Использование метода событий в исследованиях слияний и поглощений на развитых и развивающихся рынках капитала
Ключевые слова: портфельный подход, концепция VaR, хеджирование рисков, хедж-премия, стоимость компании
The collection contains the research results presented at the international conference "Sustainable growth: society and economy". Articles cover the entire spectrum associated with sustainable growth problems: economic, environmental, and financial.
Taking into account the transformation in economic reality towards knowledge economy, it seems logical for company’s intellectual capital to be treated not as a cost but as an investment. Intellectual capital is a resource of creation value equal to physical assets and financial capital. In order for the new system to be consistent it is necessary to define new index of intellectual capital efficiency in the value creation.
Using the theory of efficiency value added by the major company’s resources that are physical capital, human capital and structural capital this paper examines the association with company’s profitability, productivity and market value. Data is drawn from a sample of 56 Russian publicity traded firms from sectors heavily reliant on intellectual capital that are communication systems, instrumentation, pharmacology and financial services. Empirical research is conducted using correlation and linear multiple regression analysis.
This paper analyses from a financial perspective one of the most controversial of company assets, namely goodwill. The controversial nature of goodwill lies not only in its definition but also in its evaluation and accounting disclosure, giving rise in recent years to an important line of research centred on impact of goodwill on company performance.
The paper has a two-fold objective: First, to compare international and national standards of accounting of goodwill, to work out a number of suggestions for unification and optimising of accounting methods; and secondly to evaluate the impact of goodwill from the perspective of company value. The comparison focuses on the advantages and potential complexities of international standards highlighting the many problems and ambiguities that will arise in the application of those rules for Russia. On the other hand, we underline that both the acquired and the generated goodwill influence the value of a company and unifiacation of accounting methods is inevitable.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.