Оценка влияния сделок слияний и поглощений на фундаментальную стоимость компаний в странах BRICS
The paper presents the results of the study of mergers and acquisitions’ impact at the fundamental value of acquiring companies at BRICS countries. The research is based on the Residual Income Valuation (RIV) model. At the sample of 366 M&A deals, related to the period of 2009 – 2012, it was revealed that mergers and acquisitions resulted in the growth of fundamental value per share of acquiring companies. Also the factors, causing the value creation or decrease, were undermined, among which there was the company’s size, the mode of deal funding, the industrial specifics and the method of payment.
This is the third volume in a series of five books which bring together the results of intensive research on the national systems of innovation in the BRICS countries – Brazil, Russia, India, China, and South Africa. This book looks at the relationship between small and medium enterprises and the national systems of innovation in the BRICS countries. It brings to fore crucial issues in the evolution and future trends of industrial or innovation policies for small firms: their scope, applicability, co-ordination, and main results, as well as the influence of macroeconomic, legal and regulatory environments. Taking into account the specificities and complexities of SMEs’ production and innovation systems, it seeks to inform research, policy design and implementation in the field. Combining original and detailed data, this book is an invaluable resource for researchers and scholars in economics, development studies, and political science, as well as policymakers and development practitioners interested in the BRICS countries.
This study identifies how country differences on a key cultural dimension—egalitarianism— influence the direction of different types of international investment flows. A society's cultural orientation toward egalitarianism is manifested by intolerance for abuses of market and political power and a desire for protecting the weak and less powerful actors. We show egalitarianism to be based on exogenous factors including social fractionalization, dominant religion circa 1900, and war experience from the 19th century era of state formation. Controlling for a large set of competing explanations, we find a robust influence of egalitarianism distance on cross-national investment flows of bond and equity issuances, syndicated loans, and mergers and acquisitions. An informal cultural institution largely determined a century or more ago, egalitarianism exercises its effect on international investment via an associated set of consistent contemporary policy choices. But even after controlling for these associated policy choices, egalitarianism continues to exercise a direct effect on cross-border investment flows, likely through its direct influence on managers’ daily business conduct.
This paper is devoted to the analysis of mergers and acquisitions in Russia. Using the statistical and econometric methods the estimation of macroeconomic and industry factors influence on the intensity of mergers and acquisitions processes by sectors of Russian industry is carried out. As a result the relationship between the activity of the redistribution process of the corporate control rights and some industry characteristics such as an involvement into the foreign trade, the relative industry size, the concentration of production is revealed.
The BRICS countries have come a long way in terms of science and related fields, but there is still much that the group could do concerning multilateral cooperation to encourage innovation and address its members’ common challenges.
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.