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Of all publications in the section: 236
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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
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
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
Article
Котляров И. Д. Корпоративные финансы. 2011. № 1. С. 32-39.

The present article contains a description of new method of royalty calculation based on analysis of risk decrease generated by franchisor's intellectual assets transmitted to franchises.

Added: Oct 2, 2012
Article
Буянова Е. А., Саркисов А. Р. Корпоративные финансы. 2016. № 1(37). С. 46-58.
Added: Apr 8, 2016
Article
Кузубов С. А. Корпоративные финансы. 2016. Т. 10. № 4. С. 7-8.

The review summarizes the results of the round table "Foresight Of Financial Professions: Accountant And Auditor (Results Of The Round Table", held on 20.12.2017 by the Department of Finance, Faculty of economic Sciences of the HSE in cooperation with the Department of accounting, analysis and audit of Financial University and devoted to the discussion of future trends and new requirements to professional training of specialists in accounting and auditing.

Added: Mar 12, 2017
Article
Дуляк Ю. И. Корпоративные финансы. 2012. № 1(21). С. 24-32.
Added: Dec 26, 2012
Article
Родионов И. И., Божья-Воля Р. Н. Корпоративные финансы. 2014. № 3 (31). С. 38-54.

The article introduces business liquidity concept as the third (in addition to risk and return metrics) determinant of company performance. The issues discussed include the analysis of key liquidity elements and the influence of agency costs, uncertainty and market incompleteness on financial decisions. We analyze in details the firm liquidity model based on the assumption of negative marginal rate of substitution between business value and liquidity in the situation of scarce external financing.

Added: Nov 18, 2014
Article
Михайлов В. А. Корпоративные финансы. 2008. № 3(7). С. 56-61.

In this review author addresses the problem of finding the empirical evidence for propositions of static trade-off theory of capital structure. The object of the ongoing analysis is the results of studies, in which the features of companies' capital structure in different countries are compared. The review covers a number of sophisticated researches by different authors, who use classic investigation approaches (regressions) and some less widely spread ones. It is found to be clear that in most cases the results depend much on the approach used by the author. The stress is put on some alternative methods, particularly, on the surveys of chief executives in order to uncover their opinion about the importance of different factors affecting the process of making financial decisions. The aim of the review is to examine the three sides of the comparative analysis between different countries: 1) contribution of classic factors (tax shield and costs of financial distress) into the capital structure of companies in different countries; 2) the degree of confirmation of static trade-off theory in American and non-American companies; 3) influence of country-specific factors on the capital structure. In result author comes to a conclusion that though some difference in capital structure determinants between countries exists, it is not dramatic. Nevertheless the need to investigate of country-specific factors still remains, considering the growth of multinational companies and cross-country transactions. It is important that the common tendencies are noticed among large number of countries, but this fact doesn't mean that the static trade-off theory is confirmed for all of its propositions in all economies, especially considering the gradation of some capital structure factors for managers according to the surveys. On the contrary there is strong evidence that the trade-off model does not explain all of the features of capital structure in the world, though in some cases it can be useful to describe financial policies in particular countries, depending on the quality of political and financial system.

Added: Mar 24, 2013
Article
Герасимова С. М. Корпоративные финансы. 2012. № 1(21). С. 97-109.

The present article offers an overview of the range of recent empirical works focused on the capital structure decisions in the emerging markets. This paper systematizes the specific and essential for analyses of capital structure decisions features of the emerging capital markets. The results of the range of recent empirical researches of capital structure in the emerging markets are given. The generalization of outcomes of recent works which focused on the capital structure decisions in the emerging markets would permit to take into consideration the specificity of such researches in further analyses of capital structure decisions in the emerging markets.

Added: Nov 30, 2012
Article
Байбурина Э. Р., Головко Т. В. Корпоративные финансы. 2008. Т. 6. № 2. С. 5-19.
Added: Nov 5, 2012
Article
Теплова Т. В., Селиванова Н. В. Корпоративные финансы. 2007. Т. 3. № 3. С. 5-25.
Added: Nov 3, 2012
Article
Репин Д. В. Корпоративные финансы. 2009. № 3(11). С. 20-35.
Added: Feb 10, 2010
Article
Зинкевич Н. В., Олеванова Е. А. Journal of Corporate Finance Research. 2008. No. 5.
Added: Nov 6, 2008