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This article is written in English.

The article is written in English.

High rates of growth of the ICO market and its excess returns stipulate a significant interest of investors to projects which use initial token allocation (ICO) for attracting investments. This work takes into account the fact that even a potentially profitable project may fail to collect the required amount of money and to start placing tokens on the stock exchange. We are speaking about success of an ICO-campaign for fund raising. In order to estimate the influence of factors and check the suggested research hypotheses, logistic regression was used. The selection included 672 projects. As a dependent variable, the proportion of the amount collected in the ICO process from the required value is selected. Depending on the tested hypothesis the influencing variables took into account the presence of a pre-sale stage and the bounty program and also the price of the token, the upper limit of fund raising, the duration of the ICO-campaign and the number of team members. The work results allow token emitters to substantiate managing the success of the ICO-campaign of the project and the investors to see whether it deserves their attention. Besides, the obtained materials can be useful for specialists in forming the legal framework of token transactions.

Despite the wide range of alternatives that have been proposed by academics and practitioners, the Sharpe ratio remains one of the most popular metrics used to evaluate investment performance. In the proposed research, risks and returns are analysed on the European Monetary Union bonds market, with different bonds ratings and maturities, during the period from 2005 to 2017. The past and current trends and patterns in bond returns are defined using the methods of statistic, correlation and econometric analysis. It was shown that the bond returns are not normally distributed, and that the return distribution depends on bond maturity and the economic situation in the market. The relation between volatility and bond maturity and the Sharpe ratio appeared to be non-linear and not consistent over time. However, the hypothesis about the inverse relation between the Sharpe ratio and bond maturity is not supported by the evidence. Finally, with the help of time-series models it was proven that in the period 2005–2017, the returns on European Monetary Union bonds market tend to decline over time. We used ARIMA models for analysis of the residuals from the bond returns.

The article discusses the features of energy service contracts as one of the types of state-business interaction in the form of a publicprivate partnership. The purpose of the article is to analyze the main problems accompanying the implementation of energy service contracts on the basis of a case analysis and to develop recommendations for those who are at the stage of concluding such agreements. The following causes of problems between the parties to the energy service contracts are highlighted: methodological, organizational and financial. The following recommendations are developed based on the experience of participation in forensic examinations:1) careful study of the methodology for calculating savings using energy audit;2) the method of calculating the economic effect should be an integral part of the energy service contract;3)careful management of documents in order to be able to begin to resolve the conflict in the pretrial order according to the Civil Code;4) the contractor must make sure that there are economic benefits based on detailed calculations of indicators such as payback period, net present value of the project, internal rate of return, which it is mandatory to compare with the cost of financial resources used in the project.  

State-private partnership as one of the common formats of interaction between government and business.

The article is devoted to the analysis of current changes in the legislative base, the identification of relevant approaches to assessing the economic effects for stakeholders, as well as the construction of financial models in the framework of the implementation of agreements on public-private partnership. The article presents the result of testing the financial model that we propose, which can be used in concession agreements.

The article analyzes the legal framework and development trends of this form of interaction. We propose to consider and evaluate PPP projects from the point of view of 3 aspects: organizational, methodological and managerial (stakeholder). By stakeholders, we understand individuals and / or legal entities that are directly or indirectly interested in the results of the project.

Modern methods for assessing risks, benefits and effects for various stakeholders of projects implemented in the form of PPP are considered. For each of the stakeholders, we can identify the effects that they can evaluate in the process of analyzing projects implemented in the form of a public-private partnership. By effects, we understand the quantitative and qualitative results of a project that can be identified and, as a rule, measured.

It is suggested authors’ approach to building a financial model and evaluating the effects of PPP projects. The article describes the algorithm for building a financial model, and also presents the author’s approach to the assessment of the integral effect, taking into account the complex structure of the partnership participants.

The influence of socio-economic factors on the demand for football is under-investigated. This paper aims to offer evidence about the effects of socio-economic factors and historical success of clubs in the demand for tickets in all Brazilian League tiers. All football clubs that have participated at least once in one of the four Brazilian League Divisions from seasons 2013 to 2015 have been analyzed. The econometric approach consists of panel data ordinary least squares (OLS) regressions. Interaction terms are included to see the effect of historical success and socio-economic factors in different divisions. As a methodological contribution, an index to measure the historical success of clubs has been developed. This indicator evidences that successful clubs in the past are still driving fans attention together with current performance, increasing then seasonal attendance rates. Finally, this paper offers evidence that higher socio-economic indicators play an important role in attracting fans at lower levels as well.

