                                             539

3 ., : Michael . Jensen and William H. Meckling, Theory of the Finn: Managerial Behavior, Agency
Costs and Ownership Structure, Journal of Financial Economics, 3, no. 4 (October 1976), pp. 305360; Eugene
F. Fama, Agency Problems and the Theory of the Firm, Journal of Political Economy, 88, no. 2 (April 1980),
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and Economics, 26 (June 1983), pp. 301-325; Eugene F. Farma and Michael C. Jensen, Agency Problems and
Residual Claims, Journal of Law and Economics, 26 (June 1983), pp. 327-349;  vol. 11 (April 1983)
 vol. 20 (January/March 1988) Journal of Financial Economics; and Michael C. Jensen, Eclipse of the Public
Corporation, Harvard Business Review, 89, no. 5 (September/October 1989), pp. 61-74.

4        .

5  ,         
 ,      ,    . -
 ,         
   ,     ,   -
   . .: Michael C. Jensen, Agency Costs of Free Cash Flow,
Corporate Finance and Takeovers, American Economic Review, 76, no. 2 (May 1986), pp. 323329.

6 Ribert Comment and Gregg A. Jarrell, The Relative Signalling Power of Dutch-Auction and Fixed-Price
Self-Tender Offers and Open-Market Share Repurchases, Journal of Finance, 46, no. 4 (September 1991),
pp. 1243-1271.

7  , ,         -
     ,      -
,    .

8       ,  ,  
. .: Josef Lakonishok and TheoVermaelen, Anomalous Price Behavior Around Repurchase
Tender Offers, Journal of Finance, 45, no. 2 (June 1990), pp. 455477.    -
  ,   .

9   - .: Dividends and Interest: Who Gets Payments After a Trade?, AAII
Journal, 12, no. 4 (April 1990), pp. 8-11.

10          : Josef Lakonishok and

Baruch Lev, Stock Splits and Stock Dividends: Why, Who, and When, Journal of Finance, 42, no. 4

(September 1987), pp. 913-932.
" .: Eugene F. Farma, Lawrence Fisher, Michael C. Jensen, and Richard Roll, The Adjustment of Stock

Prices to New Information, International Economic Review, 10, no. 1 (February 1969), pp. 121; and Guy

Charest, Split Information, Stock Returns and Market Efficiency1, Journal of Financial Economics, 6,

no. 2/3 (June/September 1978), pp. 265-296.

12 .: Thomas E. Copeland, Liquidity Changes Following Stock Splits, Journal of Finance, 34, no. 1 (March
1979), pp. 115-141; and Robert M. Conroy, Robert S. Harris, and Bruce A. Benet, The Effects of Stock
Splits on Bid-Ask Spreads, Journal of Finance, 45, no. 4 (September 1990), pp. 12851295.

13 Mark S. Grinblatt, Ronald W. Masulis, and Sheridan Titman, The Valuation Effects of Stock Splits and Stock
Dividends, Journal of Financial Economics, 13, no. 4 (December 1984), pp. 461-490.

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