뇈싊?폃춶ퟩ뫏살듺뇭맦쒣뫍막욱?웚쿞뷡릹뗄틢췢뇤뚯ꆢ럧쿕틧볛뗄틢췢뇤헊쏦볛횵폫쫐뎡볛횵뗄뇈싊틲쯘?쓜퓚뫜뚯ꆢ웚췻춨믵엲헍뗄뇤뚯ꆢ풤쇏횮췢뗄춨믵듳돌뛈짏뷢쫍웚췻놨돪싊뗄뫡뷘쏦?랽엲헍싊?틔벰릤튵짺닺뗄틢췢늨뚯?ꆣ닮?ꆣShanken????㈬ㄹ㠵?뛔볬퇩APT뗄뿉쓜퓚볬퇩폐쳵볾뗄CAPM랽쏦튲폐듳탔쳡돶쇋훊틉ꆣDybvig뫍Ross??????퓲솿뗄퇐뺿?Sharpe?ㄹ㘴?Constantinides?쳡돶쇋폫쯻쿠랴뗄싛뛏ꆣ??㠲?ꆣKeim뫍Stambaugh????㘩횤쏷퓚Ross??㤷??ꆢCox뫍Ross??㤷???튻룶CAPM훐?럧쿕틧볛쫇쯦쪱볤뇤뮯Harrison뫍Kreps?ㄹ㜹??틔벰Ross뗄ꆣHarvey?ㄹ㠹⤬Ferson뫍Harvey??㤷㠩뗄훸쫶뚼냼몬쇋쿖퓚틑맣캪죋횪뗄??㤹ㄩ횤쏷쇋beta쾵쫽튲쫇쪱볤뇤솿ꆣ헢닺뚨볛뗄믹뒡샭싛?쳗샻붻틗뗄쾡좱쿠킩톧헟죏캪뛔쪱볤뇤솿뗄듭컳좷뚨뿉쓜믡
assetpricingꆤ?ꆤ떼훂뛔쒣탍뗄맽퓧뻜뻸ꆣ??Zin????㤬ㄹ㤱??틔벰룷훖탎쪽뗄듺샭죋듓샺쪷짏뾴?평폚쓑틔좷뚨Merton뗄닮틬?볌Constantinides??㠲쓪퇐뺿횮뫳?ICAPM훐쯹쪹폃뗄쿠맘ힴ첬뇤솿?Mankiw?ㄹ㠶?Heaton뫍Lucas????㈻Breeden??㤷㤩붫뛠훘beta쾵쫽쒣탍볲뮯Telmer????㌩ꆣ캪떥튻beta쾵쫽쒣탍?벴CCAPM쒣탍?닎뾼컄쿗E?Ri?Rf??ꛂicE?Rc?Rf?Baz?R???㠱??Therelationshipbetweenreturn웤훐Rc듺뇭쒳튻폫ퟜ쿻럑췪좫쿠맘뗄횤andmarketvalueofcommonstocks?Journal좯뗄믘놨싊?뛸ꛂic?cov?Ri?dlnC??varofFinancialEconomics?㤬??ㄸ??dlnC?ꆣBasu?S????㜷??InvestmentperformanceofLucas?ㄹ㜸?뛀솢췆떼돶쇋늻솬탸뗄commonstocksinrelationtotheirprice?earn?쪱볤벰뒿쫐뎡뺭볃쳵볾쿂뗄닺뚨볛쒣ingsratios?atestoftheefficientmarkethy?탍ꆣ웤훐뒿쫐뎡뺭볃횸욽뫢ힴ첬쿂ퟜ쿻럑pothesis?JournalofFinance??????????뗈폚ퟜ쫕죫ꆣ룃쒣탍훐뗄닺Bewley?T?⠱?㤲??Somethoughtsonthetestingi뗄볛룱쫇쿂튻웚쫕틦ퟜ뫍뗄튻룶헛뿛횵oftheintertemporalassetpricingmodelManu??script?cowlesFoundation?YaleUniversity?Pt???Black?F??ㄹ㜲??Capitalmarketequilibriumit?EUꇤ?CtUꇤ??Di?t????C?Pi?t?t?withrestrictedborrowing?JournalofBusi?웤훐?볙짨쿻럑헟뗄쒿뗄쫇퓚훜웚킧폃Uness?㐵?????????CBlackF??Jensen?M?&Scholes?M????㜲??t?쳵볾쿂쪹쪱볤뫍ힴ첬뿉럖룮뗄킧폃몯쫽ퟮ듳뮯ꆣCox뗈죋??㤸?Thecapitalassetpricingmodel?someempiricala?ㄹ㠵b?쳡돶쇋튻룶췪헻뗄솬탸뗄ퟜ뻹뫢쒣탍tests?Studiesinthetheoryofcapitalmarkets??퓚볈뚨닺솿쳵볾쿂?Ed??Jensen?Michael?NewYork?Praeger???늢붫횮펦폃폚뛔샻싊뗄웚쿞뷡릹뗄퇐뺿훐ꆣ???????Brock?ㄹ㠲?튲뗃돶쇋튻룶퓚짺닺뺭볃쳵볾쿂뗄닺뚨볛쒣탍ꆣBreeden?D??ㄹ?㤩?Anintertemporalassetpri?cingmodelwithstochasticcosumptionandin?믹폚쿻럑볙짨뗄CAPM퓚쪵횤럖컶vestmentopportunities?JournalofFinancial훐늢늻뫜돉릦ꆣ얷삭랽돌틑캪GrossmanEconomics?㜬㈶?????뫍Shiller??????ꆢHansen뫍SingletonBrock?W??ㄹ㠲??Assetpricesinaproduction??㤸㈩?틔벰Gossman뗈죋???㠷?럱뻶ꆣeconomy?Theeconomicsofinformationand듋췢?볲떥뗄뿉럖룮킧폃듺샭죋쒣탍틽웰uncertainty??Ed??McCall?J?Chicago?IL?쇋탭뛠닺뚨볛횮쏕?죧Mehra뫍Pre?UniversityofChicagoPress?scoChan?K?C??Chen?N?&Hsieh?D???㤸???tt?ㄹ㠵?뗄막욱틧볛횮쏕뫍Weil??㤸㤩뗄컞럧쿕놨돪싊횮쏕뗈ꆣAnexploratoryinvestigationofthefirmsize뷼쓪살뛔믹폚쿻럑솿볙짨뗄닺뚨볛effect?JournalofFinancialEconomics????쒣탍뗄퇐뺿훷튪닠훘폚?㔱?????폅쿈톡퓱뗄ힼ퓲컊쳢뫍냼몬ퟅ듳솿쫐뎡ퟨ솦Chen?N??Roll?R?&Ross?S????㠶??Eco??뷨뿮뫍싴뿕풼쫸nomicforcesandthestockmarket?Journalof?붻틗돉놾?Bewley?ㄹ㤲?Heaton뫍Business????㌸??????Lucas?ㄹ㤲⤩뗄춶믺믡컊쳢?쪱볤늻뿉Connor?G?????㐩?Aunifiedbetapricingtheo?럖룮탔?Constantinides??㤸???퓊탭퓚쿠ry?JournalofEconomicTheory?㌴???????맘럧쿕퇡뛱쾵쫽뫍쯦쪱볤뇤뮯뗄쳦듺쾵쫽Connor?G?&Korajczyk?R??㤸???Perform?횮볤뷸탐늿럖럖룮뗄뗝맩폅쫆?Epstin뫍ancemeasurementwiththearbitragepricing
ꆤ?ꆤassetpricing??theory?JournalofFinancialEconomics?ㄵ?my?㠱?????????㜳????Ferson?W?&HarveyC????㤱??ThevariationConnor?G?&Korajczyk?R??ㄹ㠸??Riskandofeconomicriskpremiums?JournalofPoliti?returninanequilibriumAPT?JournalofFi?calEconomy?㤹?????????nancialEconomics????㈵?????French?K??ㄹ????Stockreturnandtheweek?Constantinides?G????㠲??Intertemporalassetendeffect?JournalofFinancialEconomics?㠬pricingwithheterogeneousagentsandwithout??????demandaggregation?JournalofBusiness?㔵?Grossman?S?&Shiller?R????㠱??Thedeter??㔳????minantsofthevariabilityofstockmarketCox?J??Ingersoll?J?&Ross?S???㤸?a??Anprices?AmericanEconomicReview?㜱?㈲??intertemporalgeneralequilibriummodelofasset???prices?Econometrica????㌶?????Grossman?S??Melino?A?&Shiller?R?Cox?J??Ingersoll?J?&Ross?S???㤸?b??A?ㄹ㠷??Estimatingthecontinuoustimecon?theoryofthetermstructureofinterestrates?sumption?basedassetpricingmodel?JournalofEconometrica????㌸??????BusinessandEconomicStatistics???㌱?????Cox?J?&Ross?S???㤷㘩?Thevaluationofop?Hansen?L?P?&Singleton?K?⠱㤸???Gener?tionsforalternativestochasticprocesses?Jour?alizedinstrumentalvariablesestimationinnon?nalofFinancialEconomics?㌬ㄴ?????linearrationalexpectationsmodels?Economet?Dybvig?P?&Ross?S????㠳??Yes?theAPTisrica????ㄲ??????testable?JournalofFinancialEconomics?㐰?Harrison?M?&Kreps?D?⠱㤷㤩?Martingales?ㄷ?????andarbitrageinmultiperiodsecuritiesmarkets?Epstein?L?&Zin?S?⠱?㠹??Substitution?riskJournalofEconomicTheory?㈰?????????aversion?andthetemporalbehaviorofcon?Harvey?C?⠱㤸㤩?Time?varyingconditionalco?sumptionandassetreturns?atheoreticalframe?variancesintestsofassetpricingmodels?Jour?work?Econometrica?㔷?㤳?????nalofFinancialEconomics?㈴?????????Epstein?L?&Zin?S?⠱?㤱??Substitution?riskHeaton?J?&Lucas?D??ㄹ????Theeffectofaversion?andthetemporalbehaviorofcon?incompleteinsurancemarketsandtradingcostssumptionandassetreturns?anempiricalanaly?inaconsumption?basedassetpricingmodel?sis?JournalofPoliticalEconomy?㤹??㘳?JournalofEconomicDynamicsandControl?????㘬㘰?????Fama?E????????Efficientcapitalmarkets?AHuberman?G?????㈩?Asimpleapproachtoar?reviewoftheoryandempiricalwork?Journalbitragepricing?JournalofEconomicTheory?ofFinance????㌸???????㠬ㄸ?????Fama?E?&French?K???㤸㠩?DividendyieldsIngersoll?J??ㄹ㠴??Someresultsinthetheoryandexpectedstockreturns?JournalofFinan?ofarbitragepricing?JournalofFinance??㤬cialEconomics?㈲???????〲?????Fama?E?&French?K??ㄹ㤲??Thecross?sec?Keim?D??ㄹ㠳??Size?relatedanomaliesandtionofexpectedstockreturns?JournalofFi?stockreturnseasonality?JournalofFinancialnance????㐲?????Economics?ㄲ???????Fama?E?&French?K????㤳??TheeconomicKeim?D?&Stambaugh?R??ㄹ????Predictingfundamentalsofsizeandbook?to?marketequity?returnsinthestockandbondmarkets?JournalJournalofFinancialEconomics?㌳??????ofFinancialEconomics?ㄷ????????Fama?E?&MacBeth?J?⠱?㜳??Risk?return?Lintner?J?⠱㤶㔩?Thevaluationofriskyassetsandequilibrium?JournalofPoliticalEcono?andtheselectionofriskyinvestmentsinstock
assetpricingꆤ?ꆤ??portfoliosandcapitalbudgets?ReviewofEco?????nomicsandStatistics????ㄳ????Ross?S????㜶??ThearbitragetheoryofcapitalLucas?R?⠱㤷㠩?Assetpricesinanexchangee?assetpricing?JournalofEconomicTheory?conomy?Econometrica?㐶?ㄴ㈶?????㌬㌴????Mankiw?N?G?⠱?㠶??TheequitypremiumandRoss?S?⠱㤷㠩?Asimpleapproachtothevalua?theconcentrationofaggregateshocks?Journaltionofriskystreams?JournalofBusiness????ofFinancialEconomics????㈱??????㐱????Markowitz?H?⠱㤵㈩?Portfoliosection?Jour?Schwert?W?⠱?㠳??SizeandstockreturnsandnalofFinance?㜬㜷????otherempiricalregularities?JournalofFinan?Mehra?R?&Prescott?E????㠵??TheequitycialEconomics?ㄲ??????premium?apuzzle?JournalofMonetaryEco?Shanken?J??ㄹ????Thearbitragepricingtheo?nomics????ㄴ?????ry?isittestable?JournalofFinance??㜬Merton?R????㜳??Anintertemporalcapitalas??ㄲ?????setpricingmodel?Econometrica????㠶?????Shanken?J??ㄹ㠵??Multi?betaCAPMorequi?Mossin?J?⠱?㘶??Equilibriuminacapitalassetlibrium?APT?Areply?JournalofFinance?market?Econometrica????㜶??????〬ㄱ㠹????Reiganum?M?⠱㤸ㄩ?MisspecificationofcapitalSharpe?W??ㄹ㘴??Capitalassetprices?atheoryassetpricing?JournalofFinancialEconomics?ofmarketequilibriumunderconditionsofrisk?????????JournalofFinance?ㄹ?㐲?????Roll?R??ㄹ㜷??AcritiqueoftheassetpricingTelmer?C?⠱㤹???Assetpricingpuzzlesandin?theory?stests?PartI?Onpastandpotentialcompletemarkets?JournalofFinance??㠬testabilityoftheory?JournalofFinancialEco??㠰?????nomics???ㄲ?????Weil?P???㤸㤩?TheequitypremiumpuzzleandRoll?R?&Ross?S???㤸〩?Anempiricalinves?therisk?freeratepuzzle?JournalofMonetarytigationofthearbitragepricingtheory?JournalEconomics?㈴????????ofFinance????㜳??????틁캬싞ꆤ틁ퟔ컖쮹믹?IVAILOIZVORSKI?Roll?R????????Apossibleexplanationofthesmallfirmeffect?JournalofFinance?㌶????
ꆤ??ꆤbankruptcy??Bbankruptcy웆닺훘ퟩ믲훘탂릹퓬룃릫쮾ꆣ뺭볃짧믡뗄튻쳵뫋탄풭퓲쫇뺺헹췆뚯쎿룶맺볒뚼폐ퟔ벺뗄웆닺램?떫쫇릤쫐뎡쿲뎤웚뻹뫢뗄ힴ첬랢햹ꆣ퓚뻹뫢ힴ첬튵랢듯맺볒뛔웆닺췬뻈뗄랽램좴럇뎣쿠쿂?컞킧뗄웳튵놻쳔청?뛸쓇킩짺듦쿂살뗄쯆?뚼쫇룹뻝틔쿂뺭볃풭샭내늻춬랽쪽뷸웳튵틔ퟮ킡뗄욽뻹돉놾뷸탐짺닺ꆣ퓚헢튻탐ퟩ뫏?ힴ첬쿂?짌욷뫍럾컱뻹틔ퟮ뗍볛룱닺돶늢ꇱ릫욽뛔듽좫늿햮좨죋?쿺쫛?평듋쿻럑헟뿉듓훐믱뗃뫃뒦ꆣ쪹웳ꇱ캬뮤웳튵볛횵?튵듓쫐뎡짏췋돶뗄램싉믺훆돆캪떹뇕뫍?ꇱ룸햮컱죋튻룶탂뗄뾪뛋?틔벰믲웆닺ꆣꇱ뺭볃돉놾ퟮ킡뮯ꆣ떱튻릫쮾뗄닺늻ퟣ틔뗖뢶떽웚햮컱떫쫇?뛔쿖쪵뗄돌탲죔듦퓚훮뛠늻싺ꆣ쪱?퓲틢캶ퟅ룃릫쮾퓚믡볆뫋쯣짏믲퓚램평폚램싉쫇쯦틢훆뚨뗄?뛔램맦뗄쿖쪵ퟷ싉틢틥짏떹뇕ꆣ램싉틢틥짏뗄떹뇕쫇붫릫폃뫜짙믲벸뫵쎻폐뷸탐뺭볃럖컶ꆣ헾뢮벰쮾뗄췢햮폫릫쮾닺뗄ꆰ뫏샭쫐뎡볛횵ꆱퟷ램싉믺릹쎻폐룺짏짌튵좫쟲뮯뫍뷰죚쫐뎡뇈뷏?뛸믡볆짏뗄웆닺뿉쓜횻쫇횸뎣맦놨맺볊뮯뗄늽랥?폈웤쫇퓚뒦샭늻쓜떽웚쟥뇭짏뺻횵캪뢺?Weston뫍Copeland?뎥햮컱웳튵뗄닆헾컊쳢짏룼쫇죧듋ꆣ뛔폚??㤲?ꆣ룹뻝웆닺램?웳튵폐좨톡퓱쫇훘ퟩ웆닺뫍떹뇕뗄돌탲맦뚨?맘볼뗄뺭볃쳵뿮벴뗷헻놾볌탸뺭펪?쏀맺램뗚??헂?펢펦룃쫇좷뚨램싉짏뫍뺭볃짏뗄즸톡맽돌?맺램훐뗄듺맜늿럖?뮹쫇쟥쯣?쏀맺램뗚?틔뷶뷶쳔청쓇킩뺭펪컞킧뗄웳튵늢붫웤헂?펢맺램뗄쟥쯣늿럖?ꆣ풴룼뫃뗘폃폚웤쯻믮뚯ꆣ훘ퟩ틢캶ퟅ릫쮾죔좻듦퓚?횻쫇럇뎣ퟮ뷼벸쓪웆닺릫쮾쫽쒿벤퓶?쒿잰퓚늻헽쪽뗘췆동횧뢶떽웚햮컱?춨돆햹웚?믲탭뛠맺볒뚼듯떽뒴볇슼뗄쮮욽ꆣ뺡맜뺭볃햮좨죋춬틢복짙햮컱죋뗄햮컱?횻좡뗃늿쮥췋뫍룟샻싊뿉쓜쫇떼훂웆닺퓶볓뗄훷튪럖햮컱뎥뢶ퟷ캪좫늿뗄햮컱뎥뢶?춨돆뫍풭틲?떫죔뿉쓜듦퓚탭뛠뛔웳튵뺭펪쪧냜뷢?ꆣ떱웳튵뺭볃ힴ뿶늻뺰웸쪱?죧맻쟥쯣폐훘듳펰쿬뗄웤쯻틲쯘ꆣ냩쯦ퟅ맽좥뗍쏔볛횵듳폚볌탸뺭펪뗄볛횵?퓲뛔웳튵쪵탐뗄뺭볃ힴ첬?뺭펪쪧냜뗄릫쮾쫽쒿컈늽퓶쟥쯣ꆣ뺡맜웆닺뫍쟥쯣솽듊퓚컄쿗훐뎣놻뎤?뇭쏷웤쯻펰쿬틲쯘튲뿉쓜쫇럇뎣훘튪믬쿽쪹폃?쟥쯣?뷢즢늢뇤싴웳튵뗄닺?뗄ꆣ릫쮾뺭펪쪧냜웕뇩뗄훘튪뗄뻶뚨틲쯘뫍웆닺?쯹폐좨듓막뚫쿲햮좨죋뗄틆?쫂횮튻쫇짌튵믮뚯쏦쇙뗄ퟜ쳥뺭볃뮷뺳?쇭쪵짏쫇췪좫늻춬뗄솽볾쫂ꆣ췢뮹폐뢺햮뗄쮮욽ꆣ놾룜룋?햮컱햼뻝Aghion??㤹㈩뗄맛뗣?튻룶뫃뗄웆닺뗄뇈싊?뫍쫕죫엤돆?횧뢶뗄샻쾢햼쫕죫닺돌탲?웤폐킧뷡맻펦룃쫇?뗄뇈싊⤬퓙볓짏뺭볃훐뗄룟뢺햮쮮욽?뿉??죧맻캴살쿖뷰쇷뗄쿖횵짙폚듽뒦샭뗄햮쓜믡떼훂릫쮾웆닺ꆣ컱?맘뇕룃릫쮾늢쿺쫛닺뇤쿖믲붫뷼쓪살뷰죚샭싛뗄랢햹퓚쿠떱듳뗄돌닺쫛룸돖탸뺭펪뗄웳튵?믲헟뛈짏볓짮쇋컒쏇뛔햮컱놾훊뫍ퟷ폃뗄샭??춨맽뫏늢ꆢ복짙믲탞룄햮좨죋뗄햮좨살뷢ꆣ햮컱?늻쿱웤쯻ꆰ짌욷ꆱ?돐떣뗄쫇횧뢶
bankruptcyꆤ??ꆤ쒳튻쫽뛮뗄ꆰ돐억ꆱ?뛸쟒헢튻돐억뗄싄탐훐믱뗃짽횵듸살뗄믘놨떫좴늻뇘돐떣쿂폫럱듓놾훊짏뾴쫇좷뚨뗄ꆣ떫쫇?쯼뗄뫜뗸틽웰쯰쪧뗄돉놾ꆣ헢킩탐캪듲믷쇋햮좨??뛠쫴탔뿉틔샭뷢캪평닎폫붻틗쮫랽뗄탅쾢죋뛸늻쫇막뚫ꆣ헢쫇ퟮ튻냣뗄뷡맻?벴뢺늻뛔돆틽웰뗄뿋럾늻좷뚨탔돉놾ꆢ붻틗돉햮쓜떼훂릫쮾뷶뷶캪쇋쳡룟럧쿕쪹닆뢻평놾뫍늻췪짆뫏춬뗈뻶뚨뗄ꆣ햮좨죋쿲막뚫틆뛸톡퓱늻뺭볃뗄쿮쒿춶떹뇕뫍닆컱삧쓑뗄럧쿕춻돶쇋튻룶쫂ꆣ쪵ꆪꆪꆪ벴퓚막뚫뫍맣듳펵폐만뚨쟥뎥좨뗄웤듎?뮹폐춶늻ퟣ컊쳢ꆣ퓚웆닺쪱?햮좨죋횮볤뗄좷듦퓚쎬뛜ꆣ헢킩쎬뛜뗄돶쯹폐헟늢늻쓜틲쯻쏇캪쳡룟믘놨싊ퟷ돶쇋쿖쫇틲캪떱막뚫횻뛔쪣폠쯷뎥좨뢺폐쿞퓰얬솦뛸믱뗃샻틦?쫇햮좨죋뛸늻쫇쯹폐헟죎늢펰쿬맜샭돌탲쪱?릫쮾만뚨햮컱뗄햮뗄샻틦믱뗃쇋퓶볓ꆣ평폚퓚웆닺ힴ첬쿂?좨죋붫쏦쇙캥풼럧쿕ꆣ평폚늻췪짆?쮽죋?튻늿럖춶뗄믘놨횻쓜평햮좨죋믱뗃?릫뫏춬늻쓜뗷뷢뛸쯟훮램싉?웆닺돌탲뎣뎣쮾뿉쓜믡틲듋뛸늻뷸탐쓇킩풭놾쫇폐샻뿉늻쓜쮳샻횴탐ꆣ웆닺?춬퇹뗘?볈늻쓜뒴퓬춼뗄쿮쒿?Myers??㤷㜩ꆣ틆룸막뚫뗄닆뢻튲웆뮵햮컱죚뗄쳵뗚죽?햮컱쾡쫍?벴쯹폐헟랢탐폅폚쿖뿮?떫평폚탅쾢늻뛔돆믡틽웰햮좨죋뫍막듦햮컱뗄폅쿈햮컱ꆣ폅쿈햮컱퓚웆닺랢짺뚫볤뗄샻틦돥춻?틲듋붫펰쿬릫쮾뗄잰뺰ꆣ쪱뻟폐폅쿈폚쿖듦햮컱뗄믱뎥좨ꆣ틲듋쯼폐탭뛠퇐뺿죋풱?냼삨Jensen뫍뿉틔틔뇈쿖듦햮컱룼폅믝뗄쳵볾랢탐?뛸Meckling??????ꆢMyers?ㄹ㜷?뫍Masulis쪹쿖듦햮좨죋뗄햮좨퓚웆닺쪱놣돖늻뚯ꆣ??㤸㠩?첽뺿쇋헢킩샻틦돥춻뗄쓚퓚몬틥ꆣ쯹틔?룃컄쿗죏캪?평뒿듢쫐뎡뷢뻶웆헢킩싛컄훐뗄튻룶릲춬맛뗣쫇헢킩돥춻믡닺컊쳢뗄헏낭쫇컞릦쫜슻헟컊쳢뫍볡돖늻틽랢막뚫컾짼햮좨죋샻틦?늢퓚듋믹뒡짏뫏ퟷ헟컊쳢?헢킩컊쳢쫇평폚햮컱죋퓚폫닉좡뛔ퟔ벺폐샻뛸늢늻튻뚨쪹웳튵볛횵ퟮ햮좨죋뚩솢횧뢶쒳튻만뚨볛횵뗄짌튵뫏춬듳뮯뗄탐캪ꆣ쪱잰뫳쎬뛜뗄뚯믺쯹떼훂뗄?헢퓚폐쿞퓰Jensen뫍Meckling??㤷㘩죏캪샭탔뗄죎뗄쟩뿶쿂뇭쿖룼캪쏷쿔ꆣ폐쿞퓰죎틢캶춶헟쪮럖쟥돾헢킩돥춻뛸쟒횪뗀릫쮾쯹ퟅ틲탅쾢늻뛔돆컊쳢듸살뗄ꆰ뗀뗂캣쿕ꆱ뫍쓜닉좡뗄뛔뾹햮좨죋뗄뻙뚯ꆣ쯹틔떱듻돶ꆰ쓦쿲톡퓱ꆱꆣ틲듋?릫쮾웆닺뗄잰뺰뿉쓜뿮쿮쪱쯻쏇믡솢벴튪쟳뛔틲헢킩탐캪쯹듸쪹뷨뿮돉놾퓶볓?뿉믱뷰복짙ꆣ살쯰쪧뗄풤볆횵뷸탐헛뿛늹뎥ꆣ헢킩헛뿛춨뎣틢캶ퟅ막뚫듓헢킩탐캪훐늻쓜믱좡죎닎뾼컄쿗뫎뫃뒦?떫릫쮾좴죔믡틲듎폅뻶닟뛸퓢쫜Agion?P?⠱㤹???Theeconomicsofbankruptcy쯰쪧ꆣ죧맻튻릫쮾쏦쇙ퟅ춶뫍쯵복햮컱reform?Workingpaper???㌰??????Lon?뗄톡퓱?쯼죔믡볌탸퓚뎬맽킧폃뗣뒦춶ꆣdon?LondonSchoolofEconomics?좻뫳평폚쎻폐릦킧?햮좨죋쓾풸붵뗍햮컱Akerlof?G?A?⠱㤷???Themarketforlemons?뛸늻풸춶qualityuncertaintyandthemarketmechanism??막뚫퓲쓾풸춶ꆣ떫쫇QuarterlyJournalofEconomics?????????죧맻쯹폐헟?맜샭헟믲막뚫?뗄탐캪늻뿉맛닢?〰??붫믡돶쿖탭뛠컊쳢ꆣ쫗쿈Altman?E?I?⠱㤹???Corporatefinancialdis?쫇닺쳦듺뗄컊쳢ꆣ평폚쯹폐헟횻듓컞캥tressandbankcruptcy?NewYork?JohnWiley?풼쟩탎쿂뗄믘놨훐믱샻?쯻쏇붫룼풸틢톡Davis?E?P?⠱㤹㈩?Debt?financialfragility?퓱룸뚨웚췻믘놨싊뗄럧쿕춶뛸늻쫇룼낲andsystemicrisk?Oxford?ClarendonPress?좫뗄춶?뗀뗂캣쿕?ꆣ쯹폐헟듓룟럧쿕춶Jensen?M?&Meckling?W???㤷???Theoryof
ꆤ??ꆤbanksasbarrieroptionsthefirm?managerialbehavior?agencycostsand??캪쪹웤막욱볛횵ퟮ듳뮯?틸탐뗄막뚫믡??ownershipstructure?JournalofFinancicalE?톡퓱춶믺믡벯뫏훐럧쿕ퟮ듳뗄쿮쒿ꆣconomics??????????쿲쿂뗖뒥뾴헇뗄랽램뿋럾쇋헢솽룶컊Masulis?R?W???㤸㠩?Thedebt?equitychoice?쳢ꆣ틸탐놾뗄볛횵캪?NewYork?BallingerPublishingCompany?Myers?S?C?????㜩?DeterminantsofcorporateCt?AtN?x??BtN?x?ꛒtT?t?borrowing?JournalofFinancialEconomics?A??ꛎt?At?????????KN?y?W??ꛎ??ebb?D????㤱??Aneconomicevaluationofin??BAttsolvencyproceduresintheUnitedKingdom?KN?y?ꛒtT?t?doesthe??㠶InsolvencyActsatisfythecredi?웤훐Ct캪틸탐놾뗄떱잰쫐뎡볛횵?At쫇tors?bargain?OxfordEconomicPapers?㐲?틸탐닺뗄쯦믺쿖횵?럾듓솬탸삩즢맽돌?㌹????Weston?J?F?&Copeland?T?E??ㄹ㤲??dAt?ꛌtdt?ꛒtdzManagerAtialfinance?Orlando?FL?TheDry?denPress?웤훐ꛌt쫇틸탐닺뗄웚췻벴쪱믘놨싊?ꛒtWhite?M?J????????Thecorporatebankruptcy쫇틸탐닺벴쪱믘놨싊뗄뇪ힼ닮?z쫇튻룶decision?JournalofEconomicPerspectives???뇪ힼ뗄캬쓉맽돌?Bt쫇틸탐뢺햮뗄쫐뎡쿖?㈹????듳컀ꆤ뾨쏗억횵?K쫇ퟮ뗍볛횵늢볙짨캪튻뚨횵?r쫇만?DAVIDCAMINO?뚨뗄쮲쪱럧쿕ퟔ평샻싊?ꛎ캪r?ꛒ?t?????N????뇪ힼ헽첬럖늼몯쫽Atlnbanksasbarrieroptionsퟷ캪떲냥웚Btx?좨뗄틸탐ꛒ?ꛎꛒtT?t?tT?t떲냥웚좨횸떱믹뒡닺뗄볛룱듯떽튻K?ln룶풤뚨뗄볛룱쪱놻벤믮믲쿻쪧뗄웚좨ꆣ룼AtBty?쏷좷뗘쮵ꛒ?ꛎꛒtT?ttT?t?헽죧Merton?ㄹ㜳?ꆢCox뫍Ru?b쟒떱AtꇝK쪱쟷폚쇣ꆣinstein??㤸㔩쯹닻쫶뗄?ꆰ쿲쿂뒥쿺ꆱ탍뾴헇웚좨횸튻떩믹뒡닺뗄볛횵뗍훁쿂쿞춨맽쪹놾볛횵뛔틸탐닺늨럹뗄욫K?룃웚좨웚싺쿻쪧ꆣK횵튻냣뗈폚믲뗍떼쫽캪??뿉쟳뗃ퟮ폅뗄닺늨럹?폚웚좨뗄횴탐볛룱ꆣ똀C???ꛎ?tAtT?t??y?At?yChesney뫍Gibson?ㄹ㤳?ㄹ㤴?붫쿲똀ꛒ?e???t?ꛐKe쿂뒥쿺뾴헇쒣탍펦폃폚튻룜룋릫쮾뗄웕춨?rAtA??ꛎt막뚨볛??뛸Paris?ㄹ㤵??㤹??붫룃쒣탍삩ꛒ?lntKKAtN?y?햹펦폃떽틸탐뫍뷰죚훐뷩ꆣA?t?Bt붫틸탐놾뾴돉튻쿮뒫춳뗄싄풼볛룱KN?y?ꛒtT?t??뗈폚ퟜ틸탐듦뿮뗄뾴헇웚좨살맀볛?훷튪놾쪽뿉듓쫽톧짏쟳뷢ꆣ닺늨럹뗄ퟮ폅횵샭싛믹쪯폐뛾?쫇틸탐룜룋뗄퓶몯쫽?ퟮ뗍횵뗄복몯쫽ꆣ??튻떩틸탐닺볛횵뗸훁뢺햮볛횵?틸탐룃뷡맻틢캶ퟅ틸탐뗄놾ퟜ뛮풽듳?뛔놾볛횵캪??뛸퓚웚좨떽웚횮잰뾴헇웚닺늨럹맜샭짏뗄욫닮풽킡ꆣ좨뗄볛횵뚼쫇헽뗄ꆣK뿉뾴돉쫇죧맻뎬돶룃횵붫떼훂웆닺
bid?askspreadꆤ??ꆤ뗄쏻폾풼쫸쳵볾ꆣ쯼뎣뎣쫇내탐튵뚨틥Proceedings?Copenhagen?뗄?뺡맜쯼튲뿉쓜폫쒳킩릫쮾쳘폐뗄틲쯘Chesney?M?&Gibson?R?⠱㤹㐩?Optionpri???죧룜룋폐맘ꆣcingtheory?securitydesignandshareholders?헢훖쟳틸탐놾볛횵뗄랽램폐솽룶믹riskincentives?AFFIAnnualConferencePro?놾몬틥ceedings?Tunis?????닺뗄늨럹폫틸탐놾뷡릹폐Cox?J?C?&Rubinstein?M??ㄹ㠵??Options맘?벴퓚틸탐뗄솽듳훷튪럧쿕횮볤듦퓚쏷markets?EnglewoodCliffs?NJ?Prentice?Hall?좷뗄헽쿠맘맘쾵ꆣ뛸쟒???헽죧퓚샭싛컄Merton?R?C?⠱㤷㌩?Theoryofrationaloption쿗훐뒫춳죏캪뗄쓇퇹?듦퓚ퟮ폅닺늨럹pricing?BellJournalofEconomicsandMan?횵틢캶ퟅ틸탐막뚫쫇럧쿕퇡뛱헟뛸럇럧쿕agementScience???ㄴ?????훐솢헟?듓뛸업돽쇋죎뫎막뚫폫틸탐맜샭Paris?F?M????㤵??Analternativetheoretical헟횮볤뗄탐캪럖웧ꆣ평듋?듓틸탐뿘훆헟approachtotheregulationofbankcapital?Uni?킧폃뗄뷇뛈뾼싇versityofBrescia?Workingpaper????막뚫뿘훆믲맜샭닣뿘훆뗄틸탐횮볤뗄닮뇰틑컞틢틥ꆣParis?F?M??ㄹ????Modellingalternativeap?proachestofinancialregulation?UniversityofParis?ㄹ㤵?붫쿲쿂뒥쿺뾴헇쒣탍폃폚Brescia?Workingpaper?〳?틸탐놾맀볛ꆣ룃랽램폐솽듳폅뗣????튻뢥샊컷쮹뿆ꆤ냍샯쮹?FRANCESCOM?PARIS?떩틸탐닺뫍뢺햮퓚쫐뎡짏뗄뇪볛뿉탐?뛸쟒뿉틔횴탐틸탐볠뿘뗄돖탸쪱볤쒣탍?뻍뿉쟡틗뗘퓚죎뫎쪱뫲맀볆돶틸탐놾뗄쫐뎡볛횵ꆣ뇘탫잿뗷?퓚뾼싇틸탐컊쳢쪱?bid?askspread싲싴볛닮뺭뎣탔뗄ꆢ믲탭쫇돖탸뗄볠뿘죴럇돤럖쳵쫐뎡짏ퟜ쫇폐횤좯붻틗짌쯦쪱ힼ놸쿲볾?튲쫇뷰죚뗷뷚헟ퟷ돶톸쯙ꆢ폐킧헽좷탐벱쟐뗄싴훷믲싲훷릺뷸믲싴돶횤좯ꆣ붻틗캪뗄뇘튪쳵볾ꆣ???죧맻퓚쫐뎡짏맛닢?쟳짌쾣췻틔싔뗍폚놻죏캪쫇뻹뫢볛룱뗄볛룱뗃뗄틸탐닺늨럹뗄ퟮ폅횵?쫇폐킧랴펳?벴싲볛?싲뷸횤좯?늢솢벴틔싔룟폚뻹뫢헦쪵틸탐닺ퟜ뛮뗄탅뫅ꆣ웤놾훊훷튪퓚볛룱뗄볛룱?벴싴볛?싴돶횤좯ꆣ떱좻?횤폚맛달틸탐뗄춶닟싔뿉쪹쫐뎡쓜폐킧뗘좯뗄싲훷믲싴훷튲뿉쓜믡뗈듽뾴쫇럱쓜헒맀볛틸탐뗄낲좫탔뫍컈만탔ꆣ떽풸틢틔뻹뫢볛룱싴돶믲싲뷸횤좯뗄붻틗Par뛔쫖ꆣ떫쫇?쓍탄뗈듽뗄춬쪱틢캶ퟅ돐떣is?ㄹ㤶?붫쿲쿂뒥쿺뾴헇쒣탍삩햹펦폃폚룷뷰죚훐뷩믺릹?틔췆떼룷훖뗷럧쿕ꆣ뻹뫢볛룱뿉쓜퓚웤뗈듽뗄웚볤쓚헻랽쪽뗄쿠맘뇈샽ꆣ돽맜샭떱뻖뛔ퟮ뗍ꆰ쓦쿲ꆱ뇤뮯?벴쯼볈폐뿉쓜룟폚튲폐뿉쓜놾튪쟳뗄맦뚨헢튻펰쿬틲쯘췢?훐뷩믺릹뗍폚붻틗짌쒿잰뗄싲볛믲싴볛ꆣ틲듋?붻ퟮ폅닺늨럹죔좻쫇뻶뚨훐뷩믺릹톡퓱뗷틗헟웚췻틔늻춬폚뻹뫢볛룱뗄볛룱뷸탐붻헻랽쪽뗄훘튪뇤솿ꆣ듋췢?퓚쳘쫢쟩뿶쿂?틗뗄풸췻늿럖뗘늹뎥쇋퓬쫐헟튻횱쿲쫐뎡횻탨맛달훐뷩믺릹뗄놾뇈싊?뻍뿉평쫐쳡릩ꆰ쓍탄ꆱ뗄럧쿕ꆣ뺡맜퓬쫐헟쫇풴폚샻뎡쏷좷뗘췆뛏돶늨럹돟뛈ꆣ벺뗄쒿뗄닅뷸탐싲싴놨볛뗄?떫쯻쏇뗄탐캪좴쪹헻룶쫐뎡닺짺쇋헽쿲ꆢ췢퓚뗄룼듳닎뾼컄쿗뗄쇷뚯탔ꆣChsney?M?&Gibson?R?⠱㤹㌩?Theinvest?ퟜ뗄쮵살?싲싴닮볛늹뎥쇋붻틗짌?퓬mentpolicyandthepricingofequityinalevered쫐헟캪랢믓쯻쏇쳡릩쇷뚯탔ퟷ폃뛸틽웰뗄firm?areexaminationofthecontingentclaims?죽쿮돉놾ꆣ헢킩돉놾냼삨뚨떥뒦샭돉놾ꆢvaluationapproach?EFAAnnualConference뿢듦뿘훆돉놾뫍랴쿲톡퓱돉놾ꆣ뚨떥뒦샭
ꆤ??ꆤBlack?Scholes돉놾냼삨놣돖퓚쫐뎡짏돖탸돶쿖뗄돉놾뫍?????붻틗룱맜샭돉놾?DemseGlosten?L?&Milgrom?P??ㄹ㠵??Bid?asktz????㠩ꆣ랢짺뿢듦뿘훆돉놾쫇틲캪붻틗짌돖폐컞닮뇰뗄andtransactionpricesinaspecialistmarketwith닺ퟩ뫏heterogeneouslyinformedtraders?Journalof?닎볻Amihud뫍Mendelson?FinancialEconomics?ㄴ?ㄩ??????????㠶?Ho뫍Stoll??㤸??ꆣ랴쿲톡퓱돉놾쏖늹쇋붻틗짌폫헆컕ퟅ맘폚횤좯뻹뫢볛룱Ho?T&Stoll?H???㤸???Ondealermarkets뗄룟욷훊탅쾢뗄룶죋뷸탐붻틗뗄럧쿕undercompetition?JournalofFinance?㌵?닎?㈩????????볻Copeland뫍Galai????㌻Glosten뫍쮹뗙컄ꆤ싼?STEVENV?MANN?Milgrom?ㄹ㠵?ꆣ붻틗짌뗄놨볛튻냣평솽늿럖ퟩ돉ꆣ뗚튻늿럖쫇싲볛뫍싴볛ꆣ뗚뛾늿럖쫇놨볛맦쒣?쯼뇭쪾붻틗짌풸틢틔싲?싴?볛싲?싴?Black?Scholes늼삳뿋?쮹뿆뛻쮹뗄막욱뗄쫽솿ꆣ붻틗짌뗄놨볛뿉뾴돉쫇튻헢쫇튻룶훸쏻뗄맘폚웚좨뚨볛뗄랽훖웚좨춷듧?Copeland뫍Galai??????ꆣ튲돌?쫗쿈평룟쪢뗄FischerBlack뫍횥볓룧뻍쫇쮵?놨돶뗄싲볛뫍싴볛뚼쫇붻틗짌돶듳톧뗄MyronScholes폚????쓪쳡돶?틔쫛뗄컞쏷좷떽웚죕뗄웚좨ꆣ튻룶뾴뗸?뾴Black뫍Scholes??㤷㌩뗄쏻틥릫늼ꆣ룃퇐헇?웚좨놻틔뗈폚싲볛?싴볛?뗄횴탐볛룱뺿뗄뛀떽횮뒦쫇붫쳗샻폃폚뷢뻶웚좨뗄뚨돶쫛ꆣ놨볛맦쒣쫇붻틗짌풸틔쒳튻싲?싴?볛컊쳢ꆣBlack뫍Scholes죏캪싴돶튻룶뾴볛싲?싴?막욱뗄쫽솿ꆣ볲퇔횮?놨볛맦쒣헇웚좨늢춬쪱싲죫튻킩룃웚좨쿮쿂뗄믹뒡횸틔뗈폚싲?싴?볛뗄횴탐볛룱돶쫛뗄뾴뗸닺쯹탎돉뗄춷듧뿉쓜쫇컞럧쿕뗄ꆣ헢붫?뾴헇?웚좨뗄쫽솿ꆣ쫇튻룶쳗릺놣횵춷듧?틲듋펦뛔뺻춶횧폃웚좨살뷢쫍?쪵볊짏붻틗짌뗄춷듧뢶컞럧쿕쳹쿖싊ꆣ닉폃솬탸쪱볤뗄쫽톧쒣쫇튻훖뛌웚ꆰ웚좨뿛ퟓꆱꆣ룃ꆰ웚좨뿛ퟓꆱ평탍?뻍뿉틔뷢뻶쳗릺놣횵춷듧쯹붨솢뗄랽믹폚춬튻막욱뗄춬쪱떽웚ꆢ횴탐볛룱늻춬돌쪽훐뾴헇웚좨뗄볛룱컊쳢ꆣ헢퇹뻍뗃돶뗄튻룶뾴헇웚좨뫍튻룶뾴뗸웚좨ퟩ돉ꆣ룃볆쯣얷쪽웚좨?벴늻쓜퓚떽웚잰횴탐뗄웚뾴헇?뾴뗸?웚좨뗄횴탐볛룱룟폚?뗍폚?쿖좨?볛횵뗄릫쪽?뛸컞탫뾼싇뛔싲랽믲싴랽퓚뗄막욱볛룱ꆣ평폚춬쪱돶쫛헢솽훖웚럧쿕뗄첬뛈ꆣ좨?붻틗짌뻍싴뿕쇋헢튻ꆰ웚좨뿛ퟓꆱꆣ죧룃릫쪽?뾴헇웚좨뗄뇭듯쪽?캪?맻볙뚨붻틗짌뗄싲볛뫍싴볛틑뺭뾼싇쇋쫐뎡뛔막욱쒿잰뻹뫢볛룱뗄맀볆c?SN?d???E?rteN?d???헢튻샠췆맽돌뻍췪놸쇋ꆣ웤훐c횸뾴헇웚좨볛룱?S횸뛔펦믹뒡닺뗄볛룱?N?x?쫇헽첬럖늼룅싊?r횸솬탸뢴닎뾼컄쿗뫏샻싊?t횸떽떽웚죕뗄쪱볤뎤뛈ꆣAmhud?Y?&Mendelson?H??ㄹ????AssetN?d??뫍N?d??뗄횵?쫇헽첬럖늼뗄pricingandthebid?askspread?JournalofFi?룅싊횵?웤훐뗄d?뫍d?평쿂쪽쟳뗃?nancialEconomics??????????????Copelog?S?E??rt????ꛒ?tland?T?&Galai?Dan?ㄹ?㌩?Informationd??eꛒ?tffectsonthebid?askspread?JournalofFi?nace?㌸⠵⤬ㄴ㔷????틔벰Demsetz?H????㘸??Thecostoftransacting?QuarterlyJournalofeconomics???⠱??㌳?d??d??ꛒt?
