Influence of News Shocks on Movement of the Prices of the Russian Companies Stocks

The aim of this research is to determine the extent of conformity of the announcement of dividend payments on the market of shares of companies with considering the type of the news. The first chapter performs an overview and a brief analysis of the studies devoted to interested theme. The main problem is the insufficiency of the researches of the Russian stock market. The second chapter describes the methodology of event analysis, which was used in order to obtain the results in this work. There were chosen Russian companies in the three sectors as oil and gas sector, metallurgy and mining industry and telecommunications services in order to study the dependence of the value of shares on the announcement of payment of dividends. In the third chapter, a sample of 120 news from 20 companies was made, where 8 companies were belonged to the oil and gas sector, 8 – to the metallurgical and mining industry and 4 organizations in the telecommunications sector from January 1, 2011 to December 31, 2016. Analyzing the reactions to the news, the specifics of the dividend policy of Russian companies and the type of news were taken into account. As a result, it was found that the reaction of investors for the entire sample as a whole to the different types of the news was co-directed. For the various industries, the reactions to the news were different.