title: ÐÐ±ÑÐ°ÑÐ½ÑÐ¹ Ð²ÑÐºÑÐ¿ Ð°ÐºÑÐ¸Ð¹ (buyback): Ð¼ÐµÐ¶Ð´ÑÐ½Ð°ÑÐ¾Ð´Ð½ÑÐ¹ Ð¾Ð¿ÑÑ Ð¸ ÑÐ¾ÑÑÐ¸Ð¹ÑÐºÐ°Ñ Ð¿ÑÐ°ÐºÑÐ¸ÐºÐ°
title: Ð²ÑÐ¿ÑÑÐºÐ½Ð°Ñ ÐºÐ²Ð°Ð»Ð¸ÑÐ¸ÐºÐ°ÑÐ¸Ð¾Ð½Ð½Ð°Ñ ÑÐ°Ð±Ð¾ÑÐ° Ð±Ð°ÐºÐ°Ð»Ð°Ð²ÑÐ°
titleType: Subtitle
title: Share repurchase (buyback): international experience and Russian practise
Creators: name: ÐÑÑÐ¾Ð²Ð°, ÐÐ»ÐµÐ½Ð°
Publisher: name: Ð¡Ð°Ð½ÐºÑ-ÐÐµÑÐµÑÐ±ÑÑÐ³ÑÐºÐ¸Ð¹ Ð¿Ð¾Ð»Ð¸ÑÐµÑÐ½Ð¸ÑÐµÑÐºÐ¸Ð¹ ÑÐ½Ð¸Ð²ÐµÑÑÐ¸ÑÐµÑ ÐÐµÑÑÐ° ÐÐµÐ»Ð¸ÐºÐ¾Ð³Ð¾
Year: 2020
Subjects: Ð¾Ð±ÑÐ°ÑÐ½ÑÐ¹ Ð²ÑÐºÑÐ¿ Ð°ÐºÑÐ¸Ð¹
ÐºÐ°Ð¿Ð¸ÑÐ°Ð»Ð¸Ð·Ð°ÑÐ¸Ñ
ÐºÐ¾ÑÐ¸ÑÐ¾Ð²ÐºÐ¸
Ð´Ð¸Ð²Ð¸Ð´ÐµÐ½Ð´Ð½Ð°Ñ Ð¿Ð¾Ð»Ð¸ÑÐ¸ÐºÐ°
ÐÐÐ "ÐÑÐºÐ¾Ð¹Ð»"
share repurchase
capitalization
quotes
dividend policy
PJSC Lukoil

description: Ð¢ÐµÐ¼Ð° Ð²ÑÐ¿ÑÑÐºÐ½Ð¾Ð¹ ÐºÐ²Ð°Ð»Ð¸ÑÐ¸ÐºÐ°ÑÐ¸Ð¾Ð½Ð½Ð¾Ð¹ ÑÐ°Ð±Ð¾ÑÑ: Â«ÐÐ±ÑÐ°ÑÐ½ÑÐ¹ Ð²ÑÐºÑÐ¿ Ð°ÐºÑÐ¸Ð¹ (buyback): Ð¼ÐµÐ¶Ð´ÑÐ½Ð°ÑÐ¾Ð´Ð½ÑÐ¹ Ð¾Ð¿ÑÑ Ð¸ ÑÐ¾ÑÑÐ¸Ð¹ÑÐºÐ°Ñ Ð¿ÑÐ°ÐºÑÐ¸ÐºÐ°Â».
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1. ÐÑÑÐ²Ð»ÐµÐ½Ð¸Ðµ Ð¿ÑÐ¸ÑÐ¸Ð½, Ð¸Ð·-Ð·Ð° ÐºÐ¾ÑÐ¾ÑÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸ Ð¿ÑÐ¸Ð±ÐµÐ³Ð°ÑÑ Ðº Ð¿ÑÐ¾ÑÐµÐ´ÑÑÐµ Ð¾Ð±ÑÐ°ÑÐ½Ð¾Ð³Ð¾ Ð²ÑÐºÑÐ¿Ð° Ð°ÐºÑÐ¸Ð¹.
