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Motives for Share Repurchase Programs in Russian Companies

Student: Konev Vladimir

Supervisor: Irina Ivashkovskaya

Faculty: Faculty of Economic Sciences

Educational Programme: Corporate Finance (Master)

Year of Graduation: 2020

In the first chapter, a review of the literature was conducted, in which the main hypotheses of share buybacks were identified, answering the question of why companies launch share repurchase. The second chapter is devoted to the review of share repurchase programs on the Russian market. it describes the current wave of share repurchases and identifies the features of Russian companies ' programs. In the third chapter, we consider the program of repurchase of shares of Lenta (Signal hypothesis) and MTS PJSC (payment to shareholders). A comparative analysis of companies and their competitors was conducted to determine which hypotheses explain the decision to buy back shares. It was also compared to the stated reasons and tested the possible hypotheses. In addition, additional factors that could have had a decisive impact on the launch of the share repurchase program were studied.

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