Papers by Alexander Bukhvalov
One of the basic issues in the field of corporate governance is the choice of the most adequate n... more One of the basic issues in the field of corporate governance is the choice of the most adequate national model in conditions of globalization of modern economy. The comparative analysis of national models of corporate governance allows defining the basic advantages (costs) which are necessary for considering development of corporate governance in Russia. One of perspective directions of enhancing corporate governance performance is creation of the concept of electronic corporate governance, an academic background for which is the concept of electronic government. The important component of electronic corporate governance is transparency of the companies. In this paper the comparative analysis of basic models of corporate governance is discussed from the point of view of key criteria, specifics of Boards of directors activities is analyzed. The special attention is given to the analysis of corporate web sites characteristics from the view of providing basic information on corporate g...
Strategic management and especially business cycle theory place emphasis on importance of contrac... more Strategic management and especially business cycle theory place emphasis on importance of contracyclical business cycle management practices (BCM), among one of them is M&A policy. According to contrayclical M&A policy companies should acquire enterprises during periods of recessions when prices are low and sell assets (if there is necessity) during boom years because otherwise the M&A policy would not be profitable. In this paper M&A deals of Russian metallurgical companies during recent business cycle (2000 - 2013) are analyzed. Metal industry is traditionally viewed as being under large exposure of business cycle fluctuations due to link to supply elasticity and industrial production. It is shown that actual M&A policy of companies was debt - financed and procyclical rather than contracyclical which was contrary to what was suggested by theory. It is shown that most acquisitions were performed during boom period even close to peak and some sales were done after crisis. It is also...
Description of the goal, tasks and main results The goal of this study is to analyze the effects ... more Description of the goal, tasks and main results The goal of this study is to analyze the effects of intangible assets on NBA franchises valuation through a comparison of theoretical franchises' value provided by Forbes magazine and the actual sales prices of NBA franchises, an analysis of growth trends in NBA teams' sales prices, and a pooled Ordinary Least Squares regression analyzing the effects of intangible assets on past NBA transactions. Main results of this work are that intangible goodwill, human capital, and structural capital are the main intangible assets that influence a franchise' market value. Moreover, current franchises' owners may improve the value of their franchises by focusing on intangibles that affect the value on a short-term and a longterm basis, depending on their objectives.
Operator theory is part and parcel of functional analysis whose own name is not unlikely to be co... more Operator theory is part and parcel of functional analysis whose own name is not unlikely to be consonant with a simplest operator, a functional. The theory of vector and Banach lattices began with distinguishing and studying the order properties of functionals and operators.
Description of the goal, tasks and main results This paper is an empirical analysis of the market... more Description of the goal, tasks and main results This paper is an empirical analysis of the market risk faced by the implementation of railway supply chain finance business (the case of Chinese Z Aluminum Industry Co.,Ltd). Because of the fluctuation of market risk, took Shanghai A00 Aluminum as an example,financial time series analysis method was used and GARCH(1,1) model was established to describe characterize matter of yield kurtosis and heteroskedasticity, and on this basis,the Monte Carlo simulation was improved to calculate long-term market risk VaR. Furthermore, in the case of the comprehensive considerations of risk-free capital cost, a risk management index of dynamic pledge rate was designed. As a result, there is a significant positive correlation between the dynamic pledge rate and the aluminum price under different holding periods.The models built in this paper can actually help Z company reduce the market risk according to different dynamic pledge rates.
The goal of the paper is to develop an approach to assessing the fundamental (intrinsic) value of... more The goal of the paper is to develop an approach to assessing the fundamental (intrinsic) value of Russian traded and non-traded companies and in doing so to contribute to the private equity market formation. To obtain a measure for fundamental value a modified Ohlson model is proposed and then tested using regression analysis on a sample of Russian traded companies for the period 2002-2013. The results of our study enable to derive a formula for a particular accounting year that can be used in order to assess the value of companies of different industries.