2. ÐÐ·ÑÑÐµÐ½Ð¸Ðµ ÑÐ¿Ð¾ÑÐ¾Ð±Ð¾Ð² Ð¿ÑÐ¾Ð²ÐµÐ´ÐµÐ½Ð¸Ñ Ð¾Ð±ÑÐ°ÑÐ½Ð¾Ð³Ð¾ Ð²ÑÐºÑÐ¿Ð° Ð°ÐºÑÐ¸Ð¹.
3. Ð¡ÑÐ°Ð²Ð½ÐµÐ½Ð¸Ðµ Ð¾Ð±ÑÐ°ÑÐ½Ð¾Ð³Ð¾ Ð²ÑÐºÑÐ¿Ð° Ð°ÐºÑÐ¸Ð¹ Ñ Ð²ÑÐ¿Ð»Ð°ÑÐ¾Ð¹ Ð´Ð¸Ð²Ð¸Ð´ÐµÐ½Ð´Ð¾Ð².
4. ÐÐ½Ð°Ð»Ð¸Ð· Ð¿ÑÐ¾ÑÐµÐ´ÑÑÑ Ð¾Ð±ÑÐ°ÑÐ½Ð¾Ð³Ð¾ Ð²ÑÐºÑÐ¿Ð° Ð°ÐºÑÐ¸Ð¹ Ð·Ð°ÑÑÐ±ÐµÐ¶Ð½ÑÐ¼Ð¸ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸ÑÐ¼Ð¸.
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6. ÐÐ·ÑÑÐµÐ½Ð¸Ðµ Ð²Ð»Ð¸ÑÐ½Ð¸Ñ Ð¾Ð±ÑÐ°ÑÐ½Ð¾Ð³Ð¾ Ð²ÑÐºÑÐ¿Ð° Ð°ÐºÑÐ¸Ð¹ Ð½Ð° ÐºÐ°Ð¿Ð¸ÑÐ°Ð»Ð¸Ð·Ð°ÑÐ¸Ñ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸ Ð¸ Ð½Ð° ÐµÐµ ÑÐ¸Ð½Ð°Ð½ÑÐ¾Ð²ÑÐµ Ð¿Ð¾ÐºÐ°Ð·Ð°ÑÐµÐ»Ð¸, Ð½Ð° Ð¿ÑÐ¸Ð¼ÐµÑÐµ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸ ÐÐÐ Â«ÐÑÐºÐ¾Ð¹Ð»Â».
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description: The theme of the graduate qualification work is âShare repurchase (buyback): international experience and Russian practice.â
The object of the study are international and Russian joint stock companies.
Subject of research â the procedure of the share repurchase.
The purpose of this work is to study the procedure of the share repurchase by both Russian joint-stock companies and foreign companies, as well as to analyze the impact of the share repurchase on the financial indicators of PJSC Lukoil. The research set the following goals:
1. The identification of reasons for which companies resort to the procedure of the share repurchase.
2. Studying of ways of conducting of the share repurchase.
3. Comparing the share repurchase with the dividend payment.
4. Analyzing the procedure of the share repurchase held by foreign companies.
5. Analyzing the procedure of the share repurchase held by Russian joint stock companies.
6. Studying of the impact of share buybacks on the company's capitalization and its financial indicators, using the example of PJSC Lukoil.
When writing the graduate qualifying work, methods of analysis, synthesis, comparison and economic-mathematical calculations were used.
Based on the calculations made, conclusions were drawn on how the announcement of the share repurchase by PJSC Lukoil affected quotes of securities and the profitability of the company's shares. These mathematical calculations were carried out using the companyâs quotes data archive provided on the official website of the Moscow Exchange and the Excel program, equipped with special formulas for calculating indicators such as the profit dispersion, the standard deviation and the covariance.
The buyback of shares of PJSC Lukoil had a positive effect on the company's quotes, as it contributed to their growth and helped during the stock market crash to begin quickly recover stocks in price after their fall.