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Regular version of the site
Of all publications in the section: 239
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Article
Протасов В. С. Корпоративные финансы. 2012. № 1. С. 58-70.
Added: Feb 6, 2013
Article
Черкасова В. А., Смирнова И. Н. Корпоративные финансы. 2012. № 2. С. 45-57.

In the article reveals an influence of various stages of life cycle of the company on its investment activity. For this purpose it is necessary to follow the dynamics of a life cycle of the separate organization and to find new approaches tin the management policy of the company. The article contains the description of features of a corporate investment policy for each stage of life cycle, the phase of revival of business is separately considered. The methodological basis of research is presented, the constructed models are empirically tested.

Added: Nov 26, 2012
Article
Партин И. М. Корпоративные финансы. 2012. № 2(22). С. 24-33.

Target company valuation in mergers and acquisition (M&A) deal can depend on the type of the acquirer. There is a prevalent opinion that strategic investors pay more for the target company shares than financial investors, which usually pay less. In this article we use regression analysis in order to examine this hypothesis. We take EV/EBITDA deal multiple as a dependent variable in the model. Our analysis shows that hypothesis cannot be rejected. Thus owners of the target companies should consider strategic investors as preferred option in M&A deal, since they can pay more.

Added: Nov 27, 2012
Article
Чиркова Е. В. Корпоративные финансы. 2011. № 2(18). С. 24-32.

The paper discusses the negative consequences of financial bubbles and the advisability of their monetary regulation. Pros and cons of possible responces of monetary authorities on the formation of a financial bubble and of possbile behavior of the regulator while a bubble collapses are analysed based on the availability and effectiveness of the regulatory instruments, possible negative consequences and externalities of different tactics, and the abilities of the regulator to indentify bubbles. 

Added: Jan 18, 2012
Article
Чиркова Е. В. Корпоративные финансы. 2011. № 2. С. 24-32.

The article discusses the negative consequences of financial bubbles and the appropriateness of the monetary regulation thereof. The pros and cons of the monetary authorities' possible responses to financial bubbles and the options for the regulator's behavior during the inevitable collapse of the bubble are analyzed based on the availability and effectiveness of the regulatory instruments, possible negative consequences and externalities of different tactics and the ability of the regulator to spot the bubble.

Added: Oct 2, 2012
Article
Пирогов Н. К., Поповидченко М. Г. Корпоративные финансы. 2010. № 1(13). С. 106-119.

This paper analyses the main methods and results of academic researches testing Gibrat's law - the assumption of stochastic nature of corporate growth rates. Four versions of the Law are considered depending on the type of tested sample: all firms in an industry, companies that survive over the entire time period, only largest firms and newcomers. Analysis of corporate dynamics both in developed and in emerging markets indicates that Gibrat's law is likely to fail. Instead of being random, growth rates are determined by industry characteristics and firm-specific factors such as capital structure, R&D expenses, profitability etc. Gibrat's Law is accepted in some cases for large and mature companies but completely fails for newcomers. Thus, this conception can be viewed as a benchmark for researches in area of corporate growth but not as a strict regularity describing existing firm dynamics.

Added: Oct 27, 2012
Article
Григорьева С. А. Корпоративные финансы. 2010. № 2(14). С. 36-46.

The level of corporate diversification is one of the most important decisions that management makes. The diversification strategy has its benefits and costs. According to the principles of corporate finance the efficiency of diversification strategy is always assessed by its impact on shareholder value. The article discusses the main value-creating and value-destroying drivers of diversified firms. 

Added: Nov 16, 2013
Article
Шамраева С. А. Корпоративные финансы. 2010. № 2(14). С. 36-46.

The level of corporate diversification is one of the most important decisions that management makes. The diversification strategy has its benefits and costs. According to the principles of corporate finance the efficiency of diversification strategy is always assessed by its impact on shareholder value. The article discusses the main value-creating and value-destroying drivers of diversified firms.

 

Added: Oct 27, 2012
Article
Блинов С. С. Корпоративные финансы. 2011. № 1. С. 76-82.

