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Эмпирическая оценка факторов слияний и поглощений в России
С. 231-239.
The study is aimed at estimation of the impact of macroeconomic and industrial factors on the intencity of M&A in Russia in 200--s. The effects of changes in the state regulation of the activity is of a particular interest.
In book
М. : Издательский дом НИУ ВШЭ, 2014
Konyukhovskiy P., Nastych Maria A., International Journal of Economic Behavior and Organization 2013 Vol. 1 No. 2 P. 20-26
Cooperative behavior of economic agents is becoming particularly relevant in the context of globalization and information exchange streamlining. Amalgamate entities pursue the goals of strengthening their market position and influence whether it’s a mutual cooperation or hostile takeover. Coalitions formation between the firms can lead both to the establishment of monopoly power through consolidation, and ...
Added: August 11, 2013
Чугунова К. А., В кн. : Молодая наука: актуальные проблемы инновационного потенциала. : СПб. : Петрополис, 2011. С. 118-121.
В последние годы власти решили провести зачистку банковского сектора с целью повышения его прозрачности и надежности. В связи, с чем 1 января 2010 года в силу вступало требование части пятой статьи 11.2 Федерального закона «О банках и банковской деятельности», а именно — что размер собственных средств должен быть не менее 90 миллионов рублей. Показатели 145 ...
Added: March 23, 2013
Grigorieva S., Панькова И. Д., Финансы и бизнес 2020 Т. 16 № 3 С. 61-78
One of the main considerations in any M&A transaction is the method of payment. The right choice of method of payment contributes to the reduction of the company's cost of capital, risk diversification, and shareholders' wealth creation. The article presents the analysis of earnout contracts, which have been increasing in popularity in the last decades. ...
Added: April 16, 2021
Rogova E., В кн. : Технологический трансфер и технологический аудит в России в условиях присоединения к ВТО. : СПб. : Издательство Политехнического университета, 2013. С. 56-66.
The paper examines key channels of technology transfer for modern Russian industrial enterprises. The concept of technology transfer is analyzed and its key peculiarities are revealed, that may influence if modernization and innovation-based development are the focus of investigation. The focus of attention is at mergers and acquisitions as one of the most appropriate channels ...
Added: February 25, 2014
Grigorieva S., Гринченко А. Ю., Корпоративные финансы 2013 № 4(28) С. 63-81
The performance of M&A deals in financial sector is the actual topic in financial academic literature for many years. Most existing studies examine the performance of M&A deals in developed countries. We contribute to existing literature by examining the impact of mergers and acquisitions on bidder’s value in emerging BRICS countries over 2000–2012. In contrast ...
Added: March 16, 2014
Balashov A. I., Подцикина С. В., Экономический анализ: теория и практика 2015 № 22(421) С. 15-26
Importance. The problem of assessing the impact of the financial factoring on the value of mergers and acquisitions of pharmaceutical companies is very important due to several reasons. First, it is the patent collapse in the market of medicines. Second, it is the reduction of the pro-productivity in the creation of new blockbuster drugs. Third, ...
Added: June 25, 2015
Лузина Д. С., Rogova E., Корпоративные финансы 2015 Т. 35 № 3 С. 27-50
The paper presents the results of the study of mergers and acquisitions’ impact at the fundamental value of acquiring companies at BRICS countries. The research is based on the Residual Income Valuation (RIV) model. At the sample of 366 M&A deals, related to the period of 2009 – 2012, it was revealed that mergers and ...
Added: October 15, 2015
Grigorieva S., Petrunina T., / Высшая школа экономики. Series FE "Financial Economics". 2013. No. WP BRP 20/FE/2013.
Researchers have long tried to define the impact of corporate mergers and acquisitions on company performance. We contribute to the existing literature by examining the influence of M&A deals on company value in the short-run using the event study method and in the long-run based on economic profit concept. Examining a sample of 80 deals ...
Added: October 25, 2013
Klochko O., Вестник Университета (Государственный университет управления) 2013 № 23 С. 101-108
The article is dedicated to the companies’ ability to initiate changes in their external environment. The main purpose of the research is to understand to what extent the mergers and acquisition strategy is able to influence the different groups of external factors that have negative impact on business. The strategy significantly changes the influence of ...
Added: February 10, 2014
Данови А., Карлетсос Д., Корпоративные финансы 2012 № 2(22) С. 95-106
This paper analyzes thirty-two cases including alliances, merger consortiums, acquisitions and partnerships between diverse major Italian companies in the Local Public Transportation Sector. In order to single out the principal trends, special attention has been paid to the aims of the players, their needs and the strategies implemented. The actions taken by the institutions and ...
Added: November 27, 2012
Schwartz S., Licht A., Siegel J., Journal of Financial Economics 2011 Vol. 102 No. 3 P. 621-642
This study identifies how country differences on a key cultural dimension—egalitarianism— influence the direction of different types of international investment flows. A society's cultural orientation toward egalitarianism is manifested by intolerance for abuses of market and political power and a desire for protecting the weak and less powerful actors. We show egalitarianism to be based ...
Added: November 22, 2012
Маричева Н. Н., Rogova E., Корпоративные финансы 2016 Т. 10 № 4 С. 68-82
The paper represents the results of empirical testing of market reaction at the announcements on takeovers at Russian and European financial markets. It contains an attempt to reveal the differences in market reactions between both friendly acquisitions and hostile takeovers, and European and Russian markets. On the base of the study, the authors conclude that ...
