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Диагностирование инсайдерской торговли в период конфликта акционеров ОАО «ВымпелКом» в 2005—2013 годах
Экономическая политика. 2015. Т. 10. № 2. С. 151-173.
Chirkova E. V., Petrov V.
This article presents the results of a study of insider trading during the corporate conflict of shareholders of OJSC «VimpelCom». The study is based on an analysis of cumulative abnormal returns during the period prior to the publication of a news. In the study we analyzed 80 news about the conflict of shareholders of OJSC «VimpelCom» in 2005–2013 years. We found insider trading prior to the public statements made by «Alfa Group» representatives but not by Telenor officials. We have found the presence of a large-scale insider trading prior to the publication of the news about the courts verdicts of the Russian courts and news about government pressure.
Chirkova E. V., Petrov V., Корпоративные финансы 2015 Т. 4 № 36 С. 51-71
This article presents the results of a study of insider trading prior to the cases of
administrative pressure on the Russian public companies. The study is based on an analysis of
cumulative abnormal returns during the period prior to the publication of a news. In the study we
analyzed 71 news about the administrative pressure. We have not ...
Added: February 26, 2016
Chirkova E. V., Мороз И. В., Dranev Y., Корпоративные финансы 2014 Т. 4 № 32 С. 101-127
Shareholder conflict may significantly impact market capitalization of a firm because of rising risk of additional reputational costs. In this paper we analyze changes in value of Russina telecommunication company Vimpelcom after mass media announcements about developments in lawsuits between major shareholders in 2005-2013. We suggest methodology of prediction of market reaction. All announcements are ...
Added: February 2, 2015
Агамян Г. Р., Chirkova E. V., Экономический журнал Высшей школы экономики 2015 Т. 19 № 3 С. 395-422
Until recently in Russia there were only administrative penalties for illegal insider trading, those were rarely used and insider trading was wide-spread. In 2010 the law on insider trading was introduced. It stipulated criminal penalties for illegal insider trading. An identification of cases of suspected insider trading and a comparison of its scale with other ...
Added: December 1, 2015
Volodin S., Черных Е. И., Управленческий учет и финансы 2017 Т. 49 № 1 С. 2-12
В сегодняшнем финансовом мире проблема инсайдерской торговли занимает особое положение. Являясь крайне трудноразрешимой, она оказывает неизбежное отрицательное воздействие на развитие рынков. В настоящее время в России повышение привлекательности фондового рынка является одной из приоритетных задач развития экономики в целом. И решение проблемы инсайдерской торговли может весьма сильно помочь. Показать, как этому может способствовать применение лучших ...
Added: March 14, 2017
Naidenova I. N., Новикова А. К., Journal of Corporate Finance Research 2018 Vol. 12 No. 3 P. 27-38
The imposition of sanctions by foreign countries against Russia since 2014 and their prolongation for the following
several years resulted in significant changes in Russian economics. In the first instance, economic sanctions were aimed towards the weakening of companies by banning exports and imports of certain goods, closeout or suspension of joint venture projects, as well as ...
Added: December 10, 2018
Teplova T., Munir Q., Kapichnikova M., Singapore Economic Review 2020 Vol. 65 No. 4 P. 889-915
This paper presents the wide analysis of the profitability factors of dividend capture strategy on public pharmaceutical companies within a five-year period after the global financial crisis 2008. We investigate the abnormal return and trading volumes with event study, and the effect of price changes around the ex-dividend date under the influence of various factors. ...
Added: October 16, 2019
Chirkova E. V., Petrov V., Экономический журнал Высшей школы экономики 2017 Т. 21 № 3 С. 482-514
This paper presents the results of a study of insider trading prior to the significant corporate events of the Russian public companies in 2005–2015. We detected the difference in the volumes of trading of Russian stocks and depositary receipts. The study is based on an analysis of cumulative abnormal returns (ACAR) and abnormal trading volumes ...
Added: January 29, 2018
Chirkova E. V., Чувствина Е. В., Экономический журнал Высшей школы экономики 2013 № 1 С. 152-170
The article presents the results of the research regarding abnormal return in M&A domestic and cross-border deals completed by Russian mining and metal companies. Contrary to earlier studies that found positive abnormal return of international mergers and acquisitions, our research revealed that cross-border deals performed by Russian metallurgical companies show negative abnormal return. Financial multiples ...
Added: March 20, 2013
Chirkova E. V., Чувствина Е. В., Корпоративные финансы 2011 № 3 С. 30-43
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 ...
Added: October 2, 2012
Chirkova E. V., NY : McGraw-Hill Education, 2015
See the world’s #1 investor like never before―and learn how you can replicate his success
Many books have been written about Warren Buffett’s value-investing strategy, and volumes more have been written about becoming a top-tier value investor. Even so, no one can touch the success Warren Buffett has achieved. Why? In this revealing examination of Buffett’s ...
Added: December 1, 2015
Grigorieva S., Morkovin R., Journal of Corporate Finance Research 2014 No. 4 (32) P. 34-45
The topic devoted to cross-border M&A performance has received wide attention in academic
literature. Most existing studies examine wealth effects of international M&As in developed countries.
We contribute to existing research by examining the market reaction to the announcements of M&As
initiated by companies from BRICS countries over 2000–2012. We assess the long-term performance of
M&A deals along with ...
Added: April 2, 2015
Chirkova E. V., Озорнина О. В., Корпоративные финансы 2012 № 2 С. 5-23
The article deals with the investment skill of the Russian mutual funds’ managers. Studies of the American market performed in the second half of XX century produced mixed results, however those completed after 2000 uniformly confirm that investment skill exists only for periods of less than five years, if it exists in principle. The outperformance ...
