Portrait of Dr Valeriya Vitkova

Dr Valeriya Vitkova

Senior Lecturer in Corporate Finance

Bayes Business School , Finance

Contact

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),
  • 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.

Internet publications (20)

  1. Vitkova, V., Sudarsanam, S., Kyriazis, D. and Asimakopoulos, P.(2024).Shareholder Activism 2.0: Has the Story Changed? M&A Research Centre Practitioner Paper Series.
  2. Vitkova, V., Roszkowska, P., Moeller, S. and Bakame, F.G.(2024).Beyond the Hype: The true role of analytics in fintech M&A success. M&A Research Centre Practitioner Paper Series.
  3. Vitkova, V., Tran, A., Moeller, S., Fich, E., Starks, L. and Dauderyte, E.(2023).Shout If You Want to Be Heard. Target Firm Advertising and M&A Outcomes. M&A Research Centre Practitioner Paper Series.
  4. Vitkova, V., Sandison, T. and Moeller, S.(2023).Will Going Green Leave You in the Red? Does the acquisition of energy transition related firms by oil and gas companies deliver value to their shareholders? M&A Research Centre Practitioner Paper Series.
  5. Vitkova, V., Abunasif, A., Wang, X., Felberg, A., Pollio, G. and Moeller, S.(2023).ESG in M&A: Understanding the relationship between ESG performance and post-transaction financial performance. M&A Research Centre Practitioner Paper Series.
  6. Vitkova, V., Moeller, S., Whitchelo, P., Wu, J. and Goodier,, M.(2023).Too Quick to Judge: Impact of Revisions to Published M&A Activity Data. M&A Research Centre Practitioner Paper Series.
  7. Vitkova, V., El Zein, K., Goodier, M. and Zahid, A.(2022).Cross-Border M&A: Do protectionist regimes impact shareholder value creation? Yes, but no, but…. M&A Research Centre Practitioner Paper Series.
  8. Vitkova, V., Aswad, R., Goodier, M. and Naeck, M.(2022).Green Business 2.0 – Impact of acquisition and divestment strategies on ESG performance and shareholder value. M&A Research Centre Practitioner Paper Series.
  9. 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? (MARC Working Paper Series 2018).
  10. Vitkova, V. and Karadakov, B.(2018).Power Plays - an M&A approach to Market Concentration. (MARC Working Paper Series 2018).
  11. Vitkova, V., Golubov, A. and Lasfer, M.(2018).Are they Listening? An M&A Approach to Dividend Catering. (MARC Working Paper Series 2018).
  12. Vitkova, V. and Tian, S.(2018).How, and when, to catch a falling knife: The Benefits, Risks, and Timing Issues Around Distressed M&A. (MARC Working Paper Series 2018).
  13. Vitkova, V. and Krsticevic, Z.-.L.(2017).The Goldilocks Effect: Industry-relatedness and M&A. (MARC Working Paper Series 2017).
  14. Vitkova, V., Tian, S. and Sudarsanam, S.(2017).Let's Stay in Touch: The Carve-out Option for Conglomerates. (MARC Working Paper Series 2017).
  15. Moeller, S., Vitkova, V., Xie, F., Tian, S. and Abou Meri, A.(2017).Megatrends: New and Emerging Drivers of Deal Activity. (MARC Working Paper Series 2017).
  16. Moeller, S., Vitkova, V. and Sudarsanam, S.(2017).'Hedge Funds: Stock Pickers or Managers? M&A Research Centre, Cass Business School, City, University of London.
  17. Vitkova, V. and Koh, K.Y.Q.(2016).Does the Early Bird Always get the Worm? M&A Research Centre, Cass Business School, City, University of London.
  18. Moeller, S., Vitkova, V. and Gonzalez Sadornil, J.(2016).There will be blood: The Price of Oil and what it means for M&A. M&A Research Centre Practitioner Paper Series 2016.
  19. 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. Mergers & Acquisitions Research Centre (MARC), Cass Business School, City, University of London.
  20. Vitkova, V., Jonikaite, E., Kitcharoenwong, N. and Nguyen, P.The Art of Letting Go: Successful Divestment Strategies in an Uncertain World. M&A Research Centre Practitioner Paper Series 2020.