Black?Scholesꆤ??ꆤ웤훐ꛒ쫇믹뒡닺쓪믘놨싊뗄뇪ힼ닮ꆣ뛸늻믡떼훂뻞뛮돉놾ꆣ헢튻볙짨쳽웰살폐퓚룃릫쪽훐?뾴헇웚좨뗄볛횵좡뻶폚뗣뒵쎫쟳듃?떫퓚쇷뚯쫐뎡훐쯼쿠뛔살쮵??컥룶뇤솿?믹뒡닺볛룱?S??횴탐볛룱늻첫훘튪ꆣ뗚쯄룶볙짨쫇샻싊만뚨?헢튻?E??솬탸샻싊?r??떽웚죕뗄쪱볤?t?뫍볙짨늻헽좷?떫평폚웚좨볛룱뛔샻싊늻쏴닺믘놨싊뗄뇪ힼ닮?ꛒ??춨뎣놻돆캪늨럹?ꆣ룐?헢튻볙짨튲뻍늻훘튪쇋ꆣ뗚컥룶볙짨퓚헢컥룶뇤솿훐?횻폐늨럹쫇캴횪뗄?탨튪쫇뛔믹뒡닺늻횧뢶막쾢?헢튲쫇늻쿖쪵뛔웚좨떽웚죕뗄늨럹뷸탐풤닢ꆣ룃릫쪽훐뗄ꆣ떫탞헽쒣탍틔쪹횮죝쓉헢튻볙짨쳵볾뗄뾴헇웚좨쫇믹뒡닺볛룱?S?뫍횴탐볛쿠뛔살쮵뇈뷏볲떥?샽죧Black?ㄹ㜵?ꆣ룱쿖횵?E?rte?뗄볓좨몯쫽ꆣ좨훘럖뇰캪뺡맜뷰죚훐듳뛠쫽샭싛뗄뷡맻뛔쪵볊N?d??ꆪꆪꆪ웚좨뗄쳗릺뇈싊믲뗂뛻쯾쾵닙ퟷ헟쎻폐뛠짙펰쿬?늼삳뿋?쮹뿆뛻쮹쫽?뫍N?d??ꆪꆪꆪ웚좨떽웚쪱퓚볛쓚뗄룅쒣탍좴틑캪좫쟲쯹횪늢놻쪵볊펦폃ꆣ헢튻싊ꆣ릫쪽뗄듦퓚듙뷸쇋웚좨뎡쓚붻틗쫐뎡폐탭뛠톧쫵싛컄쳡돶쇋룼캪뢴퓓뗄쒣??㤷?쓪뾪쪼폚횥볓룧붻틗쯹?뫍뎡췢붻틗탍?떫뗃돶뗄뷡싛쫇볲떥뗄늼삳뿋?쮹뿆쫐뎡뗄랢햹ꆣ쎻폐헢튻쒣탍?맽좥뗄뛾쪮뛻쮹쒣탍뺭탞헽뫳뿉뗃돶뗄뷡맻췪좫튻쓪샯퇜짺닺뗄펦폃뿉쓜늻믡폐죧듋톸쏍훂ꆣ췆떼룃쒣탍탨튪탭뛠볙짨쳵볾?떫뛔뗄랢햹?탭뛠퇜짺닺짵훁뿉쓜늻듦퓚ꆣ폚볙짨쳵볾뗄쾸킡뇤뮯헢튻쒣탍쿔쪾쇋쇮죋뺪퇈뗄짺쏼솦ꆣ뗚튻룶볙짨쳵볾쫇뛔펦닎뾼컄쿗닺뗄볛룱쯦믺뮺싽폎뚯ꆣ헢틢캶ퟅ닺Blck?F?&Scholes?M???㤷㌩?Thepricingof볛룱럾듓뛔쫽헽첬럖늼?듓뛸닺뗄믘놨optionsandcorporateliabilities?JournalofPo?싊럾듓헽첬럖늼ꆣ룃볙짨퓚뷰죚쒣탍훐맣liticalEconomy?㠱????????캪쪹폃ꆣ뗚뛾룶볙짨쫇닺믘놨싊럖늼뗄Black?F????㜵??Factandfantasyintheuseof늨뚯탔쫇만뚨뗄ꆣ헢튻볙짨쏷쿔쫇듭컳options?FinancialAnalystsJournal????㌶??ㄬ㘱????뗄?룃쒣탍뗄뿉폃탔맘볼좡뻶폚뛔떽웚좨룪뗇ꆤ룱쒬뛻?GORDONGEMMILL?퓚떽웚죕뗄쪱볤뛎훐늨럹뗄풤닢ꆣ뗚죽룶볙짨쫇쎻폐붻틗돉놾?평듋쳗릺뗄닺ퟩ뫏훐믹뒡닺뫍웚좨뗄뇈샽뿉틔돖탸뗷헻
ꆤ??ꆤcapitaladequacy??Ccapitaladequacy놾돤ퟣ탔퓊탭틸탐웆닺낵쪾ퟅ퓚놾돤ퟣ탔ꆢ놾돤ퟣ탔뛔쯹폐뗄램죋쪵쳥뚼닺짺듦뿮놣횤뷰?닎볻Stone뫍Zissuⰱ㤹?a?뫍펰쿬?떫ퟷ캪튻룶쫵폯쯼춨뎣폃폚쳖싛퓚웤쯻뗄막좨돖폐죋죧막뚫뗄풤웚횮볤뿉쓜뺭볃훐뷰죚탐튵릫쮾뗄ힴ뿶?폈웤쫇릫쮾듦퓚쎬뛜ꆣ탭뛠맺볒뚼퓚퓋ퟷ듦뿮놣횤뷰쫇럱폐ퟣ릻뗄놾뗖폹쯼쏇쯹쏦쇙뗄럧훆뛈?떫듳뛠쫽맺볒뚼늻뿉쓜뛔쎿튻듦뿮쿕?맊뛸탨튪퓚럧쿕돐떣헟뗄뮥쿠쎬뛜뗄죋뗄좫늿쯷엢뛮ퟷ돶놣횤ꆣ듦뿮놣횤뷰훆풤웚횮볤뷸탐좨뫢ꆣ듻랽튪쟳폐튻뚨뗄뛈뗄쒿뗄춨뎣퓚폚좷놣듦뿮죋퓚틸탐쟥쯣놾틔좷놣뛔뷨랽릫쮾뿉쓜랢짺뗄쯰쪧폐쯹쪱캪쯻쏇뗄탐캪돐떣튻뚨뗄퓰죎ꆣ죧맻듦뮺돥?뛸막뚫맘힢뗄붹뗣뎣뎣쫇뷰믘놨뿮췪좫쎻폐럧쿕?쓇쎴듳늿럖막뚫평폚웤싊ꆣ뛔폚퓚뷰죚탐튵훐퓋ퟷ뗄릫쮾살쮵?쯹돐떣뗄럧쿕붫컞샻뿉춼?춬쪱튲믡쪹틸튻냣릫훚퓚룃릫쮾훐튲폐춶죫?틲듋릫쮾탐쟷폚돐떣훖샠믲쮮욽늻뫏쫊뗄럧쿕ꆣ뺭펪쪧냜뿉쓜믡펰쿬헻룶뷰죚쾵춳뗄컈뚨놾돤ퟣ탔횼퓚캬뮤뷰죚컈뚨?틲듋?탔ꆣ룶쳥믺릹퓚쾵춳훐뗄뷇즫훁맘훘튪?쯼뎬평폚틸탐쯹횴탐뗄릦쓜?뷰죚컈뚨탔맽쇋룶쳥믺릹놾짭ꆣ평폚틸탐탔뷰죚믺릹뗄맘볼퓚폚틸탐ꆣ틸탐늻뷶쳡릩뺭볃퓋탐뫍뷰죚늿쏅훐웤쯻믺릹뗄맘쾵퓚짮죫맣랺쯹탨튪뗄벫듳뇈샽뗄죚?뛸쟒튲쫇횧뢶뗘랢햹?뷰죚컈뚨탔뫜뿉쓜놻럇틸탐뷰죚뗄쟾뗀ꆣ듋췢?뷰죚늿쏅놻훐퇫틸탐폃ퟷ믺릹쯹웆뮵ꆣ쫂쪵짏폐킩믬싒뻍살풴폚맺춨맽믵뇒헾닟뗷헻뫍펰쿬쪵컯뺭볃뗄쫖볊탔ퟩ횯ꆣ헢킩뇤뮯뷸튻늽벤랢쇋맺쓚뫍뛎ꆣ뷰죚컈뚨탔뗄맘볼퓚폚뷰죚쾵춳놾맺볊짏늻춬뗄뷰죚믺릹뗄볠맜횮볤룼뛠뗄짭?뛸늻쫇쒳튻룶떥뛀뗄믺릹?떫쪵쿖뷰죚쳖싛ꆣ컈뚨뗄쫖뛎좴쫇춨맽뾼달룶쳥믺릹췪돉뗄ꆣ?닎볻George??㤹??맘폚볠맜뫍뷰죚럧쿕뫍놾돤ퟣ탔컈뚨탔뗄헾닟붲뮰ꆣ?틸탐?평폚웤퓚뺭볃짧믡훐쯹냧퇝뗄뺭볃훐뷰죚탐튵뗄듓튵헟듓룃늿쏅쓚뷇즫?튻횱퓚늻뛏뗘뮻ퟅ럧쿕ꆣퟮ웕춨늿뗄뺺헹훐믱샻?쿠펦뗘틸탐뫍웤쯻릫쮾뗄놻뮻뗄럧쿕쫇탅폃럧쿕뫍쇷뚯탔럧뚼퓚짨램폅뮯쯼쏇뗄짌튵ퟩ뫏ꆣ캪쪹뷰죚쿕?헢튲쫇틸탐돐떣쪱볤ퟮ뎤뗄럧쿕ꆣ탐튵훐뗄뺺헹뗃틔랢짺?쓇킩뢺퓰볠맜Hall??㤹??쇐돶쇋폫죕놾ꆢ펢맺뫍쏀맺뺭놾돤ퟣ탔뗄헾뢮믺릹탨튪뢳폨릫쮾쎰쿕뗄볃뷰죚늿쏅폐맘뗄램맦?냼삨ퟔ??쫀볍??ퟔ평ꆣ폐쪱헢틢캶ퟅ뷰죚탐튵훐뗄웳튵뿉쓪듺훁뷱죔좻짺킧뗄튻킩램맦ꆣ탭뛠틸탐쓜믡뺭펪쪧냜ꆣ죧맻헢훖쿖쿳듓늻랢짺?틑삩햹쇋쯼쏇뗄뷰죚훐뷩횰쓜뫍퓚뒫춳튵쓇쎴쿭쫜틸탐럾컱뗄폃뮧쯹뮨럑뗄돉놾뿉컱훐돐떣뗄럧쿕?돐떣쇋탭뛠탎쪽뗄쫐뎡쓜믡럇뎣낺맳?쟒?믲럾컱놾짭뗄랶캧쪮럖럧쿕ꆣ헢뇭쏷쇋틸탐벰웤퓚뺭볃짧믡훐뗄폐쿞??믲헟ퟮ뫳뗄듻랽붫폐킧뗘돐떣쯹폐횰쓜퓚돖탸퇝뇤ꆣ뗄럧쿕떫좴뛔쯻쯹돐떣뗄럧쿕쎻폐죎뫎펰떱뫜쓑뛔웤펰쿬솦뢳폨좷뚨횵쪱?럧쿬ꆣ쿕뎣놻돆캪ꆰ뚨탔뗄ꆱꆣ헢폫쓇킩뚨솿럖컶
capitaladequacyꆤ??ꆤ럧쿕뗄뾴램뷘좻쿠랴ꆣ뷡쯣럧쿕쫇뚨탔럧뗄뇈싊튪쟳ꆣ쿕뗄튻룶샽ퟓ?벴뺡맜뿉틔볆솿뒦폚럧쿕놾뿉쓜틔막좨ꆢ튻벶닺ꆢ룷훖탎쪽횮훐닺뗄쫽솿?떫좴쓑틔맀볆랢짺쯰쪧뗄듎벶뢺햮ꆢ룟폚뫍뗍폚뛾벶닺뗄탎쪽??뗄뿉쓜탔ꆣㄹ㜴쓪뗂맺Herstatt틸탐떹듦퓚?춬쪱헢킩놾뇘탫쓜릻돖탸뗘믲훁뇕쫇폐맘뷡쯣럧쿕뗄튻룶샽횤ꆣ캪복쟡헢짙퓚틸탐쏦쇙쟥쯣컊쳢쪱돐떣뿷쯰ꆣ볠맜튻쳘쫢럧쿕?튵뷧튻횱얬솦붨솢벴쪱횧뢶믺릹튻냣믡뛔ퟩ돉놾믹뒡뗄룷훖탎쪽뗄뷡쯣쳥쾵늢웕뇩쯵뛌뷡쯣쪱볤ꆣ퓚헢훖쟩놾쯹햼뇈샽뷸탐쿞훆ꆣ뿶쿂?믱틦뗄늻뷶쫇볠맜헟?뮹폐릤튵쪵쳥펦룃힢틢떽놾뗄쫽솿뇪ힼ쫇붨솢퓚뫍뷰죚튵훐뗄룶쳥믺릹ꆣ쇭튻훖뚨탔럧쿕뷰죚늿쏅릫쮾쯹돖폐춷듧볛횵뗄믹뒡짏ꆣ쫇쏻폾럧쿕?쯼믲헟펰쿬쒳튻쳘뚨뗄틸탐?춨뎣맺볒탔믺릹믡뛔틸탐뫍뷰죚릫쮾뗄믡믲헟펰쿬헻룶틸탐뷧ꆣ헢튻샠훐뗄웤쯻럧볆뫋쯣풭퓲쳡돶랽헫뫍붨틩?샽죧펢맺틸쿕뮹폐룷훖맜샭뫍쳥훆맦헂럧쿕?냼삨맀탐볒킭믡랢뇭뗄쪵컱붨틩쫩ꆣ룹뻝늻춬뗄볛랽쪽뫍뛔뢴퓓닺욷뗄럧쿕맜샭랽쪽?틔믡볆ힼ퓲?룷맺뛔뎨뿚믲춷듧뗄놾놣횤벰튻킩잱퓚뗄랸ퟯ탐캪ꆣ맦뚨늻뺡쿠춬ꆣ헢쫇뇭쓚뫍뇭췢쿮쒿뗄튻폐킩움싛볒뿉쓜죏캪퓚룃쾵춳훐쎻폐듳쳘즫ꆣ떫쫇?맺볊믡볆ힼ퓲캯풱믡헽훂탂뗄럧쿕?떫쫇뿉쓜돶쿖쒳킩샠탍뗄닺욷솦폚쳡돶튻쿮맺볊뮯뗄랽헫ꆣ뫍탐캪붫삩듳쿖폐럧쿕뗄펰쿬?쒳킩탎쪽뗄퇜짺뫏풼뻍쫇샽ퟓꆣ쯤좻퇜짺닺욷뿉쓜놾돤ퟣ탔맜샭믺릹쫇틸탐뮯뷢럧쿕뗄쿠뛔뷏탂뗄릤뻟?놾쎿룶맺볒뢺퓰볠뿘놾돤ퟣ뛈뗄믺릹돤ퟣ뇪ힼ튲랴펳쇋퇜짺닺욷뗄랢햹ꆣ웤훐뚼늻쿠춬ꆣHall?ㄹ㤳?쏨쫶쇋죕놾ꆢ펢맺폐킩뇪ힼ뗄믹뒡쫇헫뛔룸뚨럧쿕돖폐튻뚨뫍쏀맺뗄틸탐볠맜쳥쾵ꆣ퓚폐킩맺볒?횻솿뗄뷰?뺡맜웤쯻뗄뇪ힼ뿉쓜쫇뚨탔뗄ꆣ폐튻룶떥뛀뗄믺릹뛔뷰죚쇬폲훐쯹폐뗄닎냍죻뛻볠맜캯풱믡뛔뚨탔뇪ힼ랢뇭쇋짹폫헟뷸탐맜샭?웤쯻튻킩맺볒퓲뿉쓜폐뛠쏷?샽죧뷰죚퇜짺릤뻟럧쿕맜샭횸떼풭퓲?룶믺릹뢺퓰맜샭쒳튻횸뚨랶캧쓚뗄쫂컱ꆣ춬퇹뛔ퟮ킡뚨솿뇪ힼ튲폐맦뚨?죧냍죻뛻ퟮ훕뗄듻랽늻뇘쫇뢺퓰볠뚽틸탐벰웤쯻뷰킭뚨ꆣ죚믺릹놾돤ퟣ뛈뗄믺릹ꆣ틸탐뫍횤좯릫쮾놻튪쟳뛔쯼쏇쯹쏦쇙뺡맜놾돤ퟣ뛈뗄쳥쾵뷡릹쫇평튻맺뗄뚨탔뫍뚨솿럧쿕돖폐튻뚨뗄놾ꆣ떽쒿뮷뺳뻶뚨뗄쟒퓚튻맺짺킧?떫쯼쏇튲뿉쓜잰캪횹뛔틸탐뗄훷튪뗄놾튪쟳틑냼삨쇋쫜맺볊ퟩ횯뗄펰쿬ꆣ냍죻뛻볠맜캯풱믡?탅폃럧쿕뫍붻틗뛔쫖럧쿕ꆣ뛔횤좯릫쮾퓲웤듺뇭살ퟔ쪮맺벯췅뗄돉풱맺틔벰슬즭놤훷튪ퟅ훘폚쫐뎡럧쿕ꆣ떫쫇?쪵쪩놾돤뫍죰쪿?ퟔ????쓪웰뻍튻횱퓚맺볊쟥쯣틸ퟣ뛈맦뚨?펦폃폚얷훞솪쏋뗄틸탐뫍횤좯탐믡컮?쳖싛맺볊틸탐튵컱컊쳢ꆣ튻킩럇릫쮾?뫍냍죻뛻킭뚨뗄쳡틩탞헽낸뫳?틸탐냍죻뛻캯풱믡돉풱뗄맺볒튲닉쓉쯻쏇뗄뇪붫놻튪쟳뛔늿럖쫐뎡럧쿕돖폐튻뚨솿뗄ힼꆣ얷훞솪쏋?EU?뛔놾돤ퟣ뛈뇪ힼ튲놾?닎볻Stone뫍Zissu?????a?ꆣ냍죻뛻킭쪮럖룐탋좤?쒿뗄쫇쪹놾뫍럾컱쓜퓚릲뚨뫍놾돤ퟣ뛈맦뚨듺뇭쇋ퟮ뗍뇪ힼ?뗘춬쳥쓚ퟔ평쇷뚯듓뛸붨솢릲춬뗄ퟮ뗍뇪ힼ랽볠맜믺릹뿉틔쳡돶룼룟뗄튪쟳ꆣ샽죧??떥튻쫐뎡뎫틩?ꆣ떫쫇?평냍죻뛻캯풱믡냍죻뛻킭뚨맦뚨놾닺뫍럧쿕좨훘닺냤늼뗄뇪ힼ뿉쓜놻죏캪쫇튻훖ꆰ횸떼ꆱ?얷횮볤뗄ퟮ뗍뇈싊캪???떫폐킩볠맜믺릹ퟐ쏋뗄뎫틩쫩퓲쫇틔맙랽횸쇮뗄탎쪽랢늼쾸뾼싇떥룶틸탐뗄뚨탔럧쿕?쳡돶쇋룼룟뗄?쪵훊짏뻟폐램싉킧솦쟒쓜펰쿬볠뚽뫍
ꆤ??ꆤcapitaladequacy맜샭횮볤뗄욽뫢맘쾵ꆣퟔ????쓪살?맺볊쪱뒦샭랽낸ꆣ횤좯캯풱믡ퟩ횯춨맽웤벼쫵캯풱믡튻횱헙좻뛸놾돤ퟣ싊뇪ힼ뗄탞룄튲탭늢늻??뾪믡틩?튲붫훆뚨춳튻뗄놾돤ퟣ뇪ힼퟷퟜ쫇뒦퓚떶죐짏?헢폫튻킩룶뇰틸탐뗄쟩캪웤쒿뇪횮튻ꆣ뿶뿉쓜듦퓚닮틬?룃뇪ힼ쫊폃폚룷훖랶캧냍죻뛻캯풱믡뫍얷쏋뚼벫듳뗘룄뇤쇋뗄틸탐ꆣ쯹틔쯼쏇뇘탫쓜쫊폃폚듳늿럖틸퓚맽좥뗄쪮컥쓪샯쫊폃폚틸탐뗄놾돤ퟣ탐?뺡맜쯼쏇늢늻뇈짙쫽튻킩틸탐쯹닉폃싊뇪ힼꆣ냍죻뛻캯풱믡퓚????쓪?퓂냤뗄랽쪽퓚벼쫵짏룼쿈뷸ꆣ늼쇋냍죻뛻킭뚨?쯦뫳얷쏋퓚????쓪릫늼놾돤ퟣ싊뗄쒿뗄늻튻뚨쫇튪놣뮤틸쇋쫊폃폚탅폃믺릹뗄폐맘뎥햮뇈싊뗄얷쏋탐럀횹떹뇕?뛸쫇튪듙뷸뷰죚쾵춳뗄컈뚨횸쪾?㠹??㐷?EEC?ꆣ헢솽룶춬뗈훘튪뗄탔?볠맜죋풱튪퓚헢훖뮷뺳쿂뾼싇쯰쪧ꆣ뎫틩떼훂쪮맺벯췅돉풱맺ꆢ얷쏋뫍룼뛠웤뷰죚늿쏅릫늼뗄훘듳쯰쪧쳡탑쎿룶죋?럧쯻뗄맺볒뷓쫜??뗄ퟮ뗍놾돤ퟣ싊튪쟳쿕튪믽벫맜샭?쫐뎡뛔헢킩쯰쪧뗄랴펳춨살횧돖틸탐럧쿕ꆣ얷쏋횸쪾?쿂쏦?쳡릩쇋뎣볓잿쇋놾돤ퟣ싊뚨탔랽쏦뗄뇪ힼꆣ튻룶폐맘뚨탔뫍뚨솿컊쳢랶캧뗄풶뺰?쯼ퟜ뗄쮵살?뿉쓜듦퓚튻훖풽살풽뛠뗘냼몬쇋쿖폐틸탐놾돤ퟣ싊뗄뇪ힼ?폐킩닉폃뚨탔뇪ힼ뗄쟷쫆ꆣ뚨탔뇪ힼ쓜쪹쓇킩뮹쫊폃폚횤좯릫쮾?뛸웤쯻튻킩퓲쏨쫶쇋뢺퓰볠맜놾돤ퟣ싊뗄믺릹뗷헻웤뛔룷룶좫쟲틸탐뫍횤좯벯췅뗄볠맜죋풱뗄횰퓰ꆣ쳥틸탐뗄믮뚯벰탨쟳놾돤ퟣ싊뗄튪쟳뫍Maisel??㤸ㄩ?Stone뫍Zissu?????b?뛔웤웚췻ꆣ쎻폐죎뫎솽볒틸탐쫇췪좫튻퇹뗄ꆣ훐튻킩컊쳢뷸탐쇋룼캪맣랺뗄쏨쫶ꆣ헢킩뚨탔뗄뇪ힼ뗃떽쇋뚨솿뇪ힼ뗄볓만ꆣ튪쪹놾돤ퟣ싊뇪ힼ럻뫏쿖듺튪쟳뻍뚨솿뇪ힼ쫇헫뛔튻뚨솿쳘뚨탎쪽뗄럧쿕쳡튪뒴퓬튪쟳뗄뷗뛎뇤뮯ꆣ춨뎣놾튪쟳뗄돶튻뚨솿뗄놾튪쟳?믲헟뛔쒳킩탐캪벰룄뇤살ퟔ맺볊싛첳?샽죧?냍죻뛻믲얷쏋?럧쿕놩슶ퟷ돶횱뷓뗄쿞훆ꆣ뛸첸에뫍듯돉킭틩튪뮨럑듳솿뗄쪱볤뫍풴ꆣ떱냍주뛻킭틩퓚????쓪?퓂릫늼쪱?펰쿬놾돤ퟣ뛈뇪ힼ뗄얷훞솪쏋횸쇮듳볒죏쪶떽쫐뎡럧쿕튲탨튪쳖싛?킭틩뿉????㠰?EEC?뗚튻쿮틸탐튵킭뗷횸쇮쓜퓚????쓪놻탞룄틔뇣붫쫐뎡럧쿕냼삨????㐶?EEC?뗚뛾쿮틸탐튵킭뗷횸쇮?맺퓚쓚ꆣ쓚볠맜믺릹폫훷볠맜믺릹?퓚얷쏋훐폐럖룼탂놾돤ퟣ싊뗄맽돌룼볓뢴퓓?틲횧쟒쫇튻룶틸탐벯췅뗄훷튪볠맜믺릹?캪틸탐폃폚맜샭쳘쫢럧쿕뗄벼쫵퓚죋쏇쳖????㌵?EEC?틸탐헋뮧횸쇮?틸탐뗄믡볆싛쳘쫢럧쿕뗄맽돌훐뻍뿉쓜퓚랢햹ꆣ놾뫋쯣뇪ힼ?돤ퟣ뇪ힼ뗄뷗뛎뇤뮯춨뎣믡틲튪듯돉뇘튪??????EEC?뛔탅폃믺릹럧쿕놩슶뗄볠맜뗄튻훂틢볻쯹뮨럑뗄쪱볤뛸닺짺?헢훖튻뫍뿘훆횸쇮훂틢볻늻뷶튪퓚볠맜죋풱횮볤듯돉?뛸쟒????㐷?EEC?탅폃믺릹뎥뢶싊횸쇮튪퓚틸탐뫍볠맜죋풱횮볤듯돉ꆣ쪱뛸랢짺??????EEC?탅폃믺릹뎥뢶싊뗄탞헽횸쇮뗄춻좻뇤뮯폫룷룶틸탐뫍뷰죚늿쏅헻쳥랶?탅폃럧쿕떼쿲뗄놾돤ퟣ싊튪쟳?캧쓚뗄붥뷸랢햹듳늻쿠춬ꆣ쯤좻놾돤ퟣ????㤹?EEC?탅폃믺릹뗄ퟔ폐뷰싊뇪ힼ뿉쓜훍뫳폚쫐뎡랢햹뫍틸탐뗄믮????㌳?EEC?탅폃믺릹ퟔ폐뷰뗄탞헽뚯?떫쫇헢늢늻튻뚨틢캶ퟅ볠맜죋풱늢늻횸쇮쇋뷢쫐뎡랢햹믲헟튻횱뗈떽헢훖랢햹퓚뺭??????EEC?탅폃믺릹ퟔ폐뷰뗄탞헽횸맽탞룄뫳뗄뇪ힼ훐폐쯹쳥쿖뫳닅훆뚨돶쇙쇮?놾뗄탎쪽뫍쫽솿?
capitalstructureꆤ??ꆤ??????EEC?춳튻볠맜횸쇮탐뗄횤좯뗄ퟩ뫏ꆣ릫쮾탨튪늻뚯닺살퓋?????EEC?춶릫쮾뫍탅폃믺릹뗄놾펪ꆣ쯻쏇뿉틔쫇폐탎닺?샽죧붨훾컯뫍돤ퟣ뛈횸쇮?믹폚쫐뎡럧쿕뗄놾솿탨쟳?믺웷짨놸?믲헟쫇컞탎닺?샽죧욷없쏻돆????????EEC?춶럾컱횸쇮뫍폐벼쫵ꆣ캪뎥뢶헢킩닺?릫쮾늻뷶튪춨맽쎳틗믮뚯믱뗃쿖뷰?튲튪춨맽돶쫛닎뾼컄쿗뷰죚닺살믱뗃쿖뷰ꆣ헢킩뷰죚닺놻돆Gerge?E?A?J???㤹???Thepursuitoffinan?캪폐볛횤좯ꆢ뷰죚릤뻟믲폐햮좨ꆣ헢킩폐cialstability?BankofEnglandQuarterlyBul?볛횤좯내맣틥뷸탐럖샠뿉럖캪막좨뫍햮좨letin?㌴?㘰????뺡맜튲뿉쓜뒴퓬춬쪱믹폚햮좨뫍막좨뗄Hall?M?J?B?⠱㤹㌩?Bankingregulationand횤좯?ꆣ막좨틔돖폐룃릫쮾막욱럝뛮쫽살supervision?AcomparativestudyoftheUK?쳥쿖?릫쮾뗄막뚫뷨듋돉캪릫쮾뗄쯹폐헟ꆣUSAandJapan??stedn?Brookfield?VT?E죧맻릫쮾뗄붻틗믮뚯쪮럖돉릦?쯹폐헟뗄dwardElgar?M막좨볛횵붫짏헇ꆣ뿉틔낲업횻뛔풭쪼햮좨aisel?S?J???㤸ㄩ?Riskandcapitaladequacyincommercialbanks??stedn?Chicago?IL?U?죋뗄햮컱뷸탐뎥뢶?튲뿉틔랢탐뿉돶쫛뗄niversityofChicagoPress?ꆰ햮좯ꆱ?벴뿉붫캴살뗄믱뎥좨룸탂뗄햮Quinn?B?⠱?㤳??TheBankofEngland?srolein좨죋ꆣprudentialsupervision?BankofEngland춨맽랢탐룼뛠뗄햮컱벰믘릺막욱?믲QuarterlyBulletin?㌳???????헟랢탐룼뛠뗄막욱뛸믘릺햮컱뗄랽램뿉틔Richardson?G?W?H?⠱?㜴??SpeechtotheIn?룄뇤놾뷡릹ꆣ쯦횮닺짺쇋튻룶컊쳢?뛔stituteofBankers?BankofEnglandQuarterly튻릫쮾뛸퇔?쫇럱듦퓚ퟮ폅뗄놾뷡릹쓘?Bulletin????㔴???FrancoModigliani뫍MertonMillerStone?C?A?&Zissu?A????㤴a??Globalrisk??㤵㠩쳡돶쇋퓚ꆰ췪좫뺺헹쫐뎡ꆱ뗄퇏룱쳵basedcapitalregulations?Vol?I?Capitalade?볾쿂뛔룃컊쳢뗄뷢듰ꆣ쯻쏇솽죋쿖퓚쿭폐quacy??stedn?NewYork?IrwinProfessionalPub쪢폾틔훁폚뷰죚뿎놾훐쳡떽쯻쏇쪱뚼볲돆lishing?Stone?C?A?&Zissu?A?⠱㤹?b??Globalrisk캪ꆰMM?ꆱꆣ퓚췪좫뺺헹쫐뎡훐?컞쮰럑튲basedcapitalregulations?Vol?ꋲ?Manage?컞뺭볍죋럑폃?폐럇뎣뛠뗄싲헟뫍싴헟?쯹mentandfundingstrategies??stedn?New폐뗄닎폫헟폫쫐뎡퓚뺭볃솦솿짏쿠뇈뚼쫇York?IrwinProfessionalPublishing?벫웤쏬킡뗄?죎뫎떥룶죋뗄붻틗탐캪뻹늻TheBasleCommitteeonBankingRegulationsand쓜펰쿬횤좯뗄쫐뎡볛룱ꆣMM뗄ꆰ뗚튻뚨SupervisoryPractices???????International샭ꆱ쫇죎튻릫쮾뗄쫐뎡볛횵폫웤놾뷡릹convergenceofcapitalmeasurementandcap?쿠뛀솢ꆣ헢튲뿉놻죏캪쫇볛횵쫘뫣램퓲?italstandards?Basle?튻릫쮾뗄닺볛횵늻틲웤쯹돐떣뗄뢺햮뛸TheBasleCommitteeonBankingRegulationsand뇤뮯ꆣ헢틢캶ퟅ퓚췪좫뺺헹뫍샭탔뗄쫐뎡SupervisoryPractices???????Riskmanage?men짏?튻릫쮾늢늻쓜횻뾿훘ퟩ햮컱뛔닺뗄tguidelinesforderivatives?Basle?십뿋ꆤ샗뾼뿋?MARKLAYCOCK?뇈샽벰틔늻춬탎쪽쳡릩햮컱살믱뗃볛횵ꆣModigliani뫍Miller??????춬퇹췆떼돶컞싛쫇럱틔쿖뷰탎쪽횧뢶막샻퓚췪좫뺺헹쫐뎡짏뚼쫇늻쿠맘뗄ꆣcapitalstructure놾뷡릹튻룶맘폚쫛싴얣쓌벰웤퇜짺닺욷뗄샽놾뷡릹쫇튻릫쮾캪웤뺭펪죚뛸랢ퟓ놻폃폚샠췆헢튻뚨샭?닎볻Ross뗈?
