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Event study methodology in M&A research
Digest Finance. 2021. Vol. 26. No. 1. P. 4–25.
Vinogradova V.
The article presents the basic principles of the event research methodology, which is one of the most popular empirical tools in corporate finance, and mergers and acquisitions. It introduces the main methodoloigies for calculating expected and abnormal returns, the main approaches for testing abnormal returns and measuring the statistical significance of the results and it also notes the advantages and limitations of the methodology. The basic concept has been expended taking into account the results of modern work aimed at the improving the methodology. The applicability and its relevance were verified based on anallysis of spotline publications for 2015-2020.
Ustyuzhanin V., / Series Econometrics "arxiv". 2026.
This paper proposes Covariate-Balanced Weighted Stacked Difference-in-Differences (CBWSDID), a design-based extension of weighted stacked DID for settings in which untreated trends may be conditionally rather than unconditionally parallel. The estimator separates within-subexperiment design adjustment from across-subexperiment aggregation: matching or weighting improves treated-control comparability within each stacked subexperiment, while the corrective stacked weights of Wing et ...
Added: April 3, 2026
Vorchik A., / Social Science Research Network. Серия SSRN Working Paper Series "SSRN Working Paper Series". 2026.
This article is devoted to the phenomenon of intrinsic motivation, to understand which two models are proposed. We study how positive/negative intrinsic motivation to work (experienced utility) affects worker's individual labour supply (model I) and the amount of effort they exert (model II). In model I, we use intrinsic motivation to explain the positive/negative slope ...
Added: March 15, 2026
Vorchik A., Мамышев М. А., / Series Social Science Research Network "Social Science Research Network". 2025.
In this paper, we develop a formal mathematical model aimed to explain the Dunning-Kruger effect that beginners systematically overestimate their own competence in various fields of knowledge and activity. We argue that the Dunning-Kruger effect arises from the emotional nature of confidence combined with unknown unknowns that it simply can not take into account due ...
Added: February 11, 2026
Musaev A. U., Vorchik A., / Series Social Science Research Network "Social Science Research Network". 2026.
This paper attempts to model the evolutionary theory of modernization and democratization. The model reflects the key provisions of R. Inglehart and C. Welzel's theory and provides a microfoundation for the adaptation of subjective values to the objective importances of the survival factors and the structure of the labour markets from the perspective of evolutionary ...
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Antsygina A., Teteryatnikova M., Tremewan J. C. et al., / Series "SSRN Working Paper Series". 2025.
Many competitive environments allow for a third party to be indirectly involved by supporting one or both sides in the conflict. Such support can come from trade partners, colleagues, or allies, who can in turn benefit from a supported party's success. We use theory and an experiment to investigate how support relationships develop endogenously in ...
Added: January 31, 2026
Akhmedova A., / Series "SSRN Working Paper Series". 2026.
The study explores a psychological phenomenon of inaction inertia-avoiding action after missing a more favourable opportunity. Unlike action inertia (e.g.,sunk costs effect), inaction inertia has been less studied, particularly in economic contexts. Considering the reference dependent nature of the phenomenon, I build on the work of Kőszegi and Rabin (2006) to examine how past experiences ...
Added: January 23, 2026
Kuchumova (Paramonova) Y. A., Ozhegova A., Зорина К. С., / Series SSRN "Available at SSRN 6108727". 2026.
Simplified tax regimes with explicit eligibility thresholds are a common tool which reduces tax burden but distorts firms’ behavior, creating local bunching just below the threshold. However, we show that when firms have access to business splitting their responses extend far beyond the local margin. Our model demonstrates that splitting reduces local bunching but amplifies ...
Added: January 21, 2026
Kuchumova (Paramonova) Y. A., Кумачева С. Ш., / Series SSRN "Available at SSRN 5312100". 2025.