Journal articles (8)

  1. Asimakopoulos, P., Kyriazis, D., Sudarsanam, S. and Vitkova, V. (2026). Specialist shareholder activists and their impact on campaign success and target firm value. The European Journal of Finance, 32(7), pp. 798-830. doi:10.1080/1351847x.2026.2632721

    [publisher’s website]

  2. 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]

  3. 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]

  4. 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]

  5. 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]

  6. 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]

  7. 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 and Accounting, 41(3-4), pp. 469-506. doi:10.1111/jbfa.12049
  8. 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]

Media (5)

  1. Vitkova, V. and Moeller, S.(2025). Advances Diligence Strategies: Elevating Your Framework.
  2. Vitkova, V.(2024). The Evolution of Diligence: Insights from a Decade of Pre-Announced Deals.
  3. Vitkova, V.(2023). Research Examines the Impact of Gender Diversity on M&A Deal Leaks.
  4. Vitkova, V.(2022). Sectors With The Most M&A Deal Leaks In 2021.
  5. Vitkova, V.(2022). Gender Diversity and M&A Outcomes.

Reports (22)

  1. Vitkova, V. and Moeller, S. (2024). 2024 M&A Deal Leaks Report. Online: SS&C Intralinks.
  2. Vitkova, V. and Moeller, S. (2024). Digitalization Drives the Deal Process. SS&C Intralinks.
  3. Vitkova, V. and Moeller, S. (2024). M&A Leaks: Rising Risk or Driving Force? Online: SS&C Intralinks.
  4. Vitkova, V. and Moeller, S. (2024). How Deal Terms Impact Due Diligence. Online: SS&C Intralinks.
  5. Vitkova, V. and Moeller, S. (2024). The Dynamics of Due Diligence. SS&C Intralinks.
  6. Vitkova, V. and Moeller, S. (2023). SS&C Intralinks Annual M&A Leaks 2023. Online: SS&C Intralinks.
  7. Vitkova, V. and Moeller, S. (2022). SS&C Intralinks Annual M&A Leaks Report 2022. Online: SS&C Intralinks.
  8. Vitkova, V. and Moeller, S. (2022). Gender Diversity and Dealmaking 2022. Online: SS&C Intralinks.
  9. Vitkova, V. and Moeller, S. (2021). Doing the right deals. London, UK: PwC.
  10. Vitkova, V. and Moeller, S. (2021). SS&C Intralinks Annual M&A Leaks Report 2021. Online: SS&C Intralinks.
  11. Vitkova, V. and Moeller, S. (2021). Abandoned Acquisitions 2.0. SS&C Intralinks.
  12. Moeller, S. (2020). 2020 M&A Leaks Report: A study by SS&C Intralinks and The M&A Research Centre at The Business School (formerly Cass), City, University of London. Intralinks.
  13. Moeller, S. (2020). Gender Diversity and M&A Outcomes: How female board-level participation affects corporate dealmaking. Intralinks.
  14. Moeller, S. (2019). SS&C Intralinks - 2019 M&A Leaks Report. Intralinks.
  15. Moeller, S. (2019). Shareholder Activism: an evolving challenge. Credit Suisse.
  16. Moeller, S. (2019). Creating value beyone the deal. What if you took a different prespective to your M&A..
  17. Vitkova, V. and Moeller, S. (2018). 2018 Intralinks: Annual M&A Leaks Report. SS&C Intralinks.
  18. Moeller, S. (2018). 2018 First Quarter Corporate Insights. Behind the numbers: Mastering M&A. Credit Suisse.
  19. Moeller, S. (2017). Abandoned Acquisitions. Why Do Some Deals Fails to Complete? Intralinks.
  20. Vitkova, V. and Moeller, S. (2017). 2017 Intralinks Annual M&A Leaks Report. SS&C Intralinks.
  21. Vitkova, V. and Moeller, S. (2016). Intralinks Annual M&A Leaks Report 2016. SS&C Intralinks.
  22. Vitkova, V. and Moeller, S. (2016). Attractive M&A Targets: Part 1. What do buyers look for? An analysis of the financial characteristics of acquisition targets. Online: SS&C Intralinks.

