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Диагностирование инсайдерской торговли акциями и депозитарными расписками российских компаний
Экономический журнал Высшей школы экономики. 2017. Т. 21. № 3. С. 482–514.
Chirkova E. V., Petrov V.
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 (AAV) during the period prior to the announcement of such events as announcements of M&As, SPOs, special dividend payments and delistigs of the stocks. The research detected the insider trading symptoms in common shares trading prior to the announcements of M&A deals, special dividend payments and delistings of the stocks. We have found positive ACAR and AAV prior to the announcement of the events. The numbers grew as long as the day of event came closer and reached its peak in a day before the announcement. The symptoms of a large insider trading prior to SPO announcements were not detected. Finally we did not find any symptoms of large insider trading in depositary receipts trading on the Russian stock market. The share of ACAR, gained before the day of event amounted 40% in case of common stocks and 60% in case of depositary receipts. The abnormal volumes of trades also were 1.5 times higher in case of common stocks. We suggest new criteria of detecting insider trading (to compare share of CAR, realized prior to the event, in case of depositary receipts and common stocks) and
the results of the study suggests that this methodology could be applied to the Russian stock market.
Keywords: слияния и поглощенияинсайдерская торговляmergers & acquisitionsinsider tradingcross-listingкросс-листингдепозитарные распискиdepositary receiptscumulative abnormal returnseasoned public offeringsspecial dividendsdelistingкумулятивная избыточная доходностьвторичные публичные размещенияспециальные дивидендыдвойной листингделистинг
Катаев М. В., Molodchik M., AlterEconomics (ранее - Журнал экономической теории) 2026 Т. 23 № 3 С. 719–740
В данном исследовании рассматривается связь между интеллектуальным капиталом компаний и их интернационализацией в условиях внешних шоков. В отличие от предыдущих работ, как правило, рассматривающих взаимосвязь интеллектуального капитала и интернационализации в стабильной экономике, в исследовании развиваются предположения о неоднородном влиянии шоков на компоненты интеллектуального капитала и, соответственно, различном модерационном эффекте шоков на трансформацию интеллектуального капитала в экспортную ...
Added: October 17, 2026
Бородаева В. А., Вопросы экономики 2026 № 10 С. 5–27
The paper offers a new perspective on the limit of government debt. It surveys the broad historical picture of the dynamics and character of government debt in the leading economies: the ratios of debt and debt service to GDP have risen to levels close to their half-century highs. In the regime that has taken shape ...
Added: October 16, 2026
Mozias P., Социальные и гуманитарные науки. Отечественная и зарубежная литература. Серия 9: Востоковедение и африканистика 2026 № 3 С. 197–223
Abstract. Long-standing differences in development levels between China’s coastal and inland provinces intensified during the 1980s–1990s, at the early stages of market reforms. In response, from the late 1990s the Сentral government began implementing major development initiatives such as the “Go West”, the “Revitalization of the Northeast,” and the “Rise of Central China,” while in ...
Added: October 15, 2026
Lukinskiy V., Lukinsky V., Sokolov B. et al., Annual Reviews in Control 2026 No. 62 P. 1–15
Enterprises planning material requirements must account for multiple sources of uncertainty. Considering the impact of yield uncertainty is of prime importance to decision-makers. To mitigate the effects of random yield on the continuity of manufacturing operations, we propose establishing a reserve stock to prevent shortages due to defective items within safety stock levels. If no ...
Added: October 14, 2026
Vukovic N., Krivokhizhin O., Антонова В. Д., АПК: Экономика, управление 2026 № 8 С. 89–95
One of the key roles is given to the agro-industrial complex in the global agenda of sustainable development. The leaders of the sustainable development of the agro-industrial complex identify the main trends and set standards for responsible business conduct in the industry. This article is devoted to the analysis of the leaders of responsible business ...
Added: October 14, 2026
Kim J., Lee K., Industrial and Corporate Change 2026 Vol. 35 No. 5 P. 1122–1152
This study represents one of the first attempts to develop a global typology of regional innovation systems (RIS) across both advanced and catching-up economies, identifying distinct pathways for regional technological catch-up. Utilizing United States Patent and Trademark Office (USPTO) patent citation data from 33 regions worldwide over the period 2000–2017, we construct several RIS indicators, ...
