Эффективность управления пенсионными накоплениями: теоретические подходы и эмпирический анализ
This article is an attempt to review the research results of the seasoned equity offerings (SEO) in the empirical literature. It addresses the widely known SEO phenomena observed in different countries such as announcement effect – negative price reaction to SEO announcement, underpricing of seasoned equity and long-run underperformance of issuing company.
The article contains the data on negative price reaction to SEO announcement and also prescribes the hypotheses explaining this effect: the downward slopping demand curve hypothesis, capital structure hypothesis, transaction cost hypothesis and information hypothesis. The article provides the evidence of the impact of the following factors on announcement effect: the use of proceeds, information releases, equity issue volume, phases of the business cycle, cumulative abnormal stock performance and size of the issue. The article analyses the findings of the study of SEO discounting and the change in average SEO discounts over time as well as the impact of such as factors like exchange of issue, underwriter reputation contained in the academic literature. It also addresses the following hypotheses explaining SEO discount pattern: changing issuer composition hypothesis, leaving a good taste hypothesis, the short-selling hypothesis, increased investment banking power hypothesis. Authors also consider the worldwide phenomenon of long-run underperformance of issuing companies. The article also states various hypotheses that explain this pattern: windows of opportunities and manifestation of misspecified model.
The work contains diagnosing оf the problems in the Russian domestic savings; detailed analysis of 27 foreign pension systems in the world and instruments of development policy in collective investments in the United States, the European Union and the BRICS countries; quantitative study of factors affecting the level of development of pension funds and collective investments in 50 countries.
One of the fundamental concepts of financial theory is to find compromise between risk and return. In the traditional approach to ratio of risk and return - higher yield faces a higher risk. It does not take into consideration the timeframe of investments. Purpose of this article is to analyze the risk-profitability ratio of financial instruments depending on the investment period in developed and emerging markets. The analysis showed that the prolongation of the investment period reduces the risk indicators, and the yield remains almost constant. At long time periods shares indicate higher returns with lower risk.
The paper investigates the optimization methods used by an investor working on the Russian stork market. The efficient sets, corresponding for the two different states of the market (with «moderate» and «rapid» growth rates), are build. The paper denies the necessity of the «deep» diversification of the portfolio on the Russian stork market. Some recommendations concerning the investment portfolio management are formulated.
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.