ꆤ??ꆤcapitalstructure??㠸?ꆣ얣쓌뿉틔횱뷓쿺쫛?튲뿉틔놻럖돉펦룃뺡솿뢺햮뺭펪ꆣ떫쫇쫂쪵짏탭뛠릫쮾쓌폍뫍뗍쓌폍뗄얣쓌싴돶ꆣ볙짨헢튻얣쓌늢늻헢쎴ퟶ?헢듌벤쇋뛔룃샭싛뗄뷸튻늽??뗄럖룮?믲훘ퟩ?돉놾뫜뗍?뛸쟒쓣뿉틔쏢탞헽?냼삨뾼싇룶죋쯹뗃쮰뛔막뚫뗄펰쿬럑춨맽튻캻뺭볍죋싲싴헢죽훖닺욷ꆣ쓌폍벰닆컱캣믺뗄돉놾ꆣMiller??????틑횤쏷뿉퓚쫐뎡짏놻틔룟볛돶쫛?틲듋춨맽붫쓌릫쮾쮰뛜듸살뗄볛횵퓶뎤믡틲뛔춶헟헷폍듓얣쓌훐욲돶쓣쯆뫵폐뿉쓜믱뗃튻듳뇊쫕룶죋쯹뗃쮰퓬돉뗄펰쿬뛸붵뗍ꆣ듋췢?닆뢻ꆣ떫쫇?쪣쿂살뗄뗍쓌폍얣쓌붫뇈풭닆컱캣믺돉놾쯦햮컱뗄퓶볓뛸퓶볓?틲듋살뗄좫횬얣쓌볛횵룼뗍ꆪꆪꆪ싲랽퓚쫐뎡짏릫쮾뗄볛횵평쿂쏦뗄랽돌쪽뇭쪾?웤훐PV폐좨톡퓱쫇릺싲좫횬얣쓌뮹쫇췑횬얣쓌?뇭쪾쿖횵?죧맻솽훖닺욷틔춬퇹볛룱돶쫛?싲랽뻍믡릫쮾뗄볛횵?좫늿막좨죚뗄볛횵?릺싲좫횬얣쓌욲돶쓌폍뫳ퟔ탐쿺쫛ꆣ퓚췪PV?쮰뛜??PV?닆컱캣믺돉놾?ꆣ쯦ퟅ햮좫뺺헹쫐뎡짏뗄붻틗붫웰ퟷ폃?쪹쓌폍뫍컱뗄퓶뎤?릫쮾뗄쮰뛜볛횵믡퓶뎤?떫쫇닆뗍횬얣쓌뗄ퟩ뫏볛룱폫좫횬얣쓌뗄볛룱쿠컱캣믺뗄뿉쓜탔튲믡퓶듳?듓뛸쪹닆컱캣춬?볛횵쫘뫣?ꆣ샽죧?죧맻ퟩ뫏볛룱뗍폚믺돉놾뗄쿖횵퓶듳ꆣ퓚퓶볓뢺햮듸살뗄쮰좫횬얣쓌볛룱?붻틗짌붫훘ퟩ퇜짺닺욷늢쫕샻틦잡뫃쓜쏖늹웤쯹틽웰뗄닆컱캣믺돉틔쓜쪹쯻믱뗃폫쿺쫛좫횬얣쓌쿠춬뗄샻죳놾쪱?릫쮾뗄볛횵ퟮ듳ꆣ뗄볛룱뷸탐쿺쫛ꆣ닆컱캣믺뗄튻훖쟩뿶쫇웆닺ꆣ튻냣살퓚Modigliani?Miller횮잰놻죏캪쫇쇮쮵퓚좫쟲쏱훷맺볒뗄막뚫횻돐떣폐쿞퓰죋쏔믳뗄놾뷡릹컊쳢쿖퓚폐쇋잿폐솦뛸죎ꆣ뺡맜퓚릫쮾웆닺쪱막뚫튻컞쯹믱뗄뺳쟒볲떥뗄듰낸ꆣ헢쪮럖볲뇣?틲캪죎뫎욫뿶뾴웰살뫜퓣?떫쯻쏇헢훖횻탨솽쫖뿕뿕샫뚼뿉틔뾴ퟷ쫇뛔헢튻뚨샭볙짨쳵볾뗄복뗘샫뾪릫쮾뗄좨샻쪵볊짏쫇럇뎣폐볛횵죵ꆣ쿔좻?뮹탨튪뾼싇뗄컊쳢폐?뺭볍죋뗄뗄?틲캪쯻쏇룶죋늻퓙뛔릫쮾캴뎥뢶뗄햮럑폃ꆢ쮰쫕ꆢ닆컱캣믺뗄돉놾?틔벰탂뗄뷰컱뢺퓰ꆣ돽쇋웆닺?뮹폐웤쯻돉놾?냼삨틲죚릤뻟?헢뿉쓜듌벤퓝쪱탔럇췪좫뺺헹쫐늻풸틢춶틽웰뗄돉놾?틔벰쯦ퟅ햮컱뇈뎡믲듓훐믱틦?ꆣ죧맻쓜쳡릩틔잰늻뿉믱싊뗄쳡룟뛸쪹볛횵퓚햮좨죋폫막뚫횮볤뗃떫좴캪춶헟쯹탨뗄럾컱?탂뗄뷰죚릤뮻듸살뗄돉놾ꆣ릫쮾햮컱뗄돖폐죋?죧햮뻟뿉쓜뒴퓬볛횵ꆣ떫쿖퓚헢풽살풽쓑틔쪵좯돖폐헟볡돖튪믱뗃뛔웤햮좨뗄ퟮ듳쟥쿖쇋?틲캪벴쪹돉릦쇋?헢튻닺욷튲믡뫜뿬뎥?막뚫횻돐떣폐쿞퓰죎?퓚횤좯돖폐헟늻뗘놻뢴훆듓뛸쪹웤쪧좥퓚쫐뎡짏뗄뺺헹폅쓜믱뗃뎥뢶쪱늻쏉쫜죎뫎쯰쪧?좴믱뗃듳쫆ꆣ뺭볍죋럑폃뗄쫕좡횻쫇복좥쇋헢튻볛폚햮컱쫽뛮뗄좫늿펮샻ꆣ쯹틔?죧맻튻릫횵훐뗄튻늿럖?뛸쟒볈좻컒쏇맘탄뗄쫇늻쮾뷨폐듳솿췢햮?막뚫춶폚뿉쓜듸살룟춬놾뷡릹뗄볛횵뛸늻쫇뮻돉놾??횻튪뛮믘놨뗄룟럧쿕쿮쒿쫇뛔ퟔ벺럇뎣폐샻헢튻뇈샽럇뎣킡?쯹틔룃늿럖럑폃늢늻쫇뗄?틲캪헢횻쫇폃햮좨죋뗄잮뷸탐뗄튻뎡훷튪튪뾼싇뗄틲쯘ꆣ떫쫇쮰쫕뿉쓜믡쏷쿔뛄늩?쿠랴뗘?벴쪹쫇뛔뫏샭뗄쿮쒿?막뚫룄뇤헢튻뷡맻?횧뢶샻쾢복짙쇋릫쮾붻쓉튲뿉쓜늻풸틢쳡릩뎬뛮뗄막좨놾ꆣ헢뗄쮰뷰?틲듋죧맻붫햮컱폫막좨쿠뇈?뢺햮퇹?튻볒뒦폚닆컱캣믺훐뗄릫쮾뿉쓜틲좱듦퓚쮰쫕뫃뒦?믲헟쮵ꆰ쮰뛜ꆱꆣ붫릫쮾쮰랦뷰뛸컞램룼탂짨놸벰퓚퇐랢랽쏦춶쫕냼삨뷸살?MM뗄뚨샭뇭쏷릫쮾볛횵뗄늻ퟣꆣ벴쪹튻릫쮾짐캴뒦폚닆컱캣믺훐?퓶뎤폫햮컱쫽뛮퓶뎤돊쿟탔뇈샽맘쾵쯼튲뿉쓜틲맜샭닣듳솿뻙햮뛸놻훃폚헢튻?Brealey뫍Myers??????ꆣ헢틢캶ퟅ릫쮾뺳뗘ꆣ헢믡쪹쿖듦뗄햮컱뇡횵?듓뛸쪹볛
catastrophefuturesandoptionsꆤ??ꆤ횵듓햮좨죋틆룸막뚫ꆣ뛔듋뗄튻룶럇뎣Modigliani?F?&Miller?M????????Dividend폐좤뗄낸샽쫇룜룋쫕릺?LBOs??ퟮ훸쏻뗄policy?growthandthevaluationofshares?룜룋쫕릺뿉쓜쫇??쫀볍??쓪듺뗄R?JournalofBusiness????㐱?????J???RMyers?S?C?⠱㤸???Thecapitalstructurepuz??Nabisco뎢쫔탔맜샭닣쫕릺ꆣR?J?R?Nzle?JournalofFinance?㌹????????abisco뗄룟닣쇬떼떱좻쾣췻춨맽쯻쏇뗄탐캪뇤뗃룼뢻폐ꆪꆪꆪ튻룶듺샭돉놾뗄벫뛋Ross?S?A??Westerfield?R?W?&Jaffe?J?F?샽ퟓ?ㄹ㠸??Corporatefinance??rdedn?Chicago??틲듋맜샭헟늻내막뚫뗄샻틦탐뚯?뛸IL?G?S?B?Chicago?UniversityofChicago?쫇톰쟳쯻쏇ퟔ짭뗄뎬뛮샻틦ꆣ?㌴????ퟮ뫳?뛔폚튻릫쮾뗄ퟮ폅닺뷡릹?늢듳컀ꆤ얣뛙?DAVIDP?NEWTON?쎻폐볲떥뗄랽돌쪽ꆣ퓚릫쮾뢺햮쯹듸살뗄쮰쫕샻틦?틑내춶헟헷쫕룶죋쯹뗃쮰뗄펰쿬뷸탐맽뗷헻?뫍닆컱캣믺돉놾횮볤뇘탫쪵쿖뻹뫢ꆣ헢틢캶ퟅ쓇킩펵폐짏헇뗄펦catastrophefuturesandoptions퓖뇤쮰샻죳뫍폐볛횵뗄폐탎닺뗄릫쮾펦룃쟣웚믵뫍웚좨쿲폚룟뢺햮쮮욽?뛸쿖퓚늻잮뗄펵폐컞퓖뇤웚믵뫍웚좨쫇튻훖퇜짺횤좯?웤탎닺뫍럧쿕닺뗄릫쮾펦쟣쿲폚좨틦죚쫕틦좡뻶폚놣쿕릫쮾틲ퟔ좻퓖몦?죧럧?ꆣ헢튻랽램쫊폃폚늻춬탐튵볤뗄늻춬뢺틽웰뗄놣쿕쯰쪧ꆣ쳘뇰뗘?헢킩쫕틦평놣햮쮮욽?떫쫇좴늻쓜뷢쫍캪쪲쎴퓚쒳튻쳘쿕쯰쪧싊쟳뗃ꆣ놣쿕쯰쪧싊쫇뫢솿쏀맺놣쫢탐튵훐돉릦뗄춨뎣듳늿럖쫇쓇킩뢺햮싊쿕튵쿠뛔폚틲쒳킩쟸폲쳘뚨쪱웚쓚헾닟뛸뗍뗄릫쮾ꆣ쫔춼뛔듋ퟷ돶뷢쫍뗄쫇ꆰퟄ탲ꆱ믱뗃쫕틦뗄퓖몦쯰쪧싊ꆣ쯰쪧싊돋틔쏻틥샭싛?Myers????㐩ꆣ펯샻뗄릫쮾닺짺ퟣ릻놾뷰쫽솿뻍뗃떽쇋룃뫏춬뗄쏀풪쫕틦ꆣ횥뗄쿖뷰쇷쓜캪맜샭닣ퟮ욫낮뗄쿮쒿쳡릩볓룧웚믵붻틗쯹?CBOT?폚??㤲쓪뾪쪼췆뷰ꆣ헢킩쓚늿뗄뷰폅폚췢늿죚?틲캪탐좫맺탔뫍쟸폲탔뗄퓖뇤놣쿕웚믵뫏춬뫍뿉틔뷚쪡랢탐럑폃?튲뒴퓬쇋죚쿴쳵벰쿠펦뗄틔웚믵캪믹뒡뗄웚좨ꆣ쿐훃뗄햮컱뷰?헢킩뚼룸캴살뗄춶쳡놣쿕릫쮾?퓙놣쿕릫쮾뿉틔쪹폃퓖뇤릩쇋쪮럖폐볛횵뗄톡퓱?춬쪱튲뇜쏢쇋랢웚믵뫍웚좨살뛔틲퓖쓑퓬돉뗄럧쿕뷸탐놣탐막욱뿉쓜떼훂뗄늻샻탅뫅ꆣ횵?닎볻Harrington뗈??????ꆣ샽죧?떱ퟶ뛠춷붻틗쪱?놣쿕릫쮾믡춬틢틔폫쒿잰닎뾼컄쿗웚믵볛룱쿠뗈뗄볛룱릺싲쯰쪧싊횸쫽ꆣ쿠Braley?R?A?&Myers?S?C??ㄹ㤱??Princi?펦뗘?떱웚믵볛룱캪???쪱ퟶ퓖뇤웚믵뛠plesofcorporatefinance??thedn?NewYork?춷붻틗뗄붻틗짌춬틢횧뢶쏻틥놾뷰뗄???McGraw?Hill?틔뮻좡뫏춬뗄쟥쯣볛룱ꆣ죧맻웚믵쯰쪧싊Burrough?B?&Helyar?J????㤰??Barbarians뗈폚쏻틥놾뷰뗄????뻍폐??뗄샻죳ꆣatthegate?ThefallofR?J?R?Nabisco?쿠랴뗘?죧맻쟥쯣볛룱캪떽웚쪱뗄???붻London?ArrowBooks?M틗짌횧뢶쇋???뛸틲??뗄쯰쪧싊믱뗃쇋iller?M?⠱㤷㜩?Debtandtaxes?JournalofF??뗄쏻틥놾뷰ꆣCBOT뗄퓖쓑웚믵뫏춬inance?㌲????????Mod쏻틥놾뷰캪?㔬???쏀풪ꆣigliani?F?&Miller?M??ㄹ????Thecosto퓚뫏춬떽웚횮잰?웚믵뗄볛룱랴펳쇋fcapital?corporationfinanceandthetheoryofinvestment?AmericanEconomicReview????쫐뎡뛔웚믵쯰쪧싊뗄풤웚ꆣ떱랢짺퓖쓑믲?㘱????쫇쳵볾뇤뮯쪹퓖쓑랢짺뗄뿉쓜탔퓶듳?샽
ꆤ??ꆤcommodityfuturesvolatility죧쟸폲탔웸뫲쒣쪽뗄뇤?쪱?웚믵뗄볛룱횸얩ퟷ컯?죧마컯뫍볒탳??뷰쫴?죧춭뫍붫짏헇ꆣ쿠랴?죧맻웚췻뗄퓖쓑놣쿕쯰쪧늬⤬틔벰쓜풴?죧풭폍뫍쳬좻웸?ꆣ??싊붵뗍?웚믵볛룱붫쿂붵ꆣ죧맻웚믵볛룱퓧웚뛔짌욷웚믵뗄퇐뺿랢쿖쇋벸룶펰랴펳웚믵쯰쪧싊뗄웚췻횵?떱뫏춬틔쿠뛔쿬늨뚯탔뗄틲쯘?냼삨뫏춬떽웚쪱볤ꆢ뫏춬뷏뗍뗄웚믵볛룱붻틗쪱?놣쿕릫쮾뿉뷸탐퓂럝ꆢ벾뷚탔ꆢ쫽솿뫍듻뿮샻싊ꆣ뛔폚뫏춬뛠춷웚믵붻틗ꆣ좻뫳?죧맻랢짺쇋틬뎣뗄떽웚샭싛?Samuelson??㤶??죏캪뷓뷼떽웚퓖쓑쯰쪧?쟥쯣볛룱붫룟맽맦뚨뗄웚믵볛죕뗄웚믵뫏춬늨뚯탔듳폚샫떽웚죕뷏풶뗄룱?놣쿕릫쮾튲붫틲룃웚믵붻틗믱샻?듓뛸웚믵뫏춬ꆣ뛔헢튻맛뗣뗄횱맛샭뷢쫇?떽뛔돥웤룟폚헽뎣쮮욽뗄퓖쓑쯰쪧ꆣ웚쪱볤뎤뗄뫏춬쯹냼몬뗄듽뷢뻶뗄늻좷뚨뮹폐뾴뗸뫍뾴헇뗄퓖뇤웚좨뫏춬ꆣ웚탔룼듳?틲듋뛔탅쾢뗄랴펦룼죵ꆣ쇭튻랽믵뗄뾴헇?뾴뗸?웚좨퓊탭웤돖폐헟틔뗈폚쏦?캪쪹벴붫떽웚뗄웚믵뫏춬볛룱폫쿖믵웚좨횴탐볛룱뗄웚믵볛룱뛠춷?뿕춷?튻웚볛룱쟷춬?풽뷼뗄뫏춬뛔탂탅쾢뗄랴펦풽믵뫏춬ꆣ샽죧?뾼싇튻쿮횴탐볛룱캪???잿쇒ꆣ뗄뾴헇웚좨ꆣ죧맻웚믵볛룱룟맽????퓲벾뷚탔틲쯘샭싛튲쫇틔뛔늻좷뚨탔틲횴탐룃뾴헇웚좨?붨솢튻룶쓚몬볛룱캪쯘뷸탐럖컶캪믹뒡뗄?떫좴쫇평Anderson???뗄웚믵뎤춷듧ꆣ죧맻웚믵볛룱뗍폚뫍Danthine?ㄹ㠰?틔릩탨맘쾵캪믹뒡?럖????퓲늻횴탐룃뾴헇웚좨ꆣ컶쿖믵쫐뎡뫍웚믵쫐뎡춬쪱듯떽뻹뫢뗄뿲퓖뇤웚믵뫍웚좨뚼쫇놣쿕릫쮾뛔틲퓖볜쳥쾵쪱퇐뺿돶살뗄ꆣAnderson?ㄹ㠵?죏쓑틽웰뗄놣쿕럧쿕뷸탐놣횵뗄뒴탂랽쪽ꆣ캪?퓚짺닺훜웚쓚?릩탨뗄늻좷뚨탔붥붥뗘듳쳥짏쮵?퓖뇤퇜짺닺욷쫐뎡쫇튻룶폫퓙쯦ퟅ쯦믺뇤솿놻죏횪늢캪릫훚쯹달횪뛸붵놣쿕쫐뎡뺺헹?뛔놣쿕튵럧쿕뷸탐붻틗뗄뗍ꆣ틲듋?떱뷢뻶쇋쿠뛔뷏뛠?짙?뗄늻좷뛾벶쫐뎡ꆣ뚨탔쪱?웚믵볛룱뗄쫂잰뇤뚯뻍뇭쿖뗃뷏듳?킡?ꆣ뛔얩닺욷?폈웤쫇마컯뛸퇔?돉뎤닎뾼컄쿗훜웚뗄맘볼뷗뛎쎿쓪믹놾짏쿠춬?헢떼훂Harington?S?E??Mann?S?V?&Niehaus?쇋튻냣뻹내벾뷚쒣쪽살뷢뻶짺닺뗄늻좷뚨G?R??ㄹ????Insurercapitalstructuredeci?탔컊쳢ꆣ뛔탨랽뗄벾뷚탔럖컶붨솢퓚쳦듺sionsandtheviabilityofinsurancederivatives?닺욷뗄믹뒡짏?헢튲쳥쿖쇋짺닺벾뷚탔ꆣJournalofRiskandInsurance????????????쮹뗙컄ꆤ싼뫍룱쇐룱샯ꆤ쓡뫀쮹퓚틔ꆰ벾뷚탔ꆱ캪훷쳢뗄퇐뺿훐폐헫뛔탭뛠랽쏦뗄퇐뺿?죧튻쓪훐뗄퓂럝킧펦?튻훜훐?STEVENV?MANNandGREGORYR?NIEHAUS?뗄죕킧펦?쓪럝붻쳦쪱웚킧펦ꆣMilonas뫍Vora????㔩쳡돶뗄뫏춬퓂럝킧펦죏캪?떱릩룸솿뗍쪱틲붻룮컊쳢?벷톹⤬튻럝맽좥뗄마컯뫏춬펦룃쓜뇈탂뗄마commodityfuturesvolatility짌욷웚믵컯뫏춬쿔쪾돶룼룟뗄뿉뇤탔ꆣ늨뚯탔쫽솿뫍듻뿮샻싊킧펦쫇헾뢮얩튵볆뮮짌욷뗄룅쓮?평짌욷웚믵붻틗캯풱믡뗄죋캪닺컯ꆣ퓚마컯쫐뎡짏뷸탐볛룱횧돖뚨틥?냼삨캴살붻룮뫏춬훐붻틗뗄쯹폐믵뫍릩룸뿘훆뗄헾뢮뿉쓜뛔늨뚯탔닺짺죧쿂컯ꆢ컯욷ꆢ럾컱ꆢ좨샻뫍샻쾢ꆣ떫쫇?쇭튻훖펰쿬ꆣ볛룱횧돖뗄훷튪랽쪽쫇듻뿮?평듋랽램붫뷰죚릤뻟?샻싊ꆢ막좨뫍췢뇒?듓룼짺닺헟뿉쓜틔풤쿈좷뚨뗄듻뿮싊?쏀풪?웑웕춨틢틥짏뗄짌욷훐럖샫돶살?헢킩짌욷쪽뛺?믱뗃듻뿮?뛸컞탫뾼싇쿖믵쫐뎡뗄볛
commodityfuturesvolatilityꆤ??ꆤ룱ꆣ죧맻쿖믵볛룱뗍폚듻뿮싊볓뒢듦뫍샻춬틔쿂튪뷢쫍뗄쯹맛달떽뗄뇤뮯쒣쪽튻쾢돉놾?짺닺헟붫마컯룸헾뢮틔뎥뮹듻뿮ꆣ훂ꆣ잿훆탔뗄엤뛮폐훺폚붵뗍늨뚯탔?ퟔ뷡맻쫇헢튻볆뮮룸쿖믵뫍웚믵짨훃쇋튻쳵풸엤뛮뫍뗍듻뿮싊폐훺폚쳡룟늨뚯탔?쫐??뷓뷼폚듻뿮싊뗄뗗쿟?떱볛룱붵뗍떽듻뿮뎡쟽뚯듻뿮뫍놣쿕뒢놸볆뮮뻹뿉붵뗍늨뚯싊뗄쮮욽쪱?볛룱늨뚯탔붫붵뗍ꆣ듋췢?떱탔쮮욽ꆣ퓚헢쿮퇐뺿훐?벾뷚탔틲쯘튲뗃닺솿뫍ퟮ훕듦믵솿쿠뛔뷏뛠?쫽솿킧펦??떽쇋횤쪵?떫쫇벾뷚탔킧펦뾴웰살늢늻쿱쿖믵뫍웚믵쫐뎡볛룱쟷쿲폚쫜듻뿮볆뮮뗄얩튵볆뮮뗄펰쿬쓇쎴훘튪ꆣ듋췢?폐횤뻝횧돖쪱?늨뚯탔붫퓙튻듎쿂붵ꆣ뇭쏷퓚뚨틥뗄죽룶뷗뛎훐뗄벾뷚탔뇤뮯쒣볒쏇뛔쒳킩볙쮵뷸탐쇋쪵횤볬퇩?쪽쫇듦퓚뗄ꆣ컒쏇뷶뷩짜웤훐벸샽ꆣ쫗쿈?Anderson쇭튻쫰쏻캪Crain뫍Lee??????뗄컄??㤸㔩볬퇩쇋뻅훖짌욷뗄벾뷚탔뫍떽웚쪱헂쫶벰쇋웚믵쫐뎡짏볛룱랢쿖뗄ퟷ폃ꆣ폈볤킧펦ꆣ헢뻅훖짌욷냼삨컥훖얩ퟷ컯ꆢ듳웤쫇킡싳웚믵쫐뎡쫇춨맽붫늨뚯탔뒫떼룸뚹폍ꆢ볒탳ꆢ틸뫍뿉뿉뚹ꆣ닉폃럇닎쫽볬퇩쿖믵쫐뎡뛸쳥쿖헢튻ퟷ폃뗄ꆣ헢폫틔췹뛔뫍닎쫽볬퇩솽훖랽램?쯻랢쿖웚믵볛룱뇤웤쯻쫐뎡죧막좨쫐뎡ꆢ샻싊쫐뎡뫍췢믣쫐뚯뗄랽닮늻쫇뎣쫽?훷튪뗄뿉풤횪틲쯘쫇뎡뗄퇐뺿쿠튻훂ꆣ춬퇹?튲폐횤뻝쿔쪾헢벾뷚탔틲쯘?웤듎쫇떽웚쪱볤ꆣMilonas훖틲맻맘쾵춬퇹쫜얩튵볆뮮뗄펰쿬ꆣ??㤸㘩퓚얩ퟷ컯쫐뎡ꆢ뷰죚쫐뎡뫍뷰쫴쫐뎡훐뛔뫏춬떽웚쪱볤킧펦톰헒쪵횤룹뻝?닎뾼컄쿗웤퇐뺿쿔쪾쯦ퟅ뫏춬떽웚죕뗄쇙뷼?평틑Anerson?R?W?⠱㤸㔩?Somedeterminantsof횪믲캴횪뇤솿ퟩ돉뗄쿲솿뗄펰쿬튲퓚붥붥thevolatilityoffuturesprices?JournalofFu?퓶듳ꆣGay뫍KtureMarkets??????????im?ㄹ㠷?춨맽뛔짌욷퇐뺿뻖Anderson?R?W?&Danthine?J?P??ㄹ㠰???CRB???쓪뗄웚믵볛룱횸쫽뷸탐럖컶?횤쪵쇋튻쓪훐뗄퓂럝킧펦뫍튻훜훐뗄죕킧Thetimepatternofhedgingandthevolatilityof펦ꆣ룃횸쫽쫇futuresprices?CenterfortheStudyofFutures??훖짌욷볛룱뗄벸뫎욽뻹쫽Markets?CSFMWorkingPaperSeries???헢킩짌욷볛룱뻹살ퟔ떽웚쪱볤짙폚??Crain?S?J?&Lee?J?H?⠱㤹㘩?Volatilityin룶퓂뗄뫏춬ꆣKenyon뗈죋?ㄹ㠷?붫쯄룶wheatspotandfuturesmarkets??㤵???㤹㌺틲쯘늢죫튻룶쒣탍살맀볆웚믵볛룱뗄뇤뚯governmentfarmprograms?seasonality?and?벾뷚탔킧펦ꆢ웚믵볛룱쮮욽킧펦ꆢ쫽솿킧causality?JournalofFinance????㌲?????펦뫍듻뿮싊킧펦?ꆣ룃쒣탍퓚죽룶얩ퟷ컯Gay?G?D?&Kin?T???㤸㜩?Aninvestigation쫐뎡뗄볬퇩뷡맻횧돖쇋듻뿮싊볙쮵?뛸쫽intoseasonalityinthefuturesmarket?Journal솿킧펦퓲늻뫜쏷쿔?쟒벾뷚탔킧펦퓙튻듎ofFuturesMarkets?????????뗃떽횤쪵ꆣKenyon?D??Kling?K??Jordan?J??Seale?W?G&McCabe?N???㤸㜩?Factorsaffectingagri?rain뫍Lee?ㄹ㤶?퓚ퟮ뷼뗄튻욪싛컄훐튲뾼달쇋헾뢮뗄얩튵볆뮮뛔웚믵늨뚯culturalfuturespricevariance?JournalofFu?탔뗄펰쿬ꆣ볬퇩웚볤캪turesMarkets?㜬ㄶ???????쓪???㔰?????웚볤폐Milonas?N?T?⠱㤸㘩?Pricevariabilityandthe??쿮램싉쳵컄?훷튪뾼달뗄쫇킡싳maturityeffectinfuturesmarkets?Journalof쫐뎡ꆣ웚믵뫍쿖믵볛룱늨뚯탔뗄뇤뮯랽쪽FuturesMarkets?㘬㐴?????쫇폫훷튪뗄볆뮮쳵뿮뇤뮯쿠솪쾵뗄?샽죧Milonas?N?&Vora?A????????Sourcesof엤뛮ꆢ듻뿮싊뫍놣쿕뒢놸뗄뇤뮯뗈ꆣ죽룶non?stationarityincashandfuturesprices?Re?뷗뛎훐뿉쟸럖돶뗄늨뚯탔뗄듳킡ힴ뿶쯆뫵viewofResearchinFuturesMarkets???????
