THE ANCHORING EFFECT IN MERGERS AND ACQUISITIONS: EVIDENCE FROM AN EMERGING MARKET
Issues of ex post evaluation of mergers and antitrust bodies prescriptions are discussed. Among them: interrelation of enactment and enforcement from the perspectives of errors of I and II types in antitrust mergers control; probable consequences of mergers for competition; Аннотации к статьям 206 тьям № 1, 2012 comparative advantages and failures of decision variants available for antitrust bodies; ways of decision-making in expected merger. Also there are issues on efficacy of antimonopoly body decisions taking into account cost of monitoring, sanctioning of mergers participants, including influence on competition condition on relevant markets.
This paper presents an empirical analysis of the Russian market of mergers and acquisitions in 2003-2012. This analysis allowed for the conclusion that, to assess and forecast the integration activity of Russian companies, the most precise and appropriate models are seasonal autoregressive integrated moving average models built on weighted observations to eliminate the effect of the structural changes which are characteristic of developing economies. Forecasting the values of development of the market for corporate control may serve as “input” information to form a prompt regulation system for the mergers and acquisitions of holding companies, which meets current needs.
This article looks into the conceptual framework of regulation of the M&A processes that involve banks. Banking M&A still pose a serious threat to the post-crisis recovery and at the same time they remain one of the factors that can easily exacerbate systemic risks, which is also attributable to poor post-M&A synergy. Inconsistency in the M&A deal-making may aggravate post-M&A integration thus causing value deficiency, which may further trigger the contagion effect throughout the financial system and beyond. Despite the rigor paradigm of Basel III underlying contemporary banking regulation and irrespective of the increasing interconnectedness of financial institutions, M&A in the banking industry still lacks the regulatory touch.
It is doubtful that vulnerability of banking M&A to systemic risks could be solely mitigated by means of existent micro- and macroprudential regulation, since it is much about banking performance and not banking processes including the consolidation process. In fact, prudential regulation is currently devoid of multidisciplinary approach and it does not adequately meet the objectives of risk minimization in banking consolidations. Therefore, it can not appear as an unbiased and accurate measure of M&A integrity.
Guided by criticality of banking M&A regulation we propose a conceptual framework of M&A prudential regulation, or “mergulation” (“merger” + “regulation”), based on risk quantification and/or risk matrix approach together with an M&A-related rulebook. “Mergulation” will further shape mechanism of systemic risk alarmism, while standing integrated with prudential banking regulation. “Mergulation” will also aim at consistency of banking consolidations so that they would not only contribute to financial stability but also become its risk regulation platform.
The work deals with the constructions with the evaluative predicates in russian that are expressed with special forms with suffiz -o sich as holodno (it is cold), zamechatelno (it is nice), nuzchno (it is necessary) etc.. The main issue in focus is the role of Dative argument. Th aurthors show that the Dative argument usually associated with the experiencer semantic role can stand for the so-cold "reference point" for the evaluation. Thus the evaluative predicates could be devided into three classess according to the possibilities of Dative argument to express these two roles.
In the article we analyze the mergers between Russian and foreign companies influence on competition in metal industry. Using the event study approach confirms the statement that Russian metal suppliers have more market power in domestic market than foreign companies in their markets. Thus mergers in Russia may indeed lead to more anticompetitive consequences, negatively influencing social welfare.
This article is delighted to the mergers expected influence on competition in metal industry. The results confirm the statement that Russian metal producers have more market power in domestic market in comparison with foreign companies in their markets. Thus mergers in Russia may indeed lead to anticompetitive consequences, negatively influencing metal buyers welfare.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.