Thesis/dissertation

Working papers (2)

  1. Vitkova, V., Tian, S. and Liu, C. (2024). Carbon liability risk, corporate governance, and corporate green policies: Evidence from China’s ETS program.
  2. 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 (17)

  1. SS&C Intralinks (Private Sector) (January - December 2023)
    Annual M&A Leaks Report’, Special Report on the Impact of Gender Diversity on global abnormal pre-announcement trading. Research from Dr Valeriya Vitkova, Senior Lecturer in Corporate Finance at Bayes Business School (formerly Cass) has revealed that merger and acquisition (M&A) deals involving targets firms with greater boardroom gender diversity experience fewer leaks of pre-acquisition information than those with male-dominated leadership. Deal leaks occur through sharing of insider information prior to any announcement of a bid – often resulting in frenzied trading activity of both acquirer and target company shares – with the intention of capitalising on higher bid premiums. They are often seen in a negative light, as they are associated with market abuse and misconduct, but also often a tactic used by target firms to attract rival interest, higher purchase prices and quicker transactions with less due diligence. The research, sponsored by SS&C Intralinks, is the first to show the impact of gender diversity on the likelihood of deal leaks, and builds on Dr Vitkova’s previous work around the topic showing female-led companies achieved higher rates of deal completion than those led by men during the Covid-19 pandemic.
  2. SS&C Intralinks (Private Sector) (January - December 2023)
    A decade ago, The M&A Research Centre at Bayes Business School and SS&C Intralinks published groundbreaking research into the impact of a variety of metrics on the mergers and acquisitions (M&A) due diligence process and how these affect the outcome of transactions. This analysis, and the subsequent report When No One Knows: Pre-announcement M&A Activity and Its Effect on M&A Outcomes, were unlike anything that had previously been published in the market. They explored the overall length of time taken for pre-announcement due diligence and the way in which the timeframe affected the outcome; how the size, type and geography of a deal impacted the due diligence process; the relationship between leaks and deal outcomes; and the extent to which dealmakers were making use of technology and, in particular, virtual data rooms (VDRs). In the intervening decade, there has been no equivalent research on this subject and therefore, 10 years on from the original analysis, we have decided to revisit When No One Knows and explore how these factors affect the dealmaking market in a much-changed world. And we have found significant differences. In a four-part series, we examine how today’s due diligence process has changed, and the fundamentals on which dealmakers need to concentrate to achieve a successful outcome.
  3. Sterling Technology (Private Sector) (September 2022 - December 2023)
    Analysis of M&A and Divestment Strategies on company ESG performance. This report examines the change in ESG scores as well as the change in associated Environmental, Social and Governance sub-component scores following the completion of M&A deals. We consider a number of different time periods to measure the change in ESG and the associated sub-component scores. Specifically, we look at periods starting from one year before the deal announcement and ending: a) one year after deal completion, b) two years after completion, c) three years after completion, d) four years after completion and e) five years after completion.
  4. Sterling Technology (September 2022 - December 2023)
    M&A Sentiment Tracker: Analysis of the market reaction to the announcement of M&A deals. This report examines the announcement reaction to M&A deals to capture the market’s sentiment towards acquisition strategies in general as well as investors preferences towards different deal characteristics, industries, regions and countries.
  5. SS&C Intralinks (Private Sector) (January 2021 - December 2022)
    Analysis of the impact corporate gender diversity on M&A with a focus on the impact of the Covid-19 pandemic. In this follow-up to the first edition of our Gender Diversity & M&A Outcomes report, published in 2020, we analyzed over 11,000 deals and spoke to a panel of seven senior leaders to understand differences in outcomes between deals initiated by companies with female leadership and those initiated by less gender-diverse businesses.
  6. Cambridge Innovation Consulting (Private Sector) (January - December 2021)
    Analysis of the impact of Artificial Intelligence (AI) on the M&A process for ESG driven deals.
  7. Equiteq (Private Sector) (January - December 2021)
    This project involved both secondary analysis of M&A transactions in the knowledge economy as well as interviews with practitioners.
  8. PwC (Private Sector) (January 2020 - December 2021)
    Analysis of the long-term performance of acquisitions. PwC and Bayes Business School (formerly Cass Business School) collected and examined 800 deals through a capabilities lens, including the 50 largest acquisitions in 16 different sectors completed over the past decade. We classified deals by whether they leveraged the buyer’s capabilities to generate more value from the target (leverage deals), used the target’s capabilities to enhance the buyer’s (enhancement deals), or whether there was a limited capabilities fit. We found that both enhancement and leverage deals generate a substantial premium in terms of total annual shareholder return (TSR) over limited-fit ones, by 2.5 and 4.0 percentage points respectively, compared to -10.9 percentage points.
  9. SS&C Intralinks (Private Sector) (January 2019 - December 2020)
    While mergers and acquisitions (M&A) activity is integral to the growth strategies of business, such activity also carries a substantial risk — and not only when it comes to integrating acquisitions and driving value from them. Failing to complete a transaction after it has been announced can have significant adverse impacts. The long-term consequences can be severe, and it is in dealmakers’ interest to come to grips with these implications. This is especially true now in the context of the COVID-19 pandemic and heightened levels of financial uncertainty. With these issues in mind, and following our previous study into the factors that impact the likelihood of bid completion, this study seeks to assess the potential downside risks of abandoning an acquisition. In this study, we attempt to provide some of the answers to these questions. To achieve that goal, the study examines the long-term performance of bidders following a very significant sample of both successful and abandoned M&A deals (the latter are defined as deals that were announced but subsequently withdrawn). In all, the analysis is based on 70,152 deals that were announced between January 1, 1989 and December 31, 2019.
