Влияние выбора акций как средства платежа на эффективность сделок M&A в условиях информационной асимметрии
The choice of stock as a method of payment in M&A deals is usually considered by researchers as a signal of acquirer’s stock overvaluation that is proved by its negative impact on M&A performance. However, this view doesn’t take into account information asymmetry faced by the acquirer. The choice of stock payment may be used by the acquirer as a mechanism to reduce risks caused by information asymmetry, and thereby send a positive signal to the market. In this paper, drawing on evidence from 713 and 468 cross-border M&As, initiated by companies from US and BRIC respectively, over 2002-2017, we show that stock payment may be beneficial when target firm is a high-tech company and when the cultural distance between acquirers and targets is large. For M&As, initiated by US firms, stock payment may be also beneficial in deals with private targets, and for acquirers from BRIC – in deals with targets located in a weaker political environment.
The impact of mergers and acquisitions on company value is the topic for debate in financial academic literature for a long time. One of the major considerations in any M&A transaction that influence the performance of mergers and acquisitions is the method of payment. Based on the sample of 825 deals in BRICS countries that occur between 1999-2009 we find that motives underlying the method of payment in M&A deals are: acquirer’s cash availability, deal size, the percentage ownership of institutional shareholders in bidder’s equity, the dynamic of bidder’s market to book ratio, the acquired and already owned share of target company at the announcement date.
he article represents the analysis of the market of scientific publications and con- sequences of information asymmetry in this market. Attention is paid to the participants of the market, including different kinds of middle-men that facilitate the interactions between authors and publishers. The purpose of the article is to clarify particular characteristics of the market, which might be helpful for researchers in the process of publication. Nowadays, we observe the expanding gap between levels of signals of universities and researchers from different countries, resulting in different levels of incomes and opportunities for access to scientific knowledge. The article points out that the current system leads to the growth of power of major players of this market, and this is the result of concentration of property rights within the industry.
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.