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Regular version of the site
Of all publications in the section: 229
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Article
Бобрышев Н. К., Пирогов Н. К. Корпоративные финансы. 2009. № 10. С. 40-56.
Added: Jul 6, 2009
Article
Черкасова В. А., Черкасова Е. С. Корпоративные финансы. 2010. № 4(16). С. 52-60.

This article is devoted to the decision-making mechanism of vertical integration at a company level. Different approaches to the analysis of vertical integration transactions, which exist for today, are revealed. The estimation of existing ways of the analysis is given, relationships between the various factors, which influence the general result of vertical integration transactions, are determined. In the article the recommendations for the Russian car industry are given on the basis of the review of the vertically integrated companies, which exist for today, the mathematical model is described, which explains the logic of the firm's decision of integration.

 

Added: Oct 27, 2012
Article
Кокорева М. С., Юлова С. М. Корпоративные финансы. 2013. № 4 (28). С. 5-22.

The paper presents the results of dynamic trade-off empirical testing on the data of 30 countries for 2005-2010.  The authors show that the speed of adjustment to the target capital structure for Western Europe countries is mostly determined by internal factors. Meanwhile for emerging capital market the growth rate of GDP as well as time dummy variables are crucial determinants of speed of adjustment. Institutional factors such as credit and bankruptcy institutions developments revealed nonlinear relationship with the speed of adjustment. Moreover, investor protection developmens is also a significant determinant that exhibits positive relationship for both developed and emerging markets.

Added: Mar 10, 2014
Article
Байбурина Э. Р., Шустрова Е. А. Корпоративные финансы. 2008. Т. 8. № 4. С. 58-78.
Added: Nov 6, 2012
Article
Маричева Н. Н., Рогова Е. М. Корпоративные финансы. 2016. Т. 10. № 4. С. 68-82.

The paper represents the results of empirical testing of market reaction at the announcements on takeovers at Russian and European financial markets. It contains an attempt to reveal the differences in market reactions between both friendly acquisitions and hostile takeovers, and European and Russian markets. On the base of the study, the authors conclude that the difference in the reaction at the information on friendly acquisitions and hostile takeovers is significantly valuable for all the markets. The information on hostile takeovers causes the negative reaction elsewhere, but its impact at the Russian market is stronger than the European ones. In addition, the authors examine the features of the deals and the acquiring companies, and their relationship with the cumulative abnormal returns caused by acquisitions. The study is performed by event studies and regression analysis. The sample consists of 220 announcements of 93 public companies from Russia and 6 European countries from different sectors of economy for the period of 2006–2015.

Added: Mar 17, 2017
Article
Алексеев А. А., Иванинский И. О., Озорнина О. В. и др. Корпоративные финансы. 2009. № 1(9). С. 81-86.

The article gives an overview of influence of stock market discrimination on market value of companies in China. There are two types of shares on Chinese stock market: class A shares, which are available for domestic investors, and class B shares, which are available for foreign investors. Such market structure is not a unique Chinese market's feature. It is also used in such countries as Finland, Singapore, Switzerland, Thailand, etc. What differs Chinese market from markets with similar structure is the fact that class B shares are traded with substantial discount to class A shares. Such a situation is explained by such factors informational asymmetry between domestic and foreign investors; different liquidity of different classes of shares; diversification effect, connected with investment in Chinese stock market; size of companies; ratio of amounts of shares of different classes; stock exchange where company's shares are traded.

 

Added: Mar 3, 2013
Article
Байбурина Э. Р. Корпоративные финансы. 2010. № 16. С. 25-40.
Added: Dec 16, 2010
Article
Тюрина Е. И., Иванинский И. О. Корпоративные финансы. 2010. № 3(15). С. 95-103.

