Финансовый менеджмент №3' 2018 КОРПОРАТИВНЫЕ ФИНАНСЫ CORPORATE FINANCE Интеллектуальный капитал компании как драйвер наращения краткосрочной стоимости в корпоративных стратегиях продажи активов Теплов А.С., аспирант ГУУ, г. Москва, администратор ФМЦ по

Abstract

The paper tests several hypotheses about the factors that are recognized by market investors when companies from different countries announce the sell-off. A short-term price reaction is compared with the firms intellectual capital (IC). The emphasis is on two elements of intellectual capital: human and innovative. The sample is built on 1247 announcements of companies in the BRICS countries and 2039 announcements of companies from Germany (from 2000 to 2016). For each 21 trading day of observations around the announcement day, an abnormal return and a cumulative return is calculated.
The hypothesis about the significance of the choice of the model for calculating the normal stocks return is tested also. Regression analysis made it possible to identify those significant factors that make the market reaction more pronounced.