Market Reaction to the Announcement of Delisting by the Russian Public Companies

Student: Kasparyan Albert

Supervisor: Elena V. Chirkova

Educational Programme: Strategic Corporate Finance (Master)

Year of Graduation: 2019

The goal of the research is to analyze reaction of the market on the announcement of delisting in Russia. Besides, one of the objectives of research is to analyze how buyback price affects market reaction, to compare reaction on the delisting of Russian companies at MOEX and foreign exchanges, to compare market reaction before changes in legislation regarding delisting procedure and after them. Another objective is to create overview of the world experience in delisting and compare legal standards of delisting in Russia and other countries to show the specific of this procedure in Russia. The problem of delisting is well observed in scientific financial literature. However, there is no detailed empirical research on this topic regarding Russian stock market. The present work seeks to fill the existing gap of detailed studies related to the delisting of Russian companies and provide some directions for future researches.

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