Added: March 17, 2017
Stroh W. A., В кн. : II Международная научно-практическая конференция «Экономическая психология: современные проблемы и перспективы развития». 24-26 ноября 2009 г.: Материалы конференции. : СПб. : Издательство СПбГУЭФ, 2009. С. 319-323.
В статье раскрывается суть слияний и поглощений как организационных изменений, в ходе которых затрагиваются важные психологические аспекты управления персоналом. Излагаются результаты эмпирического исследования динамики приверженности персонала в процессе слияния организаций. ...
Added: February 20, 2013
Golovanova S., Korneeva D. V., Современная конкуренция 2013 № 5(41) С. 24-35
This paper is devoted to the analysis of mergers and acquisitions in Russia. Using the statistical and econometric methods the estimation of macroeconomic and industry factors influence on the intensity of mergers and acquisitions processes by sectors of Russian industry is carried out. As a result the relationship between the activity of the redistribution process ...
Added: October 24, 2013
Grigorieva S., Petrunina T., Journal of Management Control 2015 Vol. 26 No. 4 P. 377-403
Researchers have long tried to define the impact of corporate mergers and acquisitions on company performance. We contribute to the existing literature by examining the performance of M&A deals in emerging capital markets based on the economic profit model and comparing the results with ones obtained by means of traditional method—accounting studies. Examining a sample ...
Added: October 14, 2015
Balashov A. I., Ишкулова Р. Р., Менеджмент в России и за рубежом 2015 № 1 С. 97-104
The article analyzes the special features of the pharmaceutical industry as an object of mergers and acquisitions. The motives of the consolidation transactions in the pharmaceutical market are analyzed. The hypotheses about the influence of individual factors on the cost of the acquired company are developed. Using the econometric analysis, the effect of the presence ...
Added: January 19, 2015
Влияние слияний и поглощений на операционную эффективность компаний на развивающихся рынках капитала
Grigorieva S., Троицкий П. В., Корпоративные финансы 2012 № 3 (23) С. 31-43
This paper examines the impact of mergers and acquisitions on corporate performance on the sample of companies from BRIC countries over 2005-2009. Based on the accounting study method we find that the operating performance of firms (measured by EBITDA/Sales ratio) improves subsequent to mergers and acquisitions. We also find that the main determinants of M&A ...
Added: October 27, 2012
Partin I., 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 ...
Added: November 27, 2012
Rogova E., Управление корпоративными финансами 2012 № 2(50) С. 86-95
Автор анализирует возможности использования инструментов финансового рынка при принятии стратегических решений в реальном секторе экономики. Метод реальных опционов, получающий в этой сфере все большее распространение, позволяет учесть более точно последствия таких решений, сопряженных с высоким уровнем риска.
Содержание статьи.
• Возможности применения реальных опционов в стратегическом анализе
• Обоснование метода оценки при использовании реальных опционов В стратегическом анализе
• ...
Added: November 21, 2012
Romanenko K., Kozlov D., Leshukov O. et al., М. : НИУ ВШЭ, 2015
В докладе «Уроки международного опыта слияний университетов» приведен анализ слияний вузов на примерах реорганизации национальных систем высше- го образования в Китае, Австралии, Финляндии, Норвегии и других странах. На ос- новании выделенных кейсов разработана классификация, дающая возможность соотнести каждый реальный случай слияния с определенной моделью, которая несет в себе те или иные возможности и проблемы. В ...
Added: May 9, 2017
Maria A. Nastych, , in : VII International Conference on Applied Economics Contemporary Issues in Economy - Growth Perspectives in Europe?. : Turin : Polish Economic Society Branch in Torun, Institute of Economic Research, 2013. Ch. 90. P. 239-239.
Cooperative game theory instruments application to the corporate finance M&A research issues provide an ability to extend the field considered and conclusions obtained. The paper presents the M&A cooperative games modeling and its empirical implementation to analyze the airline strategic alliance as M&A deal. ...
Added: August 11, 2013
Rodionov I. I., Mikhalchuk V. B., Российский журнал менеджмента 2016 Т. 14 № 2 С. 3-28
This article aims to develop econometric model suitable for valuation of synergies in Russian domestic M&A deals. The authors test several empirical hypotheses about factors of synergy creation in 2006–2014. The article looks into various ways to estimate synergies based on financial statements of companies that participated in the deal. Success rate of deals and ...
Added: October 1, 2016
Gridneva N. N., St. Petersburg : OOP, 2011
This study guide, being a logical continuation of the book by N.Gridneva and S.Solntsev ‘Business English’, is for the students of non-linguistic departments who study Business English. Its structure consists of several sections including a text on one of the five topics, a series of pre- and after-reading tasks on its understanding, and also a ...
Added: October 26, 2012
Rogova E., Проблемы экономики и управления нефтегазовым комплексом 2013 № 12 С. 8-14
The paper examines the key channels of technology transfer for modern Russian industrial enterprises. The possible results of Russia’s joining to WTO are taken into consideration. The focus of attention is at mergers and acquisitions as one of the most appropriate channels from the complexity of processes vision. The possible strategies of technology-motivated mergers and ...
Added: December 17, 2013