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Regular version of the site
Of all publications in the section: 229
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Article
Дьячкова Н. Ф. Корпоративные финансы. 2018. Т. 16. № 2. С. 35-50.

This article describes the credit ratings of Russian and international rating agencies. It provides the description of their scales and its comparison with reference to the Russian industrial companies and financial institutions (banks and insurance companies). In addition, it was designed the table of compliance of credit rating agencies to accredit in Russia. Rating agencies deal with specific value of information rating, the assessment procedure which is carried out and the ratings of all economic entities were represented to the basic scale. With the increased attention on risk comes a growing need for better understanding its elements as well as the continuing development of ratings as a tool to manage it. In accordance to the different methodologies used by the Russian and foreign rating agencies, was determined the class of the rated of each economic entity. The credit rating market is represented by both international and national rating agencies, and the credit ratings standards can vary significantly from one agency to another. They cover credit risk analysis from both a qualitative and quantitative perspective, effectively providing insights into the role where every difference can be very important. Also, foreign rating agencies provide a strong foundation for a review of credit portfolio analytics instead of Russian ones. In this aspect, the generally accepted methods of credit rating issuers are complicated. It is often, that the rating agencies are assigned to the same company different credit ratings. This situation causes a situation of complication and can cause a conflict of interests, especially for investors and government need, so investors have to compare the ratings of these agencies for longterm purposes.

Added: Sep 4, 2018
Article
Чиркова Е. В. Корпоративные финансы. 2010. № 2(14). С. 16-26.

The article describes the development of the sociological and economic theories of herd behavior and discusses their applicability for the explanation of the phenomenon of herd behavior in the financial markets. This article is the second one in the series of three publications devoted to the theoretical foundations of the financial bubbles. The first article dealing with the psychological theories is published in the e-journal The Corporate Finance, vol. 13, # 1, 2010.

Herd behavior,   mass psychology,   Financial market,   financial mania

Added: Oct 27, 2012
Article
Володин С. Н., Кузнецова М. С. Корпоративные финансы. 2015. № 4(36). С. 88-102.

The article analyzes the Russian market of collective investments aimed at determining what type of fund management - active or passive is the most attractive for investors. In addition, the findings have been obtained about the stability of the results of management of mutual funds over time and shown how appropriate is the use of past returns of a fund for making future investments. These and other achievements in the research disclose the specifics of the Russian market of collective investments and allow domestic investors to form a competent policy of investing in mutual funds.

Added: Jan 1, 2016
Article
Макарова Е. А. Корпоративные финансы. 2010. № 1(13). С. 95-105.

There are a lot of theories that explain the company's dividend policy. Most of them confirm the relationship between dividend policy and firm value. The decision to pay dividends is affected by many factors. These factors can vary significantly from country to country. The article represents an overview of the literature on dividend policy in developed and developing capital markets. It is focused on different aspects of dividend policy in developed capital markets: the information asymmetry, taxes, the emergence of agency costs, stock repurchases as an alternative method of payout policy. The basic determinants of dividend policy in developing countries are also analyzed.

Added: Oct 28, 2012
Article
Блинов С. С., Найденова Ю. Н. Корпоративные финансы. 2011. № 4. С. 12-23.

The paper presents a theoretical overview of two models: economic value added (EVA) and Edwards-Bell-Ohlson (EBO) valuation model. The core difference between these models is that EVA measures economic profit based on invested capital, whereas economic profit calculated with EBO model is based on equity value. Thereby it was hypothesized that measure of the latter model has higher explanatory power of company's capitalization and market value added than economic value added. The findings suggest that both measures have a weaker relationship with market capitalization of equity capital than accounting measures (particularly EAT). However, economic profit measure, calculated with EBO model, significantly outperforms EVA and EAT in explanatory power of MVA.

Added: Oct 2, 2012
Article
Котляров И. Д. Корпоративные финансы. 2010. № 3(15). С. 104-112.