ꆤ??ꆤconditionalperformanceevaluation???췹뷡싛뗄늻춬뒦횻퓚폚alpha횵럖늼싔폐Samuelson?P?A????????Proofthatproperly뇤뚯?alpha횵싔캪폒틆ꆣ뫜죝틗뿉붫횮삩??anticipatedpricesfluctuaterandomly?Industri?햹돉뛠틲쯘뗄쒣탍?뿉쓜쫇쫜떽쇋APT뗄alManagementReview?㘬㐱???듙뷸⤬붫퓚탅쾢뇤솿펰쿬쿂쎿튻믹ힼ뗣뗄쯕즺ꆤ룱쇖뫍뷜ꆤ맾ꆤ샮붻닦닺욷뾼싇뷸살ꆣ?SUSANJ?CRAINandJAEHALEE?Christopherson뗈죋??????뷸튻늽삩햹?퓊탭폐쳵볾뗄alpha쯦탅쾢뇤솿뛸뇤뮯ꆣ쯻쏇뗄쒣탍훐alpha쫇Zt??뗄튻룶쿟탔몯쫽?conditionalperformanceevaluation폐쳵볾뗄벨킧움맀ꛁp?Zt????ꛁ??p?Aꇤpzt??폐쳵볾뗄벨킧움맀쫇횸퓚춶헟뿉믱틽돶쇋탞헽쒣탍?뗃탅쾢뗄쟩뿶쿂닺짺쫕틦쪱?뛔쯹맜샭뗄횤좯ퟩ뫏뗄벨킧움볛ꆣrp?t?ꛁ??p?Aꇤpzt???ꛂ??prb?tJensen믹폚놾닺뚨볛쒣탍?Bꇤp?zt??rb?t??ꛅt?CAPM?뗄alpha움맀쫇튻룶컞쳵볾뫢솿뗄샽ퟓꆣ컞쳵볾뗄뫢솿뿉쓜떼쯻쏇랢쿖폐쳵볾쒣탍쯆뫵뇈컞쳵볾쒣훂뛔쓇킩퓋폃릫릲탅쾢뷸탐뚯첬뻶닟뗄뺭탍퓚볬닢벨킧돖탸탔랽쏦킧맻룼볓쏷쿔ꆣ샭벨킧움볛맽룟ꆣ틲캪볈좻죎튻춶헟뚼퓚ퟮ뷼뗄튻욪싛컄훐?Chen뫍Knez뿉쓜닉좡춬퇹뗄탐뚯?틲캪탅쾢쫇릫뾪??㤹㘩삩햹쇋벨킧움맀샭싛?붫횮펦폃폚뗄⤬붫횮움볛캪룟벨킧뻍늻쪮럖잡떱쇋ꆣ웕춨닺뚨볛쒣탍ꆣ쿖듺닺뚨볛샭싛쫇듋췢?컒쏇튲횪뗀뺭샭죋춶닺믘놨뗄퓚쯦믺쳹쿖틲쯘?SDFs?뗄믹뒡짏좷솢쒣럖엤쫇쯦ퟅ릫릲탅쾢뗄뇤뚯뛸뇤뚯뗄ꆣ탍뗄ꆣ뛔죎튻닺뚨볛쒣탍?SDF쫇튻뒿ퟮ뷼뗄쪵횤럖컶랢쿖퓚뷢쫍믘놨싊쪱솿쯦믺뇤솿mt???쯹틔죎튻퓚t??쪱뿌쫕볓죫훮죧막쾢쫕틦싊뫍샻싊뗈릫릲탅쾢뇤틦캪Vt??뗄햮좨퓚t쪱뿌뗄볛룱뿉뇭쪾캪솿쫇쪮럖뇘튪뗄ꆣ폐쳵볾뗄벨킧움맀붫헢pt?E?mt??Vt???ꚸt????웤훐ꚸt쫇t쪱뿌킩맛뗣틽죫쇋뛔횤좯ퟩ뫏벨킧컊쳢뗄퇐뗄릫릲탅쾢벯ꆣ볙뚨폐N훖닺뿉릩춶뺿ꆣ샽죧?Ferson뫍Schad헟톡퓱?볛룱뻹럇쇣ꆣmt??뛔쯹폐닺t?ㄹ㤶?죏캪붨솢퓚탅쾢뇤솿쿲솿Z뚼튻퇹?컒쏇뿉뗃떽E?mt??Rt???ꚸt??ㄬt??짏뗄beta쳵볾뿉킴돉튻룶쿟탔몯쫽탎쪽?웤훐Rt??쫇풭닺ퟜ믘놨싊뗄쿲솿?쫕틦ꛂ돽틔볛룱???쫇쫽?뗄N캬쿲솿ꆣp?Zt????ꛂ??p?Bꇤpzt??폃Rp뇭쪾튻ퟩ평믹뒡닺릹돉뗄춶웤훐zt??쫇Zt??폫웤뻹쿲솿볤뗄욫닮쿲ퟩ뫏뗄ퟜ믘놨싊ꆣRp뿉뇭쪾돉xꇤR?웤솿ꆣ쾵쫽ꛂ??p쫇beta뗄욽뻹횵?쿲솿Bp뫢훐x쫇춶ퟩ뫏좨훘쿲솿ꆣ룹뻝룃춶ퟩ솿폐쳵볾뗄beta뛔탅쾢뇤솿뗄랴펦돌뛈ꆣ뫏뗄맜샭헟뿉믱뗃뗄탅쾢쟩뿶?헢킩좨훘붫헢튻폐쳵볾beta쒣탍펦폃떽Jensen쯦쪱볤뛸뇤뮯ꆣ볙짨룃맜샭죋풱횻쓜믱뗃뗄alpha믘맩랽돌?뻍뿉췆떼돶틔쿂폐쳵볾릫릲탅쾢?컒쏇뿉틔폃x?ꚸt?살뇭쪾헢튻믹벨킧움맀뗄쒣탍?폚릫릲탅쾢벯뗄좨훘쿲솿ꆣ헢퇹튻룶춶?ퟩ뫏뇘탫싺ퟣrp?t?ꛁp?ꛂ??prb?t?Bꇤp?zt??rb?t??ꛅt웤훐ꛁ?E?mt??x?ꚸt?ꇤRt???ꚸt??x?ꚸt?ꇤ???p뿉놻뾴ퟶ쫇폐쳵볾뗄alphaꆣFer?son뫍Schadt랢쿖냼몬쇋탞헽탅쾢뫳폫틔x뷶평ꚸt뻶뚨?쟒x쿲솿훐룶풪쯘횮뫍캪
consolidationꆤ??ꆤ?ꆣWashington?Workingpaper?평폚벨킧움맀잣짦떽헒돶쓇킩퓋폃폅Farnsworth?H?K??Ferson?W?E??Jackson?쫆탅쾢?퓚D??Todd?S?&Yomtov?B???㤹㘩?Condi?t쪱뿌쪱늻냼삨퓚ꚸt쓚?릹퓬춶??ퟩ뫏뗄맜샭죋풱?뫜ퟔ좻튪쳖싛틬뎣벨tionalPerformanceEvaluation?Universityof킧헢튻잰컄쯹캴쫶벰뗄쟩뿶ꆣ쳘뇰붫튻믹Washington?Workingpaper?뷰뗄Ferson?W?E?&Schadt?R?W???㤹㘩?Meas?alpha뚨틥캪uringfundstrategyandperformanceinchangingꛁp?tꇔE?mt??Rp?t???ꚸt???economicconditions?JournalofFinance????죧맻죔쿱짏쏦튻퇹톡퓱풤뚨뗄탅쾢뇤솿?㈵????Long?J?B????㤰??Thenumeraireportfolio?Zt???늢볙짨헢킩뇤솿뻹퓚벯뫏ꚸt??훐?컒쏇뿉붫뗼듺웚췻램퓲펦폃폚짏튻랽돌뗄솽JournalofFinancialEconomics?㈶?㈹????뇟뫕늮ꆤ램뛷쮹컖뛻쮹?HEBERFARNSWORTH??뻍뗃떽튻룶폐쳵볾뗄alpha벨킧움맀ꆣ컞쳵볾벨킧움맀쿠떱폚펦폃컞쳵볾웚췻ꆣFarnsworth뗈죋???㤶?쪵횤뾼달쇋튻킩폐쳵볾뫍컞쳵볾뗄릫쪽뮯뗄mt???냼삨consolidation뫏늢CAPM뗄튻룶SDF릫쪽?룷훖룷퇹뗄틲ퟓ평폚램싉뗘캻뛀솢?쒸릫쮾벰웤뢽쫴캪뺭볃뇤솿뗄뛠틲ퟓ쒣탍?Long??????뗄릫쮾뚼짨훃뛀솢헋늾?럖뾪ퟶ닆컱놨뇭ꆣ램뇒춶ퟩ뫏?틔벰튻뻹횵?랽닮폐킧뗄떫쫇?춶헟튻냣뚼뛔헻쳥벯췅뗄닆컱ힴ춶ퟩ뫏뗄쫕틦뗄믹뒡틲ퟓSDF?Chen뫍뿶룐탋좤?틲듋?탨튪폃벯췅뗄ꆰ뫏늢ꆱ믲Knez??㤶쓪튲퇩횤쇋헢튻낸샽?ꆣ쯻쏇뗄ꆰퟩ뫏ꆱ닆컱놨뇭?틔튻볒릫쮾뗄탎쪽살랴뾼달뷡맻쿔쪾?벴쪹쪹폃춬튻쫐뎡횸쫽?믹펳좫늿닆컱헋뮧쟩뿶ꆣ폚CAPM뗄SDF릫쪽뗃떽뗄뷡싛폫닉폃튻룶벯췅쓚뗄릫쮾뺭뎣뇋듋뷸탐붻Jensen뗄alpha랽램쯹뗃떽뗄뷡싛튲늻틗ꆣ퓚튻룶벯췅뗄릫쮾훐볤?뿉쓜싲싴풭춬ꆣ닄쇏뫍돉욷?튲뿉쓜쫇쒸릫쮾캪쳡릩뺭펪헢킩뷡싛쫇럱쓜릻횤쏷SDF쳥쾵룼죚믲놾춶뛸뷨돶쿖뷰ꆣ헢킩붻틗퓚폅짐컞뚨싛ꆣ뷱뫳뗄퇐뺿붫훂솦폚에뛏쮫랽뗄닆컱헋늾짏뚼믡쳥쿖?떫퓚뫏늢놨SDF쒣탍퓚뛔틑횪횻퓋폃릫릲탅쾢뗄춶뇭훐좴뇘탫뷸탐뗖쿻뒦샭?죧맻늻뗖쿻?헢ퟩ뫏뷸탐뚨볛쪱쫇럱룼폅ꆣ죧맻늻쫇?뻍킩솪뫏릫쮾뗄튵컱뺭펪믡쿔뗃뇈쪵볊쟩뿶뇘탫헒떽웤쯻뗄샭평살뷢쫍짏쫶닮틬ꆣ붫룼듳ꆣ샽죧?볙짨튻뢽쫴릫쮾춨맽튻헅펦살뗄퇐뺿튲뿉쓜폐훺폚뻶뚨캪뷸탐폐쳵볾뢶욱뻝듓웤쒸릫쮾뒦뷨뗃???췲쏀풪ꆣ솽뗄벨킧움맀펦볓죫쓄킩쳘쫢뗄탅쾢ꆣ룶릫쮾뗄닺뢺햮뇭짏믡냼삨헢킩쿮쒿?쒸릫쮾닺뢺햮뇭?뢽쫴릫쮾닺뢺햮뇭닎뾼컄쿗닺뢺햮Chn?Z?&Knez?P?J????㤶??Portfolioper?펦쫕욱뻝펦뢶욱뻝formancemeasurement?theoryandapplica????췲쏀풪???췲쏀풪tions?ReviewofFinancialStudies???????퓚릹퓬뫏늢헋뮧쪱?헢킩붻틗펦틔쒳???Ch훖탎쪽퓚튻헅릤ퟷ뗗룥짏뷸탐뗇볇틔뷸탐ristopherson?J?A??Ferson?W?E?&Glass?man?D?A??ㄹ?㘩?Cond뗖쿻뒦샭?샽죧틔틔쿂탎쪽살뗖쿻릫쮾볤itioningmanageral?phasoneconomicinformation?anotherlookat뗄펦쫕뫍펦뢶뿮쿮ꆣthepersistenceofperformance?Universityof펦뢶욱뻝?뢽쫴릫쮾??????췲쏀풪
ꆤ??ꆤconsolidation펦쫕욱뻝?쒸릫쮾????췲쏀풪쏀풪뺻쫕틦ꆣ쒸릫쮾튪뿘훆뢽쫴릫쮾늢늻뇘돖폐웤쫕릺릫쮾뛔쫕릺뷸탐뗄믡볆볇슼캪???????뗄막럝ꆣ퓚쫕릺튻볒탂뗄뢽쫴릫쮾퓚놻쫕릺릫쮾뗄춶???췲쏀풪쪱?쒸릫쮾횻탨돖폐놻쫕릺릫쮾뎬맽냫쫽쿖뷰??????????췲쏀풪뗄폐뇭뻶좨뗄막욱?퓲쒸릫쮾펵폐뛠쫽막놾샽훐볇슼뗄쫇뛔놻쫕릺릫쮾???막좨뛸웤쯻쯹폐죋횻돖폐짙쫽막좨ꆣ퓚뫏늢럝뗄쫕릺ꆣ뿉춨맽뇭?췪돉캪ퟶ뫏늢믡볆놨뇭훐뗄쿻돽뛮펦룹뻝쯹폐좨뇈샽뛸뚨ꆣ헋뛸탨뷸탐뗄뗖쿻뒦샭ꆣ뻙샽쮵쏷죧쿂?평듋뿉틔뾴돶?룃솪뫏릫쮾뗄쓇킩뿘쫕릺릫쮾릺싲쇋놻쫕릺릫쮾뗄???훆릫쮾퓋뗄막뚫펵폐ㄸ?췲쏀풪뗄막?폐뇭뻶좨뗄막욱?ꆣ좨?놻쫕릺웳튵뗄췢늿막뚫펵폐?췲쏀풪쫕릺릫쮾펵폐???췲쏀풪뗄막욱뫍??막좨ꆣ췲쏀풪뺻쫕틦ꆣ짙쫽막좨뗄믡볆럖슼죧뇭?쯹쪾ꆣ놻쫕릺릫쮾폐??췲쏀풪막욱뫍?췲뇭??뫏늢헋뮧릤ퟷ뗗룥쫕릺릫쮾놻쫕릺릫쮾뷨랽듻랽뫏늢쿖뷰ꇧ㈵〬〰?ꇧ㈰ⰰ??ꇧ㈷?ⰰ〰H§ 펦쫕헋뿮ꇧ㔰〬〰?ꇧ㈰ⰰ??ꇧ㔲?ⰰ〰H§ 듦믵ꇧ㜳〬〰?ꇧ㌰ⰰ??ꇧ㜶?ⰰ〰H§ 뛔놻쫕릺릫쮾춶ꇧㄲ〬〰?ꇧ?㈰ⰰ??‰ 랿닺ꆢ릤뎧벰짨놸ꇧ??㜰〬〰?ꇧ?㠰ⰰ??????ꇧㄬ㠸?ⰰ??ꇧ??㌰〬〰?ꇧ?㔰ⰰ??ꇧ?㈰ⰰ??ꇧ??㐳?ⰰ??펦뢶헋뿮ꇧ㌰〬〰?ꇧ㔰ⰰ??ꇧ㌵?ⰰ〰H§ 펦뢶햮좯ꇧ??㈰〬〰?ꇧ㔰ⰰ??ꇧㄬ㈵?ⰰ〰H§ 쫕릺릫쮾뗄웕춨막ꇧ????〬〰?ꇧㄬ〰?ⰰ〰H 놻쫕릺릫쮾뗄웕춨막ꇧ?〰ⰰ??ꇧ??ⰰ〰2§ꇧ??ⰰ〰ꇧ㠰?ⰰ〰H2쫕릺릫쮾뗄뺻쫕틦ꇧ㠰〬〰? 놻쫕릺릫쮾뗄뺻쫕틦ꇧ㔰ⰰ??ꇧ??ⰰ〰2§ꇧ??ⰰ〰2놻쫕릺릫쮾뗄짙쫽막좨ꇧ㌰ⰰ??ꇧ㌰ⰰ〰‰Hꇧ㌬?〰ⰰ??ꇧ㈵〬???ꇧ?㔰ⰰ??ꇧ㌰ⰰ??ꇧ?ⰴ?〬〰?뇭??짙쫽막좨뗄믡볆럖슼막뚫뗄막좨?놻쫕릺릫쮾뗄짙쫽막좨ꇧ㌰ⰰ?? ?웕춨막ꇧㄬ?〰ⰰ?? ?뺻쫕틦ꇧ㠰?ⰰ??ꇧㄬ?㌰ⰰ??
contagionꆤ??ꆤ??죧맻쫇춨맽쫕릺믱뗃뗄뢽쫴릫쮾?퓚뛮ꆣ막뚫뗄헋쒿훐뛔웤폐솽훖뿉톡뗄믡볆뒦샭뺡맜뒫떼잱퓚뗘ퟜ쫇폫늻뫏샭솪쾵퓚랽램?벴릺싲램뫍볓ퟜ램ꆣ릺싲램튪쟳붫튻웰?떫쯼ퟮ훕좴뿉쓜듯떽샻틦짏뗄뫏샭ꆣ??놻쫕릺릫쮾뗄닺틔릫욽쫐볛랴펳퓚쫕릺샽죧?웆닺뗄쿻쾢쫇뛔퓚쒳튻탐튵헻쳥뗄릫쮾뗄믡볆헋뮧훐ꆣ쪵볊횧뢶뗄볛룱춨뎣웕뇩탔컊쳢뗄풤뺯ꆣ쇭튻훖쟩뿶폐쪱놻돆룟폚놻쫕릺릫쮾뗄릫욽쫐볛?틲캪룃릫쮾캪ꆰ뒿ꆱ뒫떼?웤뫳맻뿉쓜냼삨뗍킧싊쫐뎡뗄볛횵퓚폚웤펪튵쓜솦뛸럇웤만뚨닺뗄뗄늻컈뚨?뺭볃캣믺틽웰뗄탅탄붵뗍?틲퓶쫛볛횵ꆣ틲뛸?뻍뒴퓬쇋놻돆캪ꆰ짌폾ꆱ볓뗄쫂볾맘쾵죧쾵춳탔뛸즥쪧뛠퇹뮯춶뗄닆컱믡볆뫋쯣횵?룃횵뗈폚릺싲볛룱뎬ퟩ뫏뗄믺믡뗈ꆣ돶놻쫕릺릫쮾릫욽쫐볛뗄뷰뛮ꆣ짌폾뿉퓚듓헢킩뚨틥뗄쿞뚨쳵볾뿉횪?횻폐붫튻뚨쓪쿞훐럖웚첯쿺?헢늢늻틢캶ퟅ퓚쒳튻퇐뺿뛔쿳럅떽룷훖쳵볾쿂?닅쓜볬닢돶튻맺볒뗄쮰컱떱뻖뛔헢킩첯쿺럑폃뿉틔쏢쫇럱폐뒫떼킧펦ꆣ헢킩냼삨?뗚튻?퓚뒿뒫헷쮰?ꆣ쿠랴?닉폃쫕틦볓ퟜ램뻍쎻폐짌떼쳵볾쿂?폫웤쯻뗘랽헽퓚랢짺뗄쫂볾컞폾?솽볒릫쮾뗄닺놻내틔잰퓚룷ퟔ헊늾맘뗄쒳튻쫂볾뗄쿻쾢ꆣ뗚뛾?룃쫂볾뗄펰짏뗄뷰뛮볓ퟜ뫳뗇볇퓚탂뗄헊늾짏?닺쿬횻폐퓚붫웤폫웤쯻뿉쓜랢짺뗄쫂볾쟸뇰볇슼ퟜ뛮뫍ퟜ막좨놣돖늻뇤ꆣ뾪틔뫳닅쓜뷸탐뫢솿ꆣ샽죧?릫쮾믲틸탐쇋뷢닉폃헢솽훖닆컱믡볆뫋쯣랽램믡막욱볛횵뗄ꆰ헽뎣ꆱ뇭쿖뿉듓쒳튻뫏쫊뗄뗚닺짺쪲쎴닮틬쫇럇뎣폐폃뗄ꆣ퓚릺싲램튻뷗뛎믘맩훐뗃떽?좻뫳뿉폃룃믘맩쪽뗄훐?짌폾뗄첯쿺믡복짙막뚫믡볆헊늾짏뗄닐닮춨맽뛾듎믘맩뗄랽쪽볬퇩뒫떼뗄펰쫕죫ꆣ춬쪱?놻쫕릺릫쮾뗄닺틔릫욽쫐쿬ꆣ뗚죽?뿉쓜뮹탨튪뾼싇헢킩펰쿬퓚틔볛랴펳퓚막뚫헊늾짏ꆣ헢닺짺쇋뇡횵돉쿂벸랽쏦웰ퟷ폃뗄랽쪽????떱쟩뿶랢햹쪱놾?폫볓ퟜ램쿠뇈폖붵뗍쇋믡볆쫕틦ꆣ떫랢짺뗄뇤뮯?죧?풽살풽뛠뗄탅쾢놻춨늽릫쫇?쫕릺뗄쿖뷰쇷늢늻쫜쯹톡믡볆뫋쯣랽늼돶살????쫜웤쯻틲쯘뗄펰쿬?죧튻탐튵쪽뗄펰쿬?평듋쫕릺뗄뺻쿖횵뫍쮰뢳튲늻훐늻췪좫뺺헹뗄돌뛈?틲캪웤쯻릫쮾뿉듓쫜펰쿬ꆣ웆닺훐믱틦?믲헟틸탐뗄맦쒣?틲캪맜샭믺듳컀ꆤ얣뛙?DAVIDP?NEWTON?릹늻첫풸틢죃듳틸탐뺭펪쪧냜?ꆣ뛠짙폐킩쇮죋뺪퇈뗄쫇?탭뛠컄쿗훐뗄샽ퟓ뚼쫔춼쮵쏷뒫떼늢쎻쪲쎴늻톰뎣?듳늿럖뗄쪵횤퇐뺿좴럱죏쇋뒫떼뻟폐죎뫎contagion뒫떼쪵훊탔뫍돖뻃뗄펰쿬ꆣ튲폐쿠떱뛠뗄횤뻝웆닺뗄쿻쾢뿉쓜믡펰쿬춬튻탐튵뗄웤쿔쪾쯼붥붥뗘늻쫇룼뫃뗘쏅쿲폐맘룶쳥쯻릫쮾뗄뺭펪쟩뿶뫍막욱볛횵?풭틲뻍퓚릫쮾ꆢ틸탐뫍맺볒쳡릩탅쾢쯹뗃떽뗄뷡맻?폚좱랦췆뛏폐맘웆닺릫쮾뗄쟩탎쫇럱쫊폃튲늻쫇웤쯻폐훺폚쫐뎡볛룱룼톸쯙뫏샭뗘폚웤쯻릫쮾뗄탅쾢ꆣ룃쿖쿳놻돆캪뒫떼ꆣ뗷헻뗄뇤룯쯹뗃떽뗄뷡맻?샽죧?뷴쯦쒫컷돵쪼뮯탅쾢벰뿉쓜닺짺뒫떼뫳맻뗄샽ퟓ뮹룧ㄹ㠲쓪뗄맺햮뛾벶쫐뎡캣믺횮뫳뗄뺭폐?튻틸탐웆닺뛸뛔웤쯻틸탐뗄뺭펪뫍쫐볃캣믺ꆣ횵닺짺펰쿬?튻맺볒뷨뿮죋뗄햮컱뎥뢶삧폐맘틸탐튵ꆢ릤튵뫍맺볒듻뿮뗄춳볆쓑뿉쓜펰쿬???뛔샠쯆맺볒쳡릩듻뿮뗄틸럖컶뗄샽ퟓ뿉닎볻Aharony뫍Swary탐벰???듻뿮헟뛔쿠샠쯆맺볒뗄탅폃움벶??㤸㌩?Lang뫍Stulz?ㄹ㤲??틔벰Musu?뫍?믲쯻쏇ힼ놸쳡릩뗄듻뿮뗄샻닮뫍?믲쿞meci뫍Sinkey????〩?Park??????퇐뺿쇋
ꆤ??ꆤcontingentclaims??㜳ꆪㄹ㌳쓪웚볤쏀맺틸탐튵듳뿖믅뗄쟩퓚웳튵랶캧쓚?Deman??????좷뚨쇋뿶?죏캪룹놾늻쫇평ꆰ짱쏘뗄ꆱ쫐뎡럇샭탔솽훖뷓맜샭싛??ㄩ듺샭샭싛????늻췪짆뗄??틽웰?뛸쫇틲놣뮤뫍풽살풽뛠뗄틸탐뛀쿭믲폐햮좨쫐뎡ꆣ뫳튻샭싛볙뚨뷓맜쫇풴폚탅쾢쯹틽웰뗄ꆣ좱랦췪짆뗄믲폐햮좨쫐뎡ꆣ웤훷튪맛뗣뿉룅쫶죧쿂ꆣ죧맻듦퓚췪짆뗄믲폐햮좨쫐닎뾼컄쿗뎡?퓚죎튻ힴ첬럖늼쿂막뚫뗄믘놨싊뚼쫇Ahrony?J?&Swary?I???㤸???Contagion튻퇹뗄?틲캪쎿튻ힴ첬믲폐햮좨뗄볛룱튻effectsofbankfailures?evidencefromcapital훂⤬틲듋쯻쏇믡짌뚨튻쿮볛횵ퟮ듳뮯뗄짺markets?JournalofBusiness?㔶????????닺볆뮮ꆣ떫쫇?퓚좱랦췪좫ힴ첬뗄믲폐햮Lang?L?H?P?&Stulz?R?M???㤹㈩?Conta?좨쫐뎡?죎뫎벼쫵탔뇤뮯?튲뻍쫇쫕틦ힴ첬gionandcompetitiveintra?industryeffectsof럖늼뗄뇤뮯?춨뎣뚼늻쓜놻막뚫뗈솿맀볛?bankruptcyannouncements?JournalofFinan?c듓뛸좱짙횧돖뛔볆뮮뷸탐뇤룯뗄훷튪뚯ialEconomics?㌲???????Musumeci?J?J?&Sinkey?J?F??ㄹ㤰??The틲ꆣ뷓맜쫇튻룶뿉쪹벼쫵뫍춶ퟩ뫏훐뗄internationaldebtcrisis?investorcontagion?닺춬쪱뇤뮯뗄믲폐뫏춬ꆣandbanksecurityreturnsin?㤸㜺theBrazilianMerton?ㄹ㤰?탰쫶쇋튻킩폐맘믲폐햮experience?JournalofMoney?Credit?and좨뗄짌컱낸샽?냼삨믹폚짌욷ꆢ막횸ꆢ샻싊Banking????㈰?????벰믣싊뗈뗄웚믵뫍웚좨뫏풼ꆣ웤쯻뮹폐퓚Park?S?⠱?㤱??Bankfailurecontagioninhistor?ퟜ뻹뫢샭싛?GE?훐폐ퟅ훁맘훘튪뗘캻뗄icalperspective?JournalofMonetaryEconom?Arrow?Debreu?AW?폐볛횤좯벰웚좨ꆣ퓚ics?㈸?㈷?????R?F?K?컂?R?F?KWYNN?AW쳵볾쿂?믲폐햮좨뗄뚨볛폫춶ퟩ뫏짨볆컊쳢쏜쟐쿠맘ꆣ평듋?춨맽붫웚좨뚨볛샭싛폫퓚늻좷뚨쳵볾쿂듺샭죋ퟮ폅짨볆닺ퟩ뫏샭싛쿠벯돉?믲폐햮좨럖컶contingentclaims믲폐햮좨?CCA?퓚뗃돶뷡싛훐웰쇋뫋탄ퟷ폃ꆣ폃췢탐죋뗄뮰살쮵?뿉붫믲폐햮좨쫐CCA쿔훸뗄쳘뗣횮튻쫇쯼뗄탭뛠맀뎡뇈ퟷ튻뎡주십훐뗄뛄힢ꆣ뿉쓜랢짺뗄ힴ횵랽돌듳늿럖믲췪좫쫇폫듺샭죋뗄욫뫃뫍첬폫쎿욥십뗄쏻듎쿠뛔펦?쟳뎥좨폫죏캪웚췻믘놨컞맘뗄?헢폐쪱튲놻돆캪럧쿕훐쒳욥십믡펮뛸쿂뗄뛄힢쿠뛔펦ꆣ죧맻쓣뛄솢맀횵맘쾵쪽ꆣ뛔CCA뗄늹돤퇐뺿닉폃뗄십쪤돶?쓣뻍뿉내쯹릺싲욱좯쫽솿내뇈쇋솬탸쒣탍뫍뛠웚샫즢쪱볤쒣탍솽훖쒣샽믱뗃횧뢶ꆣ떫쫇쫂쿈쓣늢늻횪뗀쓄훖ힴ탍ꆣ떫쫇?듳늿럖뚼쫇솬탸쪱볤쒣탍?퓋폃첬믡랢짺?캨튻쓜놣횤퓚룷훖ힴ첬쿂뚼믱쇋듳솿볢뛋뗄폐맘쯦믺볆쯣뫍샭싛뗄쫽뗃횧뢶뗄냬램쫇퓚쯹폐십짭짏쿂힢ꆣ톧벼쟉ꆣ맘폚믲폐햮좨뮹폐벸룶랽쏦?샽ힴ첬ꆪ욫뫃쒣탍쫇튻훖퓚늻좷뚨탔쳵죧늼삳뿋?쮹뿆뛻쮹뗄웚좨뚨볛샭싛볾쿂뗄붨쒣뻶닟랽램ꆣ쿻럑헟붻틗믲폐햮??㤷㌩?Merton??㤹㜩?Cox뗈죋???㠱?닻좨?헢쫇튻훖퓚볙짨뛸쟒뷶뷶볙짨쒳튻ힴ쫶뗄춨맽쳗샻쪵쿖ퟜ뻹뫢뫍뚨볛뗄샭싛?첬랢짺쪱쿻럑헟뷸탐쿻럑뗄좨솦ꆣ틔놣쿕틔벰Harrison뫍Kreps?ㄹ㜹?뗄붻틗돉놾캪샽?퓚쒳훖ힴ첬쿂쿻럑헟돐떣쯰쪧?뛸퓚샭싛ꆣCCA?웰풴폚웚좨뚨볛뫍웳튵햮컱웤쯻ힴ첬쿂쯽?쯻늻돐떣쯰쪧ꆣ떫쫇쫂쿈맀횵샭싛?쿖틑돉캪퓚늻좷뚨쳵볾쿂쓚늿쯻늢늻횪뗀믡랢짺쓄훖ힴ첬?떫좴쿫퓚쎿GE샭싛ퟮ폐솦뗄럖컶릤뻟ꆣ튻ힴ첬쿂뚼믱뗃쿻럑욷ꆣ
convenienceyieldsꆤ??ꆤ닎뾼컄쿗뇣샻쫕틦믡쪮럖쿔훸ꆣBlck?F?&Scholes?M?S?⠱?㜳??Thepricing뇣샻쫕틦뗄룅쓮틑돉캪뷢쫍짌욷웚믵ofoptionsandcorporateliabilities?Journalof볛횵쪱볤뷡릹늻뿉좱짙뗄늿럖ꆣKeynes??PoliticalEconomy?㠱??????????㤲㌩?Hick?ㄹ㌸?뫍Cooter?ㄹ㘰?쳡돶Cox?J?C??Ingersoll?J?E?&Ross?S?A?뗄럧쿕틧볛샭싛붫웚믵볛룱폫풤웚캴살뗄???㠱??Therelationshipbetweenforward쿖믵볛룱솪쾵?죏캪춶믺짌돐떣럧쿕?뇘탫pricesandfuturespices?JournalofFinancialE틔튻훖쳹쿖뗄탎쪽뛔웤쳡릩뗄럧쿕돐떣럾conomics???㌲?????Deman?S?⠱㤹???The컱뷸탐늹뎥?헽뎣뗄쿖믵짽쮮?ꆣKaldortheoryofcorporatetake?overbids?asubgameperfectapproach?Man??ㄹ㌹?ꆢWorking????㠬ㄹ㐹⤬TelseragerialDecisionEconomics?SpecialIssueon??㤵㠩뫍Brennan?ㄹ㔸?쳡돶뗄뒢듦샭싛AspectsofCorporateGovernance?ㄵ??㠳?볙뚨퓚t쪱뿌릺싲튻짌욷?퓙싴돶룃짌욷???퓚T쪱뿌뷸탐붻룮뗄풶웚뫏풼뛸믱뗃뗄믘Harrison?J?M?&Kreps?D?M?⠱㤷???Mar?놨싊펦룃뗈폚뒢듦돉놾?럅웺뗄샻쾢돉놾ꆢtingaleandarbitrageinmulti?periodsecurities닖뒢돉놾벰놣쿕럑?복좥뇣샻쫕틦ꆣ쿂쪽markets?JournalofEconomicTheory?㈰?폃좷뚨뗄쫽횵탎쪽뇭쪾쇋헢튻맘쾵??㠱?????Merton?R?C?⠱㤹㜩?Onthepricingofcontin?Fr?T?t??S?t?T??Se?ꛘT?t?ꛄt???ㄩgentclaimsandtheModigliani?Millertheorem?웤훐Sr?T?t?e쫇틔컞럧쿕샻싊쳹쿖뗄쿖믵JournalofFinancialEconomics?㔬㈴?????M쿖횵?ꛘT?t쫇뒢듦돉놾?ꛄt??쫇뇣샻쫕틦ꆣerton?R?C?????〩?Continuous?timefinance?Cambridge?MA?BasilBlackwell?붫뒢듦돉놾뫍뇣샻쫕틦쏨쫶캪쎿튻떥쯕샯쪿ꆤ뗏싼?SURESHDEMAN?캻믹뒡짌욷뗄만뚨뇈싊?뿉뗃떽웚믵볛룱뗄쇭튻훖뇭듯탎쪽?F?S?t?T??S?r?ꛘ?ꛄ??T?t?e?㈩convenienceyields뇣샻쫕틦폫뾭뛷쮹뗄럧쿕틧볛샭싛쿠뇈?듦뒢샭싛ꆰ뇣샻쫕틦ꆱ헢튻듊평Kaldor??㤳??쫗볙뚨쿖믵볛룱뫍웚믵볛룱횮볤듦퓚쓚퓚솪쿈쪹폃?듺뇭틲웤만폐뗄쿻럑폃춾뛸놻틔쾵?헢뿉놻돆캪ꆰ뎣첬헽쿲ꆱꆣ듓뇣샻쫕틦듦믵탎쪽돖폐뗄쪵컯뗄볛횵?뛸쟒헢킩폃럖컶뿉횪?웚믵볛룱뇈쿠펦뗄쿖믵볛룱욫춾횻뛔쪵컯쯹폐헟닅짺킧?춬쪱뇘탫뿛돽룟ꆣ헢퇹뒢님헟닅쓜틲퓚쯻쏇뗄닖뿢샯뒢퓋럑ꆣ춬퇹뗘?Brennan뫍Schwartz듦짌욷뛸믱뗃늹뎥ꆣ떫쫇?듦뒢샭싛죏캪??㤸㔩붫뇣샻쫕틦뚨틥캪뛔쪵컯쯹폐죋짺쒳짌욷듦뒢뗄뿉쓜탔풽룟?뇣샻쫕틦튲풽킧뛸뛔돖폐캴살붻룮룃짌욷뫏춬뗄죋컞킧룟?퓲벴쪹쓜틔룼룟뗄쿖믵볛룱쫛돶룃짌뗄쾵쇐럾컱ꆣ헢킩돖폐쪵컯듦믵뗄샻틦춨욷?죋쏇죔믡퓶볓듦뒢룃짌욷ꆣ헢튻쿖쿳뎣풴ퟔ쟸폲탔뗄뛌좱틔벰놣돖짺닺맽돌튻놻돆캪ꆰ쓦쿲퓋쯍럑폃ꆱ?Working?ㄹ㐸?ꆣ횱퓋ퟷ뗄쓜솦ꆣ?Cho뫍McDougall?헢솽룶샭싛튻횱틔살뚼쫜떽쪵횤뗄럖??㤰?ꆣWorking?ㄹ㤴?횤쏷뇣샻쫕틦쯦쪱컶ꆣ뛔뾭뛷쮹럧쿕틧볛샭싛뗄쪵횤럖컶뷡볤뛸돊쿖늻춬뗄쮮욽?폈웤쫇튻킩벾뷚탔맻쪮럖몬뫽ꆣHouthakker?ㄹ㘱??㤶㠬짌욷죧마컯ꆣ쯻죏캪듦믵쮮욽룟쪱?퓶볓??㠲?ꆢCootner??????ꆢBodie뫍Rosansky돖폐쪵컯쫽솿닺짺뗄쫕틦뫜킡?뿉쓜캪쇣???㤸??뗄쪵횤퇐뺿뷡맻횧돖룃샭싛?떫짵훁쫇뢺쫽ꆣ쇭튻랽쏦?떱듦믵쮮욽뗍쪱?Telser?ㄹ㔸?뫍Dusak??????퓚짌욷쫐뎡
ꆤ??ꆤconvenienceyields짏좴헒늻떽횤뻝횤쪵듦퓚폐맦싉뗄럧쿕틧볙짨퓚쿖믵볛룱뫍뇣샻쫕틦볤듦퓚만뚨뗄볛ꆣ퓧웚쫔춼볬퇩듦뒢샭싛뗄죋쫇Telser뻶뚨탔맘쾵?뺻퓋쫤돉놾?ꛄ?S??ꛄS?Bren?????㤵㠩뫍Brennan?ㄹ㔸⤬쯻쏇붫벸훖짌욷nan뫍Schwartz??????쪹폃쇋튻볲떥뗄쳗뗄듦믵쫽뻝폫뇣샻쫕틦솪쾵웰살ꆣ헢킩샻샭싛?췆떼돶쇋튻룶웚믵볛룱뇘뚨싺ퟣꆰ횱뷓ꆱ뗄볬퇩폶떽쇋믱뗃ꆢ뷧뚨뫍뛈솿듦뗄욫캢럖랽돌?믵쫽뻝뗄삧쓑ꆣFama뫍French?ㄹ㠷?쳡돶쇋붨솢퓚쿖믵뫍웚믵볛닮?r?ꛄ?SFS?F?r?FSSꛒ?SS????㐩?믹닮?뗄뇤뚯?믹뒡짏뗄ꆰ볤뷓볬퇩ꆱ랽램ꆣ볤뷓볬퇩랽램웤훐쿂뇪뇭쪾욫떼쫽?쟒떽웚뗄웚믵볛룱뗄풭샭믹폚헢튻싛뛏?떱듦믵쮮욽뗍쪱?벴싺ퟣ뇟뷧쳵볾F?S????Sꆣ헢튻욫캢럖랽뇣샻쫕틦룟?뢺믹닮⤬뛔짌욷뗄듳솿탨쟳돌뿉쓜뗄뷢쫇샻폃잰쫶뗄웚믵뫍쿖믵볛룱뛔듦믵펰쿬뫜킡?떫좴믡틽웰뇣샻쫕틦뫍횮볤뗄맘쾵쪽?샻싊뗷헻뫳믹닮뗄뻞듳뇤뮯ꆣ헢퇹?룹뻝F?S?ꛄ?ꛓ??S?r?ꛄ?ꛓe?㔩Samuelson??㤶㔩뗄맛뗣?쿖믵볛룱붫뇈웚믵볛룱뇤뚯룼듳?믹닮튲믡뇈듦믵쮮욽룟웤훐ꛓ뇭쪾웚믵뫏춬떽웚쪱볤?ꛄ뇭쪾복좥쪱뇤뚯탔룼듳ꆣ틲듋?뢺퓋쯍돉놾폫뗍듦쇋뒢듦돉놾뗄뇣샻쫕틦ꆣ힢틢랽돌???폫믵쮮욽쿠맘ꆣ쇭췢?죧맻믹닮캪헽쪱쿖믵쿖믵볛룱뗄쯦믺맽돌컞맘ꆣ듓샭싛뗄뷇뛈뫍웚믵볛룱뇤뚯럹뛈쿠뗈?뿉틔뗃돶뷡싛?뾴?퓚만뚨뗄뫍뻶뚨탔뗄뇣샻쫕틦볙짨쿂?헽뗄퓋쫤돉놾폫룟듦믵쮮욽쿠맘ꆣ헢튻췆평폚랽돌???훐뗄쿖믵볛룱뫍웚믵볛룱랽싛폈웤쫊폃폚쓇킩쎿튻떥캻뒢듦돉놾뚼쪮닮쿠춬?웚믵볛룱뗄췆떼폫뛔웚쿞뷡릹뗄럖쏷쿔뗄짌욷ꆣFama뫍F욽탐틆뚯붨쒣컊쳢쿠솪쾵ꆣ헢폫Samuel?rench?ㄹ㜸?랢쿖쯻쏇쯹퇐뺿뗄??훖짌욷ퟩ뫏뗄믹닮뗄son??㤶㔩맘폚웚믵볛룱뗄늨뚯탔쯦붻룮뇪ힼ닮폐뫜듳쟸뇰ꆣ쎿튻떥캻뒢듦돉놾쿔쪱볤믲쟥쯣쪱볤뗄쯵뛌뛸붵뗍헢튻싛뛏늻훸뗄짌욷?쒾닄뫍뚯컯닺욷?믹닮뇤뚯탔ퟮ튻훂ꆣ룟?맳뷰쫴뗄믹닮뇤뚯탔ퟮ뗍ꆣ헢튻퇐뺿Brennan?ㄹ㤱?맀볆늢볬퇩쇋뿉톡뗄뷡맻럻뫏듦뒢샭싛ꆣ몯쫽?뇣샻쫕틦뗄쯦믺맽돌틔벰쯼폫볛룱뷼살뛔웚믵볛룱폫뇣샻쫕틦쓚늿맘쾵뫍쪱볤뗄쿠맘탔ꆣBrennan?ㄹ㤱?ꆢGibson뗄퇐뺿닉폃쇋내쳗샻샭싛뛔믲폐햮좨뚨볛뫍Schwartz?ㄹ㤰a????ㄩ럖뇰쳡돶쇋짌욷헢튻뿲볜ꆣퟮ훸쏻뗄붫솬탸쪱볤쯦믺쒣탍뫍쪯폍웚믵볛룱뗄쮫틲ퟓ웚쿞뷡릹쒣탍?펦폃폚짌욷믲폐햮좨뚨볛뗄톧헟쫇B냼삨뇣샻쫕틦뗄ꆰ뛀솢ꆱ쯦믺맽돌ꆣ룃맽돌ren?붫뇣샻쫕틦뗄뇤뮯쏨쫶돉뻟폐룟쮹랽닮뗄nan뫍Schwartz???????Gibson뫍Schw?Ornstin?Uhlenbeck맽돌ꆣ튻쿮평Gibsonartz?ㄹ㤰a뫍b??㤹?⤬Brenna?ㄹ㤱??G뫍Schwartz?ㄹ㤱?ퟷ뗄뛔뇣샻쫕틦뗄쪱볤rabillon?ㄹ㤱?뫍Garbade?ㄹ㤳?ꆣ헢킩럖컶튻냣뚼볙짨짌욷쿖믵볛룱뗄뇤뮯럾듓탲쇐쳘헷럖컶뇭쏷뇣샻쫕틦탲쇐럾듓쓦뻹췢짺뗄벸뫎늼샊퓋뚯맽돌횵쒣쪽ꆣ룃쯦믺맽돌쳥쾵뿉폃쿂쪽쏨쫶??dSdS?ꛌdt?ꛒSdzS??a??ꛌdt?ꛒSdzS???SSꇄ웤훐ꛒdꛄ?k?ꛄ?ꛄ?dt?ꛒꛄdzꛄ??b?S쫇쿖믵볛룱뗄쮲쪱뇪ힼ닮?ꛌ쫇쯦쪱볤뇤뮯쿖믵볛룱뗄웚췻쟷쫆?d웤훐dzSdzꛄ?ꛑdt?ꛑ듺뇭솽룶쯦믺맽돌퓶zS쫇?뻹ꇄ횵뫍떥캻랽닮뗄캬쓉맽돌뗄캢럖ꆣ뷸튻늽솿볤뗄쿠맘쾵쫽?k쫇뗷헻뗄쯙뛈?ꛄ뇭쪾
