Инсайдерская торговля на российском фондовом рынке перед объявлением о сделках по слияниям и поглощениям
Until recently in Russia there were only administrative penalties for illegal insider trading, those were rarely used and insider trading was wide-spread. In 2010 the law on insider trading was introduced. It stipulated criminal penalties for illegal insider trading. An identification of cases of suspected insider trading and a comparison of its scale with other markets is a pertinent issue, including for an evaluation of the effectiveness of the adopted law.
The research of insider trading on developed and emerging markets shows that insiders earn positive abnormal return by trading shares before the announcements of important corporate events on average. This abnormal return is higher in emerging markets. Mergers and acquisitions are such type of corporate events. There is a correlations between severity of the law on insider trading and the size of insider trading.
Our research covered 36 M&A deals in the Russian market in 2006–2013. We have found positive average abnormal returns (ACAR) before the announcement of the deals. They reach 15% at the date of an announcement or a first rumor. These numbers are statistically significant starting from date -12 at the 1% confidence level. Two thirds of the ACAR is realized before the announcement of the deal while in the USA only one third is realized before the announcement. Average abnormal trading volume is also positive. A sharp increase of AVV takes place five days before the announcement. AVV grows up to the date of announcement and reaches 382% of the standard volume one day before the announcement. The existence of positive ACAR and AAV is an indication of the fact that the market learned about the deals before the an official announcement and even before public rumors, that is it hints at the existence of the insider trading in the Russian stock market.
The main aim of the article is to feature historical and modern features of mergers and acquisitions (M&As) deals. For this will be considered: transaction history, the reasons for their appearance, fallacies and self-deceptions during the M&As. Moreover, M&As transactions will be characterized that take place between Russian insurance companies. For example, one of the deals will be characterized on the issue of comparative estimate of the economic productivity (the fit) of its execution.
Adoption of law about inside - very serious step towards formation of the transparent market, without shadow games and gray transactions. The writing, consideration and acceptance of the given statutory act lasted more than 10 years and here, at last, it is accepted. Author tries to analyze, whether it is necessary to wait from it for real results.
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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.
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.