  10. Elliott Management (Private Sector) (January 2019 - December 2020)
    The study examined abnormal pre-announcement share price trading as well as media leaks in Private Equity deals.
  11. Cambridge Innovation Consulting (Private Sector) (January - December 2019)
    The study investigated different AI tools and their current as well as expected future applications in the different stages of the M&A process such as due diligence, valuation, negotiation, deal structuring and financing, and post-merger integration.
  12. PwC (Private Sector) (January 2018 - December 2019)
    This report presents analysis from a large-scale global study on the performance of companies following acquisitions and divestments, conducted by Cass Business School on behalf of PwC. Company performance is measured using total shareholder return (TSR). The percentage change in TSR has been calculated over a window starting one month prior to announcement of the deal and ending 12 or 24 months after deal completion (that is, two different time windows for each transaction). Performance is measured against industry level benchmarks. The TSR is defined as the growth in value of a shareholding over the specified period, assuming dividends are re-invested to purchase additional shares.
  13. PwC (January 2018 - December 2019)
    Forecast of acquisition activity over the next 12-24 months in the EMEA region.
  14. SS&C Intralinks (Private Sector) (January 2017 - January 2019)
    Issues relating to gender diversity in company senior leadership positions are attracting increasing attention from multiple stakeholders, including governments, regulators, investors and industry bodies. These issues include the percentage share of women on company boards and in senior leadership roles, the gender imbalance between the number of male vs. female CEOs and gender inequalities relating to remuneration. This report discusses the findings of recently completed research into whether gender diversity at CEO- and board-level of corporate acquirers affects the types of deals undertaken and key measures of M&A success such as share price performance, growth, profitability, return on capital and shareholder value. The study analyzed a very large sample of acquisitions undertaken by publicly listed acquirers from 1999 to 2018. We also interviewed 40 members of public company boards.
  15. SS&C Intralinks (Private Sector) (January 2016 - January 2017)
    Failed deal completions impose significant deadweight and reputational costs on acquirers and targets. Why are some deals more likely than others to fail? What factors are significant predictors of deal failure? What can acquirers and targets do to increase the likelihood of successful deal completion? Seeking to answer these questions, this report discusses the findings of a very large, long-term research study into abandoned acquisitions – defined as merger and acquisition (M&A) transactions which are announced but then subsequently fail to complete. Looking at deals announced during the period 1992-2016, the study investigates 30 deal-specific, company-specific and macro-level financial and non-financial factors to determine which, if any, are statistically significant predictors of deal failure. We also consider whether these predictors have changed over time. Based on these insights, this report discusses potential strategies that acquirers and targets may wish to consider, increasing the likelihood of their transactions proceeding to completion.
  16. SS&C Intralinks (Private Sector) (January 2015 - present)
    Analysis of abnormal pre-announcement trading in targets of Mergers and Acquisitions. This analysis is performed at the industry and country level. In the days leading up to a bid announcement, significant trading in the shares of the target company can indicate information is leaking about the deal. While not providing absolute confirmation of a leak in an individual deal, significant pre-announcement trading (SPAT) across a large sample can be used to examine patterns and trends in leaking across time periods and geographies.
  17. SS&C Intralinks (Private Sector) (January 2015 - January 2016)
    The sample in this study comprises a global dataset of public and private companies, with minimum annual revenues of US$50 million, during the period 1992-2014. The sample includes 24,507 unique public companies and 9,445 unique private companies, a total of 33,952 unique companies, which translates into 275,713 firm-year periods. The financial data for the sub-sample of public companies was obtained from Datastream and the financial data for the sub-sample of private companies was obtained from Thomson One Banker. Data on takeover bids for the target companies was also sourced from Thomson One Banker. Within the sample, target companies are defined as companies subject to a “change of control” takeover bid, where the acquirer is proposing to acquire more than 50% of the target. The study examines six financial measures of the companies in the sample to identify if any significant differences exist between companies that become the subject of a takeover bid in any given year vs. those companies that do not. A probit regression analysis is performed to see if any of the six financial measures (independent variables) are statistically significant predictors of the likelihood of being acquired. The dependent variable in the probit model is a dummy variable which is equal to one if the company is acquired in a given year and zero otherwise. Based on the results of the regression analysis, a predictive model is built which calculates the probability of a company being an acquisition target. As part of the study, interviews with 20 executives working for corporate acquirers and 20 executives working for private equity (PE) firms were conducted by Remark. These M&A professionals offer their insights and provide context to the research findings.

