Issue 4, 2013

Rogova E. M., Boyko X. A., Yarygin A. I. The Analysis of Market Reaction to Information Technologies Investments of Russian Companies.

The paper presents the results of the research of the market reaction to announcements about information technologies investments, made by Russian companies. Despite of the importance of such investments for the competitiveness of the modern enterprise, their impact at the companies’ value needs in the further study and does not seem evident. Though Russian information technologies’ market reveals the dramatic growth, the statistic data highlights that the companies’ management tends to be rather economic in the sphere of information technologies’ investments. The reaction of the Russian market to the announcements about the companies’ information technologies investments is analyzed on the base of the event study analysis. The study is made for the period of 2009–2012. The results define the factors, enhancing the companies’ value growth due to information technologies investments. Keywords: information technologies investments, value-based investments, Russian information technologies market, event study analysis.

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