The article examines trends in fundraising of small industrial enterprises in Russia. There is an analysis of existing financial instruments of state support of small industrial companies, advantages and disadvantages. Despite the fact that an active government policy the past few years has greatly improved the ability of small industrial companies to attract the necessary funding, an imbalance in the amount of financial support at various stages of company development was revealed.

Added: Oct 2, 2012
Article
Исакин М. А., Завертяева М. А., Шакина Е. А. Корпоративные финансы. 2010. № 4(16). С. 84-99.

Defining the strategic vision of the company, managers and owners almost always have a shortage of information about different investments potential effectiveness. At the first step the company should find a compromise between investments in traditional assets and intellectual capital accumulation. RAVE concept is mainly based on the premise that the intellectual capital outcomes, including its knowledge, the company marketing policy, purchasing and staff development, exceed the traditional assets outcomes. This article represents the critical analysis of the approach designed by BCG consultants and is devoted to the integrated economic value added - method development.

 

Added: Oct 28, 2012
Article
Блинов С. С. Корпоративные финансы. 2010. № 4(16). С. 100-112.

Today, intellectual capital is one of the important directions in financial management. The article displays the degree of importance of this resource, both at the state level and at company level. Theoretical and methodological aspects of intellectual capital concerning the wording of its definition and critical analysis of the strengths and weaknesses of models for assessing intellectual capital are presented in this paper. The basic characteristics of the intellectual capital and its distinctive features in comparison with monetary-material resources are allocated. It is concluded that implementation of these propositions in the aggregate, may contribute to the goal of creating new levers of company value.

Added: Oct 27, 2012
Article
Теплова Т. В., Демидов П. А. Корпоративные финансы. 2017. Т. 11. № 3. С. 59-78.

The analysis of financial reporting for banks is of great interest for risk assessment and for understanding the potential for an increase in market value. Following the quantitative decomposition of the size of bank reserves on bad debts, the article concludes that there is the existence of a “subjective component” that acts as a qualitative signal for market investors. The paper analyses information on the significance for market investors of a number of indicators of financial reporting of 989 commercial public banks associated with credit risk. The paper focuses on the consideration of three financial statement items: non-performing loans, loan charge-offs, and loan loss provisions. The study provides an analysis of statistical data on the Russian market and the results of the empirical research on the global bank market with sub-samples on the developed and emerging markets, and the Eastern European and CIS banks. The analysis scale is from 2011 to 2015, in quarterly observations. It is shown that the share of non-performing loans, loan loss provisions and loan charge-offs can be informative for market investors not only in the risk assessment of a bank, but also in the diagnosis of management behavior, but also of expectations on the valuation of a public bank (market capitalization). The emphasis in this paper is placed on loan loss provisions, as this item is highly exposed to manipulations from bank managers, according to previously conducted research. In this study, it was attempted to empirically distinguish the “objective” and ‘subjective” components of loan loss provisions in financial reporting based on a large sample of banks in the global market. The influence of a “subjective” element on the reservation of the market value of a public bank was quantitatively evaluated. In fact, the reasons for the detection of a positive influence in the overstatement of established reserves on the market capitalization of a bank are revealed, despite a decrease of its current profit measure. Positive correlation can be explained by the impact of the signal effects from the bank management towards the market investors regarding the future sustainability of a bank.

Added: Jan 25, 2018
Article
Скворцова И. В., Игнатьев Е., Стельмахова Е. и др. Корпоративные финансы. 2013. Т. 4. № 28. С. 125-139.
Added: Jul 25, 2014
Article
Романов В. С., Кукина Е. Б. Корпоративные финансы. 2008. Т. 8. № 4. С. 38-57.
Added: Nov 6, 2012
Article
Черкасова В. А., Теплова О. Ю. Корпоративные финансы. 2011. № 3. С. 5-18.

In the article are considered various approaches to the problem of the choice of investments' level of the company: a number of the factors which influence the investment activity of the company is revealed; influence of return on investments (ROI) on the investment policy is analysed. The review of economic researches on determinants of investment policy of the companies is studied, various approaches to calculation of ROI are considered. The basic steps and results of the empirical research based on the russian companies' data are presented.

Added: Oct 2, 2012