Portrait of Dr Valeriya Vitkova

Dr Valeriya Vitkova

Research Fellow at the M&A Research Centre

Bayes Business School, Faculty of Finance

Contact

Visit Valeriya Vitkova

Room J108, Bunhill Row

Postal address

Bayes Business School
106 Bunhill Row
London
EC1Y 8TZ
United Kingdom

About

Overview

Dr Valeriya Vitkova is a Senior Lecturer in Corporate Finance at the Bayes Business School. She is also the Director of Client Research at the M&A Research Centre (MARC). Since joining MARC, she has been involved in a number of projects related to topics such as shareholder activism, corporate restructuring, acquisitions of distressed companies, post-acquisition performance and the role of institutional investors, joint ventures and strategic alliances as well as the Bayes MARC M&A Maturity Index. Valeriya teaches corporate restructuring, topics in M&A and principles of finance at the undergraduate and postgraduate level at Bayes Business School. She has presented her research at many international conferences and published her research articles in top-tier finance journals including the Journal of Business Finance and Accounting and the European Journal of Finance. Dr Vitkova has also published a chapter in the book: ‘International Banking in the New Era: Post-crisis Challenges and Opportunities’. She graduated from Bayes Business School (PhD and MSc).

Valeriya obtained international experience when working as a financial analyst at the United Nations World Food Programme in Italy. Dr Vitkova has been involved in a number of consultancy projects for the global technology provider of content management and collaboration solutions Intralinks. The projects relate to the analysis of M&A information leakage and the factors that make companies attractive acquisition targets.

Qualifications

PhD (Bayes), MSc in International Accounting and Finance (Bayes), and BA.

Languages

Bulgarian.

Expertise

Primary topics

  • Asset Pricing
  • Asset Valuation
  • Corporate Finance
  • Finance
  • Financial Markets
  • Financial Regulation
  • Mergers & Acquisitions
  • Private Equity

Additional topics

  • Bankruptcy & Liquidation

Research

Research topics

Allocative Efficiency of Internal Capital Markets: Evidence from Equity Carve-outs by Diversified Firms

We examine whether equity carve-outs (ECOs) lead to improvements in the functioning of the internal capital markets (ICM) of diversified firms. Divestments, including spin-offs, sell-offs and ECOs, can be employed by firms to improve allocative efficiency. Equity carve-outs, unlike spin-offs and sell-offs, leave the parent’s ICM intact but provide the opportunity to enhance internal and external corporate governance mechanisms. Using a US sample of 354 ECOs completed between 1980 and 2013, we find that the allocative efficiency of parents is augmented significantly following ECOs. This increase in allocative efficiency is driven by improvements in the governance characteristics of parent companies.

Do firms actively cater to dividend clienteles? Evidence from merger-induced changes in shareholder base

This paper looks at how the dividend policy of acquirers changes following the completion of acquisitions.

Stock Pickers or Managers: Do hedge fund activists really contribute to long-term value?

This paper looks at what makes companies the likely targets of hedge fund activists and whether the performance of companies improves following activist engagements.

Why don’t US Multinationals have larger period end PRE balances offshore: Politically driven Foreign Investment in exchange for Tardy Tax Reform?

This paper looks at whether the propensity to invest in fixed assets abroad is affected by the level of permanently reinvested earnings that US multinationals hold. We also look at whether the level of investments in fixed assets abroad has any impact on company performance.

Corporate Actions - A Holistic (CEO) Perspective

This paper looks at acquisition and divestment programmes and the effect they have on company performance.

Who Gains from Corporate Rescues? Distressed M&A during four financial crises

This paper looks at company performance following acquisitions of distressed targets.

Publications

Chapter

  1. Carapeto, M., Moeller, S., Faelten, A., Vitkova, V. and Bortolotto, L. (2010). Distress resolution strategies in the banking sector: Implications for global financial crises. In Kim, S. and Mckenzie, M.D. (Eds.), International Banking in the New Era: Post-Crisis Challenges and Opportunities, 2010 (pp. 335–360). Emerald Group Publishing Limited.

Journal articles (6)

  1. Vitkova, V., Tian, S. and Sudarsanam, S. (2023). Allocative efficiency of internal capital markets: Evidence from equity carve-outs by diversified firms. International Review of Financial Analysis, 86, pp. 102500–102500. doi:10.1016/j.irfa.2023.102500.

    [publisher’s website]

  2. Golubov, A., Lasfer, M. and Vitkova, V. (2020). Active catering to dividend clienteles: Evidence from takeovers. Journal of Financial Economics, 137(3), pp. 815–836. doi:10.1016/j.jfineco.2020.04.002.

    [publisher’s website]

  3. Appadu, N., Faelten, A., Moeller, S. and Vitkova, V. (2016). Assessing market attractiveness for mergers and acquisitions: the M&A Attractiveness Index Score. The European Journal of Finance, 22(8-9), pp. 732–755. doi:10.1080/1351847x.2014.888362.

    [publisher’s website]

  4. Faelten, A., Gietzmann, M. and Vitkova, V. (2015). Learning from your investors: can the geographical composition of institutional investors affect the chance of success in international M&A deals? Journal of Management & Governance, 19(1), pp. 47–69. doi:10.1007/s10997-013-9268-3.

    [publisher’s website]

  5. Faelten, A., Gietzmann, M. and Vitkova, V. (2014). Naked M&A Transactions: How the Lack of Local Expertise in Cross-Border Deals Can Negatively Affect Acquirer Performance - and How Informed Institutional Investors can Mitigate This Effect. Journal of Business Finance & Accounting, 41(3-4), pp. 469–506. doi:10.1111/jbfa.12049.

    [publisher’s website]

  6. Carapeto, M., Moeller, S., Faelten, A., Vitkova, V. and Bortolotto, L. (2011). Distress classification measures in the banking sector. Risk Governance and Control: Financial Markets and Institutions, 1(4), pp. 19–30. doi:10.22495/rgcv1i4art2.

    [publisher’s website]

Working papers (13)

  1. Vitkova, V., Tian, S. and Sudarsanam, S. (2019). Allocative Efficiency of Internal Capital Markets: Evidence from Equity Carve-outs by Diversified Firms. SSRN Working Paper.
  2. Vitkova, V. and Tian, S. (2018). How, and when, to catch a falling knife: The Benefits, Risks, and Timing Issues Around Distressed M&A. M&A Research Centre, Cass Business School, City, University of London: (MARC Working Paper Series 2018).
  3. Vitkova, V., Golubov, A. and Lasfer, M.A. (2018). Are they Listening? An M&A Approach to Dividend Catering. M&A Research Centre, Cass Business School, City, University of London: (MARC Working Paper Series 2018).
  4. Vitkova, V. and Karadakov, B. (2018). Power Plays - an M&A approach to Market Concentration. M&A Research Centre, Cass Business School, City, University of London: (MARC Working Paper Series 2018).
  5. Vitkova, V. and Rosenberg, M. (2018). Playing the long game: Do certain financial advisors in the UK bring longer term value to the M&A table? M&A Research Centre, Cass Business School, City, University of London: (MARC Working Paper Series 2018).
  6. Moeller, S., Vitkova, V. and Sudarsanam, S. (2017). 'Hedge Funds: Stock Pickers or Managers? London, UK: M&A Research Centre, Cass Business School, City, University of London.
  7. Moeller, S., Vitkova, V., Xie, F., Tian, S. and Abou Meri, A. (2017). Megatrends: New and Emerging Drivers of Deal Activity. M&A Research Centre, Cass Business School, City, University of London: (MARC Working Paper Series 2017).
  8. Vitkova, V. and Krsticevic, Z.-.L. (2017). The Goldilocks Effect: Industry-relatedness and M&A. M&A Research Centre, Cass Business School, City, University of London: (MARC Working Paper Series 2017).
  9. Vitkova, V., Tian, S. and Sudarsanam, S. (2017). Let's Stay in Touch: The Carve-out Option for Conglomerates. M&A Research Centre, Cass Business School, City, University of London: (MARC Working Paper Series 2017).
  10. Moeller, S., Vitkova, V. and Gonzalez Sadornil, J. (2016). There will be blood: The Price of Oil and what it means for M&A. London, UK: M&A Research Centre, Cass Business School, City, University of London.
  11. Vitkova, V. and Koh, K.Y.Q. (2016). Does the Early Bird Always get the Worm? London, UK: M&A Research Centre, Cass Business School, City, University of London.
  12. Moeller, S., Vitkova, V., Markey, D. and Novikova, A. (2015). The New Normal: The Resurgence of Activist Investing Since the End of the Financial Crisis. London, UK: M&A Research Centre, Cass Business School, City, University of London.
  13. Moeller, S. and Vitkova, V. Corporate Actions - A Holistic (CEO) Perspective.

Education

Doctor of Philosophy in Finance

Cass Business School

MSc In International Accounting and Finance

Cass Business School

BA in Economics

Richmond, the American International University in London

Professional activities

Consultancy (5)

  1. PWC (Private Sector) (Apr – Jul 2018)
    Global analysis of the performance of acquisition and divestment deals during the last ten years
  2. Credit Suisse (Private Sector) (Sep 2017 – Jan 2018)
    Co-authored one of the quarterly publications - Behind the numbers:
    Mastering M&A
  3. Intralinks (Private Sector) (Aug 2016 – Sep 2017)
    Analysis of the factors that can impact the likelihood of M&A deal completion.
  4. Intralinks (Private Sector) (Aug 2015 – Jan 2016)
    Project looking at what makes companies attractive targets for M&A purposes
  5. Intralinks (Private Sector) (Jan – May 2015)
    Project examining the incidence of M&A leaks on a country and industry basis

Events/conferences (10)

  1. European Financial Management Association 2018 Annual meeting. Milan, Italy (2018). Invited speaker.
    Paper: Impact of Inter-country Differences in Shareholder Rights Regimes on Formation of Hedge Fund Wolf-packs, Campaign Outcomes and Target Shareholder Value Gains
    Author: Sudarsanam, S.
    Co-authors: Vitkova, V.
  2. Financial Management Association Annual Meeting. (Conference) Boston, United States (2017). Invited speaker.
    Paper: Stock Pickers or Managers: Do Hedge Fund Activists Really Contribute to Long-term Value?
    Author: Sudi Sudarsanam
    Co-authors: Vitkova, V; Tian, S.
  3. European Financial Management Association 2017 Annual Meeting. (Conference) Athens, Greece (2017). Invited speaker.
    Paper: Stock Pickers or Managers: Do Hedge Fund Activists Really Contribute to Long-term Value?
    Author: Sudarsanam, S.
    Co-authors: Vitkova, V.
  4. International Conference of the Financial Management Association. Nashville, United States (2014).
    Paper: Does Dividend Policy Change after M&A?
  5. European Conference of the Financial Management Association. Rome, Italy (2014).
    Paper: Who Gains from Corporate Rescues? Distressed M&A during Four Financial Crises
  6. European Academy of Management Conference. Valencia, Spain (2014).
    Paper: Who Gains from Corporate Rescues? Distressed M&A during Four Financial Crises
  7. World Finance Conference. (Conference) Venice, Italy (2014).
    Paper: Who Gains from Corporate Rescues? Distressed M&A during Four Financial Crises
  8. Journal of Business Accounting and Finance (JBFA) Capital Markets Conference. North Carolina, United States (2013).
    Paper: Naked M&A: The Relative Performance of Naked Cross-border Deals and the Role of Investors with Expertise in the Target Region
  9. European Conference of the Financial Management Association. Luxembourg (2013).
    Paper: Naked M&A: The Relative Performance of Naked Cross-border Deals and the Role of Investors with Expertise in the Target Region
  10. International Conference of the Financial Management Association. Chicago, United States (2013).
    Paper: Naked M&A: The Relative Performance of Naked Cross-border Deals and the Role of Investors with Expertise in the Target Region

Online article

  1. HR involvement is key in mergers and acquisition deals. (2015). Employee Benefits