Suchergebnisse

Intensive development of the global pharmaceutical industry has led to a significant increase in its attractiveness to market investors. At the same time, there is a clear lack of academic work in world financial science that would reveal the specifics of the shares pricing for pharmaceutical companies, including the nature of the influence of various types of news information. The study made it possible to partially solve this problem, significantly expanding the range of available scientific conclusions. Based on a situational and econometric analysis, the authors characterized the influence of a wide range of news information on the dynamics of stock prices and trading volumes, assessed the possibility of insider trading. It is shown that usage of news information by investors can potentially lead to extra profit on market transactions. The findings of the study can be useful to both private and corporate investors, including portfolio managers, in transactions with shares of the world's largest pharmaceutical companies.

In this article the authors consider different strategies related to the high-dividend portfolio investing. The paper provides the examination of the theoretical aspects, methodology and the evolution of the formation of high-dividend models. The author studies the range of classic highdividend portfolios, including a traditional version of the «Dogs of the Dow» strategy, and test it on the Russian stock market (2006-2016). The obtained results confirm the efficiency of this direction of investment. In order to increase the level of returns of high-dividend investing, the authors add into the model two filters on the financial performance P/E and ROA. As shown by calculations, the new model allows to achieve significantly higher results in comparison with the classical version. The following research demonstrates an advantage of the new model in comparison with the returns of the overall market (index strategy "buy and hold") and in comparison with investing in mutual funds and deposits. The obtained results are meaningful and confirmed by the analysis of the risk and return coefficients, suggesting the possibility of their practical application. The modified model is also able to complement the theoretical concept of high-dividend investment and to eliminate the basic shortcomings inherent in the classical model.

In recent decades, financial science actively covers new segments of the financial system that have not been studied previously. One of such areas is the analysis of impact of news on pricing in particular sectors of the stock market. The paper is related to this direction and aims to reveal the influence of news on stock price performance of companies in the U. S. film industry. To reach the goal we employed the abnormal return and trade volume analysis method, as well as multiple linear regressions. Basing on the results of the calculations, we provide the estimations of the general level of return and trade volume reaction on the release of positive and negative news. The significance of the obtained results showed the possibility of their application in practical investment activity, which makes them useful for individual and corporate investors, and fund managers who consider this sector as the possible destination for funds investment. The revealed mechanisms represent a good base for further research of the film industry in different countries and similar market segments.

Abstract
This paper is dedicated to the investigation of the strategies related to the high-dividend portfolio investment. The aim of this research is to increase the high-dividend portfolio efficiency by adding some filters and optimization weights of the assets in the portfolio. In order to achieve this goal, the authors complement the classical version of the «Dogs of the Dow» strategy with financial indicators ROA and P/E with equal and optimized weights of the assets in each portfolio. Two additional parameters are also used in the process of testing: the number of stocks and the month of the annual portfolio rebalancing. Thus, the obtained models have high-quality advantages in comparison with the traditional concept of high-dividend investing, eliminating its inherent disadvantages and providing higher rates of return.

Abstract
In recent times political events started to exert more and more significant impact on national financial systems due to sharpening of political problems in various countries. Undoubtedly, their influence can be followed in price dynamics of stocks which are trading in the securities market. The need to understand political news impact on the market as a whole and its separate industries is faced by investors and market agents for proper orientation in market environment. Since this issue provides rather controversial results in different studies, the authors set the aim to investigate the Russian market with the use of GARCH models. Such approach allowed determining precisely the political events' influence on return and volatility of market assets as well as leverage and clusterization effects. The obtained results may be beneficial for investors, operating in the Russian stock market, other market agents and specialists in the field of financial science.