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Факторы дивидендной политики российских компаний
Проблемы прогнозирования. 2023. № 3. С. 146-157.
The study is devoted to the analysis of dividend policy of Russian firms. This policy is considered as a two-step process. First, firm makes a decision whether to pay dividends. Second, it decides how much to pay. To estimate the influence of various factors on these decisions we have proposed a two-step estimation procedure that combines the advantages of Newey and Lee sample selection models. This procedure has demonstrated an advantage over classical alternatives. It has been used to estimate the effect of firm’s age, size, returns on assets, property form and tangibility on the decision whether to pay dividends and on the amount of corresponding payment.
Khvostova I., Novak A., Силкина О. С., Финансы: теория и практика 2018 Т. 22 № 5 С. 90-104
The article examines the issue of differences in the dividend policy of public and private companies in Russia. State corporations form more than 40% of revenues of the largest Russian companies, at the same time the role of ownership structure in determining dividend policy is not uniquely determined in the literature. Comparative analysis of Russian ...
Added: October 1, 2018
Kossova E. V., Potanin B., Прикладная эконометрика 2022 № 3(67) С. 121-143
We propose a two-step estimation procedure for multinomial endogenous switching model assuming joint normality of random errors. Simulated data analysis suggests that our method outperforms popular alternatives when independence of irrelevant alternatives (IIA) assumption is violated. We also apply our method to estimate marriage male premium. We have found statistical evidence that this premium is ...
Added: October 5, 2022
Попова Е. О., Nazarova V., Вестник Санкт-Петербургского университета. Серия 8. Менеджмент 2020 Т. 19 № 1 С. 97-125
The paper aims to explore the characteristics of the dividend policy of Russian companies with state participation and identify its determining factors. Dividend decisions made by the company are largely dependent on the activities of the board of directors, the central corporate govern- ance body, and the liaison between shareholders and managers. The topic is relevant ...
Added: October 31, 2020
Teplova T., Управление корпоративными финансами 2010 № 2 С. 88-104
В статье представлен обзор теорий, объясняющих феномен экс-дивидендной даты, и работ, посвященных тестированию этой рыночной аномалии на развитых и развивающихся рынках капитала. Понимание логики, в соответствии с которой изменяются цены акций в районе экс-дивидендной даты, позволяет инвесторам выстраивать краткосрочные стратегии получения избыточной доходности, так называемые стратегии «захвата дивиденда».
Содержание статьи.
• Аномалия в поведении цены акции в ...
Added: October 17, 2012
Rogova E., Бердникова Г. О., Российский журнал менеджмента 2014 Т. 12 № 4 С. 3-28
The paper is aimed at examining the market reaction on announcements about dividend payments of Russian companies. Though there are numerous papers devoted to this problem, their results are controversial, and they are rather related to developed markets than to developing economies. The understanding of signals that dividend announcements give companies’ shareholders and potential investors ...
Added: January 30, 2015
Teplova T., Управление корпоративными финансами 2010 № 3 С. 172-195
Дивидендная политика Рынок акций Технический анализ
Ключевые слова: экс-дивидендная дата, падение цены акции, захват дивиденда, налог на прирост капитала, НДФЛ, волатильность ...
Added: October 17, 2012
Kuzmichev K., Казанская наука 2010 № 8(1) С. 367-370
This article is devoted to review research in field of payout policy which is widely known as dividend policy among Russian scientists. We structure logical connections among most sufficient papers, devoted to explaining payout policy by signaling theory. ...
Added: November 6, 2012
Potanin B., Studies on Russian Economic Development, United States of America, Pleiades Publishing, Ltd 2019 Vol. 30 No. 3 P. 319-326
This paper proposes a new method for estimating the effect of education on an employee’s wage:
with the help of the generalized Heckman model with switching. Application of this method makes it possible
to avoid the selection bias due to the endogenous accounting for nonrandom consideration of individuals
both as employed and having higher education. This model makes ...
Added: May 8, 2019
Dolgikh S., Potanin B., Прикладная эконометрика 2022 Т. 68 С. 117-139
We estimate the effect of higher education on abortion probability in Russia via hierarchical (recursive) probit model with nonrandom selection. To check the robustness of the results modifications of this model accounting for heteroscedasticity and non-normality of random errors are also applied. We have found statistical evidence that higher education decrease abortion probability. Furthermore, the ...
Added: December 5, 2022
Anilov A., Pirogov N., Journal of Corporate Finance Research 2016 No. 2 (38) P. 38-50
Financing and payout decisions generally affect company’s economic performance: they have impact (both directly and indirectly) on the free cash flow and, thus, on company’s and shareholders’ value. Search for optimal capital structure and optimal payout policy strategy that are likely to maximize shareholders’ utility resulted in the papers, dedicated to determinants of capital structure ...
Added: July 31, 2016
Ozhegov E. M., Journal of European Real Estate Research 2017 Vol. 10 No. 1 P. 35-56
Purpose: This paper examines heterogeneity of preferences of mortgage borrowers of Russian state-owned supplier of residential housing mortgages.
Methodology: Analysis takes into account the underwriting process and the choice of contract terms of all loans originated from 2008 to 2012. Our dataset contains demographic and financial characteristics for all applications, loan terms and the performance information ...
