Является ли политика финансирования инструментом создания стоимости компании? Эмпирическое исследование на данных компаний Центральной и Восточной Европы
The tutorial discusses the practical computer analysis in the solution of problems in financial management topics . Included guidelines for the quantitative description of the planning system in financial management. An overview of key categories and provisions for asset management and capital. Revealed theoretical issues related to investment management . The material in this manual has a scientific and practical character and contains the information about the typical problems of financial management , which will be in demand by readers directly in research and professional activities. The manual is intended for students and undergraduates enrolled in the direction of "Economics" and "Management" , and may also be useful to managers and professionals , both financial and non-financial corporations.
In this study we analyze a problem of the account of low liquidity of securities at carrying out of the fundamental analysis in the Russian capital market. The discount rate for prediction cash flow is a important factor in target price calculation. Standard САРМ as a model to explain assets pricing has restrictions in practical application. One of the problems of application - low liquidity of stocks in emerging markets. In this study we test on 72 companies of RTS stock exchange the technique of formation of the beta-factor, offered by Aton Investing Group and applied by a number of analyticals of the investment companies of the Russian market. This technique tries to consider both the size of the company, and a level of liquidity of its stocks.
The article presents the results of the research regarding abnormal return in M&A deals with private and public targets in emerging markets. The research was devoted to empirical verification of the dependence of buyer's abnormal return on the factors determining private target discount, as well as excess premium paid for the target compared to average industry multiples. Private target discount was defined as the difference between the deal value and the price calculated based on average multiples of comparable public companies. In addition the ability of the market to differentiate deals with wrong motivation, in particular transactions aimed at bootstrapping, was analyzed.