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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
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.
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.
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.
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
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.
This article analyses the determinants of attendees’ tourism spending at professional basketball matches during the 2012/2013 season. For this purpose, it applies a linear quantile regression and considers the effect of specific sports event variables which have rarely been assessed in this type of study. Empirical results confirm that the determinants of expenditure have a different influence depending on the spending level. Individual spending is principally influenced by the origin of the attendees as well as by several other sports factors such as the time the match takes place, the admission price, or the sporting level of the rival team. The study establishes two levels of spending to identify the different behaviors that correspond to each of the factors under study. The findings could provide a useful input into tourism strategies related to the hosting of sport events.
We analyse the influence of the board of directors and ownership structure on the valuation of initial public offering (IPOs) in the Spanish capital market during the period 1998–2013. After controlling for other influences such as the auditor’s reputation, the underwriter’s reputation and the level of information asymmetry, our results lend strong support for the hypothesis of the influence exerted by ownership concentration over the level of IPO underpricing. Moreover, we find a nonlinear relationship between the proportion of shares in the IPO belonging to members of the board of directors and the level of underpricing. Other IPO and firm characteristics such as the size of the offer and its structure also prove to be statistically significant. Finally, we find that the market cycle influences the valuation of IPOs, as the relationship between the market return and the initial IPO return is positive and statistically significant.
This study aims to explore the use of the social-ecological system to consider tourism in mountain areas by examining residents' perceptions of tourism impacts and how determined local development tourism policies can affect natural, socio-economic and cultural aspects and provide sustainable development of mountain areas. Residents' perceptions of sustainable tourism development potential, perceived tourism impacts, analysis of community attachment (measured by the length of residence) and employment sector of stakeholder (economic dependence on the tourism industry or some other sectors) were involved in this study. Authors applied Q-methodology and the Principle Component Analysis (PCA) algorithm in a small mountain community of Kopaonik, the Republic of Serbia. The results revealed that residents' agreement/disagreement is connected with two aspects – ecosystem and property rights and that ecosystem can be significantly influenced by all three development policies. Findings suggest that development of future natural conservation plans and new cultural attractions can have positive effects on all parts of social-ecological system. Some practical implications of those findings for tourism planning and development are also discussed. Results show that Q-methodology is an adequate tool for the policy-making process and quantifying stakeholders' views for destinations that base their tourism development on natural resources and especially for those destinations with a tourism-dependent economy.
Purpose - The purpose of this paper is to examine the relationship between export activity and firm performance for a positive impact of foreign direct investments. We also analyse two possible causes of the effect: technology transfer and financial support. The theoretical background is rooted in the resource-based approach taking into account multinational companies’ perspective and the specifics of emerging markets. Design/methodology/approach - We propose testable hypotheses based on a review of the theory. To test the hypotheses, we build a sample of over 500 Russian public manufacturing firms covering the period from 2004 to 2014 and estimate regression models. Given concerns about endogeneity, the instrumental variable approach for panel data, using GMM-estimator, is implemented. Findings - Consistent with the view that foreign direct investments generate spillover effects, our results support the positive impact of foreign ownership on the link between exports and firms’ performance. Our results underline the importance of foreign ownership: shareholders from developed countries can provide benefits to exporting companies through transferring advanced technologies and loosening financial constraints by lowering interest and raising availability of bank loans.
Originality/value - We provide new insights on the relationship between exports and firm performance. Given our focus on Russia, a market with high potential to draw foreign investments, our research sheds some light on how emerging country firms can benefit from having foreign shareholders with paying attention to geographical distribution of such investments. Specifically, through the overcoming of technological barriers and loosening of financial constraints, we show empirically that foreign capital can make up for weak local institutional infrastructure and enhance the company’s’ returns from internationalization.