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This article is written in English.
The article is written in English.
In this paper, we evaluate the cross sectional relationship between firm characteristics, financial leverage, and stock returns for Indian market. The study finds that there is a strong size and value effect existing in the return pattern of stocks. Further the study finds a complex pattern between leverage and stock returns in Indian context. GRS test confirm the robustness of three factor models with market, size and leverage over Fama-French three factor model in most of the cases. Wald test confirms that the effect of value and leverage are same in determining the portfolio returns in most of the cases. So, while making investment decisions along with size one should consider both the firm specific variables value and leverage as size and value alone cannot disentangle all the variation in equity returns due to firm specific productivity from the variation due to financial leverage. Further study finds that portfolios formed using size (MC) breakpoints is sensitive to the results, whereas value (P/B) and leverage (D/E) breakpoints are insensitive to the result.
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
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.
We document the geographic concentration patterns of Russian manufacturing using detailed microgeographic data. About 80% of three‐digit industries are significantly agglomerated, and a similar share of three‐digit industry pairs is significantly coagglomerated. Industry pairs with stronger buyer–supplier links—as measured using Russian input–output tables—tend to be slightly more coagglomerated. This result is robust to instrumental variable estimation using either Canadian or US instruments. Using Canadian ad valorem transport costs as a proxy for transport costs in Russia, we further find that industries with higher transport costs are more dispersed, and industry pairs with higher transport costs are less coagglomerated.
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.
Abstract. The need to improve the investment climate and form a new efficient system of economic relations requires the use of new economic mechanisms, among which leasing is one of the most effective for the development of the real economy. The paper deals with the risk management problems of leasing companies and leasing projects. It discusses the activities of specialized leasing companies and methods of risk management of leasing transactions based on basic risk management processes in project management, analyzes various types of risks associated with lessors, discusses methodological approaches to managing risks of leasing companies in general, and economic and mathematical methods for assessing risks of default for lessees. An econometric model has been created that allows predicting confidence in the payment of lease payments or the default of the lessee. The obtained model excludes the subjective methods for assessing the potential client's solvency and is less labor-intensive in comparison with the scoring model and the method of expert assessment.
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.