Теория хаоса-новая парадигма оценки риска венчурных проектов
The guarantee of qualitative development of the economy is a well-functioning market of capital’s attracting and allocation. In the modern world of high technology innovations, the capital market has also undergone a structural transformation and gave rise to such a phenomenon as a high-risk investment in conditions of high uncertainty, for example, which can serve venture capital and high-frequency exchange trading. However, traditional financial theory is not sensitive to the urgent needs of practitioners in the assessment of such risks. The authors of this paper have attempted to demonstrate the need to review some of the basic postulates of the classical theory of Finance to better address issues when making investment decisions.
Biomedical technologies market is of large interest for investing around the globe. Main reasons for that are: rapid technological progress in this area and corresponding constantly increasing volume of investments that promises potentially high returns. At the same time, despite the obvious tendency to grow world-wide, biomedical technology market in Russia still faces a lot of obstacles on its way. In this paper we discuss such obstacles and also discuss opportunities for Russian investors to commit money into this sector.
Article is devoted to problem solving of a lack of capital resources for realization of project portfolio on basis of revealed laws in financing, budgeting and capital rationing system in the company.
The issues of choice in traditional psychology exists with the topics of planning and decision making. on influencing of existential psychology the issue of choice becomes connected with personal responsibility and taking on uncertainty, which are closely connected to the personal potential of the subject.
Subject \ topic. The concept of risk and return is a key element In the modern theory of Finance management. This causes the development of methods of risk assessment, construction of models linking risk and return, as well as the need for their use in the solution of applied problems. The critical role of this concept acquires while investing in the financial markets.
Objectives/targets. The aim of the work is the development of methods for the assessment of investment risk on the basis of the indicator that is different from the one used at this stage of risk management. To achieve the goal was solved a number of problems: the analysis of current methods of evaluating investment risks, identification of deficiencies and general properties, the analysis of the forecasting properties of the model data. The next step was the development of the indicator that is not associated with the estimate of the deviation of a random variable from its mean value. The conditions imposed on him, was his predictive properties and the possibility of estimating the probability of an unfavorable outcome.
Methodology. A simulated trading using historical data trend in the prices of different assets was performed in this study. Further, the impacts of intraday trading on the securities market, simultaneously with the assessment of the daily range were analyzed using statistical methods.
Results. The result of this research is development of an indicator based on the relative vibrations of the asset price. This indicator is directly related to the assessment of the probability of losses as a result of investment activities, as well as the possibilities of forecasting. Also recommendations for improving the profitability of investing using the techniques are presented.
The scope of the results. The results can be used to assess the likelihood of unfavorable periods in the investment process and increase the efficiency of exchange-traded financial assets traded on organized markets.
Conclusion. The authors make conclusion about the applied relevance of the result, and the need to further develop methods of
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.