SEARCH
 

Search

 

Результаты поиска 1 - 2 из 2
Начало | Пред. | 1 | След. | Конец


Estimating the efficiency of mergers and acquisitions in the banking sector of the Russian Federation

Fedorova E.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( ecolena@mail.ru )

Rybalkin P.I. Financial University under Government of Russian Federation, Moscow, Russian Federation ( rybalkinpavel93@gmail.com )

Journal: Finance and credit, #7, 2016

Subject The article considers mergers and acquisitions (M&A) in the Russian banking sector.
     Objectives The purpose is to evaluate the M&A performance in the Russian banking sector over 2006–2014, and identify factors affecting the efficiency.
     Methods We systematized and described the main approaches to assessing the M&A effectiveness, focusing on the accumulated excess return. The research rests on the cumulative excess return method and statistical analysis.
     Results We reviewed 166 mergers and acquisitions over 2006–2014 initiated by banks (rather than other type of financial and credit institution). The study proved our two hypotheses we suggested. First, the acquirer achieves positive cumulative excess return within a short-term observation window. Second, characteristics of transaction (the size of acquired share, the country of the target company, diversification) have different effects on the accumulated excess return of the acquirer, depending on the period in which the transaction was made (before, during, or after crisis).
     Conclusions In the same industry, diversifying transactions achieve accumulated positive excess return less frequently than transactions aimed at concentration of capital.


Interrelation of company capital structure and effectiveness in Russia

Fedorova E.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( ecolena@mail.ru )

Rybalkin P.I. Higher School of Economics, Moscow, Russian Federation ( rybalkinpavel93@gmail.com )

Fedorov F.Yu. OOO RedSys, Moscow, Russian Federation ( fedorovfedor92@mail.ru )

Journal: Finance and credit, #48, 2017

Subject The article investigates interrelations between capital structure and effectiveness of 451 Russian manufacturing companies from 2008 to 2015.
Objectives The purpose of the study is to explore the interaction between the capital structure of the companies and their effectiveness in the Russian market.
Methods Annual financials of Russian manufacturing companies from Ruslana database serve as input data. We estimate the companies' effectiveness by building non-parametric DEA models (VRS and FDH modifications). To challenge the main hypotheses, we constructed two linear regression equations under three methods, namely, OLS, 2SLS, and quantile regression.
Results Using the obtained estimates of effectiveness, we tested the agency-cost hypothesis to find out whether an additional debt leads to an increase in company performance in the next period (Jensen & Meckling, 1976). Also, there have been tested two competing efficiency risk and franchise value hypotheses to understand whether more effective companies raise additional debts to achieve their capital structure optimum or they tend to maintain positive cash flow for equity holders and avoid additional debts. Based on the findings, we rejected the agency-cost hypothesis. The effectiveness of Russian companies is not improved if the debt level grows. For a number of companies, the franchise value hypothesis was confirmed – if the major shareholder possesses from over seventy percent of the total share capital, it results in the biggest decline in the debt level in the next period.
Conclusions Raising new debt by more effective companies has an insignificant impact on their performance in the subsequent period.


Результаты поиска 1 - 2 из 2
Начало | Пред. | 1 | След. | Конец


Отсортировано по релевантности | Сортировать по дате