Научный семинар «Эмпирические исследования корпоративных финансов»

Приглашаем Вас на очередное заседание постоянного научного семинара «Эмпирические исследования корпоративных финансов» Школы финансов факультета экономических наук. Заседание состоится в понедельник 22 января 2018 г. в 16:00 по адресу ул. Шаболовка, 26, НИУ ВШЭ, ауд. 3211.

Язык семинара: русский, английский

В рамках семинара предлагается обсудить два доклада:

Theme 1. With or Without CU: A Comparative Study of Efficiency of European and Russian Corporate Universities

Speakers: Petr Parshakov,  Elena Shakina

Annotation: In this study, the authors address the issue of efficiency of corporate universities. An efficiency is defined in relative terms: as having relatively better performance in comparison to other companies. Different indicators of performance were employed in order to analyze short-term and long-term efficiency. The authors analyze if corporate and traditional universities are substitutes or complements. A comparative analysis of European companies and emerging Russian companies is performed in order to understand if there are country differences in the efficiency of corporate universities. To avoid potential omitted variable bias fixed effect within estimator is employed. This estimator enables controlling for a firm-specific time-constant effect which conditions company’s performance and is responsible for other individual traits. The rest of the characteristics are controlled with a proxy, which are traditional for corporate finance studies. There are contradictory results for the efficiency of a corporate university; for the European companies, a corporate university brings positive effect for the short-term performance, nevertheless, as we have found that it destructs value in long-term. A company with a corporate university has 70% less market value added (MVA) than an average company. There is a negative short-term synergy while the long-term synergy is positive. The results for the Russian sample are very consistent: corporate universities have negative or neutral effect on the performance.

Theme 2: Anchoring Effect in Mergers and Acquisitions:  Evidence from an Emerging Market

Speakers: Anastasia Stepanova, Vladislav Savelyev, Malika Shaikhutdinova

Annotation: The article examines the presence of reference price effect in mergers and acquisitions in Russia that can act as a distortion in investor’s perception of the influence the deals have over the company. In this study we use the Russian market as a laboratory for the investigation of behavioral effects in a relatively inefficient market. We find a relationship between the acquirer’s announcement period return and the proximity of its pre-announcement share price to the 52-week high level. Thus the 52-week high price serves as a salient anchor even though it is economically irrelevant for valuation purposes. This effect appears to be stronger for deals associated with higher levels of uncertainty. The findings confirm the presence of anchoring bias in evaluating the effect of a merger or acquisition announcement by Russian investors. We demonstrate significant anchoring effect even for the deals with a blockholding (10%+) and a controlling stake (of more than 25%) in an emerging market with a highly concentrated ownership.

При необходимости заказа пропуска в здание НИУ ВШЭ, просьба до 16:00 19 января направить заявку на e-mail: df@hse.ru указав в теме сообщения «заказ пропуска на НИС 22 января» и сообщив свою фамилию, имя, отчество и название организации.