Events/conferences (27)

  1. 14th Annual Meeting of the Financial Engineering and Banking Society. (Conference) Athens, Greece (2024). Invited speaker.
    Paper: Not All Activist Investors are the Same and This Matters: Impact of Activist Shareholder Types and Their Campaigns on Target Firm Value
    Author: Vitkova, V.
    Co-authors: Sudarsanam, S. and Kyriazis, D.
  2. The Evolution of Diligence: Insights from a Decade of Pre-Announced Deals. (Conference) Online Webinar (2024). Invited speaker.
    Paper: Dynamics of Due Diligence
    Author: Vitkova, V.
    Co-authors: Moeller, S.
  3. Multinational Finance Society Annual Meeting 2024. (Conference) Vaasa, Finland (2024). Invited speaker.
    Paper: Carbon liability risk, corporate governance, and corporate green policies: Evidence from China’s ETS program
    Author: Vitkova, V.
    Co-authors: Sudarsanam, S. and Siang, T.
  4. European Financial Management Association 2024 Annual Meeting. (Conference) Lisbon, Portugal (2024). Invited speaker.
    Paper: Carbon liability risk, corporate governance, and corporate green policies: Evidence from China’s ETS program
    Author: Vitkova, V.
    Co-authors: Sudarsanam, S. and Kyriazis, D.
  5. European Financial Management Association 2024 Annual Meeting. Lisbon, Portugal (2024). Invited speaker.
    Paper: Not All Activist Investors are the Same and This Matters: Impact of Activist Shareholder Types and Their Campaigns on Target Firm Value
    Author: Vitkova, V.
    Co-authors: Sudarsanam, S. and Kyriazis, D.
  6. When No One Knows: The Dynamics of Due Diligence. (Conference) London, United Kingdom (2024). Invited speaker.
    Paper: The Dynamics of Due Diligence
    Author: Vitkova, V.
    Co-authors: Moeller, S.
  7. Multinational Finance Conference Cyprus. (Conference) Cyprus (2023). Invited speaker.
    Paper: Carbon liability risk, corporate governance, and corporate green policies: Evidence from China’s ETS program
    Author: Vitkova, V.
    Co-authors: Tian, S. and Liu, C.
  8. European Financial Management Association 2023 Meeting. (Conference) Cardiff, United Kingdom (2023). Invited speaker.
    Paper: Carbon liability risk, corporate governance, and corporate green policies: Evidence from China’s ETS program
    Author: Vitkova, V.
    Co-authors: Tian, S. and Liu, C.
  9. Financial Management Association 2023 European Conference. (Conference) Denmark (2023). Invited speaker.
    Paper: Carbon liability risk, corporate governance, and corporate green policies: Evidence from China’s ETS program
    Author: Vitkova, V.
    Co-authors: Siyang, T. and Liu, C.
  10. International Symposium on Environment and Energy Finance Issues. (Conference) Paris, France (2023). Invited speaker.
    Paper: Carbon liability risk, corporate governance, and corporate green policies: Evidence from China’s ETS program
    Author: Vitkova, V.
    Co-authors: Tian, S. and Liu, C.
  11. China Accounting and Finance Conference. (Conference) Xi’an, China (2023). Invited speaker.
    Paper: Carbon liability risk, corporate governance, and corporate green policies: Evidence from China’s ETS program
    Author: Vitkova, V.
    Co-authors: Tian, S. and Liu, C.
  12. European Financial Management Annual Meeting 2022. (Conference) Rome, Italy (2022). Invited speaker.
    Paper: Not All Activist Investors are the Same and This Matters: Impact of Activist Shareholder Types and Their Campaigns on Target Firm Value
    Author: Vitkova, V.
    Co-authors: Sudarsanam, S and Kyriazis, D.
  13. World Finance Conference 2021. (Conference) Virtual (2021). Invited speaker.
    Paper: Hedge Fund Win versus Management Win: Activism Outcome, Governance Impact and Shareholder Value Gains
    Author: Vitkova, V.
    Co-authors: Sudarsanam, S. and Kyriazis, D.
  14. European Financial Management Annual Meeting 2021. (Conference) Leeds, United Kingdom (2021). Invited speaker.
    Paper: Hedge Fund Win versus Management Win: Activism Outcome, Governance Impact and Shareholder Value Gains
    Author: Vitkova, V.
    Co-authors: Sudarsanam, S. and Kyriazis, D.
  15. Growing Business Intelligence Webinar Series 2021. (Conference) Online Webinar (2021). Invited speaker.
    Paper: Analysing Available Funding Models
    Author: Vitkova, V.
  16. The Impact of COVID-19 on Gender Diversity in Dealmaking. (Conference) Online Webinar (2020). Invited speaker.
    Paper: Gender Diversity and M&A Outcomes
    Author: Vitkova, V.
    Co-authors: Moeller, S.
  17. European Financial Management Association 2019 Annual Meeting. (Conference) Portugal (2019). 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: Vitkova, V.
    Co-authors: Sudarsanam, S. and Kyriazis, D.
  18. 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.
  19. 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.
  20. 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.
  21. International Conference of the Financial Management Association. Nashville, United States (2014).
    Paper: Does Dividend Policy Change after M&A?
  22. European Conference of the Financial Management Association. Rome, Italy (2014).
    Paper: Who Gains from Corporate Rescues? Distressed M&A during Four Financial Crises
  23. European Academy of Management Conference. Valencia, Spain (2014).
    Paper: Who Gains from Corporate Rescues? Distressed M&A during Four Financial Crises
  24. World Finance Conference. (Conference) Venice, Italy (2014).
    Paper: Who Gains from Corporate Rescues? Distressed M&A during Four Financial Crises
  25. 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
  26. 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
  27. 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

