ВАЛЮТНЫЙ РИСК И ЛОКАЛЬНАЯ МОДЕЛЬ ЦЕНООБРАЗОВАНИЯ АКТИВОВ НА ПРИМЕРЕ РОССИЙСКОГО РЫНКА АКЦИЙ
World fi nancial crisis and increased volatility of major economic indicators raised attention to the problem of fi nancial risk management in corporations, and to the possibilities of fi nancial derivatives usage for hedging. In perfect markets hedging by means of derivatives allows corporations to mitigate fi nancial risks allowing for minimum costs. Current paper examines factors that restrict usage of derivatives for hedging currency risks by corporations on Russian fi nancial market. It is concluded that on Russian market it is reasonable to use internal facilities as basic method of currency risk management: asset/liability management, regulation of debt
currency structure, diversifi cation, etc. Derivatives should be used in addition to these facilities in very limited volumes for hedging the most predictable sources of risk.
This article presents a two-tier system for the comprehensive risk assessment and applies it to the Russian banking sector. First level of the system focuses on current analysis of banks in terms of their sensitivity to credit risk as well as to other types of risks (ex-ante risk assessment). Second level of the system deals with different measures of the overall banking sta-bility (ex-post risk assessment) such as widely used Z-score indicator and it introduces an empir-ical bank-level model for estimation of the elasticity of Z-score with respect to all types of risks considered at the first level of the system. Our analysis reveals that systemic risks of the Russian banking sector are moderately high while its ability to recapitalize profits is extremely limited under the existing model of the banking business.
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.