Corporate Finance Center (CFC) was established in June 2006 at the National Research University Higher School of Economics (HSE), Moscow, Russia. CFC is committed to promote high quality research on the application of financial theory and techniques to real world corporate financial policies, corporate performance and corporate governance studies. CFC aims to develop new knowledge in knowlege intensive firms and to provide a forum for discussing empirical corporate finance results.
The Laboratory’s foci are the following research areas:
- financial policy;
- mergers and acquisitions performance
- financial architecture of companies.
The idea of the project is to determine the effects of different taxation policies on the leverage of innovative companies using econometrical instruments. The tasks set by the researchers: to investigate the phenomenon of innovative companies, the methods of their evaluation, to review existing tax policies for different countries and the trends in their influence on the company's choice of a financial leverage and compare it with the existing results for non-innovative companies.
Mergers, acquisitions and firm performance
The project is aimed at the empirical analysis of performance of high-tech mergers in developed capital markets. We would like to identify the determinants of performance of high-tech mergers at the level of the acquirer, target and macroeconomic environment to investigate the influence of the innovative potential of high-tech firms on value creation in mergers and acquisitions.
The idea of the project is to analyze the influence of corporate financial architecture on performance of companies operating in the largest emerging capital markets (group of BRICS countries). We focus on such factors as the ownership structure, capital structure and corporate governance structure of innovative companies and conduct empirical analysis of their impact on financial performance.We also investigate the features and the role of intellectual capital of the board of directors in the implementation of successful strategic deals and consider the influence of intellectual capital of the board of directors on financial performance of innovative companies.
Students involved in projects
Not only scientific staff of the laboratory, but also students of the Faculty of Economics take part in the project.
In particular, with the guidance of associate professor Svetlana Grigorieva and reseacher Irina Skvortsova, Andrey Krasovitskiy conducts the analysis of specificities and motives of high-tech mergers in developed capital markets and the analysis of ways of measurement of performance of high-tech mergers and acquisitions in developed capital markets. Andrey Shvetsov deals with the determinants of M&A performance for innovative firms in developed and emerging capital markets. Together with associate professor Elena Makeeva, Irina Mihaleva determines the influence of different taxation policies on the leverage of innovative companies with the help of regression analysis. With the guidance of associate professor Anastasia Stepanova, Elena Karnouhova investigates the features of financial architecture of innovative companies.
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