Влияние конфликта акционеров на рыночную стоимость компании на примере ОАО «Вымпелком»
Shareholder conflict may significantly impact market capitalization of a firm because of rising risk of additional reputational costs. In this paper we analyze changes in value of Russina telecommunication company Vimpelcom after mass media announcements about developments in lawsuits between major shareholders in 2005-2013. We suggest methodology of prediction of market reaction. All announcements are classified according to several characteristics. Calculation of abnormal return allowed us to estimate cumulative losses of shareholders of Vimpelcom due to the conflict between Altimo and Telenor.
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The article presents the results of the research regarding abnormal return in M&A domestic and cross-border deals completed by Russian mining and metal companies. Contrary to earlier studies that found positive abnormal return of international mergers and acquisitions, our research revealed that cross-border deals performed by Russian metallurgical companies show negative abnormal return. Financial multiples of cross-border transactions are higher than that of domestic deals, which points to overpayment of Russian acquirers when buying assets abroad. In addition market discourages deal targeting financially distressed companies, as well as acquisitions of targets from culturally distant countries. One interesting finding of the research is that the most active cross-border acquirer – Severstal JSC – more often purchases financially distressed targets and generally demonstrates lower cumulative abnormal return compared to other Russian mining and metal companies.
The article presents the results of the research regarding abnormal return in M&A deals with private and public targets in emerging markets. The research was devoted to empirical verification of the dependence of buyer's abnormal return on the factors determining private target discount, as well as excess premium paid for the target compared to average industry multiples. Private target discount was defined as the difference between the deal value and the price calculated based on average multiples of comparable public companies. In addition the ability of the market to differentiate deals with wrong motivation, in particular transactions aimed at bootstrapping, was analyzed.
The paper presents the results of the research of the market reaction to announcements about information technologies investments, made by Russian companies. Despite of the importance of such investments for the competitiveness of the modern enterprise, their impact at the companies’ value needs in the further study and does not seem evident. Though Russian information technologies’ market reveals the dramatic growth, the statistic data highlights that the companies’ management tends to be rather economic in the sphere of information technologies’ investments. The reaction of the Russian market to the announcements about the companies’ information technologies investments is analyzed on the base of the event study analysis. The study is made for the period of 2009-2012. The results define the factors, enhancing the companies’ value growth due to information technologies investments.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.