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Factors Affecting the Formation of the Share Price of Russian Companies

Student: Petrov Vladimir

Supervisor: Alexandra Galanova

Faculty: Faculty of Economic Sciences

Educational Programme: Financial Engineering (Master)

Final Grade: 9

Year of Graduation: 2019

This research is devoted to an assessment of financial pefromance of companies, macro economy and industry indicators impact on stocks’ prices of Russian companies for 2009-2018 years. Current conjuncture in Russian stock market is quite tension: continuing sanctions rhetoric, the fall in world oil prices, sanctions against the Russian economy, the debt’s buildup of huge companies, low temps of reducing export depending and low temps of Russian economy growth. At same time development of Russian stock market closely linked to the economic growth of the Russian Federation. The main purpose of this research is to identify the internal and external factors determining the stocks prices of Russian companies using regression analysis. As a dependent variable is the stock price, and the independent seem the internal indicators that characterize the activities of Russian companies and external indicators of the macroeconomic and industry situation of the country. The research was completed on the basis of quarterly data from 2009 to 2018. As a consequence of regression analysis of panel data was found that EBITDA per share, free cash flow, oil and aluminum prices, currency rate and inflation affect stock prices on Russian companies.

Full text (added May 27, 2019)

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