Диагностирование инсайдерской торговли в период перед случаями административного давления на бизнес
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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In this paper we will lean on the behavioral explanation of return dynamics. The most popular behavioral origin of autocorrelation is gradual information diffusion between equity securities [Badrinath et al., 1995] and different groups of investors [Hong, Stein, 1999]. The first point out, that some piece of information is instantaneously considered to be price-relevant for a certain industry or individual company, but after a while the investors realize, that the information revealed has an effect on valuation of further assets, what induces the prices of these further stocks to follow and thus generate autocorrelation of index returns. The latter argue, that investors perceive different bits of news (even on the same company) and gradually exchange the information they got, until each of them can get together a whole picture from the different parts, similar to children putting a puzzle together. Since each investor gets the same bit of information from a previous investor, he acts on it in the same way (assuming he draws the same conclusions) with a lag, thus inducing serial correlation on single equity and index returns as well.
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.
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.