In recent years, an emerging body of empirical research has shown that tax audits, in addition to recovering unpaid taxes (direct effect), increase future tax compliance (indirect or dynamic effect). This literature also suggests that updating expectations induced by audit experience plays an important role in explaining this indirect effect. However, exactly how taxpayers form ...
Added: January 21, 2026
Kuchumova (Paramonova) Y. A., / Series SSRN "Available at SSRN 5277500". 2025.
While the emerging empirical literature shows that collateral tax sanctions (CTSs) - such as driver’s license suspensions or passport denials - appear to be effective instruments to enforce tax debt collection, there are still few theoretical arguments to explain why. In this paper, I model enforcement of tax debt collection and provide a new rationale for why it could ...
Added: January 21, 2026
Dobrynskaya V. V., Tomtosov A., Речмедина С., / NRU HSE. Series WP BRP 60/FE/2017 "SERIES: FINANCIAL ECONOMICS". 2025.
We study the application of factor investing in the market for real estate (REITs). The analysis of traditional factor strategies, such as momentum, value, size and profitability, reveals their unstable and atypical behavior in comparison to the equity market, however, there is a strong momentum effect in the factor strategies. We propose a new dynamic ...
Added: January 21, 2026
Besstremyannaya G., Bakshuk M., / ЦЭМИ РАН. Серия 48 заседание "Сборник трудов Шаталинской школы-семинара". 2026.
В данной статье рассматривается реакция российских предприятий обрабатывающей промышленности на ужесточение экономических санкций с акцентом на период после 2022 года. Хотя санкции в целом негативно сказываются на экономическом росте и эффективности деятельности компаний, есть некоторые свидетельства того, что они также могут подталкивать компании к инновациям, а негативный эффект преодолевается при помощи адаптации компании. Исследование заполняет ...
Added: December 31, 2025
Besstremyannaya G., Новикова В., / ЦЭМИ РАН. Серия 48 заседание "Сборник трудов Шаталинской школы-семинара". 2026.
Защита прав интеллектуальной собственности является движущей
силой для формирования стимулов инновационной активности
предприятий. Законодательное закрепление правил пользования
результатами интеллектуальной деятельности и обеспечение их соблюдения
позволяет поддерживать баланс интересов создателей и пользователей
интеллектуальной
собственности.
Целью
проанализировать недостаточно изученную для регионов России связь
между экономическим ростом и защитой прав интеллектуальной
собственности с использованием двухшаговой регрессии. Результаты
моделирования оказались неоднозначными, однако, было доказано наличие
значимой связи между защитой прав интеллектуальной ...
Added: December 31, 2025
Meissner D., Salati Marcondes de Moraes G. H., Brandão Fischer B. et al., / NRU Higher School of Economics. Series WP BRP "Science, Technology and Innovation". 2025. No. WP BRP /STI/2025.
Innovation has long been at the center of debates in economics, management, and organizational studies. However, innovation is never free of uncertainty and risk. Every act of innovation implies a departure from established paths and a willingness to embrace the unknown. From the beginning it's never clear if there is an audience which appreciates the ...
Added: November 28, 2025
Shchiptsova A., Obersteiner M., / Series General Economics "arxiv.org". 2025.
The addition of phosphorus, in the form of mineral fertilizer, becomes necessary in most agricultural soils in order to achieve consistent high yield levels of intensive farming and maintain soil fertility. Recent consolidation of phosphate fertilizer industry has transformed fragmented trade into a single integrated global network, where a small group of large-scale companies dominates ...
Added: November 21, 2025
Naidenova I. N., Paklina S., Parshakov P. et al., Экономическая политика 2025 Т. 20 № 3 С. 62–95
This article elucidates the impact that various forms of government support have on the financial efficiency of small and medium-size enterprises (SMEs) in Russia. The empirical literature on this topic is inadequate to date even though the SME sector is extremely important for the socioeconomic development of Russia. Seven key types of this government support ...
