Влияние корпоративных новостей на рыночную стоимость компаний
Both, business and academic communities agree that corporate news do affect the company market value. Empirical data shows that once released in the open, corporate news often lead to a rather predictable investor reaction. This investor reaction depends on a great number o factors: whether the news is good or bad, what type of corporate event has lead to the news, how broad is the analyst coverage of the company, what were the preceding company and analyst forecasts, prevailing stock market dynamics at the time, type of company shares, and a dozen of other factors. In our work, we attempted to put together disjoint empirical data, filter out the most significant common factors, determine their influence on the company value, and come up with a coherent big picture. Thereby we have developed a conceptual model that describes what kind of news and under what conditions will influence the company stock price this way or the other. We also propose a qualitative methodology for estimating the influence of news on the stock price. Our model and methodology are meant to help companies to better anticipate market reaction to their corporate announcements, and therefore correct possible negative impact leading to overall more efficient value based management.
Capital structure is one of key company value factor, so it is important to identify its determinants. Existing studies of Russian companies dedicated to capital structure puzzle use only publicly available data therefore ignore a number of important factors, including behavioral ones. Therefore, the current paper uses survey of people responsible for financial decision-making. In addition to choose statistically significant determinants the paper discusses the possibility of using factor analysis to identify groups of factors influencing the choice of funding.
Recently there was a growing body of literature that take into account irrationality of economic agents. Current paper dedicates to the revies of empyrical studies of behavioral capital structure theory named managers personal qualities influence. The topicality of this theory research is determined by its complimentarity with the other traditional and behavioral theories.
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.