Recent publications

Are impact crypto assets a new emerging asset class for sustainable and impact investors? with Mariya Gubareva
Finance Research Letters, 2026, 88, 109114; https://doi.org/10.1016/j.frl.2025.109114

Tokenization and distributed ledger technologies are unlocking new opportunities for sustainable investors willing not only earn financial returns but also contribute towards long-term societal and environmental goals. We build the Impact Crypto Index composed of crypto assets with strong focus on impact investing and sustainability and analyze its diversification and hedging properties in combination with major cryptocurrencies and traditional market indices. Our results indicate that the Impact Crypto Index exhibits lower volatility exposure than Bitcoin and Ethereum. Moreover, it offers strong diversification potential in combination with S&P Clean Energy Index across various investment horizons, extending the portfolio opportunities for investors seeking investments with purpose.

The upside-down world of value capture. Do companies in technology sector follow the principles of profitable growth? (single-authored) Journal of the New Economic Association, 2024, 62 (1), 171-195, 2024; https://doi.org/10.31737/22212264_2024_1_171-195

The technology sector has experienced a sustained increase in M&A activity in recent years, reaching record levels in both deal volume and transaction value. For many firms, acquisitions represent a key mechanism for accessing unique resources and building the capabilities required to compete in a fast-paced and innovation-driven environment. This paper examines whether the strategic acquisitions that have shaped the technology sector over the past decade have created value and improved the long-term financial performance of acquiring firms. The results indicate that, overall, acquiring firms were unable to achieve sustained profitable growth or fully capture the anticipated benefits of M&A. Instead, many experienced declines in post-acquisition profitability, efficiency, and growth. However, acquisitions with a clear international or industrial focus were associated with stronger performance outcomes, while firms from emerging markets exhibited the highest short-term post-deal growth rates.

Capital markets and performance of strategic corporate M&A - an investigation of value drivers. (single-authored)
European Journal of Management and Business Economics, 2021, 30(3), 357–385; https://doi.org/10.1108/EJMBE-06-2020-0168

This study examines the market performance of strategic acquisitions undertaken for growth during the fifth and sixth merger waves and identifies key determinants influencing acquirer value creation. Using a unique dataset of transactions explicitly motivated by strategic growth, the analysis employs a market-based event study methodology complemented by univariate and multivariate regression models to assess the impact of selected non-accounting determinants. The findings indicate that strategic growth acquisitions generate higher value when conducted internationally, when targeting mid-sized firms, and when involving diversification into less related industries (2-SIC), particularly in cross-border contexts. By isolating transactions driven solely by strategic growth objectives, the study addresses a key limitation of prior research that conflates acquisition motives. The results provide evidence that market reactions to acquisition announcements are systematically influenced by transaction characteristics. These insights contribute to research on merger waves and corporate growth strategy while offering actionable guidance for executives pursuing value-creating expansion through M&A.

Value creation through external growth strategy: the architecture of successful performance. (single-authored)
Review of Quantitative Finance and Accounting, 2018, 51, 847-882; https://doi.org/10.1007/s11156-017-0690-5

This paper is concerned with profitable external growth and proposes an empirical model outlining the major determinants of its success. The results of analysis of the unique sample of strategic growth acquisitions completed from 2000 to 2010 suggest that the success of transaction is determined not only by external factors but also by the pre-event fundamental performance of participating companies. Taken together they present the performance measures for a profitable sustainable growth and encourage executives to “lead for value”.