The present article contains an analysis of economical, financial and organizational leasing factoring and forfeiting nature. It is demonstrated that all these forms of financial entrepreneurship have an outsourcing component. The intermediary financing definition is proposed. The comparative analysis of these business tools has been made.

 

Added: Nov 5, 2012
Article
Чиркова Е. В. Корпоративные финансы. 2010. № 3(15). С. 63-72.

The article represents a review of the different theories of financial bubbles developed within modern financial theory. It is a concluding article in a series of three articles devoted to the theoretical foundations of financial bubbles. The previous articles are published in the e-journal The Corporate Finance, vol. 13-14, # 1-3, 2010.

 

Added: Oct 27, 2012
Article
Найденова Ю. Н., Завертяева М. А. Корпоративные финансы. 2011. № 2. С. 92-98.

Awareness of corporate value growth importance for all stakeholders as well as strengthening of intangible assets' role in the process of value creation makes it necessary to study the mechanism of intellectual capital transformation in the resulting indicators. However existing studies show poor development of methods for measuring of value created by the components of company's intellectual capital which makes analysis of the effectiveness of its use and impose limitations on value management. This paper is devoted to theoretical review and formulation of the problems for further analysis of value creation and destruction as a result of using both tangible and intangible assets.

Added: Oct 2, 2012
Article
Данови А., Карлетсос Д. Корпоративные финансы. 2012. № 2(22). С. 95-106.

This paper analyzes thirty-two cases including alliances, merger consortiums, acquisitions and partnerships between diverse major Italian companies in the Local Public Transportation Sector. In order to single out the principal trends, special attention has been paid to the aims of the players, their needs and the strategies implemented. The actions taken by the institutions and the competent authorities regarding the regulations have also had a very important role, mostly after the Law 422/97 (Decreto Burlando), that, by introducing transparent public selections, has forced Local Authorities to modify players' strategies to become more efficient and sustainable by promoting, liberalizing and modernizing the service. The players, accustomed to a competition-free framework, have had to face the change by M&A processes establishing alliances and collaborations, proactively redefining their positions, to ward off the threats of liberalization.

Added: Nov 27, 2012
Article
Запорожский А. И. Корпоративные финансы. 2007. Т. 1. № 1. С. 78-110.
Added: Nov 2, 2012
Article
Байбурина Э. Р., Майоров Ю. Корпоративные финансы. 2008. № 7.
Added: Nov 6, 2008
Article
Святковская Е. Ю. Корпоративные финансы. 2016. № 2. С. 5-26.

This paper analyzes the impact of the management the risk of material misstatement in accounting system for the internal control of financial transactions. The previous studies did not consider the management the risk of material misstatement as a component of accounting process. The research framework consists of several steps. First, the existing Russian research on models of accounting and internal control systems was investigated. Second, the Russian internal control legislative framework was analyzed. Lastly, internal control policies in Russian organizations were surveyed about the effectiveness of internal control to prevent the material misstatements.

 The research has shown the relationship between internal control, accounting and audit processes in organizations with effective internal control system based on the management of risk of material misstatement. Analysis of existing Russian internal legislative framework has shown inconsistent between the rules for building internal control system and their audit.  The survey of internal control policies in Russian organizations has shown the weak of the build internal control systems to prevent the material misstatements.

The integration of the identification and assessing risk of material misstatement in accounting process forms a new accounting model - control-based accounting system, which is treated as an accounting system designed to ensure the continuous control over every financial transaction.  The risk mapping based approach was proposed for the identifying and the assessment the risk of material misstatement. The results of the research could be used for building a control-based accounting system and for the assessment the risk of material misstatement in this accounting system.

Added: Sep 19, 2016
Article
Родионов И. И., Протасов В. С. Корпоративные финансы. 2010. № 4(16). С. 41-51.