Media appearances (22)

  1. (2025) Intralinks The Dealist Podcast Series (website).
  2. Dead Deals Come Back to Life as "Animal Spirits" Return to M&A Market. (2025) Bloomberg (newspaper).
  3. Companies That Spend Billions on M&A Are Now Selling for Peanuts. (2024) Bloomberg (newspaper).
  4. Goldman Switches Sides on Aviva’s £3 Billion Direct Line Bid. (2024) Bloomberg (newspaper).
  5. Letter: Deterrence, not ‘nam­ing and sham­ing’, is the way to fight fraud. (2024) Financial Times (newspaper).
  6. Research Examines the Impact of Gender Diversity on M&A Deal Leaks. (2023) Mergermarket: Dealcast, The M&A Podcast Series (website).
  7. Goldman Sachs Looses Top M&A Ranking for First Time in Five Years. (2023) Bloomberg (website).
  8. (2023) Daily Telegraph (newspaper).
  9. With Deals in Downturn, M&A Boutiques Take Page Out Own Book and Consolidate. (2023) Bloomberg (newspaper).
  10. Gender Diversity Report Finds Female M&A Dealmakers Excelled in Pandemic. (2023) Los Angeles Business Journal (newspaper).
  11. Despite paused initiatives, backlash and politicization by some, ESG here to stay. (2023) Mergermarket (website).
  12. New Research Reveals How M&A Deal Leaks Evolved During the Pandemic. (2022) Mergermarket: Dealcast, The M&A Podcast (website).
  13. SS&C Intralinks 2022 Gender Diversity Report Finds Female M&A Dealmakers Outperformed During Pandemic. (2022) Yahoo! Finance (website).
  14. SS&C Intralinks 2022 Gender Diversity Report Finds Female M&A Dealmakers Outperformed During Pandemic. (2022) Nasdaq (website).
  15. Gender Diversity and M&A Outcomes. (2022) Mergermarket: Dealcast, The M&A Podcast Series (website).
  16. Hong Kong is falling behind on gender diversity. (2020) Financial Times (newspaper).
  17. Recent studies show M&A from another perspective. (2019) Financial Times (newspaper).
  18. Most acquisitions and divestments don’t maximise value – even when some dealmakers think they do. (2019) City A.M. (newspaper).
  19. Only 61% of buyers believe their acquisition created value. (2019) Times of Malta (newspaper).
  20. M&A deal leaks: how did some dealmakers make $21m last year? (2017) Fusions & Acquisitions Magazine (magazine).
  21. How oil and gas companies are dealing with low prices. (2016) The Conversation (newspaper).
  22. Oil market could drown in oversupply in 2016, says IEA. (2016) The Guardian (newspaper).

Online article

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