Added: March 22, 2013
Volodin S., Кунина Е. Е., Вестник Московского университета. Серия 6: Экономика 2017 № 4 С. 52-72
In recent decades, financial science actively covers new segments of the financial system that have not been studied previously. One of such areas is the analysis of impact of news on pricing in particular sectors of the stock market. The paper is related to this direction and aims to reveal the influence of news on ...
Added: September 19, 2017
Черкашина А. В., Управление корпоративными финансами 2015 № 4 (70) С. 208-227
Статья посвящена оценке влияния сделок корпоративного дивестирования на цены акций компаний. На выборке из 457 сделок продажи и выделения активов компаниями стран БРИК за период 2000–2014 гг. было выявлено, что рынок положительно реагирует на объявления о сделках дивестиций. Значения средней накопленной избыточной доходности (CAR) положительны и статистически значимы при реализации метода событийного анализа для выборок ...
Added: October 19, 2015
Safonov G., Галенович А., Федоров Ю. Н., Энергия: экономика, техника, экология 2012 № 5 С. 37-39
The article discusses the potential role of Russia in global carbon markets, prospects and opportunities for national businesses in greenhouse gas emission reduction ...
Added: July 20, 2016
Ивлиев С. В., Penikas H. I., Экономика и управление: проблемы, решения 2016 Т. 2 № 8 С. 247-252
Под эгидой Гильдии финансовых аналитиков и риск-менеджеров и Русского общества управления рисками разработан новый профессиональный стандарт «Специалист по управлению финансовыми рисками», который предназначен для оценки квалификации риск-менеджеров. В статье описываются предпосылки создания и краткое содержание стандарта с целью его популяризации. ...
Added: September 5, 2016
Pilnik N., Pospelov I. G., Radionov S., Вестник АКСОР 2017 Т. 43 № 3-4 С. 71-78
In this article we consider the issues of preparing statistical data for using in applied macroeconomic models, based on balance equalities. We propose a description of every macroeconomic agent, which consists of four balances of different kind. The described construction is filled with statistical data, which describes the condition of main sectors of Russian economy, ...
Added: November 26, 2017
Smirnov S. V., Balashova E., Posvianskaia L., Problems of Economic Transition 2010 Vol. 53 No. 3 P. 69-95
The article considers different approaches, all based on detailed statistical data, to determine which industries and commodities have high, medium, or low sensitivity to exchange rate fluctuations. The authors conclude that any exchange rate policy is an inappropriate tool to influence the structure of Russian economy. ...
Added: April 12, 2013
Neretina Ekaterina, Neretina E., Journal of Accounting, Finance and Economics 2013 Vol. 3 No. 1 P. 65-76
The last market crash of 2008-2009 showed that the construction sphere is one of the most fragile subject to the crisis effect. The destructive effect of this crash resulted in substantial decrease in mortgage lending, price index, capital investment, and in growth of the cost level. As the construction industry remains strategically important, the eruption ...
Added: September 5, 2013
Polishchuk L., Natkhov T., Журнал Новой экономической ассоциации 2017 № № 3(35) С. 12-32
We discuss the evolving views on institutions and development in modern political economy, and in particular the contribution to the field by D. Acemoglu and J. Robinson, explaining root causes of successes and failures in economic development. The focus of discussion is on inclusive and extractive institutional regimes — the former sustain economic growth, whereas ...
Added: October 23, 2017
Larchenko L. V., Колесников Р. А., Инновации 2016 № 1 С. 79-84
Предмет/тема. В статье показано, что основной проблемой социально-экономического развития монопрофильных городов Ямало-Ненецкого автономного округа является узкая специализация хозяйства, основанная на эксплуатации нефтегазовых ресурсов. Методология. Методологической базой для достижения поставленных в статье целей выступают системный подход и статистические методы анализа. Результаты. Исследование проведено на примере городов Ноябрьск, Муравленко, Губкинский, являющиеся центрами добычи углеводородов. В исследуемых городах ...
Added: October 19, 2016
М. : КноРус, 2012
Представлена экономическая оценка природно-ресурсного потенциала РФ, рассмотрены закономерности размещения природных ресурсов и основные особенности экологической ситуации в регионах страны, описано влияние экологических факторов на демографический потенциал и здоровье населения, приведена характеристика основных загрязнителей окружающей среды, изложены основы природно-ресурсной политики России и хозяйственный механизм ее осуществления, раскрыты региональные различия современной экологической обстановки в стране и тенденции ...
Added: March 10, 2013
Chulok A., Slobodianik S., Moiseichev E. Y., Foresight 2017 Vol. 19 No. 5 P. 511-527
Purpose
This study aims to assess future prospects for Russian energy exports until 2040, as global energy markets are undergoing major changes, with possible impacts on Russia.
Design/methodology/approach
Qualitative and quantitative approaches are integrated under a proposed foresight framework. The qualitative method involves an expert survey aimed at identifying major energy trends and their influence on ...
Added: October 3, 2017
Parshakov P., Shakina E., Barajas A., Economic Research-Ekonomska Istraživanja 2022 Vol. 35 No. 1 P. 122-142
This article contributes to the development of contestable market theory by investigating how competitiveness in the eSports industry influences the size of this industry, as measured by the volume of monetary prizes. We use data on each gamer's prize earnings for each tournament from 1999 to 2015 to estimate panel vector autoregression (VAR) model with ...
Added: April 22, 2021