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.
See the world’s #1 investor like never before―and learn how you can replicate his success
Many books have been written about Warren Buffett’s value-investing strategy, and volumes more have been written about becoming a top-tier value investor. Even so, no one can touch the success Warren Buffett has achieved. Why? In this revealing examination of Buffett’s success, practitioner, professor, and bestselling author Еlena Chirkova proposes the key to replicating his achievements is found in his acquisition practices as well as his investment strategy.
In The Warren Buffett Philosophy of Investment, she looks at the man in full to piece together the framework leading to his unmatched wealth-generating prowess. The cornerstone of her study goes beyond investment theory to show Buffett’s core wealth drivers are his philosophies behind Berkshire Hathaway. From his decision to create a joint stock company (instead of a mutual fund) to his hands-off policy with acquired companies to making himself a brand-name of mergers and acquisitions―she illustrates an intimate portrayal of Buffett operating behind the scenes by piecing together his career with scholarly diligence and scrutiny. Even well-read Buffett followers gain fresh insight into the man by discovering:Where his divergence from the principals of Ben Graham and Philip Fisher make him a superior investor Why his unorthodox perspective on the financial markets keep him ahead of the curve How his vision of risk, interpretation of volatility, and scepticism about investing in technology companies are interconnected What he sees as the critical problems of corporate finance
Additionally, readers are treated to extraordinary coverage of how Buffett strategically set up Berkshire Hathaway to suit his personal long-term investment strategy and provide almost cost-free leverage. See how Buffett’s singular acquisition tactics and portfolio investments earned Berkshire Hathaway the distinction as “the right home for the right people,” which gives him access to deals unobtainable by other companies and investors.
You’re only investing with half a strategy until you take your value investing to the next level with The Warren Buffett Philosophy of Investment.
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.
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.