Social Media and Corruption
Do new media promote accountability in non-democratic countries, where offline media are often suppressed? We show that blog posts, which exposed corruption in Russian state-controlled companies, had a negative causal impact on their market returns. For identification, we exploit the precise timing of blog posts by looking at within-day results with company-day fixed effects. Furthermore, we show that the posts are ultimately associated with higher management turnover and less minority shareholder conflicts. Taken together, our results suggest that social media can discipline corruption even in a country with limited political competition and heavily censored traditional media.
The article examines the role of the "green" shareholders in the formation of the company's responsible corporate policy. The article defines the main effects of the activities of the "green" investors, highlights their non-financial gains. Based on the analysis of French "green" investment funds and the "green" investors activities, the development of ethical economy in Russia is forecasted, where the role of a catalyst is to be taken over by the state, as it has been done in France.
State Capitalism could be characterized by a triple role of the state: the state performs as a “programmer” to guide economic activity; it acts as a “protector” to safeguard national economic interests; and it also plays the role as a “producer” to create national wealth through its state-owned enterprises (SOEs). However, the influences of State Capitalism in a country are not only limited to the domestic sphere. They often extend internationally, either through the globalization of SOEs, or through Sovereign Fund investments, or by means of other influences. Many recent acquisition projects by SOEs, often in strategic sectors, highlight the importance of understanding this new geopolitical investment which has created special relations between State Capitalism and the free market. They also raise the question of the need for updating national economic security concerns in the context of globalization. As the value of Sovereign Funds reaches several trillion dollars, the controversy surrounding these Funds is evolving. For many, these Funds do not necessarily always look for maximizing business performance, but are sometimes also accompanied by political and strategic ambitions of the respective states from where they originate. The phenomenon of State Capitalism has gained prominence in recent years especially in several emerging markets. It appeared, firstly, because of multiple government interventions in the economy,and secondly, emphasis given to the globalization of their SOEs / economic organizations in international markets (China, Russia, Brazil, Malaysia, Saudi Arabia, India, Korea, etc.). In January 2012, The Economist published another special article on State Capitalism and wondered if the new balance of power that is being built-up with the emergence of market oriented SOEs will pose a challenge to the liberal capitalist model. The objectives of this conference are manifold: to examine the characteristics of State Capitalism in the world economy, especially in emerging countries, to assess its real impact on economic development, to identify its scope to other developing countries, and also to explore the major challenges that it poses to the liberal capitalist model in the world of free-markets.
интеграционные процессы на финансовых рынках, эффект перетекания волатильности, динамическая корреляция рядов доходности
The social and community driven aspects of our digital lives continue to rapidly increase, resulting in transformative behaviors and, significantly, publishing and distributing huge amounts of fascinating data. The seventh meeting of the International AAAI Conference on Weblogs and Social Media (ICWSM-13) held in Cambridge, Massachusetts, promised to be a benchmark year for ICWSM. Thanks to the enthusiastic participation of our community, we received a record number of submissions, with a growth of 50 percent over the previous year. More than the quantity, however, the high quality of the submitted papers is the truest evidence that ICWSM is maturing in its role as a premier venue for social media research.
The paper contextualises the philosophy of Adam Smith and analyses the pre-history of political economy as being in large parts determined by notions of patriarchalism, i. e. the notion that the role of a head of state is analogous to the head of a private household. It is shown how this notion migrates from political philosophy proper (Bodin, Hobbes) into mercantilist discourses and that it is a fundamental part of Locke's economic theory. Adam Smith denies the validity of this analogy: his cosmopolitanism, his views on the divison of labour, and his arguments against interventionism are all directed against patriarchalist misunderstandings of the relationship between the economy and the state.
The paper consists of three main sections. The first is devoted to a discussion of the "state capitalism" concept and the reasons for the growing interest to this phenomenon. It is proposed here to consider the state capitalism not only in terms of the state ownership in major national industrial enterprises and banks, but also taking into account the efficiency of SOEs. In the second section, the new data on the state involvement in the Russian economy are represented, including the shares of the state in the authorized capital of the largest industrial enterprises and banks. Their economic indicators are compared. Contrary to some assumptions P / E values for national champions are lagging behind the average for emerging markets. The third section examines the hypothesis that one of the major challenges faced by the state capitalism is the development of investment incentives for SOEs and their performance. It is shown that the interests of the state as an owner of business enterprises are often in conflict with the interests of the state as a social institution. A number of examples are demonstrated. In order to solve this problem the state should reduce its stakes in SOEs except for those that are of strategic importance. The output of the analysis is that the state capitalism as a social phenomenon has no a long-term perspective. Most of so called “state capitalist” countries will take in future the path of traditional mixed market economy.
Writing the paper on the eve of the G20 summit in Cannes, the author expressed a view that except for French President Sarkozy, no one should be surprised by a disappointing outcome in Cannes. More importantly the author argues that this does not mean that the world economy will not be rebalanced just because the G-20 did not ordain the solution. Unsustainable imbalances will eventually be adjusted by economic forces. Refraining from meaningful and urgent collective action, the G-20 leaders choose to let the world rebalance itself more chaotically, with the inevitable result of making things harder for each other. This is not a collective leadership but a joint abdication of responsibility. To prove its usefulness, the G-20 must do more than help old and emerging economic powers agree to disagree. The paper asserts that if the G20 fails the test, it is only a matter of time when the new creditors will see it as in their individual interests to make common cause either to reform existing institutions or to create new ones free of the dominance of the debtor countries. The author concludes that we can only hope that a new grouping of major creditors arrives as the successor to the G-20 in time to avert a replay of the 1930s. The publication is prepared within the framework of a joint project of Russian International Affairs Council (RIAC) Project and International Organizations Research Institute of the NRU HSE "Increasing Effectiveness of Russia's Participation in G8, G20 and BRICS in accordance with Russian Priorities and National Interests".