Added: October 13, 2026
Xu S., Yu H., Ren T. et al., Journal of Knowledge Management 2025 Vol. 29 No. 10 P. 3410–3436
Purpose
This study aims to investigate the role of knowledge management in enhancing urban innovation within the context of smart cities, with a particular emphasis on the function of future communities as foundational units of knowledge-driven development. It aims to distinguish the respective contributions of knowledge acquisition and knowledge sharing as input mechanisms, while examining the ...
Added: October 13, 2026
Veselova L. S., Азия и Африка сегодня 2026 № 9 С. 38–48
The article examines the consumer practices of China’s middle class in the context of the transformation of Confucian values under the influence of market reforms, urbanization, the expansion of the domestic market, and the state ideology of contemporary China. The focus is on how traditional norms of family responsibility retain their normative significance while being ...
Added: October 12, 2026
Nikulina Y., / Высшая школа экономики. Серия EC "Economics". 2026. № 1.
This paper estimates the impact of the international sanctions of 2014 and 2022, as well as the food embargo, on the technical efficiency of agricultural enterprises. The assessment was carried out using panel data from agricultural enterprises specializing in dairy production in the Leningrad Region for the period 2010–2023, employing stochastic frontier analysis. It is ...
Added: October 11, 2026
Fudan Journal of the Humanities and Social Sciences 2026
This study reassesses whether economic globalization is compatible with carbon mitigation across nine Shanghai Cooperation Organization economies over 1997 to 2024. A sequenced panel design is applied: pre-estimation diagnostics establish cross-sectional dependence, slope heterogeneity, and mixed integration orders; fixed effects with Driscoll and Kraay standard errors provides the preferred conditional mean estimate; Hansen threshold regression, ...
Added: October 11, 2026
Торговые ограничения как инструмент международного давления (на примере импортных поставок в Россию)
Biryukova O. V., США и Канада: экономика, политика, культура 2026 Т. 10 С. 37–50
The article examines the theoretical and practical aspects of the application of trade restrictions as a tool of international pressure using the case of import supplies to Russia. Special attention is paid to legal conflicts within the World Trade Organization (WTO) related to the application of national security exceptions (Article XXI of the GATT), and ...
Added: October 10, 2026
М.: НИЦ Инфра-М, 2026.
This textbook synthesizes modern concepts and approaches in the field of project management and is designed for use in project management courses. The material is based on the recommendations of the International Project Management Association (IPMA) and international standards ISO 21500 and ISO 21502.
It meets the requirements of the latest generation of federal state educational ...
Added: October 10, 2026
Aleskerov F. T., Вайншток А. П., Делахова А. М. et al., Информационные процессы 2026 Т. 26 № 3 С. 895–913
The development and effective management of territorial entities are priority issues for all states, particularly in the context of the digital transformation of public administration. Over the past decade, the integration of information technologies into municipal and regional planning has significantly altered approaches to strategic development, service delivery, and public engagement. This paper describes the ...
Added: October 9, 2026
Bessonova E., Popova S., Fedulova M., Emerging Markets Review 2026 Vol. 75 Article 101564
To mitigate the shocks caused by the pandemic-related restrictions, many governments implemented extensive support measures for companies facing sharp declines in revenues. In Russia, loan guarantee programmes allowed many firms to apply for loans during the pandemic. As a result, the number of small loans soared. Participation in the loan guarantee programmes helped firms in ...
Added: October 8, 2026
Kuzminov Y., Koshel A., Kruchinskaia E., Russian Journal of Economics 2026 No. 12(3) P. 311–334
The expansion of digital platforms and ecosystems is reshaping consumption and the structure of modern markets. In the Russian context, a representative survey conducted by the authors indicates frequent online purchasing driven primarily by time savings, broader assortment and price accessibility. Platforms thus generate consumer benefits, including non-monetary gains that are not fully captured by ...
Added: October 8, 2026
Aleskerov F. T., Chaika E., Дерендяев А. Б. et al., Procedia Computer Science 2026 No. 287 P. 590–595
Under conditions of dynamic socio-economic changes, effective planning and decision-making are key factors in ensuring a high quality of life for the population in territories. This paper presents a decision support system for territorial administrations for the development and implementation of sustainable development strategies, using one of the regions of the Russian Federation – the ...