Women’s empowerment is a central issue in the development process of countries all over the world (Agarwal, 1997). According to Rao (2011), it is a process in which women individually and collectively become active, knowledgeable, and goal oriented, and lead or support initiatives to overcome gender inequalities. One popular approach to women’s empowerment has been the establishment of associations, sometimes called self-help groups, or SHGs. Members of these groups choose to pool their resources in order to radically change their lives and the lives of their families, and in order to have an impact on their communities; in this way, SHGs seek to empower women both economically and socially. This research note explores SHGs as a strategy for women’s empowerment in the tourism industry in the rural, developing-region context of Serbia, and presents the results of a survey.

The detailed characteristic of the current state of the banking sector in Russia and the reasons for the commitment of Russian banks to the business model of commoditization is given. The advantages of the alternative model of customization are analyzed. The case demonstrating the technology of implementation of the client-centered approach in the banking model of customization is considered based on big data analysis.

This paper presents the results of a field study of the budgetary efficiency of investments in agricultural industry. Currently, grants and subsidies are the main incentives for the agricultural industry. Nevertheless, the results of the field survey revealed, that the direct funding would never bring the significant impact. Sustainable growth equally depends on developed infrastructure, labor market. In this paper we state that sustainable growth of agricultural industry depends not  so much on investments in the industry, but on complex measures to support the regions. Moreover, such sources of financing as subsidies have reached their limits and are not able to provide an increase in the output of agricultural products. The research model was developed using a decision tree and takes into account the willingness of subjects to expand production in various conditions.

The article analyzes the features and main risks of ICO projects. The result of the study is a developed model and algorithm for managing such risks. In the work as the object of study are the ICO projects held in the 2016-2017 year. The subject of research is the profitability of token investment in ICO.

Credit risk management is of considerable importance for banks, and the most common credit risk models are based on combining client’s private information with credit terms. However, if credit terms are an integral part of initial calculations, then results have to be recalculated for every alteration of credit terms. Thus, banks obtain ‘one-shot’ results from decision support systems that are built with application of these models. In the given paper a credit risk model is proposed. This model is based on a separate analysis of client’s private information and credit terms in order to construct a contour subspace for credit terms that correspond to an equal credit risk value. Application of a proposed model will add advanced options for decision support systems in loan granting, i.e. to visualize a contour subspace of credit terms for a client according to an individual creditworthiness estimation, provide options to choose credit terms from this contour subspace, and manage credit terms on-line according to the dynamics in a creditworthiness estimation.

This article deals with an analysis of the M&A strategy utilized by Unilever Group, as well as with issues relating to identifying the factors defining the value of a diversified company. This article includes an estimation of the effectiveness of Unilever Group’s mergers and acquisitions strategy, aimed at creating the optimum business portfolio within the diversified corporate structure (company) by how it affects value of the company. The general hypothesis assumes that diversification does not have a destructive effect on the value of an international multi-business company that builds its portfolio based on the success of certain brands and business areas.

Natural capital is one of the key components of regional development. In view of the increasing competition for human capital the environmental problems of megacities have taken on even greater significance. Highly qualified personnel impose high demands for the quality of the environment. Regional authorities face a set of challenges related to the reduction of technogenic and anthropogenic loads on the environment. The established practice for territorial administration is based on the program- and goal-oriented approach and does not correlate with the complex tasks being solved frequently. Modern tools including the system of balanced scorecard and various intellectual capital navigators are currently being tested, which raises strong objections from regional authorities. To solve the problems of environmental development effectively, we should reach a balance between the interests of policymakers, population and business. Current contradictions require developing a special mechanism for finding common ground. The choice of management methods and development of management decisions should be based on the principles of systematic approach and feedback. The organization of knowledge and information flows as well as ensuring efficient knowledge exchange are of great importance for delivering an adequate regional policy. As part of the study, the authors have substantiated the possibility of applying knowledge management methods and tools for regional environmental development management and have undertaken the research of key regional stakeholders’ response to the management activities aimed at improving the environmental situation as well as the impact both prior to and after applying knowledge management tools