Importance of the investments in the modern economy stipulates necessity of increase of accuracy in researches on it. This aim could be reached by sectoral factors including in investigation. The article shows significance of sectoral factors for investment behaviour, brings recommendations for empirical research, and classifies factors in oil and gas industry.
Capital structure choice is among the key corporate decisions which influence its long term performance and it is considered to be one of the core problems in th theory of corporate finance. Despite the existence of plenty of empirical research papers in the area, many conceptual problems have not been resolved even for developed economies. The existing research on emerging markets covers only few countries within this group and does not provide empirical results for all classical capital structure concepts. The main research question of this paper is to explore whether the firms from Eastern and Central Europe follow the pecking order of financing. Does the pecking order concept underlie the motives for long term financing policies in industrial firms in emerging capital markets of Eastern and Central Europe?

 

Added: Oct 27, 2012
Article
Родионов И. И., Протасов В. С. Корпоративные финансы. 2011. № 4. С. 112-121.

Importance of the investments in the modern economy stipulates necessity of increase of accuracy in researches on it. This aim could be reached by sectoral factors including in investigation. The article shows significance of sectoral factors for investment behaviour, brings recommendations for empirical research, and classifies factors in oil and gas industry.
Capital structure choice is among the key corporate decisions which influence its long term performance and it is considered to be one of the core problems in th theory of corporate finance. Despite the existence of plenty of empirical research papers in the area, many conceptual problems have not been resolved even for developed economies. The existing research on emerging markets covers only few countries within this group and does not provide empirical results for all classical capital structure concepts. The main research question of this paper is to explore whether the firms from Eastern and Central Europe follow the pecking order of financing. Does the pecking order concept underlie the motives for long term financing policies in industrial firms in emerging capital markets of Eastern and Central Europe?

Added: Oct 2, 2012
Article
Галанова А. В., Дукова В. В. Корпоративные финансы. 2018. Т. 12. № 4. С. 43-60.

This article proposes a new extended approach to identifying the economic determinants of the performance of Russian mutual funds. The purpose of this study is to identify the factors that affect mutual funds’ excess return, both in the aggregate form (for the Russian mutual fund market in general, i.e. broad categories of funds with different underlying assets types), and for specific mutual funds (i.e. the specific performance indicators of individual funds). The convention­al analysis scheme is extended by two stages: first, by analysing the momentum-effect (simple and risk-adjusted) using the Carhart model; and secondly, by testing the hypothesis on the coefficients significance using the bootstrap-method, which allows one to analyse the excess return of specific, individual mutual funds. Data from a sample of 667 Russian mutual funds for the period from 2000 to 2016 was analysed. The study revealed the following results. Investors can rely on historical data when selecting Russian mutual funds (the momentum factor is significant). Adjustment for risk improves the results (Treynor and Sharpe measures seem to cope best of all). The α Carhart coefficient is significant for only 7% of the sample, and thus it does not make sense to employ it in further analysis for every fund. The excess returns in the regression with funds’ characteristics are suitable to be set apart by the α Carhart coefficient and the benchmark estimation, which significantly refines the obtained results and improves the quality of the model.

Added: Feb 22, 2018
Article
Байбурина Э. Р., Родионов И. И. Корпоративные финансы. 2011. № 1. С. 5-32.

Hi-tech innovative alliances tend to have more key sustainable competitive advantages in comparison with those out of alliance, especially because alliances allow the companies to switch through the partners the financial burdens and intellectual investments in innovations. BRIC make an important input into Gross World Production and its hi-tech industries grow faster than others over developing countries. However companies of these industries still lack internal resources of innovative and technological facilities, e.g. Russian companies, because of that alliances (usually, international anв transnational) acquire more and more popularity. Alliances give the access towards resources and competences of the direct and indirect partners. The paper describes the empirical evidence of alliances efficiency factors and its influence on the high-tech companies of India and China. This evidence can be replicable to some extent and useful to the development of Russian companies. According to the testing results it is possible to assume, that efficiency of alliances has the significant impact on the corporate value in the mid-term. The crisis has significant impact on the observable dependencies.

Added: Oct 2, 2012