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Реакция рынка на объявление о приобретении компаний открытого и закрытого типов
Корпоративные финансы. 2011. № 3. С. 30-43.
Chirkova E. V., Чувствина Е. В.
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 industry multiples. Private target discount was defined as the difference between the deal value and the price calculated based on average multiples of comparable public companies. In addition the ability of the market to differentiate deals with wrong motivation, in particular transactions aimed at bootstrapping, was analyzed.
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., 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
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
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
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
Rodionov I. I., Mikhalchuk V. B., Современная конкуренция 2015 Т. 6 № 54 С. 38-52
M&A decisions are vital for long-term development of emerging market companies. Existing research pays little attention to studying structure of synergy and valuation of synergy in M&A deals, initiated by private companies.
Therefore, there are no inclusive methods exist to analyze different components of financial and operating synergy. This article aims to systematize existing literature about ...
Added: March 27, 2016
Grigorieva S., Фоменко Н. В., Корпоративные финансы 2012 № 4 (24) С. 64-79
The impact of mergers and acquisitions on company value is the topic for debate in financial academic literature for a long time. One of the major considerations in any M&A transaction that influence the performance of mergers and acquisitions is the method of payment. Based on the sample of 825 deals in BRICS countries that ...
Added: March 13, 2013
Rodionov I. I., Mikhalchuk V. B., Корпоративные финансы 2015 Т. 3 № 35 С. 98-110
Companies from emerging markets, such as China, India, Malaysia, Russia and South Africa, use mergers and acquisitions (M&A) as one of the main instruments to grow and enter global markets. After the global financial crisis in 2008, companies from emerging markets initiated over 25% of M&A deals volume between developed and emerging markets companies.
M&A decisions ...
Added: January 11, 2016
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
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
Карелина М. Г., Mkhitarian V., Савченко И. С., Вопросы статистики 2016 № 3 С. 55-64
В настоящее время в условиях быстро меняющейся бизнес-среды интеграционные процессы становятся основой развития металлургических компаний. В публикуемой статье проведено комплексное статистическое исследование современного состояния и основных направлений развития интеграционных процессов в металлургическом секторе Российской Федерации. В работе проанализированы ведущие тенденции развития мировой металлургии и их влияние на отраслевую активность в сфере слияний и поглощений; проведен ...
Added: June 29, 2016
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
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
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
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
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
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
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
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
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
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
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
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
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