Кооперативные инвестиции и причины недоинвестирования в специфические активы
We investigate the phenomenon of asymmetric information that is typical in both developed and emerging markets. The purpose of this paper is to explore the impact of asymmetric information on the value-enhancing capital budgeting in emerging markets. This study examines three measures of asymmetric information – general return variation, firm-specific return variation and stock price delay. We apply the deviation of a firm's estimated marginal Tobin's q from a benchmark as an indicator of effective capital budgeting. Finally the impact of asymmetric information on the value-enhancing capital budgeting has been analyzed. Research was conducted with 1080 listed BRIC companies from 2005-2014. The key findings of the paper are: stock price informativeness measured by daily general return variation and daily firm-specific return variation has a significant influence of investment performance. We find that the high level of investment opportunities and financial constraints lead to less efficient investment decisions. Moreover industry analysis reveals that the high peers’ stock price informativeness measured by weekly general return variation and weekly firm-specific return variation lets managers to improve the corporate value. Our study contributes to emerging literature on the determination of relevant investment model by showing that managers can improve the investment efficiency and investors can decrease the risks of personal investments. In addition, this study provides additional evidence on the agency problem that affects firms' investment decisions. The analysis concludes that the necessity to reduce the level of information asymmetry is one of the key components of the corporate value maximization that would increase the corporate attractiveness to investors.
The article argues that time delay of relation-specific investments may be considered as a temporal analog of underinvestment often discussed in the theory of the firm. Authors discuss the reasons and the consequences of relation- specific investments time delay and review two possible versions of relation- specific investments time delay differ depending on whether or not the time of investment is observed by the partners.
This article provides an analysis of the impact of the funding policy for the investments of the company using a method that takes into account the problem of èndogennosti of the studied parameters, analyzed and evaluated factors influencing the key aspects of the funding policy. The comparative analysis of existing methodologies link corporate policies and investments.
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.