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| Empirical Analysis of Factors Determining Investment Policy of Russian Companies (Archival project) |
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Investment (capital budgeting) decisions of companies and factors that determine the timing and the level of investment
Date of begin: 26.06.2006
Members: Tamara Teplova, PhD, Marina Krylova
We investigate the empirical relationship between company's investment and fundamental financial factors relevant for investment decisions: growth opportunity (market-to-book ratio), return on capital, return on sales, profit (accounting and economic), ownership structure and measures of uncertainty. We consider firm's common stock return volatility as one of the measure of uncertainty and decompose it into market and specific risks. The sample consists of publicly traded Russian companies.
Status: literature overview, model discussions, data collection, preliminary testing
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Hurdle rate in investment decisions in Emerging Markets
Date of begin: 01.02.2007
Members: Tamara Teplova, PhD, Natalya Selivanova
According to a lot of empirical studies CAPM, still mostly used in analysis in developed markets, gives inappropriate estimates of equity returns in emerging markets due to its drawbacks. Nevertheless in emerging markets there is no standard way of estimating the cost of equity.
There is strong empirical evidence that in emerging markets unsystematic risk is very significant since the markets are inefficient.
Status: literature overview, model discussions, data collection
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Maillist subscribtion
04-03-2010
Bayburina E.R., Golovko T.V., Nikishina E. and Fastovets V.L. are going to present their reports on international conferences: Istanbul (Turkey) and Ineag-Kokkari (Samos, Greece).
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31-01-2010
The international workshop will be in Moscow.
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