The Impact of R&D Announcements on Russian Companies' Market Value

Student: Usynina Olga

Faculty: Faculty of Economics, Management, and Business Informatics

Educational Programme: Economics (Bachelor)

Final Grade: 9

Year of Graduation: 2017

This work investigates the impact of R&D announcements on the value of shares of the Russian company. Empirically the work is divided into several steps. In the first step, we calculate abnormal returns of the companies. In the second step, we perform a regression analysis in order to identify the influence of factors on abnormal returns. The factors considered are the type and stage of innovative activity, the industry of the company and ownership structure. We use data of Russian companies whose ordinary shares are traded on the Russian stock market in the period from 2012 to 2016. In the result, it was found that the factors have different effects on the change in the value of shares of companies.

Full text (added May 18, 2017)

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