convenienceyieldsꆤ??ꆤ뇣샻쫕틦맽돌뗄뎤웚뻹횵ꆣ짨쳵볾뗄컊쳢ꆣ만뚨샻싊뗄볙짨?폈웤듓룹뻝샻싊늻좷뚨탔뫍펦폃Ito뢨훺뚨뎤웚살뾴?뿉쓜늢늻쟐뫏쪵볊ꆣGibson뫍샭?뿉틔횤쏷퓚떥틲ퟓ쒣탍훐ퟷ춬퇹뗄쳗샻Schwartz?ㄹ㤱?틔뎤웚뗄쪯폍햮좯캪샽쳖??볙짨?웚믵볛룱뇘탫싺ퟣ쿂쇐욫캢럖랽돌?싛쇋뛔잱퓚릫쮾죚랽쪽뗄펦폃ꆣ웤쯻튻킩폐볛횵뗄펦폃쫇뎤웚붻룮뫏풼뫍뾼싇떽?F???SSSꛒS?Fꛄꛄꛒ?ꛄ?FSꛄSꛑꛒSꛒꛄ?FS?r???볛룱폫뇣샻쫕틦럧쿕솽훖틲쯘뗄쳗웚놣횵ꇄꛄ킭틩ꆣ??Fꛄ?k?ꛄ?ꛄ??ꛋꛒꛄ??Fꛓ?????럻뫏뇟뷧쳵볾F?S?ꛄ????S?ꛋ듺뇭닎뾼컄쿗쎿튻떥캻뇣샻쫕틦럧쿕뗄쫐뎡볛룱ꆣGib?Boie?Z?&Rosansky?V?I???㤸???Riskandson뫍Schwartz??㤹?a뫍b?듓쫽톧짏뷢돶returnincommodityfutures?FinancialAna?쇋헢튻욫캢럖랽돌?뗃떽쇋풭폍웚믵뫍웚lystsJournal?㌶ⰲ?????믵웚좨퓚쳘뚨뇟뷧쳵볾쿂뗄볛횵ꆣBBrennan?M?J??ㄹ????Thesupplyofstorage?ren?AmericanEconomicReview????㔰????nan??????ꆢGibson뫍Schwartz??????뚼탻늼볲떥뗄솬탸믬뫏쒣탍쿂짌욷웚믵뚨볛Brennan?M?J?⠱㤹???Thepriceofconvenience뗄뺫뛈뿉춨맽퓶볓뻹횵ꆪ믘뢴뇣샻쫕틦ퟷandthevaluationofcommoditycontingentclaims?Stochasticmodelsandoptionvalues?캪뗚뛾룶쯦믺뇤솿뗃떽쳡룟ꆣ뺡맜Bren??Ed??Lund?D?&Oksendal?B?Amsterdam?nanꆢGibson뫍Schwartz뗄쒣탍폫Sam?North?Holland?ㄳ?????uelson뗄늨뚯탔붥뗍쒣탍튻훂?뇣샻쫕틦Brennan?M?J?&Schwartz?E?S??ㄹ????E?놻죏캪폫쪯폍쿖믵볛룱컞맘?헢틢캶ퟅ벴valuatingnaturalresourceinvestments?Journal쪹쪯폍쿖믵볛룱컈뚨?뇣샻쫕틦튲쟷쿲폚ofBusiness?㔸????????뎤웚뗄뻹횵쮮욽ꆣ믹폚헢튻퇏룱뗄쳵볾?Cho?D?W?&McDougall?G?S??ㄹ㤰??TheGabsupplyofstorageinenergyfuturesmarkets?illon?ㄹ㤱?쳡돶쇋튻룶솽뷗뛎뿉뇤뗄쯦믺쒣탍TheJournalofFuturesMarkets???????룃쯦믺맽돌쳥쾵냼삨쪯폍쿖믵뗄쿖횵뫍쪯폍뗄뎤웚볛룱ꆣ???Gabillon쪹폃쇋쿖믵볛룱쿖횵폫뎤웚볛룱뗄뇈싊뫍떽웚Cootner?P??ㄹ㘰??Returnstospeculators?TelserversusKeynes?JournalofPoliticalE?쪱볤?쒿뗄쫇튪뻶뚨뇣샻쫕틦뗄쮮욽ꆣ룹conomy?㘸?????????뻝헢튻쒣탍?웚믵볛룱뗄쿖횵웚쿞뷡릹좡Dusak?K?⠱㤷???Futurestradingandinvestor?s뻶폚쿖믵볛룱뗄쿠뛔쮮욽ꆣGarbadereturns?aninvestigationofcommoditymarket??㤹㌩쳡돶쇋튻룶풭폍웚믵볛룱웚쿞뷡릹riskpremiums?JournalofPoliticalEconomy?뗄쮫틲ퟓퟔ평쳗샻쒣탍?웤웚쿞뷡릹틔뻹?ㄬㄳ㠷??????횵ꆪ믘뢴뗄랽쪽캧죆ퟅ쒳훖ꆰ헽첬춼탎ꆱ늨Fama?E?F?&French?K?R??ㄹ????Com?뚯ꆣmodityfuturesprices?someevidenceonfore?틔룼뛠뗄샭싛뫍쪵횤퇐뺿살뷒쪾헢킩castpower?premiums?andthetheoryofstor?짌욷웚믵볛룱웚쿞뷡릹쒣탍뚨볛뗄킧맻쫇age?JournalofBusiness????㔵????쪮럖뇘튪뗄ꆣ쳘뇰쫇퓚뛔뇣샻쫕틦맽돌쿠Gabillon?J??ㄹ㤱??TheTermStructureofOil펦붨쒣늻ퟣFuturesPrices?WorkingPaperM???Oxford?웤럖늼쳘탔틔벰쯼폫쪯폍쿖InstituteofEnergyStudies?믵볛룱횮볤뗄맘쾵뗈컊쳢짐캴뷢뻶뗄쳵볾Garbade?K?D?⠱㤹㌩?Atwo?factor?arbitrage?쿂룼쫇죧듋ꆣ듋췢?쒿잰뗄퇐뺿튲캴쫶벰free?modeloffluctuationsincrudeoilfutures폐맘쿖믵볛룱늨뚯탔늻뇤뫍샻싊만뚨뗈볙prices?TheJournalofDerivatives??????
ꆤ??ꆤconvertibles???쏗삼ꆤ삳믴믹?MILANLEHOCKY?Gibson?R?&Schwartz?E?S??????a??Sto???chasticconvenienceyieldandthepricingofoilcontingentclaims?JournalofFinance?㐵????????convertibles뿉뮻햮좯Gibson?R?&Schwartz?E?S??????b??The뿉뮻햮좯쫇튻훖뢽폐톡퓱좨뗄햮pricingofcrudeoilfuturesoptionscontracts?좯?룃좨솦퓊탭돖폐죋퓚쳘뚨쪱볤뫍쳘뚨UCLA?Workingpaper?쳵볾쿂붫룃햮좯뮻돉랢탐릫쮾뗄ꆰ탂ꆱ웕Gibson?R?&Schwartz?E?S??ㄹ㤱??Valua?춨막막럝ꆣ쳘뚨뗄쳵볾냼삨뮻쪱웚뫍tionoflongtermoil?linkedassets?Stochasticmode뮻뇈싊ꆣ뮻쪱웚횸퓊탭붫햮좯뮻돉막lsandoptionvalues??Ed??Lund?D?&Oksendal?B?Amsterdam?North?Holland???욱뗄쪱볤뛎ꆣ뮻뇈싊횸쎿튻햮좯뿉뛒뮻?????뗄막욱쫽ꆣ뮻볛룱?벴뛔웕춨막횧뢶뗄Hicks?J?R????????Valueandcapital?Ox?쪵볊볛룱?쫇뿉뮻햮좯쏦횵폫뮻뇈싊ford?ClarendonPress?횮뇈ꆣ뿉뮻햮좯벸뫵뚼쓚몬튻뿉싲쳵Houthakker?H?S????㘱??Systematicandran?뿮ꆣ잿훆뮻햮좯ꆢ뿉붻뮻햮좯뫍LYONSdomelementsinshorttermpricemovements?쫇쳘쫢샠탍뗄뿉뮻햮좯ꆣAmericanEconomicReview?PapersandPro?뿉뮻햮좯뫜쿱뢽폐죏릺좨횤뗄햮ceedings????ㄶ?????H좯ꆣ떫쫇?헢튻룅쓮퓚맀볛쪱늢늻쫊폃ꆣouthakker?H?S???㤶???Normalbackwarda?튻룶훘튪뗄컊쳢쫇?죏릺좨횤뗄횴탐볛룱tion?Value?capitalandgrowth??Ed??Wolfe?J?N?Edinburgh?EdinburghUniversity?뮻볛룱?평죃뛉쯹뢽뗄햮좯횧뢶?쯹틔Press?쯦쪱볤뗄뇤뮯횴탐볛룱튲믡랢짺뇤뮯ꆣ쫂Houthakker?H?S??ㄹ㠲??Theextensionoffu?쪵짏듳늿럖뿉뮻햮좯뚼쫇뿉쳡잰쫪믘turestradingtothefinancialsector?Journalof뗄?헢틽웰쇋폫맀횵폐맘뗄웤쯻컊쳢ꆣBankingandFinance?????????Brennan뫍Schwartz??㤸??붨솢쇋튻룶붫Kaldor?N????????Speculationandeconomic쯹폐헢킩틲쯘뾼싇퓚쓚뗄쒣탍ꆣstability?ReviewofEconomicStudies?㜬??랢탐뿉뮻햮좯뗄뚯틲뿉럖캪뒫춳뫍???쿖듺솽샠ꆣ뒫춳뗄뚯틲쫇????뿉뮻햮좯Keynes?J?M?⠱㤲???Someaspectsofcommod?뿉틔폐컼틽솦뗄볛룱퇓동랢탐????쯼쫇튻itymarkets?ThecollectedwritingsofJohnMaynardKeynes????London?Macmillan?훖뗍돉놾뗄놾탎쪽?Brigham??????ꆣSamuelson?P?A????????Proofthatproperly헢킩뚯틲쫜떽Brennan뫍Schwartz?ㄹ㠸?anticipatedpricesfluctuaterandomly?Industri?뗄엺에ꆣ뗚튻룶뚯틲붨솢퓚뮻볛룱퓚랢alManagementReview?㘬?????탐죕튻냣룟폚뛔펦막욱쫐뎡볛룱뗄쫂쪵Telser?L?⠱㤵㠩?Futurestradingandthestor?짏ꆣ떫쫇?뮻볛룱쪵볊짏펦룃폫횴탐죕ageofcottonandwheat?JournalofPolitical뗄막욱쫐뎡볛룱쿠뇈ꆣ죧맻뛔펦뗄막욱볛Economy?㘶?㈳?????W룱룟폚뮻볛룱?릫쮾뻍튪돐떣믺믡쯰쪧ꆣorking?H????㐸??Theoryoftheinversecar?죧맻막욱볛룱뗍폚뮻볛룱?뮻좨솦뻍ryingchargeinfuturesmarkets?JournalofF늻믡놻횴탐ꆣ뗚뛾룶뚯틲믹폚뿉뮻햮좯armEconomics??????㈸?Work욱쏦샻싊뗍폚웕춨햮좯ꆣ떫쫇?죧맻뾼싇ing?H??ㄹ㐹??Thetheoryofpriceofstor?age?AmericanEconomicReview????ㄲ㔴?뿉뮻좨솦뗄돉놾?뿉틔횤쏷뿉뮻햮좯???뗄돉놾쫇쿠떱룟뗄?쫽ퟖ뻙샽뿉닎볻Veld
convertiblesꆤ??ꆤ??㤹㈩?ꆣ뿉뮻햮좯뗄돉놾듓살뚼늻쫇뮻돉펢쳘뛻릫쮾뗄웕춨막막욱ꆣGhosh랢탐뿉뮻햮좯뗄풭틲?튲늻쫇늻랢탐뿉뗈죋⠱㤹〩뛔뿉붻뮻햮좯뷸탐쇋럖컶ꆣ뮻햮좯뗄풭틲ꆣ쯼뗄돉놾횻쫇뛔룃쿮춶??쯹탎돉럧쿕뗄ퟣ솿쏖늹ꆣLYONSModigliani뫍Miller틑횤쏷퓚췪짆뗄쇷뚯쫕틦웚좨욱뻝?LYONS?쫇쇣쾢ꆢ쫐뎡훐?릫쮾뗄죚뻶닟폫웤쫐뎡볛횵컞뿉싲ꆢ뿉싴뗄뿉뮻햮좯ꆣ헢튻햮좯평쏀맘ꆣ쯹틔?쿖듺뛔랢탐뿉뮻햮좯뚯틲뗄쇖릫쮾????쓪뒴퓬뗄ꆣ쫗쿈평럏컯맜샭럖컶붨솢퓚쫐뎡늻췪짆뗄믹뒡짏ꆣBren?릫쮾퓚????쓪뒺벾랢탐ꆣ퓚쏀맺쯦뫳폖nan뫍Schwartz?ㄹ㠸?죏캪뿉뮻햮좯뛔랢탐쇋탭뛠헢훖햮좯ꆣMcConnell뫍랢탐릫쮾뗄럧쿕늻쏴룐ꆣ죧맻럧쿕퓶볓?Schwartz??????붨솢쇋튻룶붫짏쫶LY?햮좯늿럖뗄볛횵붵뗍뛸죏릺좨늿럖뗄볛횵ONS뗄쳘헷뻹뾼싇퓚쓚뗄맀볛쒣탍ꆣ짽룟?틲캪죏릺좨횤뗄볛횵쫇늨뚯탔뗄퓶몯쫽ꆣ헢쪹뗃햮좯랢탐죋뫍릺싲죋퓚뛔릫잿훆뮻햮좯쮾뗄럧쿕돌뛈틢볻늻튻쪱룼죝틗듯돉킭잿훆뮻햮좯쫇퓚뮻웚볤뿉틔뮻틩ꆣ평폚뛔럧쿕뗄늻쏴룐탔?뿉뮻햮좯쟒퓚뮻웚뷡쫸죕뇘탫뮻뗄뿉뮻햮좯ꆣ뿉쓜붵뗍막뚫뫍햮좯돖폐죋횮볤뗄듺샭돉놾ꆣ햮좯돖폐죋룼늻맘탄막뚫춶폚룟럧닎뾼컄쿗쿕쿮쒿뗄뿉쓜탔ꆣ틲캪폐쇋뮻좨?쯻쏇Brnnan?M?J?&Schwartz?E?S???㤸〩?An?튲뿉퓚춶룟럧쿕쿮쒿쪱럖쿭웤쯹듸살뗄alyzingconvertiblebonds?JournalofFinancial쫕틦?GandQuantitativeAnalysis???㤰?????reen?ㄹ㠴?ꆣ웤쯻뗄믹폚늻췪짆샭싛뗄뚯틲Brennan?M?J?&Schwartz?E?S???㤸㠩?The?냼삨폫릫쮾퓚뻙햮틔뫳랢막뗄쟩탎쿠뇈돯돉놾뗄붵뗍caseforconvertibles?JournalofAppliedCor??틔벰춨맽붫뿉뮻햮좯ퟷ캪뢺햮쿮볇퓚닺뢺햮뇭짏porateFinance?Summer???????틔ꆰ쏀뮯ꆱ릫쮾닆컱헊뮧뗄뿉쓜탔Brigham?E?F?⠱㤶???Ananalysisofconverti??Veld?bledebentures?theoryandsomeempiricalevi???㤲?ꆣdence?TheJournalofFinance????㌵????맘폚횴탐뿉뮻햮좯뗄ퟮ병쪱뿌?In?Ghosh?C??Varma?R?&Woolridge?J?R?gersoll??㤷㜩횤쏷헢튻쪱뿌캪뮻볛횵??ㄹ㤰??Ananalysisofexchangeabledebtof?벴퓚뮻붻뮻쪱쯹쫕떽뗄웕춨막볛횵뗈폚fers?JournalofFinancialEconomics???????싲죫볛룱뗄쪱뿌ꆣ떫쫇?튻쿮쪵횤퇐뺿랢????쿖쫂쪵짏싲죫볛룱뇭쿖훍뫳ꆣ뮻볛횵욽Green?R?C??ㄹ????Investmentincentives?뻹뇈싲죫볛룱룟?????ꆣdebt?andwarrants?JournalofFinancialEco?nomics?ㄳ????????뿉붻뮻햮좯Ingersoll?J?⠱?㜷??Anexaminationofcorporate뿉붻뮻햮좯뿉틔놻뮻돉춬튻릫쮾믲callpoliciesonconvertiblesecurities?TheJour?쇭튻쿖폐뗄막욱nalofFinance?㌲?㐶??????헢폫뿉뮻햮좯쪮럖쿠쿱McConnell?J?J?&Schwartz?E?S??ㄹ㠶???떫퓚뮻훐햮좯뇘탫뮻돉ꆰ탂ꆱ막헢튻LYONtaming?TheJournalofFinance??ㄬ뗣돽췢ꆣ샠쯆뗘?뿉붻뮻햮좯뗄뮻좨튲?㘱????쿠떱폚뗖늹죏릺좨횤ꆣ듳맦쒣랢탐뿉붻뮻Veld?C?????㈩?Analysisofequitywarrantsas햮좯뗄튻룶낸샽쫇IBM퓚?㤸?쓪?퓂랢investmentandfinanceinstruments?Tilburg?탐쇋?틚쏀풪뗄뿉붻뮻햮좯?헢킩햮좨뿉Netherlands?TilburgUniversityPress?
ꆤ??ꆤcorporategovernance뿋샯쮹ꆤ캬뛻뗂?CHRISVELD?뫃뗄튵벨ꆣ퓚튻킩쪵횤컄쿗훐?헢퇹뗄릫쮾튪쎴룹뻝뚭쫂믡훐럾컱뗄뻖췢죋?out???sider?뗄뇈샽살쪶뇰?튪쎴룹뻝쫗쾯횴탐맙뗄닆뢻폫막뚫닆뢻뗄맘쾵살쪶뇰ꆣ폐맘뚭corporategovernance막럝폐쿞릫쮾맜샭쫂믡뻖췢죋돉풱뗄퓰죎랽쏦뗄횤뻝쫇평릫쮾?firm?쫇튻훖뫏춬맘쾵?막럝폐Rosenstein뫍Wyatt?ㄹ㤰?벰Weibach쿞릫쮾?corporate?퓲쫇막좨돖폐죋횻돐떣??㤸㠩쳡릩뗄?Rosenstein뫍Wyatt랢쿖폐쿞퓰죎쟒퓚쇷뚯쫐뎡짏붻틗뗄릫쮾ꆣ막뚭쫂믡뻖췢죋돉풱뗄횸뚨폫막욱볛룱뗄짏럝폐쿞릫쮾맜샭횸뗄쫇릫쮾폫막뚫ꆢ햮좨헇쿠맘?Weibach랢쿖평췢죋뿘훆뗄뚭쫂죋ꆢ맍풱ꆢ릩펦짌ꆢ뿍뮧뫍맺볒헾뢮횮볤뗄믡룼뿉쓜평폚막볛뗄늻병뇭쿖뛸냕쏢쫗쾯뫏풼맘쾵뗄맦퓲ꆢ돌탲폫맜샭ꆣ듓램싉짏횴탐맙ꆣ맘폚CEO뗄벤샸뛔튵벨뗄펰쿬붲?맜샭좨맩쫴폚뚭쫂믡?뚭쫂믡폐캪릫쮾랽쏦뗄횤뻝쓜퓚DeFusco뗈죋??㤹??벰뗄샻틦뛸늻쫇캪쯻쏇ퟔ짭믲릫쮾맜샭닣샻McConnell뫍Servaes??????뗄컄헂훐헒틦럾컱뗄탅췐퓰죎?볻Clark?ㄹ㠵?떽ꆣDeFusco뗈죋횤쏷쇋쪵탐막욱웚좨믲헢튻쏨쫶뗄볲떥탔쿔좻퇚룇쇋듌벤릫쯹폐좨볆뮮뗄릫쮾막볛뗄짏헇?McConnell쮾맜샭탋좤뗄솽룶맘볼컊쳢ꆣ쫗쿈?퓚릫뫍Servaes랢쿖뺭샭폫뚭쫂믡돉풱돖폐막쮾늻쫴폚룶죋뗄쳵볾쿂?릫쮾뗄샻틦뺿뺹욱뗄뇈샽폫뚭쫂믡돉풱뫍릫쮾뗄쫐볛폫헋횸쪲쎴?웤듎?벴쪹듓ퟮ샖맛뗄뷇뛈뾴?램쏦볛횵뗄뇈횵?market?to?bookvalue?횮볤춥볓잿탅췐퓰죎맛쓮뗄쓜솦쫇폐쿞뗄?Ro?듦퓚헽쿠맘뗄맘쾵ꆣmano????ㄩꆣ쓇쎴쫇럱듦퓚웤쯻솦솿쓜듙헢튻샠횤뻝늢늻쿱쯼쏇쿔쿖뗄쓇쎴폐쪹틔ퟔ컒샻틦캪훐탄뗄뚭쫂뎤뫍뺭샭쏇캪폃?쳘뇰쫇쯼늢늻횤쏷릫쮾펦룃쿱쏀맺램릫쮾뗄샻틦럾컱쓘?싉킭믡??㤸㈩쯹쳡뎫뗄쓇퇹퓶볓췢늿뚭쫂뷰죚뺭볃톧볒믘듰헢솽룶컊쳢뗄랽램믡돉풱믲쫇쫗쾯횴탐맙뗄벤샸릤ꆣ쫗횮튻뻍쫇뛏퇔릫쮾뗄샻틦폫막뚫뗄닆뢻쫇쿈?막욱볛룱뗄짏헇룼뿉쓜쫇틲닆뢻틆튻훂뗄?뚭쫂뎤폫뺭샭쫜벤샸릤ꆢ돖막좨뗄쟽뚯뛸늻쫇틲킧싊쫕틦ꆣ쫂쪵짏?De?뫍짹폾뗄펰쿬?쫜놻뷓쳦뗄췾킲뗄벤샸?뛸Fusco뗈죋???㤰?랢쿖막볛뗄짏헇튲폫릫럾컱폚헢킩샻틦ꆣ좻뛸헢훖랽램뇘탫틔헢쮾췢늿뢺햮볛횵뗄붵뗍폐맘ꆣ뗚뛾?벴쪹퇹뗄죏쪶캪늹돤?벴퓚튻킩릫쮾훐?릫쮾뻶막욱볛룱뿉틔틽랢벨킧?튲늻쓜죧튵벨퇐닟뗄쫕틦폫돉놾튲평햮좨죋뫍뎤웚풱릤랽뺿쯹튪쟳뗄쓇퇹쯦뇣톡퓱놨돪뫍뚭쫂믡뷡쏦살돐떣ꆣ컒쏇뛏뚨퓚캴살퇐뺿훐ퟮ폐잰릹ꆣAgrawal뫍Knoeber?ㄹ㤴?ퟮ뷼ퟷ뗄춾뗄쇬폲뻍쫇틔쿂쏦뗄죏쪶캪믹뒡뗄?벴퇐뺿쫔춼뷢쫍놨돪뫍뚭쫂믡뷡릹뗄쓚짺ퟮ폅맜샭뷡릹쯦릫쮾늻춬뛸뇭쿖돶뫜듳닮탔?늢뗃떽쇋튻룶틽웰헹싛뗄뷡싛?탭뛠릫틬?헢좡뻶폚웤쿖뷰쇷솿뗄룷훖쟳뎥좨뗄쮾퓚뚭쫂믡훐컼쓉쇋첫뛠뛸늻쫇첫짙뗄췢쿠뛔훘튪돌뛈?쿪볻Garvey뫍Swan늿돉풱ꆣ튪뷢뻶헢킩펰쿬?컒쏇뇘탫룼뛠??㤹㐩ꆣ뗘샭뷢룷훖늻춬뗄맜샭믺훆뗄펰쿬솦틔벰쯼쏇죧뫎폫튻볒릫쮾쳘뚨뗄뮷뺳뫍닟싔쿠맜샭폫튵벨솪쾵ꆣ퇐뺿헟뫍움싛볒맘탄뗄ퟮ횱뷓뗄컊쳢뻍쫇맜샭펰쿬릫쮾뗄튵벨?폈웤쫇막뚫뗄맜샭폫탐캪샻틦햼훷떼뗘캻뗄쟩뿶쿂?릫쮾쓜럱폐룼튻쿮늻첫쏷쿔떫좴룼폐폃뗄퇐뺿닟싔
corporategovernanceꆤ??ꆤ쫇뾼달늻춬뗄맜샭믺훆죧뫎펰쿬릫쮾뗄탐Garen?ㄹ㤴?랢쿖헢킩릫쮾튲쟣쿲폚뛔쫗캪뛸럇튵벨ꆣ쯤좻헢튻랽램늢늻쓜룦쯟컒쾯횴탐맙횧뢶뷏짙뗄벤샸놨돪?틲캪뛔헢쏇훮죧뾪돽튻쫗쾯횴탐맙믲뻜뻸뷓맜쟫쟳킩릫쮾뛸퇔볠맜뫍벤샸뗷헻듸살뗄샻틦킡??뗄탐캪뛔쯹쳖싛뗄릫쮾쫇럱ퟮ폅?떫쯼좴폚쯼쏇퓬돉뗄돉놾ꆣ쫇샭뷢ퟮ폅맜샭뷡릹뗄뇘튪틲쯘ꆣퟮ잿폐솦뗄퇐뺿뷡맻쫇틲뷓맜믲웆닺뷸튻늽퇐뺿뗄쇬폲닺짺뗄뿘훆좨뇤뮯믡룸릫쮾뗄죋쫂뫍햽싔틔짏ퟜ뷡뗄맘폚튵벨퇐뺿뗄쒣샢솽뿉듸살뻞듳뗄뇤뮯ꆣGilson뫍Vetsuypens뗄뷡맻뇭쏷횻춨맽퓚뚭쫂믡훐퓶볓췢늿돉??㤹㌩횤쏷?떱릫쮾쿝죫닆컱캣믺쪱?쫗쾯풱믲퓶볓쫗쾯횴탐맙뗄막욱돖폐솿늢늻튻횴탐맙뫍뚭쫂믡돉풱믡랢짺룹놾탔뗄뇤뚨쓜쳡룟릫쮾뗄튵벨ꆣ뷸튻늽뗄퇐뺿ퟮ뫃뮯ꆣ헢킩퇐뺿뷡맻죏캪튻냣쟩뿶쿂?퓚횰쫇훂솦폚샭뷢캪쪲쎴릫쮾뷡릹틲릫쮾늻춬뺭샭뫍뚭쫂믡돉풱뚼붫닉좡탐뚯?믲헟춨뛸늻춬ꆣ죧Kaplan?ㄹ㤴?뗄퇐뺿폐솦뗘횤맽쳡룟릫쮾쿖뷰쇷뗄랽램?믲헟쫇닉폃튻쏷쇋죕놾뫍뗂맺릫쮾폫쯼쏇쿠뛔뗄쏀맺릫킩돉킧늻룟뗄랽램살뇜쏢뷓맜믲웆닺ꆣ쮾횮볤뗄쟸뇰ꆣ웤쯻횵뗃뷸튻늽퇐뺿뗄닮뷓맜췾킲뗄훘튪탔늻뷶좡뻶폚쒿뇪릫틬냼삨막욱쫐뎡쇷뚯탔?샽죧Bhide?ㄹ㤳?쮾훐뗄쯉킸탐캪?튲좡뻶폚쫕릺헟뇘탫횧뫍풱릤뛔릫쮾캴살쿖뷰쇷믱뎥좨뗄훘튪탔뢶뗄틧볛뛮ꆣGrossman뫍Hart?ㄹ㠰?횤?닎볻Garvey뫍Swan????㈩ꆣ쏷쒿뇪막뚫볤뗄벯쳥뻱퓱뿉벫듳뗘쳡룟헢튻틧볛뛮?듓뛸ퟨ횹탭뛠쫕릺탐캪ꆣStulz닎뾼컄쿗뗈죋??㤹〩헒떽횤뻝횤쏷헢튻컊쳢뗄퇏훘Agawal?A?&Knoeber?C?R????㤴??Firm탔틲릫쮾늻춬뛸늻춬?뛸쟒떱릫쮾뗄막욱performanceandcontrolmechanismstocontrol벯훐퓚뷰죚믺릹쫖훐쪱헢튻컊쳢믡폐쯹복agencyproblemsbetweenmanagersandshare?쟡ꆣBholders?WorkingPaper?TheWhartonrickley뗈죋??㤹??뛔랴쫕릺탞헽낸뷸탐춶욱뇭뻶뗄퇐뺿캪퓚릫쮾볤듦퓚뗄뻞School?UniversityofPennsylvania?듳닮뻠쳡릩쇋뷸튻늽뗄횤뻝ꆣ쯻쏇랢쿖횻AmericanLawInstitute?ㄹ㠲??Principlesofcorporategovernanceandstructure?Restate?폐쓇킩폫릫쮾쎻폐쏷쿔뗄튵컱맘쾵뗄믺릹mentandrecommendations??stedn?Philadel?막뚫닅믡랴뛔맜샭닣랢웰뗄랴쫕릺탞헽phia?PA?AmericanLawInstitute?낸ꆣ헢킩닮틬ퟔ좻떼훂쇋컒쏇ퟮ훕뗄컊Bhide?A???㤹???Thehiddencostsofstock쳢?틔벰헢킩닮틬죧뫎쯦릫쮾쯹퓚뗄늻춬marketliquidity?JournalofFinancialEco?뮷뺳뛸룄뇤ꆣnomics?㌴???????Brickley?J??Lease?R?&Smith?C?W???㤴??맜샭뷡릹폫뮷뺳Corporatevoting?evidencefromcharteramend?맜샭쳥훆늢럇컞돉놾ꆣ죎튻볠뚽맜샭mentproposals?JournalofCorporateFi?닣뗄닎폫랽뚼뇘탫돐떣볠뚽퓬돉뗄횱뷓돉nance?ㄬ?????놾뫍틲돐떣릫쮾럧쿕퓬돉뗄볤뷓돉놾ꆣClark?R????㠵??Agencycostsversusfiduciaryduties?Principalsandagents?ThestructureDemsetz뫍Lehn?ㄹ㠵?쫗쿈쏷좷뗘틢쪶떽ofbusiness??Ed??Pratt?J?A??&Zeckhaus?헢킩돉놾늢쳡돶맜샭쳘탔죧뫎쯦쎿튻릫쮾er?R??Boston?MA?HarvardBusinessSchool쯹쏦쇙뮷뺳뗄쫴탔뛸뇤뮯헢튻컊쳢ꆣ쯻쏇Press???????랢쿖퓚듳릫쮾ꆢ맜샭폐랽뗄릫쮾뫍쓇킩샻DeFusco?R??Johnson?R?&Zorn?T????????죳뿉풤닢뗄릫쮾?막욱돖폐룼캪럖즢ꆣTheeffectofexecutivestockoptionplanson
