Вертикальная интеграция: стратегические выгоды и негативные последствия
The paper contains highlighting and theoretical level analysis of the factors positively and negatively influencing profitability of vertically integrated and non-integrated companies. Advantages and disadvantages of choosing the strategy of vertical integration are proved along with systematization of main approaches to these item researching. The difference of the efficiency between the integrated and non-integrated companies’ performance is considered, which is the key issue of the best way of large companies development. The central issue of the research, that is based on the theory highlighted in this paper, is the utility of existence of large vertically integrated companies in emerging capital markets. Are such companies improving the whole economy of an emerging country or are they slowdown transition to market relations in all industries? This article was motivated by the trend in developed capital markets towards dividing big holding companies to small segmental units.
The efficiency of vertically integrated companies’ performance should be studied through comparison the whole corporation and a set of detached businesses, that could be parts of integrated company. The simplest way of such analysis, which was used by the first researchers in this field, is to compare total costs and to depict different types of economies. On the more sophisticated level of analysis must be taken into account such issues as principal-agent problem, technological economies and risk level minimization under the conditions of legal restrictions, which limits costs saving between two branches of one company. The third approach to consider all influencing companies’ performance factors is the analysis of financial figures, especially the analysis of different ratios, that can show relative efficiency of companies. By doing such analysis not only traditional components of synergetic effect are taken into consideration, but also financial features of M&A deals that can lead to a bankruptcy are covered.
In coastal seas and straits, the interaction of barotropic tidal currents with the continental shelf, seamounts or sills is often observed to generate large-amplitude, horizontally propagating internal solitary waves. Typically these waves occur in regions of variable bottom topography, with the consequence that they are often modeled by nonlinear evolution equations of the Korteweg-de Vries type with
variable coecients. We shall review how these models are used to describe the propagation, deformation and disintegration of internal solitary waves as they propagate over the continental shelf and slope.
This article presents an engineering approach to estimating market resiliency based on analysis of the dynamics of a liquidity index. The method provides formal criteria for defining a “liquidity shock” on the market and can be used to obtain resiliency-related statistics for further research and estimation of this liquidity aspect. The developed algorithm uses the results of a spline approximation for observational data and allows a theoretical interpretation of the results. The method was applied to real data resulting in estimation of market resiliency for the given period.
The paper aims to investigate the process of establishing distribution network. The paper takes network paradigm as a main basis of investigation looking at the development of distribution networks in Russian chemical industry.
The article considers various approaches to the theory of human and social capital, analyzes the problem of measurement of human resources and application of "Human Development Index" in the Russian Federation. Under market economy conditions the human capital is considered as an asset bringing regular income.
In modern world enterprises need to be agile in their operation and structure to react to changes quickly. One of the open questions here is how to develop the enterprise, or, to be more precise, if enterprise needs to be developed, and if yes, in which way. In this research we are focusing on the case when enterprise stakeholders understand the need of enterprise development, have ideas for that, and they need decision support method to understand if enterprise restructuring is likely to be successful and cost effective. Another covered topic is how to choose the best option for restructuring from variety provided. In this paper we describe the developed decision support method which combines DEMO methodology and transaction costs theory for quantitative costs estimation. To make this method applicable and reproducible we proposed few enhancements to DEMO notation.
The tutorial summarizes modern concepts and approaches in the field innovation management and is designed to study training courses on management of the innovation process. This publication is based on materials lectures and seminars on the subjects of innovation management, management innovative enterprises and management of innovative projects that the author spent a number of years for students of the Higher School of Economics, as well as based on my own numerous publications in scientific journals and monographs. The material contributes to the formation of the listeners' competencies defined Federal State Educational Standard or Higher Education direction of training "Management". The study guide is intended for students of higher educational institutions, students in the direction of "Management", and can also be used leaders and specialists involved in managing the innovation process in organizations of various profiles.
In this paper we investigate how asymmetric information and informed trading influences liquidity and how liquidity influences asset pricing on the Russian stock market in 1998-2011. We use a battery of existing liquidity proxies as well as our own modification of Lesmond et al. (1999) measure and capture informed trading through positive daily return autocorrelation. We find that asymmetric information worsens liquidity, whereas no supportive evidence of adverse impact of informed trading can be discovered, which could be partly due to a weak proxy. Furthermore, liquidity, along with market risk, seems to be the major driver of asset pricing on the Russian stock market. This result, however, is not robust to specifying liquidity as characteristic rather than factor.
One of the measures implemented as a part of administrative reform in Russia was the introduction of administrative procedures — special rules for providing government services that specify the process, the timing, the sanctions, etc, which can be used by bureaucrats for coordinating their activities, and by their principals (higher ranking bureaucrats and citizens) to control their agents. The main idea behind the administrative procedures was to increase the transparency of bureaucracies that provide government services, to simplify the control over bureaucrats, to prevent corruption, and, consequently, to increase the quality of government services. But after a few years since the introduction of administrative procedures we still face the problem of low accountability of bureaucrats. Thus, the main goal of the paper is to show whether administrative procedures can solve the problem of bureaucrats’ opportunism, and if they can, what are the key determinants of their effectiveness. To answer the question we provide two simple models of interaction between bureaucrats and citizens, and bureaucrats of different ranks, and describe the links between the models, to show how the introduction of administrative procedures influences the outcome of the interaction between the agents. We also define the set of parameters that can make administrative procedures a real means of control over bureaucrats and thus lead to better quality of government services.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.