Научный семинар департамента финансов

20 февраля в 15.20 в ауд. 259 на ул. Кантемировской д. 3 состоится очередной научный семинар департамента финансов. В программе 2 доклада:

1. Application of real options in global value chains
декан Санкт-Петербургской школы экономики и менеджмента, профессор департамента финансов, д.э.н. Елена Моисеевна Рогова

Аннотация: In this paper we analyse how real options can be applied to mitigate some of the risks arising from global value chains participation, particularly, we examine a value chain with a hierarchical type of governance using the example of Norilsk Nickel group of companies and apply real options to perform the valuation of assets purchased by Norilsk Nickel group in Australia. Given the high volatility of nickel market and its prices we apply three scenarios of Monte-Carlo simulation with regard to price fluctuations and introduce two real options: to terminate the production and sell off the assets if the prices are below the marginal cost of saleable nickel production and an option to expand production if additional reserves that are not yet proven at the moment of assets purchase are revealed.

2. UEFA Financial Fair Play Regulations and Audit Fees
руководитель департамента финансов, PhD Анхель Барахас

Аннотация: This paper analyzes if the Financial Fair Play (FFP) regulations set by UEFA have influenced the auditing fees charged to the football clubs. In addition, it explores the determinants of audit fees. We use a two-sample t test with equal variances to determine whether differences are present. After this we carry out a panel data regression with clubs fix effect to estimate the determinants of audit fees in football clubs. Our findings reveal an increase of audit fees after the implementation of FFP regulations. On top of that, audit fees are explained by the presence of foreign investors if the audit firm is one of the Big4 and if the auditor is a woman. The regulation change has an impact on the audit fees charged by auditors for their services. However, this increase can be compensated across future years given the improving financial situation of clubs; therefore, the auditors’ risk diminishes and subsequent audit fees may be reduced. UEFA should monitor audit fees as well as the quality of the audit reports, which have become crucial to obtaining the license to participate in UEFA competitions.