Research Repository
Saint Petersburg State University

The main aim of the paper is to investigate strategic behavior that would make it possible for football clubs to comply with the newly introduced UEFA financial fair play regulations. For this reason, the most recent annual reports of the top European football clubs were examined and compared with the most important FFP requirements ("aggregate break-even result" and "net debt to total revenue ratio"). The received results revealed that the majority of the top European football clubs would ha...

The thesis overall objective is to examine the applicability of brand repositioning by the means of buzz marketing communication tools that allow a brand to manage with existing buzz on the market it enters. To accomplish this objective two cases of automotive industry were analyzed, together with theoretical background. The repositioning is assessed being crucial strategic action for the case of the negative buzz for the brands in automotive industry, as those are driven by buzz.

The overall goal of the master thesis – is to detect earnings management using evidence from German companies during crisis period. The list of incentives for earnings management during financial crisis was elaborated, among which were income-increasing as well as income-decreasing and smoothing strategies. The earnings management was detected in the event year (2008 or 2009 depending on the industry) and the year preceding to the crisis. Big-bath accounting was the most preferable earnings m...

In case of Internet companies, especially Internet Information Providers, customer or user brings the critical value for the firm. The goal of the work was stated as to determine the factors influencing on the customer value. The research is based on two cases of real companies from Internet Information Providers Industry: Travelzoo, Inc., online media company provided customers with information about travel and entertainment deals, and OpenTable, Inc., provider of online restaurant reservati...

Analysis of the influence of historical residual earnings dynamic on quality of company’s value assessment using Ohlson valuation model and comparison of the results in different economic cycles Objectives: 1) Construction of the model 2) Analysis of applicability of new model by statistic results analysis and by implementation of unified model in real cases 3) Comparison the regression results in different economic cycles 4) Analysis of conclusions from the results obtained Main results: 1) ...

The goal of the following thesis was to compare the applicability of the CAPM and the D-CAPM in the US and Russia. In order to achieve this goal the following objectives were achieved: construction of total return index for MICEX Index; comparison of traditional and downside betas for the sample of companies from the U.S. and Russia; testing of the hypothesis concerning the symmetry of stock return betas to upward and downward movements of the market; testing of the hypothesis concerning the ...

There is a plenty of various event-studies conducted in terms of different events and from the multiple industrial sectors perspectives. In this study the existing methodology is provided and implemented in order to find out the influence of flagship products releases on the abnormal value of the company. This is fulfilled for firms within the high-velocity global technology industry and US analgesic sector of pharmaceutical market with respect to their property to provoke consumers' addictiv...

The goal of the research is to determine whether the existence of the reorganization mechanism for insolvent businesses, namely Chapter 11, really creates benefits as significant as it is assumed to create. To achieve this goal, the following objectives were set: to investigate the Chapter 11 mechanism and its analogues in the world and present the existing views on the reorganization procedure, to examine the process of bankruptcy and/or debt restructuring in three companies (WorldCom, Kmart...

The goals of this work are the following: •Test whether the absolute level of liquidity is a significant asset-pricing factor. •Test whether the liquidity risk as formulated by LCAPM is priced risk factor I show that LCAPM performs better under some test and that the stock sensitivity to the covariance of stock returns and market liquidity is significantly priced under all specifications.

The study of life and religious activity of Vladimir the Baptizer of Rus' (Vladimir the Saint) is based on the examination of the oldest written sources devoted to him. It is based on the textual and literary criticism of the chronicles, different versions of the Vita of Vladimir the Saint and eulogies. The most important texts are published. The contemporary Byzantine, Armenian and Latin sources as well as material subjects (coins) are used to make it possible for the reader to realize and a...

For processing on the electronic computer the photos received and measured according to "Instructions on determination of coordinates of artificial satellites of the Earth on the pictures received on cameras" HAФA-3c/25-C", with results of measurements correctly written down on forms are suitable. As the computer works under the program based on the method of handling offered by A. A. Kiselyov, everyone who assumes to process the observations in Computer center, it is necessary to familiariz...

The lunisolar gravitations perturbations for two hypothetical artificial satellites of the Earth with a sidereal period of 23h56m04s are analysed.

The classical method of the variation of arbitrary constants is applied for the calculation of perturbation of elements of the planet satellite due to the gravitation of the third body. The mutual inclination of the satellite orbit and the disturbing body orbit is arbitrary and eccentricities do not surpass Laplace's limit. Corresponding procedure described by means of ALGOL-60 is applied to Jupiter's X satellite. A comparison of the results with Lemechova's theory based on Delaunay's expan...

A method for expanding the disturbing function in the series in terms of the powers of eccentricities is set forth without any restrictions concerning exponents. Particular attention is paid to the description of the algorithm for finding numerical values of Newcomb's operators of any order. A procedure for computation of any term of the series representing the disturbing function in Ljach's form is described by means of ALGOL-60. Tables of such expansion computed on the basis of the mention...

Goals: • Apply bonds with embedded options valuation models to Russian securities with a focus on callable bonds • Identify factors that make companies choose to issue such complex instruments. Tasks: • Classify bonds by types of embedded options & present corresponding valuation techniques • Value a callable bond of a Russian company • Collect data from original sources on bonds with embedded options in Russia & develop hypotheses on the determinants of callable bonds issue. Main results: • ...

The goal of the thesis is to develop a financial models of public-private partnership (PPP) in hospitals and their application to the St. Petersburg Children's Hospital №5. To achieve the goal there were set up the following objectives: the study of types, forms and modern trends of development of PPP worldwide, elaboration of an approach to develop financial models for PPP hospitals, identification of financial performance drivers of hospitals, development of financial models for PPP hospita...

The main goal of the current research was to identify whether Russian traded acquiring companies that took part in M&A deals in the period of 2007 to 2013 deliver abnormal returns to their shareholders. The Calendar-Time Abnormal Returns Portfolio Approach was used in this study. Two Rebalanced Event Portfolios were constructed on the basis of the type of payment used in the deals: Cash and Non-cash Rebalanced Event Portfolios. The conclusion of the research is that Russian traded acquiring c...

The Russian banking sector provides an example of a new, but rapidly developing market which has experienced a significant number of mergers and acquisitions over the last decade. The goal of the study is to find how the determinants of M&A success impact post-M&A financial performance of the target institution, operating in Russia. The goal is achieved through fulfillment of several tasks, in particular determinants of post-merger financial performance are found, most appropriate indicator o...

Risk has become of interest to companies as they tried to achieve their goals to minimize possible losses and speculate on possible gains. This will to achieve such goals has laid demand for formulating risk management policies with corresponding risk measures appropriate for every situation a company is interested in. The primary and ultimate goal of company’s management is to maximize shareholder’s value. One of the possible estimators is the cost of equity which defines the return that com...