Managing on international joint venture post-formation is a critical decision for both foreign an... more Managing on international joint venture post-formation is a critical decision for both foreign and local managers. Reviewing the literature in international and strategic management, the authors discuss recent findings of research on international joint venture acquisition by a foreign or local partner over the past 15 years. In doing so, the authors provide an in-depth review of theoretical foundation of IJV acquisition by one of the partners, the dominant determinants and a framework of research on IJV acquisition by a foreign or local partner. This proposed framework groups eight determinants and integrates the antecedents of IJV formation - described by complementary assets between partners and previous experience of a foreign and local partner, initial IJV characteristics influence - described by ownership structure, control and bargaining power, shifts of IJV characteristics - by three previous determinants and IJV performance, moderators - uncertainty, learning and new experi...
Russian Management Journal, 2018
The paper deals with a modification of the CAPM, being called the Mayers model, which takes into ... more The paper deals with a modification of the CAPM, being called the Mayers model, which takes into account the existence of nonmarketable assets. Human capital is the classic example of such assets though we present and discuss some other important examples. This approach, as well as more advanced conditional CAPM, gives a correction to traditional CAPM beta coefficient as a measure of market risk. In this paper we present two attempts to test CAPM with nonmarketable assets. First, we start from analysis of the small size effect of the Russian stock market. We show that in this case the Mayers model gives the possibility of substantial improvement of risk exposure estimate. Second, empirical analysis in the case of human capital shows no impact of the Mayers model in all sectors of the Moscow Stock Exchange other than Innovation.
Russian Management Journal, 2018
The objective of this paper is to develop the model that can be used to explain the amount of res... more The objective of this paper is to develop the model that can be used to explain the amount of research and development (R&D) expenditures of large and mature companies. The research methodology is based on real options approach. We model companies' R&D expenditures as payments for the real option, which is the right of a company to invest in real assets in the future, and therefore to ensure business development. The main result is a valuation model, which includes several relevant factors. While existing research papers apply real options approach mostly to the R&D projects of particular companies or within particular industries and situations, the current paper applies the corresponding methodology in general and aggregated setting. We hope that it will contribute to understanding of R&D intensity in large innovative companies.
Russian Management Journal, 2016
Современный стратегический менеджмент объясняет конкурентное положение компании усилиями ее менед... more Современный стратегический менеджмент объясняет конкурентное положение компании усилиями ее менеджеров по нахождению и построению специфических ресурсов и способностей. Корпоративные финансы говорят, что инвестор строит диверсифицированный портфель, учитывая только систематический риск (связь с управлением не прослеживается), тогда как специфический риск компании, связанный с управлением, не играет роли. Возникает парадокс: ценность фирмы не зависит от усилий менеджеров по управлению фирмой. По существу, все определяет отрасль (бета отрасли-рекомендуемый прокси-показатель для систематического риска компании). Настоящий обзор посвящен анализу недавнего прогресса в разрешении данного парадокса. «Пробой» заключается в рассмотрении шоков в идиосинкразических денежных потоках фирмы, что приводит к новой модели систематического риска, которая уже учитывает действия менеджеров. Указанные шоки связаны с исполнением реальных опционов роста-основного средства приспособления к неопределенности внешней среды, предлагаемого стратегическим менеджментом. Ключевые слова: систематический риск, специфический риск, CAPM, идиосинкразические денежные потоки, реальные опционы, стратегический менеджмент, управленческая теория фирмы.
Journal of Mathematical Sciences, 1994
Journal of Mathematical Sciences, 1989
Vector Lattices and Integral Operators, 1996
Siberian Mathematical Journal, 1973
Journal of Soviet Mathematics, 1978
In this paper we obtain necessary and sufficient conditions in order that a linear operator, acti... more In this paper we obtain necessary and sufficient conditions in order that a linear operator, acting in spaces of measurable functions~ should admit an integral representation. We give here the fundamental results. Let (~ ,~)(t=4,2) be spaces of finite measure, and let (T,~) be the product of these spaces. Let F_ be an ideal in the space S(~,?~ of measurable functions (i.e., from i~ I ~ le~!, e~ e e, eE it follows that @~-~). THEOREM 2. Let be a linear operator from E into 5(T0, 3. The following statements are equivalent: i) .there exists a ~-measurable kernel K(t,5) such that (~(5)= I K(t,5) e ce K);
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Papers by Alexander Bukhvalov