• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site
National Research University Higher School of EconomicsStudent ThesesThe Impact of Corporate Events the Companies' Stock Price: Empirical Research of Oil and Gas Industry and Retail

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Oxana Shevyakina
The Impact of Corporate Events the Companies' Stock Price: Empirical Research of Oil and Gas Industry and Retail
Finance
(Master’s programme)
2017
This work represents the analysis of corporate events on stock prices of publicly traded companies in Oil and Gas industry, Retail. Sample (announcement of M&A deal) consists of 165 transactions, 35 – publication of finance report. General sample of retail – 57 and 30 – respectively.

The first part of this paper consist of influence of announcement of M&A deal on a stock price. Using an event analysis method, it was revealed that majority of hypotheses of rather positive market reaction on announcements in Oil and Gas industry is confirmed, except for Downstream-sector or sector on conversion.

The retail sector demonstrated the following results: the results were divided according to the windows in question: in the long time window the results are not significant, in the shorter periods they are significant anyway.

The construction of a model for factor analysis of the effect on the Abnormal Announcement Return of the acquirer has shown that the CAR is declining when announcing an increase in the Final Share of Acquisition at the Completion of the Transaction and "Indicator of the Company's Market Capitalization, there is a positive relationship between The amount of excess accumulated profitability and EBIT of the target company.

In the third part of practice about impact of publication of annual financial statements on company stock prices, both sectors showed similar results. This event leads to the creation of the company's value. Such a result can be explained by the fact that, albeit in different sizes and in different dimensions, but these two sectors are currently adapting to the environment, due to which they are forced to change their habitual scheme of functioning. Both industries successfully cope with this task. Thanks to this, investors perceive the shares of these enterprises as a reliable source of revenue.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses