Valeriya Vitkova

Dr Valeriya Vitkova is a Research Fellow at the Cass 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 Cass MARC M&A Maturity Index. Valeriya teaches principles of finance at the undergraduate level at Cass 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 Cass 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

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

Languages

Bulgarian.

Expertise

Primary Topics

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

Additional Topics

Bankruptcy & Liquidation

Research Topics

• Do diversified firms allocate capital inefficiently? Evidence from equity carve-outs This paper looks at whether the investment efficiency of parent companies improves following equity carve-outs and the drivers of any improvement or deterioration.
• 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.

Chapter

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 (4)

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

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