Subject. This article deals with stock pricing factors. Objectives. The article aims to identify factors affecting the share prices of Russian companies. Methods. For the study, I used content, logical, and comparative analyses. Results. The article describes the factors that influence the price of a company's shares, but are not always directly related to its management and operations. Conclusions. There is a certain lack of scientific works confirming or refuting the applicability of fundamental indicators in the problem of predicting the changes in stock prices in the Russian market, when high volatility of financial markets and increased uncertainty due to political events have changed the relationship between the market value of shares and the fundamental indicators of the issuing company. Therefore, the significance of fundamental indicators should be checked in conjunction with external factors, which makes it possible to check the appropriateness of the application of fundamental analysis in modern realities.
Keywords: stock, pricing factors, stock market
References:
Abramov A.E., Radygin A.D., Chernova M.I. [Pricing models of shares of Russian companies and their practical application]. Voprosy Ekonomiki, 2019, no. 3, pp. 48–76. (In Russ.) URL: Link
Mokni K. A Dynamic Quantile Regression Model for the Relationship Between Oil Price and Stock Markets in Oil-Importing and Oil-Exporting Countries. Energy, 2020, vol. 213, 118639. URL: Link
Tiwari A.K., Trabelsi N., Alqahtani F., Hammoudeh S. Analysing Systemic Risk and Time-Frequency Quantile Dependence Between Crude Oil Prices and BRICS Equity Markets Indices: A New Look. Energy Economics, 2019, vol. 83, pp. 445–466. URL: Link
Bouoiyour J., Selmi R. How Differently Does Oil Price Influence BRICS Stock Markets? Journal of Economic Integration, 2016, vol. 31, no. 3, pp. 547–568. URL: Link
Samsi S.M., Cheok C.K., Yusof Z. Financial Crisis, Stock Market and Economic Growth: Evidence from ASEAN-5. Journal of Southeast Asian Economies, 2019, vol. 36, no. 1, Special Issue on ASEAN: Towards Economic Convergence, pp. 37–56. URL: Link
Fedorova E.A., Musienko S.O., Afanas'ev D.O. [Impact of the Russian stock market on economic growth]. Finansy: teoriya i praktika = Finance: Theory and Practice, 2020, vol. 24, no. 3, pp. 161–173. (In Russ.) URL: Link
Funashima Y., Iizuka N., Ohtsuka Y. GDP Announcements and Stock Prices. Journal of Economics and Business, 2020, vol. 108, 105872. URL: Link
Rosati N., Bellia M., Matos P.V., Oliveira V. Ratings Matter: Announcements in Times of Crisis and the Dynamics of Stock Markets. Journal of International Financial Markets, Institutions and Money, 2020, vol. 64, 101166. URL: Link
Bales K., Malikane C. The Effect of Credit Ratings on Emerging Market Volatility. Journal of International Financial Markets, Institutions and Money, 2020, vol. 65, 101186. URL: Link
Balcilar M., Bathia D., Demirer R., Gupta R. Credit Ratings and Predictability of Stock Return Dynamics of the BRICS and the PIIGS: Evidence from a Nonparametric Causality-in-Quantiles Approach. The Quarterly Review of Economics and Finance, 2021, vol. 79, pp. 290–302. URL: Link
Wongswan J. The Response of Global Equity Indexes to US Monetary Policy Announcements. Journal of International Money and Finance, 2009, vol. 28, iss. 2, pp. 344–365. URL: Link
Ehrmann M., Fratzscher M. Global Financial Transmission of Monetary Policy Shocks. Oxford Bulletin of Economics and Statistics, 2009, vol. 71, iss. 6, pp. 739–759. URL: Link
Patel R.J. BRICS Emerging Markets Linkages: Evidence from the 2008 Global Financial Crisis. The Journal of Private Equity, 2019, vol. 22, no. 4, pp. 42–59. URL: Link
Aliev O.M., Atakaev A.Z. [Tendencies of development of stock markets: Weak places and necessary measures]. Fundamental'nye issledovaniya = Fundamental Research, 2016, no. 12-2, pp. 360–364. URL: Link (In Russ.)
Abramov A.E., Radygin A.D., Chernova M.I. [Russian stock market: Trends, challenges and solutions. Academic view]. Voprosy Ekonomiki, 2021, no. 11, pp. 5–32. (In Russ.) URL: Link
Abramov A.E., Radygin A.D., Chernova M.I., Entov R.M. [The “dividend puzzle” and the Russian stock market. Part 1]. Voprosy Ekonomiki, 2020, no. 1, pp. 66–92. (In Russ.) URL: Link
Ankudinov A.B., Lebedev O.V. [Dividend payouts of Russian companies against the backdrop of financial crisis]. Korporativnye finansy = Corporate Finance, 2016, vol. 10, no. 3, pp. 38–56. URL: Link (In Russ.)
Teplova T.V., Sokolova T.V., Fasano A., Rodina V.A. [Determinants of return rates of Russian equity and bond mutual funds: Active investment strategies and commissions]. Voprosy Ekonomiki, 2020, no. 9, pp. 40–60. (In Russ.) URL: Link
Aliev O.M. [Buyback motives and their impact on stock prices of Russian companies]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2021, no. 5, pp. 682–686. (In Russ.) URL: Link
Adzhamatova D.S., Gasanova D.B., Kremleva V.V. [Stock market of Russia: Influence of sanctions of the West and prospect of recovery from the crisis]. Vestnik Altaiskoi akademii ekonomiki i prava, 2019, no. 5-3, pp. 17–22. URL: Link (In Russ.)
Chirkova E.V., Petrov V.V. [Testing for insider trading in the depositary receipts and common shares of the Russian public companies]. Ekonomicheskii zhurnal Vysshei shkoly ekonomiki = Higher School of Economics Economic Journal, 2017, vol. 21, no. 3, pp. 482–514. URL: Link (In Russ.)
Nazarova V.V., Fedorova A.A. [The influence of audit outcomes on the value of shares of Russian companies]. Vestnik Moskovskogo universiteta. Seriya 6: Ekonomika = Moscow University Economics Bulletin, 2020, no. 2, pp. 78–105. URL: Link (In Russ.)
Volodin S.N., Borenko I.A. [High-dividend portfolios filtered by financial performance]. Vestnik Moskovskogo universiteta. Seriya 6: Ekonomika = Moscow University Economics Bulletin, 2018, no. 4, pp. 59–78. URL: Link (In Russ.)
Sarkisyan A.K. [On the effectiveness of fundamental analysis methods in predicting declines in the Russian stock market]. Vestnik Rostovskogo gosudarstvennogo ekonomicheskogo universiteta (RINKh) = Vestnik of Rostov State University of Economics (RINH), 2013, no. 1-2, pp. 84–93. URL: Link (In Russ.)
Plotnikov A.P., Shishlov R.A. [To the question of assessing the market value of companies in modern conditions]. Izvestiya Saratovskogo universiteta. Novaya seriya. Seriya: Ekonomika. Upravlenie. Pravo = Izvestiya of Saratov University. Economics. Management. Law, 2018, vol. 18, no. 1, pp. 68–73. (In Russ.) URL: Link
