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Do CEO Cognitive Biases Affect M&A Performance? Evidence from Russian Firms
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Skvortsova I., Вершинина А. И.
Language:
English
In book
Т. XVII: Тематическая конференция «Корпоративное управление и экономика фирмы» (сборник материалов) . , Москва, 2020.
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This paper examines the moderating role of corporate governance in the relationship between Chief Executive Officer (CEO) overconfidence and corporate payout decisions. Using a panel dataset of 713 S&P 1500 firms from 2010 to 2019, we contribute to the behavioral corporate finance literature in several important ways. First, building on agency theory and upper echelons ...
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E.V. Zagudalova, S.A. Grigorieva, S.A. Zueva, The Journal of the New Economic Association 2024 No. 3(64) P. 103–127
This paper contributes to the present literature by examining the impact of CEO education and experience on M&A performance in Russia. The study is based on a sample of 172 M&A transactions over 2000–2021. We use the event study method to assess the performance of M&A deals and regression analysis to reveal the effects of ...
Added: September 16, 2024
Conrado Diego G., Marina Zavertiaeva, Félix J. López Iturriaga, Corporate Governance (Bingley) 2023 Vol. 23 No. 5 P. 1019–1045
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This paper aims to study the impact of CEOs’ personality and social connections on corporate risk-taking in the Russian market.
Design/methodology/approach
Using a sample of 93 large listed Russian corporations between 2008 and 2016, this study tests a range of personal traits, including the classical personal characteristics like age and tenure, some country-specific traits such as connections ...
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A rational principal delegates learning to an overconfident agent who overestimates the precision of the information he collects. The principal chooses between two contracts: commitment, in which the agent commits to the duration of learning in advance, and flexible, in which the agent decides when to stop learning in real time. When the agent is ...
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Rebiazina V. A., Gulakova O., В кн.: ТРАНСГРАНИЧНЫЕ РЫНКИ ТОВАРОВ И УСЛУГ: ПРОБЛЕМЫ ИССЛЕДОВАНИЯ V Международная научно-практическая конференция.: Владивосток: Издательство ДВФУ, 2023. С. 16–20.
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Cournot duopoly with yield uncertainty is of interest both from a theoretical standpoint and a practical standpoint. In many sectors of economy, the actual products produced and the targeted quantities do not coincide. Commonly, random variables are used to model yield uncertainty. However, the models with random yields have a known drawback. When the number ...
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Shirokova G., Galieva N., Doktorova D. et al., Journal of Small Business and Enterprise Development 2024 Vol. 31 No. 1 P. 191–225
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Nowadays, the number of companies leaving the stock exchange is steadily increasing. Researchers and practitioners continue to actively discuss the reasons for voluntary delisting and explore the factors that influence the probability of it. However, the results of existing studies are heterogeneous and inconclusive, indicating the need for further research. This paper continues the line ...
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Kuznetsov B., Golikova V., ЭКО 2023 Т. 53 № 9 С. 33–51
Влияние санкций на деятельность и поведение фирм, адаптирующихся к введенным ограничениям, неоднородно и зависит как от типа санкций, так и от характеристик самих фирм. В статье представлены оценки эффекта санкционного режима руководителями предприятий обрабатывающей промышленности, основанные на данных нескольких раундов мониторинга их конкурентоспособности, проведенных Институтом анализа предприятий и рынков НИУ ВШЭ в 2014, 2018 и ...
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Хмелева П. А., Journal of Corporate Finance Research 2023 Vol. 17 No. 1 P. 78–89
The paper evaluates the influence of a CEO’s education level and their experience on the amount invested in R&D in the pharmaceutical industry. The sample consists of 270 high-tech pharmaceutical companies from the S&P BMI index in 1999–2018 from 23 countries, both developed and emerging. The pharmaceutical industry is of particular interest since the projects ...
Added: May 15, 2023
Marina Zavertiaeva, Tatiana Ershova, European Journal of Management and Business Economics 2025 Vol. 34 No. 2 P. 211–228
Purpose
This study examines whether CEO power influences the book-based and market-based performance of Russian companies when it is restricted by the presence of essential shareholders, namely, state and influential businessmen.
Design/methodology/approach
Managerial power is divided into structural, ownership, expert, and prestige. The proposed power metrics include not only CEOs but also the Bboard of directors'’ characteristics that may restrict or ...
Added: June 12, 2022
Prokhorov V., Коткова О., Савченко Е., Логистика 2021 Т. 174 № 5 С. 12–18
In this article the financial and economic activities of the universal logistics parks "brownfield" in the Russian market is considered. ...
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Skvortsova I., Вершинина А. И., / Series WP BRP "Basic research program". 2021. No. 82/FE/2021.
Added: May 31, 2021
Berezka S., Sheresheva M. Y., Rebiazina V. A., , in: Annual GSOM Emerging Markets Conference 2020. Conference book.: Graduate School of Management, St. Petersburg State University, 2020. P. 214–219.
Purpose: This research focuses on the changes in consumer behavior including special requests and needs businesses should now take into account due to the new reality caused by the COVID-19 pandemic. It has led to the unprecedented and not yet fully investigated consequences for society and businesses during the world lockdown in spring 2020. Study ...
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Bank risk-taking behaviour is of significant interest for researches and policymakers because financial failures due to excessive risk in this sector can have severe consequences for the bank’s numerous stakeholders and for the macroeconomic system overall. A growing literature investigates the main factors contributing to “well above average” risk. In particular, this study explains risk ...
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