ꆤ??ꆤcorporatetakeoverlanguagestockholdersandbondholders?JournalofFi?wealth?JournalofFinancialEconomics??㜬nance????㘱??????㜵??????Demsetz?H?&Lehn?K?????㔩?ThestructureStulz?R??WalklingR?&Song?M?H?⠱?㤰??ofcorporateownership?causesandconse?Thedistrlbutionoftargetownershipandthedi?quences?JournalofPoliticalEconomy?㤳?visionofgainsinsuccessfultakeovers?Journal?ㄵ?????ofFinance?㐵????????Garen?J????㤴??ExecutivecompensationandWeisbach?M?S???㤸???Outsidedirectorsandprincipal?agenttheory?JournalofpoliticalE?CEOturnover?JournalofFinancialEconom?conomy???????㜵????ics?㈰????????Garvey?G?T?&Swan?P?L?⠱?㤲??Optimal뷜삭뛻뗂ꆤ볓캬?GERALDT?GARVEY?capitalstructureforahierarchicalfirm?JournalofFinancialIntermediation???????????corporatetakeoverlanguage릫쮾늢릺Garvey?G?T?&Swan?P?L?⠱㤹㐩?Theeco?쫵폯nomicsofcorporategovernance?beyondtheꆰ늢릺ꆱ튻듊쫇폃폚랺횸춨맽춶뇪놨볛Marshallianfirm?JournalofCorporateFi?랽쪽뷸탐쫕릺뗄쫵폯ꆣ폃췢탐죋뗄뮰쮵뻍nance??????????쫇튻쿮횱뷓뗄붻틗?룃붻틗훐솽볒릫쮾내Gilson?S?C?&Vetsuypens?M?R????????볈뚨뗄램싉돌탲틔폑뫃믲늻폑뫃뗄랽쪽뫏CEOcompensationinfinanciallydistressed늢쯼쏇뗄닺ꆣfirms?anempiricalanalysis?JournalofFi?nance????㐲?????ꆰ짆틢늢릺ꆱ폐쪱횸뫏늢믲킭춬뷓맜ꆣGrossman?S?&Hart?O?D???㤸???Takeover떱놻돆캪쫕릺헟믲탮틢춶헟뗄릺싲릫쮾bids?thefreeriderproblem?andthetheoryofthe뫍쒿뇪릫쮾춬틢뫏늢쯼쏇뗄닺틔쪵쿖펯corporation?BellJournalofEconomics?ㄱ?㐲?샻쪱?뻍돆뷓맜랢짺ꆣ틲퇐랢늿쏅믲쫐뎡???펪쿺췸싧뗄뫏늢뿉쓜룸릫쮾듸살킭춬샻Jensen?M?C?⠱㤸㘩?Agencycostsoffreecash틦?뫏늢볆뮮탨튪뗃떽쒿뇪릫쮾뺭샭쏇?뚭flow?corporatefinanceandtakeovers?Ameri?쫂믡?뗄춬틢ꆣcanEconomicReview?㜶????????ꆰ뛱틢늢릺ꆱ퓚컄쿗훐튲놻돆캪돍뷤탔Kaplan?S??ㄹ????Topexecutiverewardsand늢릺ꆣ헢훖늢릺뗄쒿뗄뾴웰살쫇튪뻀헽쒿firmperformance?acomparisonofJapanand뇪릫쮾맜샭닣럇틔볛횵ퟮ듳뮯캪쒿뇪뗄탐theUnitedStates?JournalofpoliticalEcono?my????????????캪ꆣ늢릺볆뮮컞탨뗃떽쒿뇪릫쮾맜샭닣뗄Martin?K?&McConnell?J???㤹???Corporate춬틢ꆣ쫂쪵짏?헢훖늢릺쫇횱뷓뛔쒿뇪릫perfornance?corporatetakeoversandmanage?쮾뗄막뚫뷸탐뗄ꆣmentturnover?JournalofFinance?㐶?????ꆰ춶뇪놨볛ꆱ횸쫕릺헟믲탮틢춶헟퓚???쳘뚨쪱웚횱뷓쿲막뚫놨돶뗄릺싲쯻쏇늿럖McConnell?J?J?&Servaes?H????㤰??Addi?믲좫늿막욱뗄쳘뚨볛룱ꆣ폫뫏늢볆뮮늻tionalevidenceonequityownershipandcorpo?춬?죎튻늢릺춶뇪놨볛뚼쫇헫뛔쒿뇪릫쮾ratevalue?JournalofFinancialEconomics?맜샭닣뗄틬틩ퟷ돶쟒쮳샻쪵쪩뗄ꆣ?㜬㔹??????Rom퓚㈰쫀볍??쓪듺잰?ꆰ릫쮾쓚늿춶뇪ano?R?⠱㤹???Theshareholdersuit?litiga?놨볛ꆱ퓚랢탐죋뗄믘릺볆뮮훐놻떥뛀폃폚tionwithoutfoundation?JournalofLaw?Eco?nom믱좡막욱ꆣ붫듳릫쮾훐뗄쯹폐좨뫍뿘훆좨ics?andOrganization?㜬㔵????Rosenstein?S?&Wyatt?J?G?????〩?Outside럖샫떼훂쇋ꆰ릫쮾쓚늿춶뇪놨볛ꆱퟷ캪쎽뷩directors?boardindependence?andshardholder컯돶쿖늢돉캪틆쯹폐좨뗄튻훖쇷탐믺
corporatetakeoverlanguageꆤ??ꆤ훆ꆣ뎵죋뗄컊쳢ꆣꆰ죎튻믲좫늿춶뇪놨볛ꆱ횸횻튪헐뇪막ꆰ믊맚짏뗄쏷훩ꆱ쫇놻쫕릺릫쮾돖폐뗄욱뗄ퟮ킡쫽솿쳵볾뿉틔놣횤퓚쫛뫳믱뗃훷ퟮ폐볛횵뗄닺?붫헢늿럖닺냾샫뎣쫇??튪뿘훆좨?쫕릺헟믲탮틢춶헟붫릺싲쒿뗖폹쫕릺뗄폐솦쫖뛎ꆣ뇪릫쮾뗄좫늿헐뇪막욱ꆣꆰ릫욽볛룱탞헽쳵뿮ꆱ튪쟳뻸뛔뛠쫽춬퓚ꆰ폐쳵볾뗄춶뇪놨볛ꆱ훐?쫕릺헟퓚틢럇춳튻탎쪽뗄?믲솽닣뗄춶뇪놨볛ꆣ뿉ퟮ뗍솿횮췢뮹쏷좷쮵쏷튪릺싲ퟮ듳쫽솿뗄춨맽뛔릺싲뗍폚좫늿릫뾪돶쫛뗄막욱튪쟳막욱ꆣ죧맻춶뇪놻뎬뛮죏릺?헐뇪뗄막욱춳튻놨볛뿉틔뇜쏢쓇킩캴뺭뚭쫂믡춬틢뗄뻍믡놻내뇈샽럖엤ꆣ헢튻춶뇪믡놻뷸튻늽늢릺놨볛?죧맻놨볛놻뎬뛮죏릺?뻍쫴폚내럖돉솽닣킭틩?컞킭틩뗄뫍늿럖춶뇪놨볛ꆣ뇈샽럖엤컊쳢?ꆣꆰ솽닣춶뇪놨볛ꆱ쫇럖솽늽쳡돶쿖뷰뫍ꆰ뷰즫붵실즡ꆱ쫇룟닣맜샭죋풱맍폃킭럇쿖뷰놨볛뗄늢릺춶뇪ꆣ뗚튻늽?뛔좡뗃틩훐뗄쳵뿮?헢킩쳵뿮놣횤죧맻쯻쏇틲뛱릫쮾뿘훆좨쯹탨뗄막욱뷸탐쿖뷰놨볛?좻틢늢릺뛸뚪쪧릤ퟷ쪱믡믱뗃웵풼뷢돽럑믲뫳?뗚뛾늽?뛔쪣폠막욱뷸탐룼뗍뗄럇쿖뷰웤쯻늹뎥ꆣ?횤좯?놨볛ꆣꆰ싌욱ꆱ횸쒿뇪릫쮾쿲탮틢춶헟믲쫕ꆰ뒿듢뗄늿럖춶뇪놨볛ꆱ쫇횸퓚춶뇪놨릺헟폃폚붻뮻웤틑릺뗃뗄쒿뇪릫쮾뗄막욱볛쪱뛔뗚뛾닣컞탻룦놨볛?뷴쯦룃춶뇪놨뛸횧뢶뗄틧볛ꆣ볛횴탐뫳튲쎻폐쟥즨탔뫏늢믲퓙춶뇪놨ꆰ룜룋늢릺ꆱ횸평퓚횰맜샭닣릺싲릫훚볛ꆣ늿럖놨볛튻냣폃폚쫕릺릫쮾???틔쿂돖폐뗄막욱?웤릺싲볛뿮훐뗄튻늿럖살ퟔ뗄뿘훆좨ꆣ폚췢늿죚ꆣ헢퇹뗄릫쮾쫇놻듓횤좯붻틗퓚ꆰ킭틩뗄솽닣춶뇪놨볛ꆱ훐?쫕릺헟쯹즾돽쟒춣횹쇋막욱릫뾪붻틗뗄릫쮾ꆣ믲탮틢춶헟퓚쳡돶뗚튻닣놨볛쪱뻍폫쒿ꆰ쯸뚨럀폹ꆱ뢳폨짆틢랽?벴냗틂웯쪿?뇪맜샭닣듯돉쇋맘폚쯦뫳뗄뫏늢뗄킭틩ꆣ릺싲릫쮾닺?폈웤쫇ꆰ믊맚짏쏷훩ꆱ뗄좨쿠랴?퓚ꆰ컞킭틩뗄솽닣춶뇪놨볛ꆱ훐?돵쪼솦?틔듋듲쿻탮틢춶헟뗄늢릺웳춼ꆣ뗄맘폚좡뗃뿘훆좨뗄놨볛쳡돶쪱늢쎻폐듯쫵폯ꆰ뒦얮ꆱ폐쪱폃폚횸퓚탮틢춶헟돉죎뫎킭틩쳵뿮ꆣ헢뷩폚뒿듢늿럖놨볛뫍믲쫕릺헟?벴쒿뇪?뗄횸떼쿂뷸탐늢릺뗄릫솽닣춶뇪놨볛횮볤ꆣ쮾ꆣꆰ탮틢춶헟믲쫕릺헟ꆱ쫇좷뚨잱퓚쒿ꆰ뚾취ꆱ놻퓚횰맜샭닣폃ퟷ튻훖늢릺뇪늢쫔춼늢릺룃쒿뇪뗄죋믲릫쮾ꆣꆰ쒿뇪ꆱ럀폹닟싔ꆣ죧맻돶쿖늢릺놨볛?쯼뻍뢳폨쫇늢릺탐캪쯹횸쿲뗄릫쮾ꆣ막뚫뛸늻쫇쓇킩뛱틢쫕릺헟틔폐샻볛룱릺죧맻퓚늢릺춶뇪훐헐뇪뗄막럝듳폚탮싲횤좯뗄좨솦ꆣ틢춶헟폐쳵볾놨볛훐뗄탨쟳솿?벴춶뇪ꆰ듺샭좨뺺헹ꆱ횸막뚫쟫쟳톡뻙튻킩뚭놻뎬뛮좷죏??쓇쎴쯻쏇뻍믡듓룷헐뇪죋뒦쫂뫲톡죋폫쿖폐뚭쫂뺺헹틔룄뇤쒿잰뗄뷡싲죫춬뗈뇈샽뗄막욱?헢놻돆캪ꆰ내뇈샽럖릹ꆣ엤ꆱꆣꆰ폣쟽돽볁ꆱ쫇튻훖랴늢릺뗄릫쮾쳵ꆰ쾡쫍틲ퟓꆱ쫇킡막뚫퓚릫쮾놻늢릺뫳뿮탞헽낸?샽죧뚭쫂싖톡훆뛈ꆢ엺ힼ뫏늢튪막욱볛횵놻쾡쫍뗄돌뛈ꆣ햮좯뫍붻틗캯풱쟳뗄뎬벶뛠쫽쳵뿮?믲헟쫇맦뚨쫕릺헟퓚믡뷻횹헢퇹ퟶꆣ떫좴폐죋죏캪폐뇘튪퓚쒿쫕릺쪱뛔쯹폐막뚫뚼횧뢶쿠춬뗄막욱볛뇪릫쮾돖막죋뗄볛횵뫍탮틢춶헟믲쫕릺룱ꆣ헟뗄볛횵볤훆퓬튻뚨닮뻠?틔뿋럾쏢럑돋ꆰ룩잳킭틩ꆱ쫇쫕릺헟믲쫕릺릫쮾춬틢
ꆤ??ꆤcostofcapital쿞훆쯻퓚쒿뇪릫쮾훐뗄돖막쫽쟒늢늻쫔춼쯣ꆣ볙짨릫쮾틔햮좯뫍막좨믱뗃죚?뷸탐늢릺ꆣ놾뗄볓좨욽뻹돉놾?WACC?평쿂쪽볆쯣???튻떩쪵쿖쒿뇪뻍붫쒿뇪릫쮾뗄늿럖DE닺뗍볛돶쫛틔훕뷡풭쪼막좨뗄돉릦뗄쫕릺WACC?rD???ꛓc??rE?ㄩVV헟놻돆캪ꆰ럖룮죋ꆱꆣꆰ쒿뇪믘릺ꆱ쫇듓룶쳥돖막죋뒦믘릺웕웤훐rD쫇햮좯죚뗄돉놾?ꛓc쫇뇟볊릫쮾춨막막욱믲붫룶쳥돖막죋업돽퓚췢뗄헐뇪쮰싊?rE쫇막좨죚돉놾?D쫇햮좯뗄쫐뎡믘릺ꆣ잰헟쫇싌욱뛯햩ퟮ뎣볻뗄탎쪽볛횵?E쫇막욱뗄쫐뎡볛횵?뛸V쫇릫쮾뗄?뫳헟쫇튻훖랴늢릺뗄뎣폃닟싔ꆣ쫐뎡볛횵?벴V?D?Eꆣ풭퓲짏룷쿮쒿뚼ꆰ냗틂웯쪿ꆱ쫇쒿뇪릫쮾맜샭닣톰쟳떽펦내웤룷ퟔ뗄놾돉놾뷸탐맀볛틔랴펳럧뗄뫏늢믯냩쿕쮮욽ꆣ떫쫇?쪵볊닙ퟷ훐뫜쓑튻룶쿮쒿?쯻쿠뛔폚탮틢춶헟쳡돶뗄쫕릺볆뮮쳡릩쇭튻뿉톡뗄뫏늢볆뮮튻룶쿮쒿뗘맀쯣놾돉놾ꆣ릫쮾헻쳥뗄볓?헢쓜놣뮤쒿뇪릫쮾늻놻늢릺ꆣ좨욽뻹놾돉놾믡좡뛸듺횮?돉캪믹ힼ늢ꆰ짪돢ꆱ쫇튻훖탂뗄탅쾢퓚웤믹뒡짏룹뻝룷쿮쒿뗄럧쿕뷸탐뗷헻ꆣ?쯼듙쪹퓚횰뗄맜샭죋풱뛔웤ퟔ짭쪵탐룼룟맀볛닟싔ꆣ놾돉놾튲뿉뾴돉쫇튻웳튵죧톡퓱쇭ꆰퟸ퓚뷰뿳짏ꆱ횸탂탅쾢뗄뒫능쪹쫐뎡튻럧쿕쿠춬뗄춶쿮쒿뿉좡뗃뗄믘놨싊ꆣ훘탂맀볛듓잰ꆰ놻뗍맀뗄ꆱ쒿뇪릫쮾뗄막퓚헢훖쟩뿶쿂?놾돉놾쫇햼폃뷰춶욱ꆣ뻶닟쪱뗄믺믡돉놾ꆣ뛔볛횵ퟮ듳뮯뗄릫퓚ꆰ맜샭닣쫕릺ꆱ훐쮾?놾돉놾쫇룷톡퓱춶폚룃붨틩쿮쒿?릫쮾믲럖횧믺릹뗄튻맜샭췅뛓붫릫쮾듓쿖퓚뗄쯹폐헟쫖훐뛸늻춶폚웤쯻횤좯뗄춶헟돐떣뗄믺믡싲쿂돉놾?틲듋?놾돉놾놻맀볆캪횤좯쫐뎡뗄?듓뛸돉캪펵폐쯹폐좨뗄맜샭헟ꆣ헢컞싛퓚쮽펪탐튵뮹쫇퓚맺펪탐튵훐뚼쪮럖웚췻믘놨싊ꆣ뛔맜샭폐랽뗄릫쮾뛸퇔?쪢탐놾돉놾뿉ퟷ캪쒿뇪릫욽믘놨싊ꆣ?쫇튻훖쮽폐뮯뗄랽쪽ꆣ쯕샯쪿ꆤ뗏싼Modigliani뫍Miller??????횤쏷퓚췪?SURESHDEMAN?좫폐킧뗄놾쫐뎡쟒쎻폐쮰쫕뗄쟩뿶쿂?벴릫쪽???훐ꛓc횵캪???튻릫쮾뗄놾돉놾폫웤쯹톡퓱뗄횤좯탎쪽벰릫쮾뗄놾뷡릹컞맘ꆣ웤쳡돶뗄훷튪샭평쫇?평폚폃햮costofcapital놾돉놾놾돉놾쫇쫐뎡짏뗄춶헟닎폫튻춶좯쳦듺막욱?쪣폠막좨뗄돉놾퓶볓떫쫇ퟜ쿮쒿뗄죚믮뚯쯹튪쟳뗃떽뗄믘놨싊ꆣ쳥놾돉놾r?좴놣돖늻뇤?놾돉놾쫇쪹릫쮾볛횵ퟮ듳뮯뗄맜샭죋풱DrE?r?????rD??㈩퓚놾풤쯣쪱헛쿖풤웚쿖뷰쇷쯹쪹폃뗄뇈E싊ꆣ쓜듸살뇈놾돉놾룼룟뗄웚췻믘놨싊떱볓죫쮰쫕틲쯘쪱?Modigliani뫍Miller뗄춶쿮쒿믡놻닉쓉?틲캪쯼쏇쓜듸살헽??㤶㌩횤쏷쿠뛔폚막좨죚?릫쮾쓾풸닉뗄뺻쿖횵?NPV??뛸웚췻믘놨싊뇈놾돉폃햮좨죚?틲캪냩쯦ퟅ릫쮾뗄듻뿮볆뮮놾뗍뗄쿮쒿믡놻뻜뻸ꆣ틲듋?놾돉놾쫇릫쮾뿉믱뗃쮰뛜ꆣ떫쫇?Miller?ㄹ㜷?횤쏷폃폚움맀쯹쳡틩춶쿮쒿뗄ퟮ뗍믘놨싊ꆣ릫쮾샻쾢쮰뛜뗄볛횵뿉쓜췪좫놻춶헟좡죧맻튻춶쿮쒿쫕죫뷶럳횧돶쟒늻믡뗃뗄퓚막욱쫕죫랽쏦뗄폐샻듽폶쯹뗖쿻?쏷쿔뗘룄뇤릫쮾뗄럧쿕뷡릹?놾뗄돉놾뷡맻쫇릫쮾뗄놾돉놾폫돯랽쪽컞맘ꆣ뿉폃룷훖죚랽쪽뗄볓좨욽뻹놾살볆쿖퓚폫놾돉놾폐맘뗄훷튪컊쳢쫇뛔
costofcapitalꆤ??ꆤWACC릹돉틲쯘뗄맀볆ꆣrD뿉폃릫쮾듻쳹쿖싊뮹쫇웚췻쿖뷰쇷ꆣ뛸쟒?ퟔ훷맜샭뿮뗄욽뻹샻쾢싊뇭쪾?ꛓc펦룃쫇뇟볊릫쮾뗄듺샭돉놾좡뻶폚릫쮾뗄놾뷡릹ꆢ막샻쮰싊뛸럇뇪ힼ릫쮾쮰싊ꆣLasfer??㤹??횤헾닟벰웤쯻릫쮾쳘폐뗄뿉쓜뫜쓑맀볛뗄틲??쏷퓚펢맺폐킧릫쮾쮰싊퓚릫쮾폫릫쮾횮볤쯘ꆣ듋췢?짏쫶뛈솿뿉쓜쪮럖삧쓑?틲캪쯼폐쏷쿔닮뇰?듳늿럖릫쮾뚼욣폚놻헷쮰쟒쏇짦벰뫢솿쫐뎡닎폫헟뗄웚췻?뛸헢쫇뫜폫뢶쮰뗄릫쮾쿠뇈놾뷡릹훐햮컱뇈싊룼쓑횱뷓뫢솿뗄ꆣ쪵볊짏?ꆰ헦쪵뗄ꆱ놾돉뗍ꆣ틲듋?돽럇볆쯣쎿튻릫쮾뗄폐킧쮰싊?놾벸뫵쫇늻뿉맛닢뗄ꆣ럱퓲릫쮾뷨뿮듸살뗄뺻쮰뗄뫃뒦늢늻쏷좷ꆣ닎뾼컄쿗막좨놾뗄돉놾rE뿉믹폚놾닺Faa?E?F?&FrenchK?R?⠱㤹???Thecross뚨볛쒣탍?CAPM??볆쯣릫쪽죧쿂??sectionofexpectedstockreturns?JournalofFinance?㐷????????rE?rf?ꛂ?rm?rf????Lasfer?M?A????㤵??Agencycosts?taxesand웤훐ꛂ쫇럧쿕쾵쫽??rm?rdebt?theUKevidence?EuropeanFinancialf?쫇헻룶막욱쫐뎡뗄럧쿕틧볛Management???㈶?????rm복좥컞럧쿕믘놨싊rfꆣ떫쫇Miller?M?H????㜷??Debtandtaxes?Journal?헢튻릫쪽뗄폐킧탔뷼살좴쫜떽쇋쪵횤럖컶뗄엺움ofFinance?㌲?????????Fama뫍French??????ꆣModigliani?F?&Miller?M?H????????TheStulz?ㄹ㤵a?죏캪막좨놾뗄돉놾펦룃폃costofcapital?corporatefinance?andthetheo?좫쟲뗄뛸늻쫇뗘쟸뗄CAPM살맀쯣?틲캪ryofinvestment?AmericanEconomicReview?놾쫐뎡쫇튻룶헻쳥ꆣ헢튻랽램냼삨뛔좫?㠬㈶?????쟲쫐뎡폐볛횤좯ퟩ뫏뗄맀볛?뛸뛔쓇킩횻Modigliani?F?&Miller?M?H????????The쫇늿럖닎폫맺볊놾쫐뎡뗄맺볒?볆쯣costofcapital?corporatefinance?andthetheo?놾돉놾쯆뫵쫇늻뿉쓜뗄ꆣryofinvestment?acorrection?AmericanEco?WACC뗄뒫춳릫쪽볙짨맜샭헟틔웳튵nomicReview?㔳????????볛횵ퟮ듳뮯캪쒿뇪ꆣퟮ뷼뗄퇐뺿뛔헢튻볙Stulz?R?⠱?㤵a??Thecostofcapitalininterna?짨쳡돶쇋쳴햽tionallyintegratedmarkets?EuropeanFinan??죏캪맜샭죋풱늢늻쫇틔막뚫닆뢻ퟮ듳뮯캪탐뚯ힼ퓲cialManagement?ㄬㄱ?????뛸쫇틔룶죋샻틦캪ힼ퓲ꆣ헢쪱펦탞헽WStulz?R????㤵b??DoesthecostofcapitaldifferACC틔뾼싇ퟔacrosscountries?Anagencyperspective?Key?훷맜샭뗄듺샭돉놾ꆣStulz?ㄹ㤵b?춨맽폫noteaddresspreparedforthefourthmeetingof퓚놾돉놾훐볓죫쮰뛜펰쿬쿠춬뗄랽쪽?theEuropeanFinancialManagementAssocia?퓚쳹쿖싊훐볓죫듺샭돉놾뗄펰쿬?듓뛸뚨tion?London?June?㤹??틥쇋뗷헻듺샭돉놾뫳뗄놾돉놾ꆣ떫쫇?M?낢싵낲ꆤ삳쮹런?M?AMEZIANELASFER?늢늻쟥돾퓚ퟷ춶뻶닟쪱맜샭죋풱펦뗷헻
ꆤ??ꆤdebtswapsD??debtswaps햮컱뮥뮻뻟폐쫊떱떽웚죕뗄쏀맺닆헾릤뻟?뛸쟒뗖햮컱뮥뮻쫇햮컱폫웤쯻닺횮볤붻뮻톺늿럖평쫀뷧틸탐뫍맺볊믵뇒믹뷰ퟩ횯뗄뗄춳돆ꆣ햮컱뮥뮻뗄샽ퟓ냼삨뿉뮻햮듻뿮횧뢶?늿럖평랢햹훐맺볒폃ퟔ벺뗄뒢좯ꆣ쯼쫇평막욱돖폐죋랢웰뗄햮컱폫좨틦놸횧뢶?샻쾢떣놣튲늻뛏뗄쿲잰햹웚ꆣ평닺횮볤뗄뮥뮻ꆣ햮컱폫좨틦닺횮볤뗄폚헢훖떣놣뗄횧돖?늼샗뗏햮좯췹췹폅폚뮥뮻쫗쿈쫇평쏀맺뗄쯹싞쏅탖뗜릫쮾폚??웤쯻쿲랢햹훐맺볒뗄듻뿮ꆣ쫀볍??쓪듺퓧웚뒴퓬뗄?떱쪱?릫쮾붫???햮컱폫좨틦닺횮볤뗄뮥뮻쫇폃랢햹뛠틚쏀풪뗄햮컱폫??틚쏀풪뗄탂퓶좨틦훐맺볒뗄햮컱붻뮻랢햹훐맺볒쮽펪웳튵뗄놾쿠붻뮻ꆣ좻뛸뫳헟퓚??㠴쓪뫳뻍쿻막좨ꆣ웤닙ퟷ죧쿂?튻볒뿧맺릫쮾쿈퓚뛾쪧쇋?헢뿉쓜쫇평폚살ퟔ쮰쫕랽쏦뗄췆뚯벶쫐뎡짏틔쫐뎡볛룱?춨뎣헛볛?듓틸탐릺솦늻퓙듦퓚퓬돉뗄?Hand????㤩ꆣ싲랢햹훐맺볒뗄햮컱?좻뫳퓚랢햹훐맺볒햮컱뮥뮻ퟮ훘튪뗄펦폃뻍퓚폚웤퓚맺뗄훐퇫틸탐냑헢훖햮좨내쏦횵뮻돉룃맺믵볊뷰죚쇬폲뗄펦폃?폈웤쫇ퟷ캪뷢뻶랢햹뇒?복좥훐퇫틸탐럑폃⤬횮뫳퓙붫쯼춶훐맺볒햮컱컊쳢뗄튻훖믺훆ꆣ평쒫컷룧뻜폚튻볒떱뗘릫쮾?춨뎣쫇룕룕쮽폐뮯뗄릫뻸뎥뮹웤햮컱ꆢ웤쯻맺볒훷튪쫇삭뚡쏀훞쮾ꆣ헢훖뛔떱뗘막좨뗄춶뇘탫훁짙캬돖맺볒럗럗킧럂뛸틽랢뗄랢햹훐맺볒햮컱캣떽ퟮ뗍쓪쿞ꆣ믺놬랢폚????쓪ꆣ햮좨죋튻냣쫇맺볊?훷뛔폚뿧맺릫쮾살쮵?쯼뗄폅뗣퓚폚?헢튪쫇쏀맺?짌튵틸탐ꆣ퓚룷훖뷢뻶붨틩훐?훖춶뗄헛뿛뫜룟?헢쫇평폚쫐뎡짏춨탐ퟮ쇷탐뗄뻍쫇쿱햮컱릺믘틔벰룷훖룷퇹뗄헛뿛싊뷏룟퓬돉뗄ꆣ뛔폚랢햹훐맺볒살햮컱뮥뮻쓇퇹뗄틔쫐뎡캪믹뒡뗄뷢뻶닟쮵?뮥뮻복짙쇋탨튪쇷돶췢뇒뗄췢햮?헢킩싔?샽죧?햮컱폫햮컱횮볤뗄뮥뮻틔벰햮컱췢햮평췢맺횱뷓춶쯹듺쳦?헢쿠떱폚퓚폫좨틦닺횮볤뗄뮥뮻뗈ꆣ릫쮾샭닆훐춨맽붵뗍룜룋싊살쳡룟탅폃뗈퓚햮컱뮥뮻훐?햮좨틸탐폃웤듻뿮붻벶뗄ퟶ램ꆣ쇭튻룶잱퓚뗄뫃뒦쫇?냩쯦ퟅ뮻랢햹훐맺볒랢탐뗄틔쏀풪뇪볛뗄햮좯ꆣ햮컱뮥뮻뛸쪵탐뗄쮽폐뮯뿉틔쳡룟킧싊ꆣ헢킩햮좯놻돆캪늼샗뗏햮좯?틲캪쏀맺닆퓚쏀맺?솪냮뒢놸틸탐탞룄쇋????쓪뗄K헾늿뎤쓡맅삭쮹ꆤ늼샗뗏쫇??㠹쓪돶첨맦퓲?퓊탭짌튵틸탐춨맽햮컱뮥뮻살뷸탐뗄늼샗뗏볆뮮뗄짨볆쪦ꆣ늼샗뗏볆뮮쫇뗚춶ꆣ헢떼훂탭뛠틸탐돖폐랢햹훐맺볒뗄튻룶뷓쫜폐뇘튪냑햮컱쿷복ퟷ캪폀뻃뷢뻶막좨?늢쟒뛔짌튵틸탐뗄막욱닺짺쇋훘튪랽낸헢튻맛뗣뗄ꆣ틲듋늼샗뗏햮좯뇈풭쪼뗄펰쿬?Eyssel뗈죋????㤩ꆣ듻뿮뗄웚쿞룼뎤?샻쾢룼뗍ꆣ좻뛸헢킩햮뛔폚랢햹훐맺볒살쮵?웤쇓쫆퓚폚퓊좯뮹쫇폐튻킩컼틽솦뗄?샽죧폐쇷뚯탔ꆢ폐탭췢맺횱뷓춶춨맽뮥뮻듺쳦쪵볊뗄놾뗖톺틔벰햹웚떣놣뗈ꆣ뻟놸쇷뚯탔쫇평폚쇷죫붫쪹쇷뚯탔룼볓뛱뮯ꆣ뮥뮻튲탭믡뛔듦퓚ퟅ믮풾뗄?????쓪쓪훐맦쒣듯??〰?랢짺뗄췢맺횱뷓춶뷸탐늹쳹?뛸늻쓜듸틚쏀풪뗄뛾벶쫐뎡ꆣ듳늿럖늼샗뗏햮좯뮹살룼뛠뗄춶ꆣ뛸쟒뮥뮻쪵볊짏믡춨맽웤폐뛔놾뷰벰벴웚햮쾢뗄뗖톺?뗖톺춨뎣쫇뛔샻싊ꆢ춨믵엲헍뫍웤쯻뫪맛뺭볃뇤솿뗄
debtswapsꆤ??ꆤ펰쿬살복짙랢햹훐맺볒뗄춶ꆣ뛔폚햮좨샻햮컱뢺떣뗄뮺뷢ퟷ돶쇋릱쿗?떫쫇룃볆틸탐살쮵?춨뎣듦퓚ퟅ뗀뗂럧쿕컊쳢?맄샸뮮풶쎻폐쳡릩폀뻃탔뗄뷢뻶랽낸ꆣBarto?뮥뮻뿉쓜믡듙쪹햮컱맺춨맽퇓뮺횧뢶살붵lini?ㄹ㤰?룹뻝폃뫏샭뗄닎쫽횵뷸탐쫽뻝뗍햮컱뗄볛횵ꆣ쒣쓢뗃돶쿂쏦뷡싛?햮컱캣믺튪뗃떽뿉돖폐캪쫽늻뛠뗄샭싛컄쿗뛔햮컱폫좨틦탸뗄뎤뻃뷢뻶???뇘탫쏢돽룼듳늿럖뗄햮컱놾횮볤뗄뮥뮻뷸탐쇋럖컶ꆣHelpman?벴ퟜ햮컱뗄???뛸늻쫇늼샗뗏볆뮮짨쿫??㤸㤩뗄싛컄췆떼돶쓜쪹뮥뮻듯떽엁샛췐뗄㌰??ꆣퟮ폅뗄쳵볾?쯹폐죋쾣췻듯떽뗄ힴ첬??쯼쯤좻랢햹훐맺볒뗄햮컱믱뗃쇋쿠떱듳뇭쏷쪵볊짏뿉쓜믡복짙뛔랢햹훐맺볒뗄춶돌뛈뗄복쏢?탅폃뗈벶튲뗃떽쇋쿠떱듳돌ꆣErrunza뫍Moreau??㤸㤩뷒쪾퓚듦퓚뛈뗄쳡룟?떫쿖퓚뛔웤ퟷ돶뿏뚨뗄움맀뮹릲춬풤웚뗄쟩뿶쿂?벴쪹듦퓚탅쾢뛔돆?뮥캪쪱맽퓧ꆣ쒫컷룧??㤴쓪뗄뇈쯷캣믺뇭뮻튲늻쫇엁샛췐ퟮ폅뗄?뛸퓚듦퓚닮뇰풤쏷쫐뎡뛔뚯떴랴펦죔좻뫜늻컈뚨?뛸쟒쪮웚뗄쟩뿶쿂?뮥뮻퓲뿉쓜쪵쿖엁샛췐ퟮ폅ꆣ럖든죵ꆣ뺡맜맦쒣뫜킡?캥풼뗄좷튲쪱폐듓맀볛뗄뷇뛈뾴?햮컱뮥뮻쿠떱폚뿉뮻랢짺?샽죧?낢룹춢뗄AltoParana릫쮾퓚햮좯쿲막좨뗄뮻볓짏믣싊럧쿕?Blake??㤵쓪뻍랢짺쇋캥풼ꆣ퓚탭뛠랢햹훐맺뫍Pradhan?ㄹ㤱?ꆣ좻뛸?쫂쪵짏막좨춶볒?췢햮뗄맦쒣틑뺭듯떽럇뎣캣쿕뗄돌뛈?뇘탫돖폐튻뚨뗄쓪쿞?헢퇹떱좻믡쏷쿔붵랢햹훐맺볒뗄ퟜ췢햮폫????쓪쒩뗄뗍뮥뮻뗄볛횵ꆣ??ⰶ㤰틚쏀풪쿠뇈?떽????쓪쒩맀볆듯떽햮컱폫좨틦놾횮볤뗄뮥뮻틑뺭돉캪??ⰴ㔰틚쏀풪ꆣ맽룟뗄햮컱뛔폚맺볊틸탐ퟮ훘튪뗄복햮릤뻟?듓??㠵떽ㄹ㤳쓪쯼쾵춳살쮵쫇튻룶퇏훘뗄컊쳢?좻뛸컒쏇뿉뷢뻶쇋???뛠틚쏀풪뗄햮컱?벸뫵햼떽쯹쓜캪쿂튻듎캣믺ퟷ뫃룼돤럖뗄ힼ놸?틲캪폐햮컱뮻맦쒣뗄????ꆣퟔ듓??㠵쓪훇틸탐뛔웤뷨듻믮뚯뇭쿖뗃룼볓짷훘ꆣ샻붨솢쇋뗚튻룶햮컱좨틦놾뮥뮻쿮쒿틔살?쯼틑뺭돉캪췢햮맜샭뫍쿷복뗄폐믺ퟩ닎뾼컄쿗돉늿럖ꆣ햮컱좨틦놾뮥뮻쪵쿖뗄햮컱Batolini?L???㤹〩?Waitingtolendtoborrow?뮻뛮듓erswithlimitedliability?PrincetonUniversity??㠵쓪뗄?틚쏀풪뮺싽퓶뎤?떽DepartmentofEconomics?Workingpaper???㤲쓪듯떽ퟮ룟ꆪꆪꆪ??틚쏀풪ꆣ??㤲쓪틔뫳Blake?D?&Pradhan?M??ㄹ㤱??Debt?equity?웤맦쒣폐쯹쿂붵?늿럖쫇평폚랢햹훐맺볒햮컱뗄쫐뎡헛뿛싊풽살풽뗍swapsasbondconversions?implicationsforpri??Collynscing?JournalofBankingandFinance????㈹뗈죋????㈩ꆣ????햮컱뮻볆뮮퓚뷢뻶햮컱캣믺훐쓜웰Collyns?C??Clark?J??Fledman?R??Mansur?뛠듳ퟷ폃쓘?튻훖맛뗣죏캪웤좷쪵럇뎣돉A??Mylonas?P??Parker?K??Prowse?S??릦ꆣꆰ삭뚡쏀훞뗄햮컱죋틑뺭듓햮컱캣믺Rennhack?R??Szymczak?p?&Pauly?L?W?훐믖뢴맽살ꆱ?쫀뷧햮컱뇭??????ㄹ㤵?ꆣ?ㄹ㤲??Privatemarketfinancingfordevelo?폐킩죋돖쇭튻훖벫뛋뗄뾴램pingcountries?Washington?DC?International?벴죏캪헢튻볆뮮쎻폐뷢뻶햮컱컊쳢뗄룹풴ꆣMonetaryFund?Larrain뫍Errunza?V?R?&Moreau?A?F?⠱㤸㤩?DebtVelasco??????뛔펵폐ퟮ뫪듳뗄뮥뮻볆forequityswapsunderarationalexpectationse?뮮뗄훇샻쯹ퟶ뗄놨룦쿔쪾햮컱좨틦놾뮥quilibrium?JournalofFinance????㘶?????뮻뛔쪵볊춶뗄릱쿗ퟮ뛠듯떽훐뗈쮮욽ꆣEyssell?T?H?Fraser?D?R?&Rangan?N?K?쯤좻햮컱폫좨틦놾횮볤뗄뮥뮻뗄좷캪훇?ㄹ?㤩?Debt?equityswaps?RegulationK?and
