Быть рантье в России
The article deals with legal ways of resolving uncertainties and opportunism in distribution of company profits. The author comes to a conclusion that it is impossible to create a one-size-fits-all formula of dividend payment usable in courts in resolving disputes. Purchasing shares (a share in authorised capital) and acting reasonably an investor intends to get his investments back over a planning horizon provided successful activities of a company. To do that he is given a combination of options: receive dividends, sell shares or get a liquidation quota. The difficulties of objectivisation of profit distribution in successful activities of a company should be offset not by expansion of judicial discretion in disputes over dividend payments, but by legal mechanisms providing share buyouts if there are no dividend payments.
The article assesses the effectiveness of investment strategies involving the use of shares with high dividend yield in the markets of Germany, France, Russia, South Africa and Brazil. The effectiveness of such strategies is analyzed on the basis of the existing papers and using the method of modifying such strategies developed by the author for obtaining more profit. The study period is 13 years: from 2006 to 2018. Modifications of high-dividend strategies associated, firstly, with different control month, secondly, with different number of stocks in the portfolio, finally, with the deletion or doubling the weight of stock with the highest dividend yield. The conclusions are made about the different effectiveness of high-dividend strategies in the markets of developed and developing countries, which is related to the different level of effectiveness of these markets. In the markets of Germany and France most of the reviewed portfolios showed lower profitability than market, in Brazil and South Africa they were significantly more profitable than the market. In the Russian market high-dividend portfolios were successful during whole period of the study, because of the high profitability during last 3 years. The effectiveness of the reviewed portfolios in emerging markets is confirmed using the Sharpe ratio as the risk to return indicator. The hypotheses about the possibility of making a higher profit in the case of using modifications of the classical high-dividend strategies are confirmed. Nevertheless, various modifications have shown a multi-directional effect on the final profitability of strategies, which indicates the need for individual study of the parameters of a particular market before using high-dividend strategies.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.