Analysis of the market response to the announcements of Russian companies on investments in innovative projects
The aim of the study is to analyze the character of market response to the information on innovative projects investments made by Russian companies and to produce a reasoned conclusion about it. The key objective of investments is to create value, so the research question is whether Russian investors perceive value creation from innovative investments. This problem has an increasing importance in the crisis period. The event study analysis is performed on the sample of 84 announcements of Russian companies related to the period of 2010-2013. It was revealed that there was a significant impact of the type of an innovative project and the mode of investments at the abnormal returns at Russian companies’ shares prices.
Keywords: innovative investments; innovative projects; market reaction; event studies; abnormal returns
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