ꆤ??ꆤdepositinsurancebankstockreturns?JournalofBankingand듦뿮놣쿕뛔틸탐뗄볛횵틑뺭놻풽살풽Finance?ㄳ????????짮뿌뗄샭뷢?쿠펦뗘?듦뿮놣쿕룸떣놣죋Hand?J?R?M????????Didfirmsundertake?솪냮놣쿕릫쮾FDIC?듸살뗄돉놾퓚ퟮ뷼debtequityswapsforanaccountingpaperprofit??뛾쪮쓪샯튲톸쯙쳡룟ꆣ듦뿮놣쿕뗄튻룶훘ortruefinancialgains?TheAccountingRe?튪컊쳢뻍쫇냑헢튻쇬폲뗄샭싛랢햹폫view???ⰵ???????HFDIC뛔듦뿮놣쿕뗄쪵볊뚨볛뷡뫏웰살뗄elpman?E???㤸???Thesimpleanalyticsof쓜솦뗄룟뗍ꆣ퓚뫜뛠쟩뿶쿂?샭싛랢햹퓚debt?equityswaps?AmericanEconomicRe?v뫜듳돌뛈짏캪FDIC뗄헾훎틲쯘쯹뫶싔ꆣiew???????????LarrainF?&Velasco?A????????Canswaps쯤좻듦뿮놣쿕뗄샭싛뚨볛쇬폲뮹듦퓚ퟅ탭solvethedebtcrisis?LessonsfromtheChilean뛠캴뷢뻶뗄컊쳢?떫쫇컒쏇쇋뷢튪좷뚨ퟮexperience?PrincetonStudiesinInternational훕쒣탍쯹탨뗄믹놾믺훆ꆣFinanceReportNo????PrincetonUniversity?Remolona?E?M?&Roberts?D?L??ㄹ????냑듦뿮놣쿕ퟷ캪튻훖뾴뗸웚좨뷸탐뚨볛LoanswapsandtheLDCdebtproblem?Re?듦뿮놣쿕뚨볛뗄쿈쟽릤ퟷ쫇평Mer?searchPaperNo??㘱㔬FederalReserveBankton??㤷㜩췪돉뗄?헢쿮퇐뺿뇦쏷쇋듦뿮놣ofNewYork?쿕폫웕춨막뾴뗸웚좨횮볤뗄춬탎뛔펦맘TheWorldBank??㤹??????Worlddebttables?쾵ꆣ캪쇋뷢쫍랽뇣?Merton쪹폃쇋만뚨샻Externalfinancefordevelopingcountries?W싊뫍뗈랽닮늼삳뿋?쮹뿋뛻쮹쒣탍ꆣ퓚ashington?DC?TheWorldBank?쯕뗏웕췐ꆤ즯뾨?SUDIPTOSARKAR?Merton뗄쒣탍훐?듦뿮믺릹춨맽랢탐떥튻춬훊햮컱ퟷ캪뒿쳹쿖햮좯살뷨뿮ꆣ틸탐탭억퓚떽웚쪱쿲듦뿮죋횧뢶B쏀풪ꆣ죧맻폃V듺뇭틸탐닺뗄볛횵?듦뿮놣쿕퓚떽웚depositinsurance듦뿮놣쿕쪱뛔떣놣죋뗄믘놨뷡릹죧쿂?죧맻햮컱뗄틸탐ퟮ믹놾뗄릦쓜뻍쫇듻돶뷰?늢쏦횵듳폚틸탐닺뗄볛횵?믘놨캪??B?ퟷ캪컞럧쿕뗄뷰듦럅뒦?뛔듦뿮횧뢶샻V?T?⤻죧맻틸탐닺뗄볛횵뗈폚믲듳폚쾢ꆣ뺡맜믱뗃컞럧쿕뮷뺳뗄탅쾢돉놾뫍볠햮컱뗄쏦횵?믘놨캪쇣ꆣ솽훖쟩뿶쿂믘놨맜돉놾뫜룟?떫쫇쯼뛔폚킡춶헟살쮵틢뿉폃릫쪽뇭쪾캪?max?B?V?T????ꆣ볙틥쳘뇰훘듳ꆣDiamond뫍Dybvig?ㄹ㠳?뇭짨듦뿮놣쿕뗄볛횵뿉틔놻뾴ퟷ틸탐닺?쏷듦뿮믺릹폫듦뿮죋횮볤뗄뫏풼맘쾵쫇뫜횴탐볛룱캪틸탐캴뎥햮컱뗄뾴뗸웚좨?볙든죵뗄?평늩�샭싛뿉횪?헢훖뫏풼맘쾵뫜짨V럾듓벸뫎늼샊퓋뚯틔벰늼삳뿋?쮹뿋죝틗떼훂틸탐벷뛒ꆣ튲뻍쫇쮵?ퟷ캪듦뿮뛻쮹쒣탍뗄풭쪼볙짨?듦뿮놣쿕ퟷ캪뾴뗸죋?떱평폚웤쯻듦뿮죋벷뛒뛸뿉쓜쪹틸탐웚좨뗄뚨볛싺ퟣ늼삳뿋?쮹뿋뛻쮹쒣탍ꆣ컞솦뎥뮹햮컱쪱?뺡맜쯻쿠탅틸탐뮹쫇뫜듦뿮놣쿕뗄볛횵캪?컈뚨뗄?쯻죔좻믡볓죫떽벷뛒뗄탐쇐훐좥ꆣ업퓚뫳쏦뗄듦뿮죋뻍뿉쓜쪧좥웤듦뿮ꆣ튪B?rTeꞶ?x?ꛒT??VꞶ?X??ㄩ쪹틸탐돉캪듦뿮죋뗄ꆰ낲좫쳬쳃ꆱ?살ퟔ뗚웤훐log?B?V???r?ꛒ?V?㈩TX?죽랽벴떣놣죋뗄듦뿮놣쿕뻍쿔뗃쪮럖뇘ꛒVT튪ꆣ캪쇋쪹듦뿮놣쿕뗄떣놣죋뻟놸뿉탅Ꞷ쫇헽첬럖늼몯쫽?ꛒV쫇V뗄쮲쪱뇪ힼ탔?쯼뇘탫뻟폐헷쮰좨ꆣ듦뿮놣쿕쿻돽쇋닮?r쫇쮲쪱벴웚샻싊ꆣ벷뛒뗄뚯솦ꆣ
depositinsuranceꆤ??ꆤ쪵횤랽램뗄랽램?헢훖랽램쓜릻뿋럾Ronn뫍Ver?쯤좻Merton쒣탍?ㄹ㜷?쏨쫶쇋듦뿮ma?ㄹ㠶?랽램뗄좱뗣ꆣDuan?ㄹ???횸돶늻놣쿕뗄뚨볛?떫쫇헢튻쒣탍뗄쪵볊펦폃탨뿉맛닢뗄닺볛횵탲쇐뫍틸탐닺늨뚯탔튪솽룶컞램뗃횪뗄훘튪뇤솿?틸탐닺뗄탲쇐뿉틔폃틸탐좨틦놾뗄쪱볤탲쇐살맀볛횵벰헢킩닺믘놨싊뗄늨뚯탔ꆣ퓚헢랽볆ꆣ냑닺뗄볛횵폫닺늨뚯탔쿠솪쾵뗄??쏦?Marcus뫍Shaked?ㄹ㠴⤬Ronn뫍릫쪽⠳?뿉틔뇤탎캪쿂쏦탎쪽?벴닺뗄볛Verma??㤸㘩쫔춼폃뿉맛닢뗄쇏살맀볆횵폃틸탐좨틦놾볛횵뫍닺늨뚯탔살뇭헢킩캴횪뇤솿ꆣRonn뫍Verma??????힢쪾ꆣ좻뫳뛔뇤탎뗄좨틦놾볛횵쪱볤탲쇐틢떽늼삳뿋?쮹뿋뛻쮹쒣탍뗄튻룶훘튪릱쿗뗄뛔쫽쯆좻랽돌뷸탐맀볆ꆣ헢튻맀볆벼쟉?틸탐뗄좨틦놾E뿉틔뾴ퟷ쫇쏦횵캪틸탐닺뗄뾴헇웚좨ꆣ헢뻍캪릫쪽쳡릩쇋뿉틔폃살맀볆틸탐닺뗄웚췻믘놨뫍늨뚯솽룶캴횪닎쫽탔ꆣ?틸탐닺뗄볛횵뫍헢킩닺믘놨싊뗄늨뚯탔ꆣ듋췢Ronn뫍Verma뮹쪹폃쇋M쯦믺샻싊뫍늨뚯탔erton??????뗄냑좨틦놾믘놨싊늨뚯탔폫닺믘놨싊늨뚯탔솪쾵웰살쯤좻컒쏇퓚듦뿮놣쿕뚨볛컊쳢짏틑뺭뗄릫쪽ꆣ헢뻍쳡릩쇋튻룶솽랽돌쳥쾵ퟟ쇋쿠떱뎤뗄튻뛎슷?떫쫇죔좻폐탭뛠컊?쳢쎻폐뷢뻶ꆣ컒쏇튪뾼싇뗄튻룶뫜훘튪뗄E?VꞶ?rTy??B?eꞶ?y?ꛒT?⠲?랽쏦뻍쫇튪붫Merton뗄쒣탍삩햹떽쯦믺웤훐log?V?B???r?ꛒ?V???T샻싊뮷뺳ꆣDuan뗈죋???㤵?쪹폃Vasiceky?ꛒVT??㤷㜩뗄쒣탍뛔쯦믺샻싊뛔듦뿮놣쿕뗄펰쿬뷸탐쇋쪵횤볬퇩?랢쿖쯦믺샻싊뗄틽죫틔벰ꛒ똀EE??똀VꆤVE?ꛒV???뛔듦뿮놣쿕닺짺쿔훸뗄펰쿬ꆣAu뗈죋헢퇹뿉틔춬쪱뷢돶헢솽룶캴횪닎쫽ꆣ헢솽??㤹㔩횱뷓붫틸탐뗄돖탸웚좱뿚뾼싇떽뾴욪싛컄틽떼죋쏇뛔FD뗸웚좨뗄ퟜ쳥늨뚯탔훐ꆣ쯻쏇룹뻝Mer?IC훆뚨뗄듦뿮볛룱뗄룟맀믲뗍맀뷸탐쪵횤볬퇩ꆣퟮ뷼Duanton??㤷㌩룅삨뫳뗄늼삳뿋?쮹뿋뛻쮹쒣??㤹㐩쯹ퟷ뗄맘폚듦뿮놣쿕뚨볛훐솽룶캴탍뛔듦뿮놣쿕뾴뗸웚좨뷸탐뚨볛?룹뻝횪닎쫽뗄좷뚨퇐뺿뇭쏷Ronn뫍Verma뗄Heath뗈죋틔컞쳗샻캪믹뒡뗄?HJM?랽램쫇폐좱쿝뗄?릫쪽???퓚싺ퟣ좨틦놾??㤲?쒣탍캪샻싊뚯첬붨쒣ꆣHJM랶샽캪늨뚯탔늻뇤헢튻볙짨뗄쳵볾쿂뿉틔듓릫쪽샻싊뚯첬뗄붨쒣쳡릩쇋뫜뛠폅뗣?틲캪쯼???췆떼돶살ꆣuan??????횸돶죧맻볙짨뇜쏢쇋뛔쫐뎡럧쿕볛룱뗄뚨탍?퓊탭쪹폃틸탐닺럾듓뗈랽닮?Merton?ㄹ㜷?뗄맽룷훖늨뚯탔랽돌?뫜죝틗뾼싇샻싊늨뚯뗄돌?늢쟒틸탐좨틦놾쫇틔틸탐닺캪쏦뛠훖틲쯘ꆣ횵뗄뾴헇웚좨?틸탐좨틦놾뇘좻늻쫇뗈듦뿮놣쿕뚨볛훐뗄쇭튻룶훘튪컊쳢쫇랽닮뗄ꆣ헢뻍닺짺쇋솽룶쪵횤컊쳢ꆣ뗚틸탐쯦ퟅ쪱볤뗄룄뇤뛸룄뇤웤닺늨뚯탔튻?컞램뛔틸탐좨틦놾믘놨싊뷸탐좡퇹뗄쓜솦ꆣ샽죧?떱틸탐뷓뷼웆닺쪱?틸탐뗄살맀볆틸탐좨틦놾믘놨싊뗄늨뚯탔?틲맜샭닣뻍믡폐쳡룟닺ퟩ뫏럧쿕뗄뚯솦?틲캪좨틦놾뗄늨뚯탔쫇쯦믺뗄ꆣ뗚뛾?캪틸탐뗄맜샭닣뿉틔믱뗃ퟩ뫏돉릦뗄믘놨?Merton?ㄹ㜴?뗄냑좨틦놾늨뚯탔폫닺뛸평FDIC살돐떣ퟩ뫏쪧냜뗄뫳맻ꆣퟮ뷼폐늨뚯탔쿠솪쾵뗄릫쪽볙짨릫틦놾뗄늨뚯튻킩싛컄?샽죧?Boyle뫍Lee??????듓샭탔쫇뫣뚨늻뇤뗄?틲뛸컞램쪹폃ꆣ싛짏삩햹쇋헢튻쒣탍살뷢쫍쯦믺늨뚯탔ꆣDuan⠱㤹㐩쳡돶쇋쇭췢튻훖뿉릩톡퓱
ꆤ??ꆤdepositinsuranceFDIC뗄훐횹헾닟뫍늻뿉붻틗닺regulationofinterestrateandcreditrisksatde?듋췢Merpositoryinstitutions?UniversityofNewSouthton??????뗄쒣탍쎻폐뷢쫍놣쿕믺릹뗄훐횹헾닟ꆣRonn뫍VeWales?Workingpaperseries?rmaBlack?F?&Scholes?M???㤷㌩?Thepricingof????㤸㘩뛔Merton??????뗄쒣탍ퟷ쇋룄뚯틔뇣냑뎥햮햹웚뾼싇퓚쓚ꆣ뎥햮햹웚쪵훊optionsandcorporateliabilities?JournalofPo?쫇퓊탭틸탐퓚뢺뺻닺뗄쟩뿶쿂볌탸뺭liticalEconomy?㠱????????Boyle?P?&Lee?I??ㄹ㤴??Depositinsurance펪ꆣ좻뛸뎥햮햹웚뗄좷쟐쫽솿쫇폐헹틩withchangingvolatility?anapplicationofexotic뗄ꆣ듋췢?쯤좻폐킩뎥햮햹웚쫇탭뿉뗄?떫options?JournalofFinancialEngineering?㌬쫇뮹듦퓚튻킩쿞훆?죧맻캥랴헢킩쿞훆??〵?????FDIC뿉틔맘뇕틸탐ꆣ틲듋룼쫊뫏뗄캪듦Diamond?D?&Dybvig?P????????Bankruns?뿮놣쿕뾴뗸웚좨붨쒣뗄랽램뻍쫇냑쯼뾴ퟷdepositinsurance?andliquidity?Journalof쫇튻훖ꆰ쿲쿂뒥쿺ꆱ떲냥웚좨?down?and?PoliticalEconomy????㔰?????Duan?J?⠱㤹???Maximumlikelihoodestimationoutbarrieroption?살뚨볛ꆣ퓚헢샯?튻떩뎬맽튻뚨뗄닺볛횵쮮욽usingpricedataofthederivativecontract??뻍튪맘뇕틸탐ꆣퟮ뷼뗄튻킩싛컄틑뺭뾪쪼뾼달헢튻컊쳢ꆣMathematicalFinance??????????ퟮ뫳Duan?J?C??Moreau?A?F?&Sealey?C?W??튻룶럇뎣훘튪ꆢ짐캴뷢뻶뗄컊쳢??ㄹ㤵??Depositinsuranceandbankinterest뻍쫇퓚뾼싇떽틸탐닺쫇늻뿉붻틗닺뗄raterisk?pricingandregulatoryimplications?쟩뿶쿂?Merton?ㄹ???쒣탍뗄쫊폃탔컊쳢ꆣJournalofBankingandFinance??????㤱?뾼싇떽돖폐막욱웚좨뫍듦뿮놣쿕뗄춬탎뛔?〸?펦맘쾵?죋쏇뇘탫쓜뷸탐컞럧쿕쳗웚놣횵?HeathD??Jarrow?R?&Morton?A????????헢뻍탨튪뻟놸붻틗믹뒡닺뗄쓜솦ꆣBondpricingandthetermstructureofinterestrates?anewmethodologyforcontingentclaimsFDvaluation?Econometrica?㘰????????IC뫍돖탸랢햹쯤좻쒿잰퓚듦뿮놣쿕샭싛뚨볛랽쏦듦Kendall?S?&Levonian?M??ㄹ㤱??Asimple퓚ퟅ뻖쿞탔approachtobetterdepositinsurancepricing??떫쫇컒쏇뗄횪쪶튪뇈??쓪잰JournalofBankingandFinance??㔬?㤹?럡뢻뗃뛠ꆣ헢퇹뗄튻훖떣놣?돉놾쫇룟낺?〱??뗄?헽죧컒쏇듓뒢탮폫듻뿮놣쿕릫쮾?FS?Marcus?A?&Shaked?I?⠱?㠴??ThevaluationLIC?뗄쪧냜훐쯹쟥돾뾴떽뗄튻퇹?떣놣뗄ofFDICdepositinsuranceusingoption?pricing돉놾쯦ퟅ틸탐햮컱맦쒣뗄삩듳뫍틸탐닺estimates?TheJournalofMoney?Credit?and럧쿕뗄짏짽뛸퓶뎤ꆣ좻뛸?FDIC뫶싔쇋샭Banking?ㄶ????????싛뗄랢햹?캬돖ퟅ듦뿮놣쿕뗄만뚨틧볛?듦Merton?R???㤷㌩?Thetheoryofrationaloption뿮뗄쎿튻쏀풪pricing?TheBellJournalofEconomicsand?뛸쎻폐뾼싇룷룶틸탐뗄쳘뗣ꆣManagementScience?㐬ㄴ?????Kendall뫍Levonian?ㄹ???횸돶벴쪹룹뻝룷룶틸탐뗄쳘뗣횻냑틸탐럖캪솽샠Merton?R??ㄹ㜴??Onthepricingofcorporate?튲쓜debt?theriskstructureofinterestrates?Jour?룄뷸틸탐쿖폐뗄헾닟ꆣ틲듋?FDIC볌탸뫶nalofFinance?㈹????????쫓헢튻쇬폲뗄랢햹쫇쇮죋떣폇뗄컊쳢ꆣMerton?R????㜷??Theanalyticderivationofthecostofdepositinsuranceandloanguaran?닎뾼컄쿗tees?anapplicationofmodernoptionpricingAuK?T??Dennis?S?A?&Thurston?D?C?theory?JournalofBankingandFinance?????ㄹ㤵??Thedepositinsurancefundandthe????
discountedcashflowmodelsꆤ??ꆤRonn?E?&Verma?A?⠱㤸㘩?Pricingrisk?ad?솿뗄쿖횵ꆣ볈좻웚좨캴살쿖뷰쇷솿뗄맀볆justeddepositinsurance?anoption?basedmod?맽돌듓뻟쳥뗄ꆢ쫽톧뗄뷇뛈짏붲쫇듓룼룟el?JournalofFinance?㐱????????뗈뗄샭싛?평늼삳뿋뫍쮹뿋뛻쮹ꆴ??㜳ꆵ캪Vasicek?O?⠱?㜷??Anequilibriumcharacteriza?쇋뷰죚쒿뗄뛸틽죫뗄?훐췆퇝돶살뗄?틲뛸웚좨뚨볛샭싛폫웤쯻샠탍뗄??tionofthetermstructure?JournalofFinan?DCF쒣탍춨cialEconomics?㔬ㄷ?????쮹뗙컄ꆤ떤쓡쮹뫍듳컀ꆤ즪쮹뛙뎣튪볓틔쟸뇰뛔듽ꆣMyers?ㄹ㠴?좷뚨쇋퓚붫DCF쒣탍펦?STEVENA?DENNISandDAVIDC?THURSTON?폃폚튻룶쿮쒿맽돌훐뗄쯄룶믹놾컊쳢????맀볆쳹쿖싊????맀볆쿮쒿뗄캴살쿖뷰쇷솿㬨㌩맀볆쿮쒿뛔릫쮾웤쯼닺쿖뷰쇷솿d뗄펰쿬??㐩맀볆쿮쒿뛔릫쮾캴살춶믺믡iscountedcashflowmodels쳹쿖쿖뷰쇷쒣탍뗄펰쿬ꆣ쳹쿖쿖뷰쇷떱맀볆쳹쿖싊쪱?뇘탫볇힡죎뫎캴살?DCF?쒣탍춨맽폃뫏쫊뗄쳹쿖싊쿖뷰쇷?컞싛쫇살ퟔ릫쮾뮹쫇살ퟔ춶쿮rt살쳹쿖폫튻쿮닺쿠맘뗄캴살쯹폐퓶솿쿖뷰쇷C쒿믲헟살ퟔ쒳튻닺?믲뛠믲짙뚼쫇늻좷t뗄랽램살좷뚨룃닺뗄쿖횵뚨뗄?틲뛸춨뎣뚼믡듸폐럧쿕ꆣ컒쏇춨뎣?붨틩춨맽톡퓱튻룶랴펳럧쿕뗄쳹쿖싊살쳹TCtPV?ꇆ쿖풤웚뗄캴살쿖뷰쇷솿뗄랽램뷸탐뗷헻ꆣtt?????rt?튻룶쇷탐뗄폃폚맀볆뫏쫊뗄럧쿕뗷헻쳹쿖쿖횵럖컶?풴ퟔIrvingFisherꆴ????ꆵ싊?샽죧?놾돉놾?뗄쒣탍쫇평Sharpe쪹폃쳹쿖쿖뷰쇷쒣탍?맣랺펦폃폚뻶뚨릫??㤶??짨볆뗄놾닺뚨볛쒣탍쮾죧뫎퓚룷쿮튵컱볤뗷늦풴?샽죧?폃폚?CAPM?ꆣ퓚룃쒣탍훐?쳹쿖싊춨맽퓚컞쿮쒿움맀ꆣDCF쒣탍뗄뗤탍펦폃뻍쫇볆쯣럧쿕샻싊뗄믹뒡짏퓙볓짏튻룶럧쿕틧볛뗄춶뗄뺻쿖횵?쯼뿉틔춨맽퓚쿖횵훐뿛돽랽램살좷뚨ꆣ럧쿕틧볛춨맽폃닺뛔튻냣풭쪼놾쇷돶뛮뫳믱뗃ꆣ뻟폐헽뺻쿖횵뗄쫐뎡뇤뚯?쯼뗄beta횵?뗄쏴룐쾵쫽돋틔쫐춶쫇폐샻뿉춼뗄?뺻쿖횵맦퓲춨뎣놻뾴뎡럧쿕틧볛살볆쯣ꆣ좻뛸?뛔CAPM쒣탍ퟷ쫇뎬벶춶뻶닟뇪ힼ?볻Brealey뫍My?뗄쪵횤볬퇩쫇폐헹틩뗄ꆣ웤쯻뿉폃살쳦듺ers?ㄹ㤱?ꆣ평폚쿖횵뻟폐뿉볓탔?쯹틔CAPM떥튻틲쯘쒣탍뗄랽램냼삨늻춬뗄뛠DCF랽램뻟폐튻냣탔?튲뿉틔폃폚움맀뢴틲쯘랽램?헢킩랽램쫇틔Ross??㤷??뗄쳗퓓닺ꆣMiller뫍Modigliani퓚웤펰쿬짮샻뚨볛쒣탍캪믹뒡뗄ꆣFama뫍French풶뗄????쓪뗄컄헂훐횸돶?DCF랽램뿉틔??㤹㌩쪶뇰쇋뿉폃폚맀볆놾돉놾뗄막욱폃폚움맀헻룶릫쮾?퓚헢훖쟩뿶쿂뿉틔냑믘놨뫍햮좯믘놨훐뗄컥룶웕춨럧쿕틲쯘ꆣ쯼뾴ퟷ튻룶듳탍뗄뢴뫏믺웷ꆣꆰ쯼쏇볌탸춨뎣쟩뿶쿂?탨튪폃늻춬돌탲살맀볆캴폃늻춬뗄DCF쒣탍살움맀막욱틔뇣쿔쪾살쿖뷰쇷솿?헢좡뻶폚듽맀닺뗄샠탍ꆣ웤폫막샻헾닟뗄컞맘탔ꆣꆱDCF랽램튲쫇Copeland뗈죋??㤹??뗄좨틦놾맀볛DCF움맀만뚨쫕죫횤좯뗄뇪ힼ랽램?샽죧?햮좯쒣탍쳡릩쇋튻훖퓚릫쮾움맀훐폃폚좷뚨쿠뫍폅쿈막?Myers????㐩ꆣ맘쿖뷰쇷솿뗄ꆢ럇뎣쪵폃뗄랽램ꆣ춨맽풤닢웚좨뚨볛쒣탍퓚쒳훖틢틥짏뿉틔뾴ퟷ튻킩닆컱뇈싊뫍뺭볃뇤솿?뿉틔풤닢릫쮾쫇DCF쒣탍뗄쇭튻럖횧?틲캪웚좨볛횵뿉캴살뗄닺뢺햮뇭뫍쯰틦뇭ꆣ듓헢킩풤닢틔샭뷢캪맀볆뗄평웚좨닺짺뗄캴살쿖뷰쇷훐?컒쏇뿉틔볆쯣풤웚뗄캴살쓪럝뗄ퟔ평
ꆤ??ꆤdisinvestmentdecisions쿖뷰쇷솿ꆣ캴살쯹폐쓪럝뗄쳹쿖쿖뷰쇷솿riskfactorsinstockandbondreturns?Journal뗄ퟜ뫍뻍쫇릫쮾뗄닺볛횵?듓훐뿛돽햮ofFinancialEconomics?㌳??????컱뗄쫐뎡볛횵뻍뿉뗃떽좨틦놾뗄볛횵ꆣFisher?I???㤳????repr????㔩?Thetheoryofinterest?NewYork?AugustusM?Kelley???컞싛쪲쎴샠탍뗄닺?쿖뷰쇷솿뚼펦룃퓚쮰뫳늢쟒췪돉쇋폫쳹쿖싊쿠튻훂뗄춨Miller?M?H?&Modigliani?F??ㄹ㘱??Divi?믵엲헍뒦샭dendpolicy?growth?andthevaluationof?샽죧?쏻틥쳹쿖싊탨튪쏻틥쿖shares?JournalofBusiness?㌴????????뷰쇷솿ꆴBrealey뫍Myers??㤹?ꆵ?맽돌뗄Myers?S?C?⠱㤸㐩?Financetheoryandfinan?믹뒡짏춨맽볆쯣살믱뗃ꆣ놣횤쯹폐뗄쿖뷰cialstrategy?Interfaces?ㄴ????????쇷솿킧펦뚼놻뾼싇떽쒣탍훐좥튲쫇럇뎣훘Ross?S?A???㤷㜩?Return?riskandarbitrage?튪뗄ꆪꆪꆪ냼삨쫜춶펰쿬뗄웤쯻닺뗄쿖?eds?Friend?I?&Bicksler?J?L?Riskand뷰쇷솿킧펦ꆣreturninfinance?Cambridge?MA?Ballinger?쏷훇뗘펦폃DCSharpe?W??ㄹ㘴??Capitalassetprices?atheoryF쒣탍뮹냼삨맀볆뷱쳬뗄춶뛔캴살춶믺믡뗄펰쿬ꆣ샽죧뛔ofmarketequilibriumunderconditionsofrisk?뻟폐쏷쿔퓶뎤믺믡뗄릫쮾뗄좨틦놾뗄맀JournalofFinance?ㄹ?㐲?????엥ꆤ냂뛻즭뫍쟇벪쒷ꆤ삳컄볛ꆣ퓶뎤믺믡뿉틔놻뾴ퟷ쫇릫쮾뛔뛾웚짵?PEROLSSONandJOAKIMLEVIN?훁뫳웚쿮쒿뷸탐춶뗄웚좨ퟩ뫏?뛸뗷퇐릤ퟷ뫍웤쯻튻킩컞탎닺퓚뫜듳돌뛈짏튲뿉틔뾴ퟷ쫇웚좨?Myers????㐩ꆣ쇭튻룶샽ퟓ쫇탭뛠놾춶뗄늻뿉뎷쿺탔ꆣ떱춶disinvestmentdecisions뢺춶뻶뚨놾짭뿉쓜놻췆동쪱?뻍듦퓚튻룶뗈듽룼뛠뢺춶듺뇭ퟅ릫쮾훘ퟩ햽싔좫폲뗄튻?룼뫃?탅쾢뗄웚좨ꆣ샠쯆헢퇹뗄튻킩맛뗣룶ퟓ벯ꆣ훘ퟩ냼몬탭뛠쫗뒴?웤훐튻킩냼퓚Dixit뫍Pindyck?ㄹ???뗄퇐뺿훐튲뷸탐삨쯹폐좨뫍닆컱뷡릹뗄룄뇤ꆣ듋뒦폫뢺춶쇋첽쯷?쯼쏇뇭쏷췪좫닺볛횵?냼삨헢킩폐맘뗄쫵폯횻쿞폚짦벰닺뷡릹뇤뮯뗄늻춬샠탍믺믡뗄볛횵쫇뿉틔춨맽폅쪤웚좨뻶뚨ꆣ듓닺뢺햮뇭뗄뷇뛈살뾴?컒쏇붫뚨볛벼쫵믲뚯첬맦뮮뗄랽램살뷸탐볆쯣뗄ꆣ헢튻쫵폯쿞폚짦벰닺릹돉뇤뮯뗄붻틗?뛸늻냼삨짦벰닆컱뷡릹뫍쯹폐좨뷡릹뇤뮯닎뾼컄쿗뗄붻틗ꆣ퓚헢룶뿲볜훐?돶쫛?냼삨냾샫뫍Baack?F?&Scholes?M???㤷???Thepricing쟥쯣?ꆢ릤뎧맘뇕ꆢ럅웺뚼놻뾴ퟷ쫇뢺춶?ofoptionsandcorporateliabilities?Journalof뛸죃닺틗막ꆢ뮻막뫍좨틦놾럖룮퓲늻쫇PoliticalEconomy?㠱????????뢺춶ꆣBrealey?R?A?&Myers?S?C??ㄹ㤱??Princi?퓚ퟔ풸뢺춶뻶뚨훐?ퟮ욵랱뗄뻍쫇plesofcorporatefinance??thedn?NewYork?돶쫛?퓚듋맽돌훐틔쒳쿮닺뮻좡쿖뷰믲McGraw?Hill?횤좯ꆣ웤뫳쫕틦뗄쪹폃폫뢺춶뻶뚨뗄샠Copeland?T??Koller?T?&Murrin?J???㤹㐩?탍폐맘ꆣ퓚벫뛋뗄쟩뿶쿂?릫쮾뗄ퟔ풸쟥Valuation?Measuringandmanagingthevalue쯣쫇쓜릻닺짺쿖뷰뗄돶쫛붻틗?떱쯹폐웤ofcompanies??ndedn?NewYork?JohnWi?쯻틥컱싺ퟣ횮뫳?쪣폠뷰붫럖룸막뚫ꆣley?D룼뺭뎣돶쿖뗄쟩탎쫇?퓚붻틗훐릫쮾횻돶ixit?A?K?&Pindyck?R?S????㤴??Invest?mentunderuncertainty?Princeton?NJ?Prince?쫛릫쮾닺뗄튻늿럖?헢훖붻틗놻돆ퟷ냾tonUniversityPress?샫ꆣ틔쿂벯훐쳖싛뷶폫냾샫폐맘뗄컊쳢ꆣFama?E?F?&French?K?R???㤹㌩?Commonퟮ퓧볬퇩릫쮾닺냾샫뗄쪵횤럖컶쫇
disinvestmentdecisionsꆤ??ꆤ평Boudreaux????㔩뷸탐뗄ꆣ헢튻럖컶랢쿠맘뗄ꆢ폫웤훐탄튵컱늻춬뗄춶춨뎣믡룸쿖?퓚냾샫탻늼횮잰뗄죽룶퓂횱훁탻늼뗄뺭샭듸살뇈막뚫룼뛠뗄쫕틦ꆣ냾샫헢킩늻쓇룶퓂쓚?릫쮾막욱볛룱듦퓚ퟅ늻톰뎣뗄쿠맘닺쿞훆잱퓚뗄듺샭돉놾?늢쟒떼훂맜헽쿲볛룱틆뚯ꆣ헢튻믹뒡릤ퟷ쳡릩쇋냾샫샭뫍닆컱풴뗄룼캪벯훐ꆣJohn뫍Ofek뻶뚨뿉쓜믡퓶볓막뚫닆뢻뗄돵늽횤뻝ꆣ????????쳡돶횤뻝횤쏷쓜릻쳡룟벯훐뛈뗄컞Alexander뗈죋??????뫍Jain??????맘닺냾샫뿉틔듸살룼룟뗄탻늼쫕틦ꆣ랢뇭쇋쪹폃춬웚춳볆벼쫵뗄쫗엺퇐뺿돉죚볙쮵?죧Lang뗈죋뚨탍뗄샭싛?맻ꆣAlexander뗈죋??????쪹폃쫂볾퇐뺿??㤵?훷헅닺쿺쫛펦춨뎣폃폚쳡릩놾램랢쿖퓚튻킩쪱볤볤룴쓚싴랽뻟폐럇헽뎣살풴ꆣ떱닆컱풼쫸쿞훆릫쮾폐킧뷸죫뒫춳뗄헽쿲믘놨ꆣJain??????튲랢쿖쇋춬퇹뗄놾쫐뎡뗄쪱뫲?닺쿺쫛뿉쓜돉캪캨튻뷡맻?늢쟒쯻뮹랢쿖쇋싲랽튲믱뗃쇋쫕틦뿉탐뗄죚쟾뗀ꆣ좻뛸?퓚닺쿺쫛잰횪뗄횤뻝?쯤좻?헽죧뫏늢훐뗄쟩뿶튻퇹?싲쿾릫쮾뗄닆컱ힴ뿶붫쏷쿔붵뗍붻틗릫쮾뗄랽믱뗃뗄쫕틦쎻폐싴랽뗄뛠?ꆣ쿠뛔첸에뗘캻?듓뛸?붵뗍릫쮾뗄쿠뛔쫕폐탭뛠뿉쓜뗄쟽뚯솦솿듙쪹죋쏇ퟷ돶틦?ꆣ퓚닺쿺쫛횮잰랢짺햮좯붵벶뗄릫냾샫뗄뻶뚨ꆣ튲탭ퟮ맣캪틽폃뗄뻍쫇ꆰ폐쮾춨뎣믡놻웈내첸에볛룱돶쫛웤닺?헢킧훘탂엤훃ꆱ뗄ퟷ폃ꆣ헢튻룅쓮?폫뫏늢훐붫떼훂훘탂엤훃쫕틦뗄룼듳늿럖쇷쿲쫜죃뗄ꆰ킭춬ퟷ폃ꆱ뷴쏜쿠맘?쫇횸닺쿺쫛늢릫쮾?볻Sicherman뫍Pettway?ㄹ㤲?ꆣ늻튻뚨쫇싴랽폫싲랽횮볤뗄쇣뫍늩�ꆣ퓚뮹튪횸돶뗄쫇?ퟮ뷼뗄튻킩퇐뺿횸돶헢룶랶샽훐?싴랽릫쮾튲탭쎻폐ퟣ릻뗄닺쿺쫛뿉쓜쫇평탅쾢늻뛔돆뗄돶쿖늢쫔풴뫍늹돤닺살췪좫랢믓룃닺뗄잱솦ꆣ춼뷢뻶뛸틽웰뗄ꆣ퓚릫쮾쓚늿죋쪿폫맘폚춨맽붫룃닺돶쫛룸쇭튻볒뻟놸쯼쯹좱랦릫쮾닺헦쪵쪹폃볛횵랽쏦뗄쫐뎡횮볤돶뗄쫴탔뗄릫쮾?뻍뿉틔쳡룟룃닺뗄볛횵ꆣ쿖탅쾢늻뛔돆뗄쟩뿶쿂?닺쿺쫛뿉쓜쫇헢틢캶ퟅ싲싴쮫랽뚼뿉쓜듓붻틗훐믱틦ꆣ퓚돯벯놾뗄춬쪱뇜쏢Myers뫍Majluf퓚탭뛠퇐뺿훐뚼뿉틔헒떽횧돖싲싴쮫랽뻹??㤸㐩쯹쿪쾸쏨쫶뗄듭컳뚨볛컊쳢뗄캨튻쓜듓붻틗훐믱틦뗄횤뻝?볻Jain?ㄹ㠵?뿉탐뗄랽램ꆣ릫쮾튲탭쓜릻붫맘폚룷룶릫Sicherman뫍Pettwayⰱ㤹㈩ꆣ쮾닺뗄쏘쏜탅쾢뒫뗝룸잱퓚뗄릺싲헟?냾샫릫쮾쓜릻듓뛔잱퓚뗄킭춬ퟷ폃돽듋횮췢?죧맻쫐뎡샭탔뗄웚췻릫쮾돶쫛?폫튻킩ꆰ탅쾢킧펦ꆱ쿠뛔?뗄쇬컲훐믱틦뗄놻웤ퟮ룟맀뗄닺?틲뛸놣쇴놻웤ퟮ뗍맀ퟮ폐샻뗄횤뻝살ퟔHite뗈죋??㤸??뗄컄뗄볛횵??닺쿺쫛뿉쓜캪쫐뎡쳡릩ퟣ릻뗄헂ꆣ쯻쏇볬퇩쇋늿럖돶쫛폫헻쳥쟥쯣솽훖탅쾢살뷢뻶릫쮾놣쇴닺뗍맀뗄컊쳢ꆣ쟩뿶ꆣ퓚쟥쯣뗄샽ퟓ훐?돶쫛릫쮾뗄욽뻹DaDalt뗈죋??????랢쿖?뻟폐잱퓚뗄룟뛈럇헽뎣쫕틦싊캪???ꆣ퓚늿럖돶쫛뗄샽ퟓ탅쾢늻뛔돆?쎻폐횤좯럖컶풱닎폫?뗄릫쮾훐?Hite뗈죋??????볬퇩쇋틑췪돉뗄붻틗냾샫쓜릻믱뗃벸놶폚펵폐튻룶믲뛠룶럖컶뫍릫늼횮뫳폖놻좡쿻뗄붻틗헢솽훖쟩뿶ꆣ풱뗄릫쮾뗄탻늼웚쫕틦ꆣ쯻쏇랢쿖횻폐퓚붻틗쪵볊췪돉뗄쟩뿶쿂?냾샫릫쮾뗄탻늼쫕틦닅쓜캬돖ꆣ닎뾼컄쿗뛔뮥늻쿠맘뗄튵컱떥캻뗄냾샫폫폐킧Alxander?G?J??Benson?P?G?&Kampmey?훘탂엤훃뚯믺폐맘ꆣ쫕릺뺭펪튵컱폫놾릫er?J?M??ㄹ㠴??Investigatingthevaluation쮾늻춬뗄릫쮾뛔쫜죃릫쮾뗄막뚫뗄잱퓚뢺effectsofannouncementsofvoluntarycorporate킧펦쫇훚죋뷔횪뗄ꆣ릫쮾뛔폫뛠풪뮯햽싔selloffs?JournalofFinance????㔰?????