Current article is an overview of models of influence of intellectual capital over the corporate financial decisions, as a main factor, influencing the value of firms. The importance of intellectual capital has dramatically increased with the transition to the knowledge economy. Inclusion of factors of intellectual capital into the models of corporate financial decisions is a way to increase the quality of analysis. Despite the fact that the influence of the intellectual capital on firms and corporate financial decisions in developed markets of the USA and the Western Europe is a proven fact, the evidence from the emerging markets is still scarce. Current researches of corporate financial decisions rarely include intellectual capital as a factor. Current article demonstrates the results of inclusion of these factors. Results of analysis of early works show negative relationship between intellectual capital and both the level of financial leverage and dividend payout ratio. However, more recent research, considering the efficiency of utilization of intellectual capital, shows that relationship between the efficiency of utilization of intellectual capital and the level of financial leverage is positive. At the moment there is no direct empirical evidence of relationship between the efficiency of utilization of intellectual capital and the dividend policy.

 

Added: Oct 28, 2012
Article
Чиркова Е. В., Мороз И. В., Дранев Ю. Я. Корпоративные финансы. 2014. Т. 4. № 32. С. 101-127.

Shareholder conflict may significantly impact market capitalization of a firm because of rising risk of additional reputational costs. In this paper we analyze changes in value of Russina telecommunication company Vimpelcom after mass media announcements about developments in lawsuits between major shareholders in 2005-2013. We suggest methodology of prediction of market reaction. All announcements are classified according to several characteristics. Calculation of abnormal return allowed us to estimate cumulative losses of shareholders of Vimpelcom due to the conflict between Altimo and Telenor.

Added: Feb 2, 2015
Article
Черкасова В. А., Дуняшева Р. Ф. Корпоративные финансы. 2014. №  2. С. 3-18.

This paper contributes to understanding the relationship between insider ownership and investment performance in emerging markets measured by marginal Tobin’s Q. We will attempt to separate the positive wealth effect of managerial ownership from the negative entrenchment effect. The research analyses other determinants of corporate investment performance: institutional ownership, firm size and R&D intensity. The study was conducted on the sample of companies of Brazil, Russia, India and South Africa over 4-year period, 2009-2012.

Added: Oct 7, 2014
Article
Репин Д. В. Корпоративные финансы. 2009. № 1(9). С. 41-69.

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.

Added: Feb 10, 2010
Article
Макеева Е. Ю., Саргсян Г. В. Корпоративные финансы. 2014. № 1 (29). С. 4-18.
This paper is concerned with stock liquidity as a factor in making capital structure decisions by managers of Russian firms. Although a big number of studies on capital structure occurred over the last few decades, stock liquidity has only recently attracted scholars’ attention as a possible driver for the choice of capital structure. Yet the existing papers are based on data from the developed capital markets. The latter differ substantially from the Russian market in terms of institutional environment and more liquid stocks. Against the background of revisions in the Russian clearing system that are expected to boost liquidity of stocks, this paper gains in currency. The theoretic mechanisms behind the interplay of stock liquidity and capital structure are discussed in previous studies. Lower stock liquidity is associated with higher transaction costs and informational asymmetry, and thus with higher required return. Therefore it is assumed that the managers aiming at firm value maximization would prefer debt to equity financing in case if stock is not liquid enough. There are also theoretic grounds to expect an opposite impact of capital structure on stock liquidity. However, the sign of such an influence has to be defined. On one hand, excessive indebtedness raises risks for investors, and thus undermines attractiveness of stocks and deteriorates liquidity. On the other hand, debt can induce managers to take more responsible decisions. This may reduce agency costs and informational asymmetry and have favorable effect on stock liquidity. Hypotheses are tested on data of Russian companies listed on MICEX in 2006 – 2011. We take company-years as observations. Dummy variables are introduced in order to account for the period of financial crisis in 2008 – 2009. The results of regression analyses suggest that the hypothesis about negative stock liquidity influence on capital structure is not rejected. Positive influence of capital structure on liquidity is also statistically significant. These opposite effects do not offset each other due to different adjustment speeds and effect sizes. The dummy variables indicate that the acquired patterns are not valid during the crisis.
Added: Mar 15, 2016
Article
Черкасова В. А., Мочалов Д. С. Корпоративные финансы. 2012. №  № 4(24). С. 46-57.

In this article an influence of the uncertainty on the forward market is researched, arising at formation of the prices for derivative financial instruments, a base asset for which is the main production of the large russian extracting companies. The prices which are establishing on derivative financial instruments are expectations of future prices for base assets of derivatives. Such data are the certain aggregated forecast of future situation which the companies should take into consideration at formation of the investment policy.