Added: July 7, 2025
Nazarova V., Isaeva A., Чуприна Ю. Г., Корпоративные финансы 2023 Т. 17 № 3 С. 72–92
The inquiry into the influence of dividend declarations on the stock values of corporations has been extensively investigated across various countries. The results of these studies have been varied, and there is limited information available on this topic specifically for the Russian market. This paper aims to demonstrate the impact of dividend announcements on the ...
Added: June 6, 2025
Grigorieva S., Martun Kirakosyan, Journal of Corporate Finance Research 2022 Vol. 16 No. 4 P. 34–45
Despite the high activity on the market for corporate control, more than 60% of M&As are unsuccessful and contribute to damage to the value of the acquiring company. We still have little evidence on the impact of M&A deals in different countries and industries on shareholer value, as well as the factors that influence this ...
Added: January 31, 2025
Ochirova E., Miriakov M., Financial Innovation 2025 Vol. 11 No. 1 Article 11
Mergers and acquisitions (M&A) with financial technology (fintech) companies can be an effective way for firms to obtain new technologies and capabilities. However, the market reaction to fintech M&A announcements has received limited attention in the empirical academic literature. This study assesses the impact of fintech M&As on stock returns and examines whether macroeconomic variables ...
Added: January 4, 2025
E.V. Zagudalova, S.A. Grigorieva, S.A. Zueva, The Journal of the New Economic Association 2024 No. 3(64) P. 103–127
This paper contributes to the present literature by examining the impact of CEO education and experience on M&A performance in Russia. The study is based on a sample of 172 M&A transactions over 2000–2021. We use the event study method to assess the performance of M&A deals and regression analysis to reveal the effects of ...
Added: September 16, 2024
Karminsky A. M., Alexandra A. Egorova, Chigireva D., International Journal of Information Technology and Decision Making 2025 Vol. 24 No. 3 P. 765–795
Sustainable topics have become increasingly important in recent years, as the world faces growing environmental and social challenges. Environmental, social, and governance (ESG) ratings are tools used to assess the sustainability practices of companies. This study focuses on the impact of environmental, social and governance components on the financial performance of IT companies. The panel ...
Added: November 29, 2023
Berezinets, Irina V., Bulatova L., Ilina Y. et al., Eurasian Economic Review 2019 Vol. 9 P. 71–89
This article analyzes the reactions of two emerging stock markets—Indian and Russian—to the dividend announcements of traded companies. To ensure a comparable macroeconomic environment for market players, we focus on a period of sustainable economic growth in both of the economies. The period 2010–2012 is selected for analysis since this is when both of the ...
Added: May 17, 2022
Teplova T., Sokolova T., Tomtosov A. et al., Журнал Новой экономической ассоциации 2022 Т. 1 № 53 С. 53–84
Abstract. In our paper, for the first time, we examine the influence of the sentiment of private investors in social networks on the trade characteristics of stocks in the Russian market. Monthly return rates and trading volumes are analyzed under the control of financial indicators and indicators of the quality of corporate governance of stock ...
Added: April 5, 2022
Brno: Masaryk University Press, 2019.
The publication contains accepted contributions presented during the 16th International Scientific Conference European Financial Systems 2019. This year the conference hosted experts and professionals from various fields, such as Financial Markets, Accounting, Finance, Taxes, Banking, Corporate and International Finance, Financial Literacy, Macroeconomics, Microeconomics, etc. All contributions are in English as the official language of the ...
Added: February 4, 2022
Makarova V. A., В кн.: Исследование информационно-аналитических аспектов в структуре корпоративного финансового механизма управления.: М.: Русайнс, 2021. С. 117–127.
The study considers corporate inversion, also known as tax inversion, which involves companies to move their operations overseas in order to avoid tax burden in the domestic country. Although the following strategy gains popularity among corporate managers, experts emphasize its’ controversial and risky nature (Lusch et al., 2016). The aim of this paper is twofold. ...
Added: September 21, 2021