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<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">msuecon</journal-id><journal-title-group><journal-title xml:lang="ru">Вестник Московского университета. Серия 6. Экономика</journal-title><trans-title-group xml:lang="en"><trans-title>Lomonosov Economics Journal</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">0130-0105</issn><publisher><publisher-name>MSUPRESS</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.38050/01300105201956</article-id><article-id custom-type="elpub" pub-id-type="custom">msuecon-563</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>ФИНАНСОВАЯ ЭКОНОМИКА</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>FINANCIAL STUDIES</subject></subj-group></article-categories><title-group><article-title>Оценка стоимости компаний развивающихся рынков Европы на основе модели Ольсона</article-title><trans-title-group xml:lang="en"><trans-title>Ohlson model based valuation of companies in European emerging markets</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Берзон</surname><given-names>Н. И.</given-names></name><name name-style="western" xml:lang="en"><surname>Berzon</surname><given-names>N. I.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Берзон Николай Иосифович, д.э.н., профессор факультета  экономических наук</p><p>Москва</p></bio><bio xml:lang="en"><p>Moscow</p></bio><email xlink:type="simple">nberzon@hse.ru</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Хасанов</surname><given-names>А. Б.</given-names></name><name name-style="western" xml:lang="en"><surname>Khassanov</surname><given-names>A. B.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Хасанов Адиль Болатович, аспирант факультета экономических  наук</p><p>Москва</p></bio><bio xml:lang="en"><p>Moscow</p></bio><email xlink:type="simple">adil_khassanov@mail.ru</email><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru">НИУ «Высшая школа экономики»<country>Россия</country></aff><aff xml:lang="en">NRU Higher School of Economics<country>Russian Federation</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2019</year></pub-date><pub-date pub-type="epub"><day>20</day><month>04</month><year>2021</year></pub-date><volume>0</volume><issue>5</issue><fpage>92</fpage><lpage>115</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Берзон Н.И., Хасанов А.Б., 2021</copyright-statement><copyright-year>2021</copyright-year><copyright-holder xml:lang="ru">Берзон Н.И., Хасанов А.Б.</copyright-holder><copyright-holder xml:lang="en">Berzon N.I., Khassanov A.B.</copyright-holder><license license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://msuecon.elpub.ru/jour/article/view/563">https://msuecon.elpub.ru/jour/article/view/563</self-uri><abstract><p>В данной статье изучается модель Ольсона как альтернативный способ объяснения динамики рыночных котировок публичных компаний развивающихся стран Европы. В общем виде модель Ольсона представляет собой эконометрическую модель, учитывающую показатели финансовых отчетностей компаний и параметр «другой информации». Цель данного исследования заключается в проведении сравнительного анализа способности модели Ольсона к оценке стоимости компаний на развивающихся рынках Европы. Научная новизна заключается в том, что работа является первым эмпирическим исследованием, в котором одномоментно тестируется значимость модели Ольсона на развивающихся рынках Европы. Анализ панельных данных за семь последовательных лет демонстрирует состоятельность модели Ольсона в целом для региона развивающихся стран Европы и для рынков Польши и России. Полученные результаты сопоставимы с выводами статей, объектами в которых выступают развивающиеся рынки стран Латинской Америки и Азии.</p></abstract><trans-abstract xml:lang="en"><p>This article examines the Ohlson model as an alternative way to explain the dynamics of public companies’ market quotations in emerging countries of Europe. In general, Ohlson model is an econometric model that takes into account companies’ financial statements and parameter of “other” information. The purpose of this study is to conduct a comparative analysis of the ability of Ohlson model to estimate the value of companies in emerging markets of Europe. The scientific novelty lies in the following fact: this paper is the first empirical research that simultaneously tests the significance of Ohlson model in emerging countries of Europe. Panel data analysis for seven consecutive years demonstrates the significance of Ohlson model for the whole region of emerging European economies and for markets of Poland and Russia. The results obtained are comparable to findings of the authors who have examined the emerging markets of Latin America and Asia.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>модель Ольсона</kwd><kwd>оценка стоимости</kwd><kwd>детерминированные эффекты</kwd><kwd>развивающиеся рынки</kwd></kwd-group><kwd-group xml:lang="en"><kwd>Ohlson model</kwd><kwd>valuation</kwd><kwd>fixed effects model</kwd><kwd>emerging markets</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Ратникова Т.А., Фурманов К. К. Анализ панельных данных и данных о длительности состояний. — М.: Изд. дом ВШЭ, 2014.</mixed-citation><mixed-citation xml:lang="en">Ratnikova T.A., Furmanov K. K. 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