Added: Feb 26, 2013
Article
Черкасова В. А., Мочалов Д. С. Корпоративные финансы. 2012. № 24 (4). С. 46-57.

Investment activity is a major factor of economic and innovative progress of the companies because due to the capital investments the growth possibilities of the company are created and realized, the same as increments of the investments and an increase in the value of the company. Thus different uncertainty, which is capable to influence essentially the investments of the companies and their efficiency, becomes an important object for researches.

In this article the analysis of influence of the uncertainty was carried out, which arises on the forward market at formation of the prices for derivative financial instruments, a base asset for which is the main production of the large Russian extracting companies, which make an economic base of the country.

The level of development of investment planning is at insufficient level in such companies when the simplified models are used for creation of investment budgets. It leads to the increase of investments at several times during the implementation of the project.

In the last decade the financial markets began to play a significant role in activity of the russian companies, especially in the large companies, who want to take a stand at the international markets. Thus it would not be correct to be limited by consideration only classical stock market, where a trade of shares and bonds takes place, because rather young market of derivative financial instruments even in the western countries is also capable to make a considerable impact on activity of the companies and hence demands careful studying.

In the given circumstances the detection of the general regularities and dependences is necessary, and also the development of forecasting models, which would make planning process more exact. The correct prediction of future financial flows of the company can essentially increase the efficiency of investments of the company as the size of available funds will be estimated more adequately that will allow to provide the financing of important projects in due volume without distracting funds for significantly small projects in a situation when there can be a shortage of financing.

The value of this research is that on the forward market the prices, which are establishing on derivative financial instruments, are the expectations of future prices for base assets of such derivatives.

Such data are the aggregated forecast of future situation that the companies are not only able to, but should take into consideration at formation of the investment policy.

The uncertainty, which was expressed as volatility of the prices of derivative financial instruments, was investigated on existence of defining factors. The regularities revealed in this research, and also the carried-out imitating modeling of recurrence of uncertainty fluctuations, can help managers of the companies with adoption of right investment decisions and with the decision on a delay of implementation of the project in a situation of high predicted market uncertainty.

Investment activity is a major factor of economic and innovative progress of the companies because due to the capital investments the growth possibilities of the company are created and realized, the same as increments of the investments and an increase in the value of the company. Thus different uncertainty, which is capable to influence essentially the investments of the companies and their efficiency, becomes an important object for researches.

In this article the analysis of influence of the uncertainty was carried out, which arises on the forward market at formation of the prices for derivative financial instruments, a base asset for which is the main production of the large Russian extracting companies, which make an economic base of the country.

The level of development of investment planning is at insufficient level in such companies when the simplified models are used for creation of investment budgets. It leads to the increase of investments at several times during the implementation of the project.

In the last decade the financial markets began to play a significant role in activity of the russian companies, especially in the large companies, who want to take a stand at the international markets. Thus it would not be correct to be limited by consideration only classical stock market, where a trade of shares and bonds takes place, because rather young market of derivative financial instruments even in the western countries is also capable to make a considerable impact on activity of the companies and hence demands careful studying.

In the given circumstances the detection of the general regularities and dependences is necessary, and also the development of forecasting models, which would make planning process more exact. The correct prediction of future financial flows of the company can essentially increase the efficiency of investments of the company as the size of available funds will be estimated more adequately that will allow to provide the financing of important projects in due volume without distracting funds for significantly small projects in a situation when there can be a shortage of financing.

The value of this research is that on the forward market the prices, which are establishing on derivative financial instruments, are the expectations of future prices for base assets of such derivatives.

Such data are the aggregated forecast of future situation that the companies are not only able to, but should take into consideration at formation of the investment policy.

The uncertainty, which was expressed as volatility of the prices of derivative financial instruments, was investigated on existence of defining factors. The regularities revealed in this research, and also the carried-out imitating modeling of recurrence of uncertainty fluctuations, can help managers of the companies with adoption of right investment decisions and with the decision on a delay of implementation of the project in a situation of high predicted market uncertainty.

Added: Dec 23, 2014