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Do Cognitive Biases Impact M&A Performance in Emerging Markets? Evidence from Russian Firms
Skvortsova I., Вершинина А. И.
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
Smekalin I., Социология науки и технологий 2025 Т. 16 № 4 С. 155–171
The growing popularity of large language models (LLMs) is reshaping users’ information behavior, including how they search for and assess the credibility of information. This study presents a scoping review focused on the role of artificial intelligence in the detection and interpretation of misinformation. The review aims to identify key research directions at the intersection ...
Added: March 23, 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 ...
Added: February 10, 2026
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
Grigorieva S., Skvortsova I., В кн.: Российские корпорации на пути к антихрупкости. Финансовая архитектура компаний.: М.: Издательский дом НИУ ВШЭ, 2025. Гл. 8 С. 174–189.
The increase in activity in the corporate control market is driven by companies’ desire to optimize processes, modernize their assets, increase market share, create or expand digital capabilities, acquire technologies and innovations, attract talented employees, enter new markets, and strengthen their competitive positions. Can we talk about the presence of waves of mergers and acquisitions ...
Added: August 25, 2025
Denisova V., Гуманитарные исследования в Восточной Сибири и на Дальнем Востоке 2025 № 2 С. 99–107
This article addresses the problem of distinguishing cognitive distortions, cognitive biases, and logical fallacies from an epistemological perspective. It emphasizes that despite their interrelation, these concepts have different origins, natures, and contexts within cognitive processes. The following key differences are highlighted: cognitive distortions are associated with negative perceptions of oneself, the environment, and the future, ...
Added: May 29, 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
Nadezhda R. Glebko, Communications in Computer and Information Science 2024 Vol. 2114 P. 144–147
The term “baby duck syndrome” is used to refer to the phenomenon when the user compares each new computer system with the one, he or she originally studied. It is assumed that the user, according to the results of this comparison, prefers exactly the type of interface with which they interacted for the first time. ...
Added: June 6, 2024
Ivashkovskaya I., Frecautan I., Eurasian Economic Review 2024
This paper examines the relationship between corporate governance mechanisms and their impact on green bond yield spreads for companies operating in emerging capital markets. The role of boards in mitigating ESG risks is well studied for developed countries, but there is no evidence of the impact of corporate governance on green fnance for emerging capital ...
Added: January 8, 2024
Glebko N., Gorbunova E. S., В кн.: Психология познания: низкоуровневые и высокоуровневые процессы. Материалы Всероссийской научной конференции. ЯрГУ, 18-19 декабря 2020 г.: Яр.: Филигрань, 2021. Гл. 15 С. 69–73.
Currently, many articles related to usability are devoted to various aspects of a computer or mobile interface. However, it is important to study the psychological characteristics of the user, since this directly affects how the user interacts with the interface and how he evaluates it. The purpose of this work is to study such an ...
Added: November 21, 2023
Ivashkovskaya I., Nazarkina V., Gostkov D. et al., Journal of Corporate Finance Research 2022 Vol. 16 No. 4 P. 6–33
We investigate how different personal traits of a chief executive officer (CEO) influence value creation in one of the largest emerging capital markets in Russia. Our research model considers several components of human capital of a CEO.
Moreover, we include CEO’s behavioral biases looking at overconfidence measured by industry adjusted ratio of capital expenditures and narcissism ...
Added: November 10, 2023
V. S. Vinogradova, The Journal of the New Economic Association 2024 Vol. 62 No. 1 P. 171–195
The technology sector has been showing a constant increase in the number of M&A transaction over the last years, setting record in both deal volume and value. For many com- panies, this is the only way to obtain the unique resources and build capacity necessary to succeed in the fast-paced business environment. The current paper ...
Added: July 19, 2023
Frecautan I., Journal of Corporate Finance Research 2022 Vol. 16 No. 3 P. 111–130
The ongoing experience of the global transition from fossil fuel-based economies to renewable-fuel-based economies shows that sustainable finance is an important step that enables this transformation in developed and emerging capital markets. As such, understanding the performance drivers of green bonds becomes important for development of new corporate models based on sustainability goals. Our research ...
Added: June 9, 2023