Added: October 7, 2026
Kuzminov Y., Kruchinskaia E., Koshel A. et al., М.: Издательский дом НИУ ВШЭ, 2026.
В научном докладе цифровые платформы впервые рассмотрены не как частный сегмент цифрового рынка, а как новый институциональный механизм организации экономики. В одной исследовательской рамке соединены экономика, право, социология, компьютерные науки, информационная безопасность, данные бизнеса и регуляторная практика — все то, что позволяет взглянуть на платформы как на институт со своими правилами игры. Особую ценность работе ...
Added: October 6, 2026
Lola I. S., Ostapkovich G. V., Asoskov D., ИСИЭЗ НИУ ВШЭ, 2026.
Центр конъюнктурных исследований Института статистических исследований и экономики знаний НИУ ВШЭ представляет информационно-аналитический материал «Потребительские настроения населения в III квартале 2026 г.», подготовленный в рамках Программы фундаментальных исследований НИУ ВШЭ.
В основу обзора положены ежеквартальные опросы более 5 тыс. человек в возрасте от 16 лет и старше. Такие опросы Федеральная служба государственной статистики (Росстат) проводит во всех субъектах ...
Added: October 6, 2026
Kizko I., Grigorieva S., Вестник Московского университета. Серия 6: Экономика 2026 Т. 61 № 3 С. 122–152
The growing number of voluntary delistings on the Russian stock market in recent years has increased interest in the factors influencing companies’ decisions to leave public equity markets, particularly in the context of crisis-driven changes in the economic environment. The purpose of this study is to identify the determinants of voluntary delisting among Russian public ...
Added: September 18, 2025
Смирнов Е., Grigorieva S., Финансы и бизнес 2025 Т. 21 № 2 С. 75–98
In an innovation economy, many companies have resorted to a strategy of active growth through mergers and acquisitions, choosing to acquire start-up companies to create new types of business models and forms of cross-industry co-operation. Acquiring a startup helps to improve the technological and innovative component of the acquiring company, as well as to obtain ...
Added: August 25, 2025
Klementiev A., Вестник Пермского университета. Юридические науки 2024 № 3(65) С. 419–447
Introduction: there is no unity of approach to the concept of ‘derivative’ as a legal category in doctrine and in legislation. When defining the term ‘derivative financial instrument’, economists and financial experts base their definitions on the non-legal attribute of price derivativeness as well as on maturity of the assets. Purpose: to analyze approaches to ...
Added: October 2, 2024
Galanova A., Кайгулова З. Р., Наука и практика. Научно-аналитический журнал РЭУ им. Г.В. Плеханова 2023 Т. 15 № 4 (52) С. 44–60
The stock prices of Russian banks are influenced by an infinite number of factors including the fact of their mergers and acquisitions. Usually, the general reaction of the announcement of such transactions on the stock prices of commercial banks that have joined some other bank is investigated using the event study methodology. This reaction has ...
Added: June 24, 2024
Цехомский Н. В., Tikhomirov D., Русинов Д. А., Экономика и управление 2023 Т. 29 № 10 С. 1148–1163
Цель. Выполнить оценку результативности инвестиций в приобретение компаний в течение ряда лет до 2021 г. посредством анализа обесценения, признанного в 2021 и 2022 гг.
Задачи. Изучить возможные подходы к анализу эффективности слияний и поглощений; подробно рассмотреть один из подходов в аспекте исследования обесценения гудвилла, ранее признанного в результате приобретения компаний; проанализировать показатели доступной финансовой отчетности компаний за 2021 ...
Added: November 15, 2023
Nazarova V., Айтюкова Ю. М., Токушева Л. Р., Финансы и бизнес 2022 Т. 18 № 1 С. 42–60
The article analyzes the impact of the ESG rating on the creation of value for shareholders of companies in developing countries (Russia and China are taken for the study). Findings based on a sample from 2007 to 2021 indicate that the ESG rating has a positive impact on the performance of acquiring stocks in both ...
Added: January 12, 2023