Added: December 23, 2016
Makarova V. A., В кн. : Финансовый анализ. : М. : Юрайт, 2014.
В настоящей главе представлена методика стратегического финансового анализа организаций ...
Added: October 24, 2014
Zaltsman A., Вестник Университета (Государственный университет управления) 2014 № 11 С. 98-103
Дивидендная политика российских компаний и внутрикорпоративные решения ...
Added: December 16, 2014
Shagaleeva G., Управление корпоративными финансами 2014 № 2 С. 82-92
Поскольку эмпирические исследования дивидендных выплат на основе панельных данных дают противоречивые результаты о детерминантах дивидендной политики, было решено пойти по пути "от частного к общему", изучив дивидендную политику конкретных компаний. Для анализа были отобраны четыре российские компании, принадлежащие различным отраслям экономики (транспорт, металлургия, телекоммуникации, энергетика) и различающиеся по структуре собственности, структуре капитала и т.д. Предоставленная ...
Added: June 6, 2014
Orlov D., Ozhegov E. M., Journal of Media Economics 2016
Motion pictures industry has been under research from social scientists for the last 30 years. A lot of the work has been dedicated to the analysis of the sequel effect on film revenue. The current paper employs data on wide releases in the US from 2010 to 2014 and provides a new look at sequel ...
Added: December 4, 2015
Teplova T., Zaltsman A., Рассадкин Л. Ю. et al., Вестник Национальной ассоциации участников фондового рынка (НАУФОР) 2012 № 2 С. 56-59
В периоды высокой волатильности на фондовом рынке особый интерес у инвесторов вызывают акции с денежными текущими выплатами – дивидендами. Кто выплачивал денежные дивиденды на российском рынке по акциям, которые котируются на ММВБ, кто такие "дивидендные аристократы" и каковы показатели привлекательности инвестирования по отраслям и эшелонам?" ...
Added: November 21, 2012
Potanin B., Trifonov Y., Прикладная эконометрика 2021 Т. 63 С. 76-90
This study applies various modifications of the GARCH-M process to model oil prices considering both the expectations of the investors and the risk premium. Futures contracts prices and volatility are used as a proxy for investors’ expectations and risk premium correspondingly. The advantage of the proposed approach is that the risk premium is modeled without ...
Added: September 22, 2021
Ozhegov E. M., Sidorovikh A., SSRN Working Papers 2015
The present study analyzes Perm, Russia residential housing market supply focusing on sellers' heterogeneity. Many indicators of heterogeneity were consi- dered in the previous research, and all of them were proved to have a great impact on housing prices and time on the market. However, the gap exists in evaluating sellers’ pricing strategies in dynamics ...
Added: December 9, 2015
Ryabova E., Makarov A. S., Khvostova I., М. : ИНФРА-М, 2018
The book captures the complex of questions of the theory, methodology and practice of forming the company's financial policy in conditions related to ensuring its sustainable development. It clarifies a number of concepts providing the theoretical basis, which allows us to determine the composition of current scientific and practical tasks of improving the methods of ...
Added: October 1, 2018
Istanbul : EBES, 2013
This conference proceeding includes selected full papers from the 11th EBES Conference – Ekaterinburg. We have accepted papers among resubmitted full papers after the conference ended. In this proceeding you will find a snapshot of topics that are presented in the conference. As expected, our conference has been an intellectual hub for academic discussion for ...
Added: October 24, 2013
Galina Berdnikova, Rogova E., , in : GSOM Emerging Markets Conference: Business and Government Perspectives. : St. Petersburg : ., 2014. P. 82-91.
The paper is aimed at examining the market reaction on announcements about dividend payments of Russian companies. Though there are numerous papers devoted to this problem, their results are controversial, and they are rather related to developed markets than to developing economies. The understanding of signals that dividend announcements give companies’ shareholders and potential investors is important because it helps ...
Added: October 19, 2014
Juri Trifonov, Bogdan Potanin, HSE Economic Journal 2022 Vol. 26 No. 4 P. 623-646
This study raises the problem of modeling conditional volatility under the random shocks’ normality assumption violation. To obtain more accurate estimates of GARCH process parameters and conditional volatilities, we propose two semi-nonparametric GARCH models. The implementation of the proposed methods is based on an adaptation of the [Gallant, Nychka, 1987] semi-nonparametric method to the family ...
Added: December 6, 2022
Pirogov N., Волкова Н. Н., Корпоративные финансы 2009 Т. 12 № 4 С. 57-78
В статье представлены результаты эмпирического исследования дивидендной политики компаний таких крупных развивающихся рынков, как Россия, Индия и Китай, в период с 1995-го по 2008 год. Результаты исследования показали, что дивидендная политика каждого развивающегося рынка индивидуальна и ключевые драйверы в ее определении различны. Дивидендная политика компаний в до- и посткризисные периоды (дефолт в России в 1998 ...
Added: November 14, 2012
Irina V. Berezinets, Ilina Y., Smirnov M. et al., International Journal of Business Governance and Ethics 2023 Vol. 17 No. 2 P. 196-222
This article seeks to contribute to the literature on corporate governance with particular focus on state-owned enterprises (SOEs). We put our analysis into the context of Russian SOEs operating in an economy with a high level of the state presence, and investigate the relationship between board characteristics and the dividend policy of SOEs. Specifically, we ...
Added: January 23, 2023