msueconВестник Московского университета. Серия 6. ЭкономикаLomonosov Economics Journal0130-0105MSUPRESS10.38050/013001052020510msuecon-629Research ArticleФИНАНСОВАЯ ЭКОНОМИКАFINANCIAL STUDIESВлияние новостей на стоимость и объемы торгов акциями фармацевтических компаний СШАThe impact of the news on the value and trading volume of the USA pharmaceutical companies stockshttps://orcid.org/0000-0002-4799-9726ВолодинС. Н.VolodinS. N.

Володин Сергей Николаевич — к.э.н., доцент

Москва

Moscow

svolodin@hse.ruhttps://orcid.org/0000-0001-9500-0262ЗуеваЕ. С.ZuevaE. S.

Зуева Екатерина Сергеевна — аналитик

Москва

Moscow

zuevakate466@gmail.comНИУ «Высшая школа экономики»РоссияNRU Higher School of EconomicsRussian FederationАО «Лаборатория Касперского»РоссияKaspersky Lab AORussian Federation202026042021055-2020217237Copyright © Володин С.Н., Зуева Е.С., 20212021Володин С.Н., Зуева Е.С.Volodin S.N., Zueva E.S.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://msuecon.elpub.ru/jour/article/view/629

Высокие темпы развития мировой фармацевтической индустрии привели к существенному возрастанию ее привлекательности для рыночных инвесторов. В то же время в мировой финансовой науке наблюдается явный недостаток академических работ, которые раскрывали бы специфику ценообразования акций фармацевтических компаний, в том числе характер влияния различного рода новостной информации. Представленное исследование позволило отчасти решить эту проблему, существенно расширив диапазон имеющихся научных выводов в данном направлении. На базе ситуационного и эконометрического анализа авторами было охарактеризовано влияние широкого спектра новостной информации на динамику цен акций и объемов торгов, оценена возможность наличия инсайдерских сделок. Показано, что использование инвесторами новостной информации для совершения рыночных операций потенциально может позволить получить сверхдоходность. Результаты исследования могут быть полезны как для частных, так и для корпоративных инвесторов, в том числе портфельных управляющих, при совершении операций с акциями крупнейших мировых фармацевтических компаний.

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.

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The authors declare that there are no conflicts of interest present.