ꆤ??ꆤdividendgrowthmodelBoudreaux?K?J??ㄹ㜵??Divestitureandshare샻?튻쓪횮뫳?떱횧뢶막샻뗄쪱뫲?막뚫볆price?JournalofFinancialandQuantitative뮮싴뗴춶ꆣ막욱뗄볛횵?P??퓚쓪돵쪱캪Analysis????㘱?????DaDaE?d???E?P??lt?P?J??McManus?G?V??Owers?J?E?P???ㄩ????k&Zimmerman?O?V???㤹???Theinforma?tionalcontextofdivestitureannouncements?an웤훐?E?P??쫇쓪쒩막욱뗄맀볆횵?E?d??empiricalinvestigation?Unpublishedmanu?쫇쎿막횧뢶뗄막샻뗄맀볆횵?k쫇릫쮾믹폚script?GeorgiaStateUniversity?웤럧쿕쮮욽뗄쳹쿖싊ꆣ헢튻쒣탍뿉틔삩Hite?G?L??Owers?J?E?&Rogers?R?C?햹?틔뇣쓜릻뾼싇릫쮾폀뻃뗄탔훊뫍막욱?ㄹ????Themarketforinterfirmassetsales?돖폐죋늻좷뚨뫎쪱쿫튪돶쫛막욱헢튻쫂partialsell?offsandtotalliquidations?Journal쪵ꆣ헢퇹ofFinancialEconomics???㈲?????E?d??n?Jain?P??ㄹ㠵??Theeffectofvoluntarysell?offP???⸮⸮E?d???k???k?n?㈩announcementsonshareholderwealth?JournalofFinance????㈰?????웤훐?E?dn?쫇풤웚뗄퓚뗚n쓪쓪쒩뗄막John?K?&Ofek?E??ㄹ㤵??Assetsalesand샻ꆣ쿖퓚?죧맻볙짨쎿막막샻쫇튻룶뎣쫽increaseinfocus?JournalofFinancialEco?nomics?????????P???d?????⸫???n?㌩k???k?Lang?L??Stultz?R?L?&Poulsen?A?B??ㄹ㤵??Asse죧맻듓릫쪽???복좥릫쪽???돋틔???k??tsales?firmperformance?andtheagencycostsofmanagerialdiscretion?Journal쓇쎴ofFinancialEconomics?????????Myp?ꇁ?k?d??en?㐩rs?S?C?&Majluf?N?S????????Corpo????k?ratefinancingandinvestmentdecisionswhen떱n쟷폚컞쟮쪱?릫쪽???뗈쪽폒뇟뗄ퟮ뫳firmshaveinformationthatinvestorsdonot튻쿮뻍쟷뷼폚쇣ꆣ틲듋have?JournalofFinancialEconomics?ㄳ??㠷?????d?p???㔩Sicherman?N?W?&Pettway?R?F??ㄹ????kWealtheffectsforbuyersandsellersofthesame컒쏇늻펦룃죏캪헢튻쒣탍볙짨춶헟컞쿞divestedassets?FinancialManagement???????웚뗄돖폐룃막욱?퓚돖폐막욱떽튻뚨쪱웚?㈸?뇋뗂ꆤ듯듯뛻쳘뫳?쯼믡놻쇭튻틔컞쿞웚돖폐룃막욱캪믹?벪쓎쳘ꆤ싳뿋십쓉쮹?햲쒷쮹ꆤ냂뛻쮹뫍냂삼ꆤ웫쒪뛻싼뒡살뚨볛뗄춶헟쯹릺싲?틔듋샠췆?쯻붫?PETERJ?DADALT?G퓙냑막욱싴룸쇭췢튻룶춶헟?뗈뗈ꆣ헢INETTEV?MCMANUS?JAMESE?OWERS훖킧맻쿠떱폚룃막욱캪튻쾵쇐돖폐죋돖폐andORENV?ZIMMERMAN?뷼컞쿞뎤뗄쪱웚?막욱퓚쯻쏇횮볤뒫뗝뗄볛룱랴펳쇋룃막샻쇷컞쿞뎤뗄쪱볤랶캧ꆣ틲듋헢튻쒣탍뛔쿖폐뗄막욱돖폐헟듲쯣돖폐막욱뛠뎤쪱볤늢늻쏴룐ꆣdividendgrowthmodel막샻퓶뎤쒣탍헢룶볲떥막샻쒣탍뗄훷튪컊쳢퓚폚dퟮ볲떥뗄막욱맀볛쒣탍횮튻뻍쫇막샻뫍k퓚컞쿞뎤뗄쪱볤랶캧쓚놣돖늻뇤뗄볙퓶뎤쒣탍?춨뎣붫웤맩릦폚Gordon짨틔벰쯼쏇뗄맀볆?막샻만뚨퓶뎤뗄볙짨??㤶㈩ꆣ샽죧?볙짨릫쮾튻쓪횧뢶튻듎막뿉쓜믡놻뫜죝틗뗘볓죫떽쒣탍훐ꆣ죃막샻
dividendpolicyꆤ??ꆤ내쎿쓪g뗄뢴샻퓶뎤?헢퇹뗄헛뻉?dt쫇룃쪱웚횧뢶뗄막샻?it쫇룃쪱D볤탂퓶뗄춶뛮ꆣ컒쏇뿉틔뾴돶?릫쮾뗄????g?P??????⸫D????g?n??k???k?n???뺭볃쫕죫?믲쾣뿋쮹쫕죫?튲뗈폚막샻?벴릫쪽yt?et?rt?it?dt??㈩?????돋틔??k복좥릫쪽???뗃??g컒쏇늻펦죏캪헢킩쒣탍뗄뷡싛뇘좻폫pn????k????g??P쫐뎡볛횵쿠뗈ꆣ쪹폃헟뿉쓜뻟폐쿠떱늻춬??D???n?????g???k?뗄풤웚ꆣ틲뛸?헢킩쒣탍퓚솿뮯늻춬풤닢죧맻k?g늢쟒릫쪽???뗄폒뛋볲뮯캪D?뗄킧펦쪱뿉쓜쫇폐폃뗄ꆣ쯻쏇튲뿉틔폃폚폖틲D??D????g??틲듋볆쯣쿖폐막욱볛룱뗄풤닢뫍웚췻틲쯘ꆣD?p?????k?g닎뾼컄쿗춨맽룄뇤짏쫶뗄튻킩볙짨뿉틔삩햹룃쒣Godon?M?J??ㄹ㘲??Theinvestment?finan?탍ꆣ샽죧cingandvaluationofthecorporation?Home??Fuller뫍Hsia??????붨솢쇋튻룶죽뷗뛎막샻퓶뎤싊쒣탍wood?IL?Irwin??헢튻쒣탍볙짨Fuller?R?J?&Hsia?C???㤸???Asimplifiedꆰ훐볤뷗뛎ꆱ퓶뎤싊g?헽뫃뒦폚웤쯼솽룶commonstockvaluationmodel?FinancialAna?뷗뛎퓶뎤싊횮볤ꆣ폚쫇lystsJournal?㐰???????p놣싞ꆤ냍뛷쮹?PAULBARNES????D???k?g???????g???H?g??g???⠹?듋뒦D?쫇쒿잰쎿막뗄막샻?g?쫇뗚튻뷗뛎뗄퓶뎤싊?g?쫇뗚뛾뷗뛎뗄퓶뎤싊?g?dividendpolicy막샻헾닟쫇ퟮ뫳튻룶뷗뛎뗄뎤웚퓶뎤싊?늢쟒H?막샻쫇막욱돖폐헟틲쳡릩놾뛸믱뗃?A?B???웤훐A쫇뗚튻뷗뛎뗄쓪쫽?B뗄믘놨ꆣ늻횧뢶막샻?막욱뻍쎻폐볛횵ꆣ쫇뗚뛾뷗뛎쒩ꆣ횻폐캴살막샻뗄잰뺰믡룸막욱듸살볛횵?죧맻쿖퓚뗄막샻쫇?????쯼뗄퓶뎤싊틲뛸퓚뒫춳뗄뚨볛샭싛?Williams??㤳??캪???떫틔쿟탔뗝복?횱떽뗚쪮쓪쓪쒩듯훐?막욱뗄볛횵늨뚯쫇평폚춶헟뛔캴살떽???평폚헽뎣쮮욽틔짏뗄퓶뎤릲폐쪮막샻쇷뗄풤웚뗄뇤뮯뛸듸살뗄ꆣ틔쿖뷰탎쓪?쯹틔캪H컥쓪ꆣ헢퇹쪽횧뢶뗄?폐쪱뿉틔닉폃막욱뗄탎쪽ꆪꆪꆪp??嬱???????????⥝ꇁ막욱막샻?막샻춨뎣평뚭쫂살뻶뚨?믲헟튻????〸?㔨??ㄲ?????⥝쓪횧뢶솽듎?펢맺??믲헟쎿벾뛈횧뢶튻듎?㈱??????쏀맺?ꆣ맘볼컊쳢쫇뚭쫂죧뫎좷뚨떱잰막냼몬퓚헢킩쒣탍훐뗄쎿막막샻쫇룶쇮죋뺪샻뗄쮮욽?믲헟볆뮮캴살뗄막샻헾닟?틔쪹웦뗄뇤솿릫쮾뗄볛횵ퟮ듳뮯?듓뛸쪹릫쮾뗄쯹폐헟?쯼뿉틔놻뗷헻틔뇣쓜릻냼몬릫쮾뗄쎿막놨룦쫕틦ꆣ뾼싇릫쮾뷰뗄살풴벴막뚫뗄쫕틦ퟮ듳뮯ꆣ폫펦폃뗄뗈쪽맘쾵폐솽훖훷튪뗄랽램살뷢쫍막샻헾닟ꆣ?뗚튻훖쪼폚틔쿂뗄샭싛퇐뺿뷡싛?벴퓚췪yt?et?rt?dt?it?ㄱ?좫뺺헹쫐뎡볙짨쳵볾쿂?뺭샭뫍막뚫뛔탻웤훐?yt쫇릫쮾뗄놨룦쫕틦?et쫇릫쮾늼뗄떱잰막샻뗄쮮욽늻볆뷏?Miller뫍퓚듋웚볤탂믱뗃뗄췢늿뷰?rt쫇룃쪱웚Modigliani?ㄹ㘱?ꆣ떼훂헢튻뷡싛뗄룷훖
ꆤ??ꆤdividendpolicy볙짨뚼뿉틔볬퇩뫍럅뿭?듓뛸쪹뛔쪵볊뗄떱좻?쪵볊쟩뿶늢늻ퟜ쫇럾듓샭싛볙막샻쮮욽뗄뻶뚨틲쯘폐룼짮뿌뗄샭뷢ꆣ뗚짨뗄?뫜뛠룦뷫탞헽쇋Miller뫍Modigli?뛾훖랽램쪼폚쪵횤퇐뺿?뚭쫂쏇뫜늻풸틢ani뗄샭싛ꆣ듓막뚫뗄뷇뛈살뾴?ꆰ컞맘ꆱ낵??뎤쪱볤붵뗍막샻?듓쏻틥짏붲?헢뿏뚨쫇헽쪾ퟅ쯻쏇늢늻퓚틢쫇틔막샻뗄탎쪽살믱좡좷뗄??좻뛸쪵볊쫕틦뗄쿂붵?샽죧놣돖막쫕틦뮹쫇틔놾샻뗃뗄탎쪽믱좡쫕틦ꆣ뛔샻늻뇤쯹틽웰뗄쪵볊쫕틦뗄쿂붵?랢짺뗄폚튻룶룸뚨뗄춶쿮쒿?뗍막샻틢캶ퟅ룟욵싊룼룟ꆣ떱춶헟뷓쫜쫕틦쮮욽퓚뛌웚뗄놾샻뗃?룟막샻틢캶ퟅ뗄뗍뗄놾샻쓚늨뚯헢튻쟩뿶쪱?쯻쏇쯆뫵잿쇒뗘퇡뛱뗃?헢솽훖쟩뿶쿂뗄ퟜ쫕틦쫇쿠뗈뗄ꆣ쪵죎뫎뿉쓜뇭쪾쫕틦뗄믹뒡쮮욽믲쟷쫆늻쓜볊쫇쮰쫕훆뛈뿉쓜믡폐샻폚쒳훖믱샻랽쪽돖탸뗄탅뫅ꆣ막샻뗄붵뗍냼몬폐쳘뇰쒣뫽뛸늻샻폚쇭튻훖믱샻랽쪽ꆣ죧맻놾샻뗃뗄탅쾢쓚죝?볻Taylor?ㄹ㜹⤬헢놻뾴ퟷ쫇쓜릻랴펳웤춶쯹뗃뗄좫늿?탨튪뛔웤막뺭샭쏇쿠탅쫕틦쮮욽늻쓜캬쾵뗄잿폐솦뗄샻쫕죫붻쮰?떫늻탨튪뛔웤놾샻뗃붻쮰횤뻝?쯼뛔쫐뎡뛔릫쮾볛횵뗄풤웚뻟폐짮뗄춶헟붫쾲뮶뗍막샻헾닟ꆣ랴횮틠좻뿌뗄펰쿬ꆣ쇭튻룶뿉쓜뗄뷡맻쫇맜샭닣춨?Elton뫍Gruber??????쳡돶뛌웚놾뮯맽뷓맜믲웤쯻랽쪽놻쳦듺뗄췾킲퓶볓?뷡횤뻝뇭쏷헢늢럇죧듋?뛸뷡맻튻훂뗄뎤웚맻뺭샭쏇뿉쓜쳘뇰얬솦틔뇜쏢막샻뗄쿂럖컶뿉틔듓Auerbach??????뗄컄헂훐헒붵ꆣ뇘좻뗄뷡싛뻍쫇횻폐퓚뺭샭쏇죏캪탂떽?ꆣ뛔폚튻룶릫쮾살쮵?놣쇴펯폠뿉쓜믡뗄막샻쮮욽쓜릻캬돖뗄쟩뿶쿂닅믡쳡룟막쪹럖엤뗄샻죳내늻춬뗄쮰싊헷쮰?샽죧펢샻ꆣ헢킩탐캪쯹닺짺뗄펰쿬폐훺폚룹뻝쿖맺㈰쫀볍??쓪듺뗄쟩뿶??헢뿉쓜떼훂퓚퓚뗄쫕틦쮮욽뫍맽좥뗄막샻쮮욽뛔쿖퓚뗄늻춬뗄막샻헾닟쿂?릫쮾뗄쮰뢺늻춬ꆣ볙막샻쮮욽뷸탐풤닢?Lintner뗄ꆰ늿럖뗷헻ꆱ짨헢훖쟩뿶쫇늻헦쪵뗄?쓇쎴틔막뚫뗄ퟮ쒣탍??????ꆣ좻뛸?듓쪵횤뷇뛈붨솢쿖퓚듳샻틦캪탐뚯횸쓏뗄릫쮾붫톡퓱쓜릻쪹막막샻뇤뮯폫캴살쫕죫뇤뮯?탅뫅볙쮵?뗄맘뚫쮰뢺ퟮ킡뮯뗄막샻헾닟ꆣ좻뛸?퓚맅뗤쾵뗄뎢쫔늻뻟폐쮵럾솦?뺡맜쯼퓚샭싛퇐뗄쮰쫕훆뛈쿂?샽죧?퓚쏀맺뗄쮰쫕훆뛈뺿훐뻟폐뿉탐탔ꆣ쿂?헢쯆뫵틢캶ퟅ평폚놾샻뗃뗄폐킧쮰싊뗍폚쫕죫뗄폐킧쮰싊뻍뿉틔늻횧뢶죎뫎막샻컞맘싛막샻?벴쪹쫇퓚펢맺ꆢ냄듳샻퇇뫍웤쯻맺Miller뫍Modigliani?ㄹ㘱?퓸뷒쪾?퓚볒뗄훐탔쮰쫕훆뛈쿂?막뚫뛔막샻쫕죫뫍샭쿫뗄뮷뺳쿂?릫쮾뗄막샻쮮욽늢늻펰쿬놾샻뗃뗄톡퓱튲늻믡쫇늻퓚뫵뗄ꆣMallin릫쮾뗄볛횵?막뚫뛔탻늼뗄막샻룟뗍늢늻??????폐맘펢맺막욱막샻뗄쇬좡횤뻝뗄퇐볆뷏ꆣ헢튻뷡싛뗄볙짨틀삵폚릫쮾볛횵췪뺿뇭쏷?욽뻹살뾴?막뚫뷶톡퓱??뗄막샻닉좫좡뻶폚릫쮾뿉믱뗃뗄춶믺믡늢쟒춶폃막욱뗄탎쪽?헢틢캶ퟅ쫕죫믘놨뇈놾샻뗄죚쟾뗀ퟜ쫇뎩춨뗄헢튻맛뗣ꆣ쪵볊뗃룼쫜뮶펭ꆣ짏?뛔폚룸뚨뗄춶믺믡벯뫏?릫쮾쓜릻춨듓릫쮾맜샭닣뗄뷇뛈살뾴?컞맘싛뗄맽릫쮾뗄춶쿮쒿뫍막샻살돯벯떽ퟣ릻뗄튪뗣퓚폚춶뻶닟늻펦룃쫜막샻헾닟뗄펰놾?듓쓚늿믲듓췢늿?ꆣ헢튻뷡싛폫쿬ꆣ헢쿠떱폚쳡돶쇋솽룶컊쳢ꆣ쫗쿈?쫇Miller뫍Modigliani??????붨솢뗄샭싛뷴럱듦퓚튻킩뿉뇦뇰뗄횤뻝뇭쏷쓚늿춶쫜쏜쿠솪?룃샭싛횸돶퓚튻쾵쇐샭쿫뮯뗄볙막샻쮮욽뗄펰쿬?웤듎?쫇럱듦퓚죎뫎횤뻝짨쳵볾쿂?릫쮾볛횵쫇늻쫜폃폚캪릫쮾죚뇭쏷닉폃늻춬탎쪽뗄죚쟾뗀믡떼훂믘놨뗄막좨뫍햮컱ퟩ뫏뗄펰쿬뗄ꆣ싊뗄늻춬?뗚튻룶컊쳢뗄믘듰좡뻶폚쫇뷸
dividendpolicyꆤ??ꆤ탐뫡뛏쏦뗷닩?룹뻝Dhrymes뫍Kurz막뚫쯆뫵죔뻉쟣쿲폚춨맽룟뛮뗄막샻럖엤??????뗄맛뗣?붫믡닺짺붻뮥킧펦?뮹쫇쪱뛸쪹웤춶쫕틦솢벴뇤쿖?릫쮾맜샭닣튲볤탲쇐뗷닩?룹뻝Famaꆴㄹ??ꆵ뗄맛뗣?붫늻쾣췻춨맽듋훖랽쪽살횤쏷웤뺭펪뗄폐킧믡닺짺붻뮥킧펦⤬헢튻컊쳢훁뷱짐캴뷢뻶ꆣ탔⤬뛸늻풸틢뷓쫜퇛쿂늢늻쓜릻좷뚨뗄퓚캴살믱뗃룼듳샻틦뗄돐억ꆣ??퓚쫐뎡떼쿲뗄놾엤룸쟩뿶쿂?죧맻헢훖쟩뿶듦퓚뗄뮰?춶톡퓱붫쫜놣쇴펯폠쫽솿뗄퇏훘펰쿬ꆣ막샻헾닟붫횱뷓펰쿬춶헾닟닎뾼컄쿗?Aurbach?A?J???㤷???SharevaluationandMiller?Modigliani샭싛붫늻퓙쫊폃ꆣcorporateequitypolicy?JournalofPublicEco?폐맘뗚뛾룶컊쳢뗄훷튪컊쳢횮튻뻍쫇nomics?ㄱ?????????맜샭닣뛔놣쇴펯폠뗄쪹폃쎻폐킧싊뗄볙쮵Baumol?W?J??Heim?P??Malkiel?B?G?&?Baumol뗈죋ꆴㄹ㜰ꆵ쳡릩쇋튻킩횤뻝?뺡Quandt?R?E???㤷???Earningsretention?맜쯻쏇뗄랽램듦퓚컊쳢?ꆣ횧뢶뗍막샻틔newcapital?andthegrowthofthefirm?Re?뇣붫놣쇴펯폠폃폚춶뗄맜샭닣뇜쏢쇋퓚viewofEconomicsandStatistics??㈬㌴??쫐뎡짏돯듫놾뗄돉놾뫍엌닩ꆣ좥쫐뎡돯???벯놾듦퓚ퟅ횱뷓닆컱돉놾뫍캪쇋랽뇣볠Black?F????㜶??Thedividendpuzzle?Journal뚽뛸듸살뗄볤뷓돉놾ꆣ쫐뎡돍랣뗄맦뇜쪹ofPortfolioManagement???????맜샭닣폐룼듳뗄폠뗘살쿭쫜ꆰ뛮췢늹쳹ꆱDhrymes?P?J?&Kurz?M????㘷??Invest?ment?dividendandexternalfinancebehaviorof?맜샭닣뗄뛮췢뷲쳹??듓뛸듸살쪵탐룟막샻헾닟쯹쓜릻뇜쏢뗄듺샭돉놾뗄퓶볓ꆣfirms??Ed??Ferber?R?Determinantsofin?vestmentbehavior?NewYork?NationalBureau뷡싛ofEconomicResearch????????뮹쎻폐쓄튻훖떥튻뗄샭싛쓜릻폃살돤Elton?E?J?&Gruber?M?J????㜰??Marginalstockholdertaxratesandtheclienteleeffect?럖뗘뷢쫍짏쫐릫쮾뗄막욱뫬샻엤랢헾닟믲ReviewofEconomicsandStatistics???????쫇캪짏쫐릫쮾뗄막샻엤랢좷뚨튻훖ퟮ폅뗄???쮮욽ꆣ뛔폚헢튻컊쳢?샭싛닣쏦짏뗄럖컶폫Fama?E?F???㤷???Theempiricalrelationshipbe?쪵횤퇐뺿췹췹믡뗃돶뇋듋쿠뗄뷡싛ꆣ뛸tweenthedividendandinvestmentdecisionsof듓쿖쪵뗄쫓뷇돶랢?캪쇋쪹웤막욱뫬샻엤랢firms?AmericanEconomicReview????????ㄸ?뛮뛈늻뗍폚짏튻쓪뗄쮮욽?짏쫐릫쮾뗄맜샭Feldstein?M?&Green?J???㤸???Whydo헟쟣쿲폚놣돖쳘뚨뗄막샻횧돶뇈샽ꆣcompaniespaydividends?AmcricanEconomic뻍헻쳥뛸퇔?막욱뫬샻엤랢쮮욽믲탭Review?㜳???????룟뗃폐킩폚뎣샭ꆣ뻙샽살쮵?캪쪲쎴탭Gordon?M?J?????㈩?Thesavings?investment뛠짏쫐릫쮾욫튪튻쏦쿲막뚫퓶랢뫬샻?튻andvaluationofthecorporation?Homewood?쏦폖늻뗃늻쿫랽짨램좥쒼벯탂뗄막욱랢탐IL?RichardIrwinInc?놾ꆪꆪꆪ헢컞틉믡헐훂늻뇘튪뗄막욱랢탐Lintner?J?⠱??㘩?Distributionofincomesofcor?뫍붻틗맽돌훐돉놾뗄퓶볓porationsamongdividends?retainedearnings?and?뛸늻쫇춨맽복짙뫬샻엤랢뛸ퟔ좻퓶볓막욱쫐횵뗄랽쪽쪹taxes?AmericanEconomicReview?㐶?㤷?ㄱ??Mallin?C?A?????㌩?StockDividendsꆪtheIm?막뚫믱뗃룼듳뗄쫕틦쓘?살ퟔ늻춬탐튵짏plicationsfortheCorporateandPrivateSectors?쫐릫쮾뗄쪵볊퓋ퟷ쟩뿶뷸튻늽뇭쏷?맽룟StockExchangeQuarterly?Winter??????뗄뫬샻엤랢쮮욽뿉쓜헽퓚믙뗴탭뛠릫쮾뗄Miller?M?H?&Modigliani?F?ㄹ㘱??Divi?헻쳥춶랢햹맦뮮ꆣ뺡맜맽뛈뗄뫬샻엤랢dendpolicy?growthandthevaluationof믡듸살훖훖뢺쏦뗄뗍킧싊뗄펰쿬?떫맣듳shares?JournalofBusiness?㌴????????
ꆤ??ꆤdividendpolicyTaylor?P?A??ㄹ????Theinformationcontentmentvalue?Amsterdam?NorthHolland?ofdividendshypothesis?backtothedrawing틁뛷ꆤ듷캬즭뫍쓡뿋ꆤ캤늮board?JournalofBusinessFinanceandAc??IANDAVIDSONandNICKWEBBER?counting?????????????Williams?J?B????????Thetheoryofinvest?
electronicbankingꆤ??ꆤEe볆뫋쯣뫍뒦샭쾵춳쪹뫳첨닙ퟷ죕쟷쿖듺??lectronicbanking뗧ퟓ틸탐튵컱뗧ퟓ틸탐튵컱쫇튻춨폃쫵폯?냼삨쪹뮯?뛸EFT쾵춳쫇폐닮뇰뗄잰첨닙ퟷ쾵폃죕붥돉쫬뗄믹폚볆쯣믺뗄벼쫵뷸탐붻춳ꆣ냬릫쫒뗄횰풱쿖퓚폐룼뛠뗄쪱볤살랢룮ꆢ헋ꆢ볇헋?랢햹틸탐튵컱뫍쿠맘뗄뷰햹뿍뮧맘쾵춬쪱붻닦쿺쫛틸탐뗄닺욷뫍럾죚럾컱ꆣ횧뢶ꆢ뷰뮮벰쿠맘뗄뷰죚럾컱ꆣEFT쾵춳냼몬ퟅ붥퓶뗄럾컱솿?뿉쓜컱튻냣놻죏캪쫇뗧ퟓ틸탐튵컱뗄뫋탄ퟩ돉ퟮ춸쏷뗄튪쫴ATMs?쯼㈴킡쪱쳡릩듦뿮늿럖?떫쫇뗧ퟓ틸탐튵컱룼맣랺뗄몬틥훐삩햹릦쓜뫍웤쯻뗄훷튪뗄럖샭튵컱ꆣAT?냼삨뫳첨닙ퟷ릦쓜?죧틸탐믡볆뫋쯣뫍맜Ms뻟폐뢽볓뗄햽싔폅쫆?쯼쏇뿉럅퓚럖탐샭탅쾢쾵춳?MIS?뗈ꆣ헢킩뷰죚럾컱탐튵쓚튲뿉럅퓚럖탐췢?샽죧?퓚뇟풶뗘쟸벰?뗄뒴탂듳뚼쫜떽쫐뎡뫍맜훆솦솿뗄듌벤ꆣ믲듳훚뻛벯쟸??쳡릩쫐뎡럖룮뗄믺믡맜훆솦솿냼삨퓙맜샭뫍놾돤ퟣ뛈볠맜튪?Gardener뫍Molyneux????㌻Lipis뗈죋?쟳ꆣ??㠵?ꆣ샻폃뷱쳬뗄뿆벼믹뒡?늻춬샠탍뗄쒿잰훷튪뗄뒴탂쫇뗧ퟓ뷰뮮돖뾨죋뿉뷸죫맺쓚뫍맺볊뗄ATM췸싧ꆣ?EFT?쾵춳뗄펦폃ꆣ횽쏦횧뢶쾵춳뗄쳘뗣뗄좷?뿆톧벼쫵쪹폃뮧컞탨퓙ퟟ뷸럖탐?헢쫇만뚨돉놾쿠뛔뷏뗍떫뇤뚯돉놾좴쿠뛔뷏퇹튲붵뗍쇋틸탐캬돖뢴퓓뗄럖횧췸싧뗄뇘룟?랴펳헢샠닙ퟷ쿂뗄샍뚯쏜벯쫴탔?ꆣ튪탔ꆣ뇭?쿔쪾쇋좫쟲??㠹쓪떽????쓪EFT쾵춳캪틸탐쳡릩쇋죽훖훷튪뗄뚯틲?ATM믺뫍EFTPOS훕뛋쫽솿뗄퓶뎤쟩뿶???붵뗍풱릤뫍횽헅쫽솿?듓뛸뿘훆돉놾??BIS????㌩ꆣ???캬돖뫍쳡룟쫐뎡럝뛮????뒴퓬탂뗄쫕뗧ퟓ쿺쫛뗣?POS?쾵춳쪹짌욷뫍럾컱틦ꆣEFT쾵춳쳡릩쇋잱퓚뗄맦쒣뺭볃?쎿뗄싲훷뿉퓚릺싲쪱죃싴랽춨맽쪹폃튻뿉벤듎붻틗뗄뇟볊돉놾뿉쓜쯦붻틗솿뗄퓶볓뛸믮EFT쾵춳뗄훕뛋듻볇쯻?쯽뗄틸탐헋붵뗍?쯻쏇뗄뇤뚯돉놾뫜뗍쯤좻만뚨돉놾뮧ꆣ램맺뫍뇈샻쪱쫇얷훞쳡릩헢샠럾컱ퟮ쿠뛔뷏룟?Lewis뫍Davis??㤸㜩ꆣ뛠뗄맺볒ꆣ퓚쏀맺?훕뛋뗄쫽솿믱뗃쇋죽퓚뷱쳬뷢돽맜훆뗄쫐뎡?벼쫵뺺헹폅놶뗄퓶뎤?떫쫇쎿냙췲뻓쏱훕뛋펵폐ퟜ솿쫆쫇쪹틸탐돉릦뗄캨튻춾뺶ꆣ떫뗧ퟓ틸탐뇈램맺ꆢ뇈샻쪱ꆢ틢듳샻뫍펢맺뚼짙ꆣ??㤳튵컱럾컱뗄웕벰쫇튻룶뎤웚뗄맽돌?헢훖쓪퓚뇈샻쪱ꆢ램맺ꆢ뗂맺ꆢ틢듳샻ꆢ뫉삼ꆢ컷웕벰맽돌퓚삩햹떽쇣쫛튵쫐뎡잰믡퓚엺랢냠퇀뫍펢맺폐?㈬㠰?췲헅듻볇뾨놻쪹폃?튵쫐뎡쫗쿈뾪쪼?Sinkey?ㄹ㤲?ꆣ퓚튻훖쫇탅폃뾨??ⰶ〰췲헅?뫍뒢탮뾨??????췲맛뗣뗄탎돉뫍ퟮ훕닺욷놻쿻럑헟벯쳥뷓쫜헅?쫽솿뗄솽놶?Farbrother??㤹㐩ꆣ횮볤듦퓚뒴탂쪱훍ꆣ뷓쫜튻쿮뒴탂짦벰떽뇭?쿔쪾쇋쎿????죋돖폐뗄늻춬샠뿍뮧룄뇤웤횧뢶쾰맟ꆣ뾼싇떽헢튻맽돌뷸탍뗄뾨뗄쫽솿?BIS?ㄹ㤴?ꆣ뾨뗄샠탍틑뺭햹뮺싽뗄쫴탔?뗧ퟓ틸탐튵컱퓚쇣쫛쫐뎡듓횻쳡릩쿖뷰릦쓜랢햹떽쇋엤룸싃탐횧욱뗄췆맣쿠뛔믡룼싽?ퟔ뚯쳡뿮믺?ATMs?믲뗧펰욱뗄릦쓜?놻돆캪훇쓜뾨벼쫵?ꆣ탅돽췢ꆣ폃뾨뢳폨돖뾨죋튻뚨뗄탅폃?돖뾨죋뇘탫뿆벼룄뇤ퟅ쿖듺틸탐뗄쏦쎲ꆣퟔ뚯믡퓚맦뚨뗄웚쿞쓚쪹쫕횧욽뫢?럱퓲뛔쪣폠
