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The Role of the Share of State Ownership in Choosing an Object for Financial Investment

Student: Zverev Daniil

Supervisor: Vasilisa A. Makarova

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Year of Graduation: 2020

We believe that in order to minimize the risk of losing money, the investor should choose such an object for investing money that is highly valued by the market. Accordingly, in this work, we analyzed the dependence of the market assessment of the potential of public joint-stock companies, expressed by the Q-Tobin coefficient, on the share of state participation and other factors. An econometric regression analysis was chosen as the main research method; the data was taken from the MOEX official website, as well as other sites and annual accounting reports of public joint-stock companies. During the analysis, a regression with robust errors was constructed, on the basis of which it became clear that there is a statistically significant quadratic dependence between the Q-Tobin value and the level of state participation, in which state participation, in general, has a negative impact on the company's market assessment, as well as several hypotheses were confirmed and refuted with respect to other factors that influence this indicator. This work can be used in further studies on similar topics, as well as by private shareholders who make up their investment portfolio.

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