Tunneling differential conductivity (or resistivity) is a sensitive tool to experimentally test the non-Fermi liquid behavior of strongly correlated Fermi systems. In the case of common metals the Landau-Fermi liquid theory demonstrates that the differential conductivity is a symmetric function of bias voltage V. This is because the particle-hole symmetry is conserved in the Landau-Fermi liquid state. When a strongly correlated Fermi system turns out to be near the topological fermion condensation quantum phase transition, its Landau-Fermi liquid properties disappear so that the particle-hole symmetry breaks making the differential tunneling conductivity to be asymmetric function of V. This asymmetry can be observed when a strongly correlated metal is in its normal, superconducting or pseudogap states. We show that the asymmetric part of the dynamic conductance does not depend on temperature provided that the metal is in its superconducting or pseudogap states. In normal state the asymmetric part diminishes at rising temperatures. Under the application of magnetic field the metal transits to the Landau-Fermi liquid state and the differential tunneling conductivity becomes a symmetric function of V. These findings are in good agreement with recent experimental observations.

The aim of this paper is to study the influence of chief executive officers' overconfidence on corporate research and development (R&D). We analyze a sample of 766 firms from the United Kingdom, France, Germany, Switzerland, Italy, Spain, and the Netherlands between 2008 and 2013. We use 3 measures of managerial overconfidence: the press coverage of chief executive officers, his/her age, and his/her experience in the industry. Our results show that the firms run by overconfident managers actually invest more in R&D expenditures, even after controlling for country, industry, and time factors. Overconfident managers not only spend more on R&D but also amplify the effect of financial determinants of R&D such as firm liquidity or profitability. Nevertheless, overconfident managers do not invest efficiently in R&D, and these expenditures can negatively affect the value of the firm.

Purpose – The purpose of this paper is to analyse the demand for tickets in the Brazilian State Championships focussing in the impact generated by the brand teams as well as the play-off matches in the demand for tickets and, consequently, in the match day revenues. Design/methodology/approach – An equations system by three-stage least square estimator is employed. The data set comprises 1,114 matches from Mineiro, Carioca and Paulista Championships over the seasons 2013-2015. Findings – All explanatory variables increase both attendance and match day revenues. However, the most important goal is the distribution of wealth found. The presence of brand teams in those championships provides a financial aid for smaller teams. Practical implications – The proposals from the mass media to exclude the brand teams and design those championships exclusively in play-off stages should not be implemented by the policymakers. On the contrary, rearranging the design of the competition with more matches between small teams and brand teams may help to all of them. Originality/value – The paper contributes to introduce the Brazilian State Championships in the sport economics literature as well as evidences the redistribution effect of wealth among clubs.

The study estimates the impact of collateral determinants, so as collateral requirements, targeted on loan- to-value (LTV ratio), on credit risk of bank corporate loans. The approach presented focused, on the one hand, on tests of the prevalence of so-called the Ex Post and Ex Ante theories of collateral in banking. And the ability of collateral determinants, LTV ratio in particular, as tools of credit risk management to predict and evaluate lenders’ overconfidence, on the other. That is a novelty of collateral controlling and credit risk management in Russian banking.

Features of assets and property rights pledged for bank loans in Russia are also analyzed. The research is based on econometric methods, linear regressions, and binary models. The prevalence of Ex Post theory for collateral has been proved for Russian bank corporate loans. The higher credit risks, the higher banks’ collateral requirements to pledge corporate loans. This evidence corresponds Russian bank experience to international practical overview.

Moreover, banks studied depict strong preferences in collateral types alongside the credit risk management, presenting the importance of financial behavior studies in banking. Empirical results of the research inspire to continue indicating probability-of-default for corporate loans, based on behavioral aspects of banks’ collateral requirements, and lenders’ preference in collateral types and features.

Telecommunication enterprises in Russia have to constantly update their own material and technical base in order to maintain their competitive positions in the market. Uninterrupted performance at the brink of the capacity of modern technologies causes a steady demand for equipment and hardware components that include a great share of innovative parts, and the vast majority of them are not produced in the domestic market. Advanced currency risk management as an integral part of the enterprise risk management system can deliver the best options for purchases policy and free capital allocation in the money market, thus it can significantly improve the overall corporate efficiency in high-tech enterprises.