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Regular version of the site
Of all publications in the section: 81
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Article
Григорьева С. А., Черкасова В. А. Финансовая аналитика: проблемы и решения. 2015. № 35 (269). С. 36-49.
Importance. M&A deals often have different effect on value of transacting companies. M&A announcements build value for special-purpose entities almost every time. They can bring the acquirers’ value up or down in line with certain factors. We investigate mergers and acquisitions assuming that they build value of acquirers, and focusing on how the stock market responds to M&A announcements. Objectives. The research evaluates how M&A in the financial sector influence value of acquirers. The research examines the efficiency of such deals initiated by the West European companies before and after the crisis period of 2000 through 2013. Methods. We examine how the stock market responds to M&A announcements, using the event study analysis. Based on linear regression, we identify key factors that impact on the efficiency of deals in the financial sector. The sample comprises 72 instances. Results. M&A have a negative impact on value of acquirers from developed economies as of the M&A announcement date. National focus of agreements and the size of acquirers positively correlate with cumulative abnormal return of acquirers from developed European economies. Conclusions and Relevance. The outcome should be prudently construed as the real return may not correlate with market expectations, though share prices reflect market expectations of the future cash flows. We conclude that consequences of M&A in banking are visible and static or invisible and dynamic. The latter ones include restructuring and changes in lending practices, which significantly impact on the return of a combined company. However, such consequences are difficult to forecast when M&A announcements just appear.
Added: Oct 5, 2015
Article
Кракович В. В. Финансовая аналитика: проблемы и решения. 2016. № 27. С. 40-50.
Added: Oct 17, 2017
Article
Теплова Т. В., Родина В. А. Финансовая аналитика: проблемы и решения. 2014. № 35(221). С. 2-12.

Importance. The paper highlights the issue of exchange consolidation within intensified consolidation processes in organized trading; in particular, it highlights the consolidation of the two largest Russian exchanges, MICEX and RTS, and foundation of a single trading platform, the Moscow Exchange, in December 2011. Exchange consolidation is widely seen as a way to improve the quality and competitiveness of the trading platform in a market environment featured by an ever intensifying competition and to make it comply with international standards. It is thus reasonable to believe that some market parameters would perform better on a united exchange in comparison to segmented exchanges.

Objective. The paper assesses the effect of the MICEX and RTS consolidation on liquidity. Liquidity is chosen for the research since it facilitates fair pricing of an asset and is one of the key market parameters to be considered by the two market participants – investors and issuers. With respect to investors liquidity is important due to its impact onto the outcome of trading strategies. With respect to issuers liquidity is important since it establishes conditions for determining fair company’s value.

Methodology. To test the hypothesis a comparative analysis of the states of liquidity pre and post exchange consolidation is conducted on a market-wide sample divided into groups of stock of comparable market capitalization. Liquidity is evaluated through three liquidity projections (trading costs, trading activity, and elasticity) which jointly render a more complete and precise depiction of liquidity’s multifaceted nature.

Results/conclusions. Comparative analysis of the states of liquidity on market-wide samples reveals no evidence in favor of positive changes in the state of liquidity in the post-consolidation period. A possible explanation could be that the exchange consolidation facilitated access to the Moscow Exchange for former RTS small- and mid-cap stocks as well as immature issues of newly listed companies. The explanation is supported by comparative analysis of the states of liquidity on “identical market” (i.e. market of identical stock composition pre and post consolidation) where liquidity improves in one of its projections.

Added: Dec 16, 2014
Article
Карминский А. М., Сосюрко В. В. Финансовая аналитика: проблемы и решения. 2010. № 14(38). С. 2-9.
Added: Oct 22, 2012
Article
Кракович В. В. Финансовая аналитика: проблемы и решения. 2015. № 32. С. 51-60.
Added: Oct 17, 2017
Article
Бородин А. И., Татуев А., Шаш Н. Финансовая аналитика: проблемы и решения. 2015. № 21(255). С. 2-15.
Added: Jun 17, 2015
Article
Рассказова А. Н. Финансовая аналитика: проблемы и решения. 2011. № 32. С. 10-20.
Added: Oct 12, 2012
Article
Костюк В. Н. Финансовая аналитика: проблемы и решения. 2012. № 32. С. 2-11.
Added: Feb 22, 2013
Article
Полетаева В. М., Егорова Н. Е., Смулов А. М. Финансовая аналитика: проблемы и решения. 2012. № 24(114). С. 2-9.
Added: Oct 11, 2019
Article
Тимофеев Д. В. Финансовая аналитика: проблемы и решения. 2014. № 11(197). С. 48-58.

Аt the turn of 2008 Russian banks were traded at hefty P/BV multiples in the range of 3 to 4. That looks like a bubble. This paper is an attempt to reconstruct possible rational logic behind this value which related to a possible real option. Two approaches are employed: decision tree analysis and a binomial model. Following analysis shows that a real option was limited to a select set of investors. Thus suspicion of a local banking bubble is not refuted.

Added: Oct 8, 2014
Article
Макаров А. С., Кузьмичева Е. Е., Пузырева М. С. Финансовая аналитика: проблемы и решения. 2014. № 7(193). С. 14-25.
Added: Feb 5, 2014
Article
Мичасова О. В., Кузнецов Ю., Маркова С. Финансовая аналитика: проблемы и решения. 2014. № 34(220). С. 43-55.
Added: Jan 30, 2015
Article
Волков Р.Г. Финансовая аналитика: проблемы и решения. 2013. № 26(164). С. 34-39.
Added: Nov 2, 2015
Article
Аистов А. В., Кузьмичев К. Е. Финансовая аналитика: проблемы и решения. 2013. № 5. С. 36-44.
Added: Mar 19, 2013
Article
Хвостова И. Е. Финансовая аналитика: проблемы и решения. 2014. № 5 (191). С. 48-54.
Added: Nov 12, 2014
Article
Мичасова О. В. Финансовая аналитика: проблемы и решения. 2014. № 34(220). С. 22-31.
Added: Jan 30, 2015
Article
Ларин А. В., Новак А. Е. Финансовая аналитика: проблемы и решения. 2012. № 20. С. 16-26.
Added: Aug 31, 2012
Article
Кузьмичева Е. Е. Финансовая аналитика: проблемы и решения. 2014. № 1(187). С. 33-40.
Added: Jan 19, 2014