НИС «Эмпирические исследования корпоративных финансов»

9 февраля понедельник в 16:00 онлайн состоится НИС «Эмпирические исследования корпоративных финансов». Доклады представят:

1.  Карминский А.М., профессор Школы финансов.
Тема доклада: Моделирование в банковском деле и финансах
Аннотация: 55 лет на академическом треке. 300+ статей и около 40 книг. Публикации 2025г.
1)     Статья в Scopus Q1 по ESG рейтинг — резюме.
2)     Контроллинг в банке. — Монография из цикла книг по контроллингу.
3)     Моделирование в банковском деле и финансах — НИУ ВШЭ, 2025:
·        Структура.
·        Аннотация.
·        Состав авторов — мои ученики под моим научным редактированием.
·        Обзор двух глав.
·        Проблемные вопросы. 

2. Григорьева С.А., доцент Школы финансов.
Тема доклада: Does ESG Performance Influence Bid Premiums: Evidence from Developed and Emerging Capital Markets
Аннотация: ESG performance and valuation outcomes in mergers and acquisitions have attracted growing attention in empirical finance, yet the cross-market mechanisms linking sustainability characteristics of target firms to bid premiums remain insufficiently understood. Existing studies rarely examine how this relationship varies across institutional environments and deal structures. This paper addresses this gap by analyzing whether the ESG performance of target companies affects the size of bid premiums in M&A transactions, with particular attention to differences between developed and emerging capital markets. Using a dataset of 1,315 completed deals from 2008 to 2023, we employ a set of econometric models and robustness procedures to assess how ESG scores shape acquirer pricing behavior across regions and deal types. Our results indicate that stronger ESG performance is associated with higher bid premiums in Europe, the United States, and Japan, suggesting that acquirers in developed markets systematically reward sustainability attributes. In emerging markets, ESG performance raises bid premiums primarily in cross-border transactions, with pronounced effects in BRICS economies and across Asia. Additional analyses reveal heterogeneous effects of environmental and social scores in environmentally sensitive industries, demonstrate how ESG influences the likelihood of securing a premium above the industry benchmark, and document the distinct impact of COVID-19 on premium formation. The study enhances current understanding of how ESG considerations are incorporated into M&A valuation across diverse market settings, offering evidence that sustainability performance functions as an increasingly important dimension of target assessment.

 
Рабочий язык: русский.

Ссылка для подключения: https://zoom.us/j/97368006101?pwd=pwiGjjvtlbs7vlk0Qr73zr5MfNjnES.1
Идентификатор конференции: 973 6800 6101
Код доступа: 767234

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