Справедливая стоимость на финансовых рынках: пятьдесят оттенков справедливости
We discuss the content of the concept of fair value, practices and consequences of its application in accounting and finance, its interplay with other social and economic concepts. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is an alternative to the valuation of assets and liabilities at historic cost, which has been used in accounting and finance for several centuries and has ceased to fully satisfy markets in the last third of the twentieth century. The paper discusses the nature of fair value, the reasons and peculiarities of the implementation of this concept into the financial practices. It is shown that the main reasons for this are the financialization and the advance of transparency in economics and society. The role of fair value in the economic crisis of 2007—2009 is illustrated by two mechanisms: the blowing-up the book values of assets and the companies’ plays in high volatility financial markets. The focus of discussion is on the effects of fair value: procyclicality in the financial markets, the perils for sustainable development, professional alterations (ethical and practical). The relationship between fair value and the concepts of honesty and fairness is analyzed. It is argued that despite all its shortcomings, FV fully meets the principles of fairness in regard to financial markets.
This article is devoted to valuation of assets and liabilities at fair value in accounting. The author gives a definition of fair value according to different systems of accounting (IFRS, U.S. GAAP, RAS). In this article the author gives a comparative analysis of valuating methods of assets and liabilities in Russian accounting and international practice, also author investigates fair value valuating methods and gives analysis of positive and negative sides of valuation of assets and liabilities at fair value.
Econophysics is a relatively new discipline. It is one of the most interesting and promising trends in modeling complex economic systems such as financial markets. In this paper we use the approach of econophysics to explain various mechanisms of price formation in the stock market. We study a model, which was proposed by Jean-Philippe Bouchaud and Dietrich Stauffer (Bouchaud 2002; Chang et al. 2002; Stauffer 2001; Stauffer and Sornette 1990), and used to describe the agents’ cooperation in the market. The most important point of this research is the calibration of the model, using real market conditions to proof the model’s possibility of setting out a real market pricing process
In this study we compare ethical values of Russian law students and professional lawyers. We focus on the problem of choosing between personal benefits and professional responsibility, as well as on the transformations of ethical values between university and the bar. In two studies using a single methodology we have surveyed 282 law student in three Russian universities and 372 lawyer from 9 regions of Russia. At the moment this is the only study in Russia, which allows us to compare the views of law students and professional lawyers, and find out at what point the idea about dominance of personal benefit over professional responsibility established. We conclude that the reasons for the differences in professional ethics are rooted in the system of legal education.
The author of this article compares the rules of accounting and disclosure in the financial (accounting) statements of the inventories according to the international and local standards, estimates the impact of differences between the applied rules on the financial condition of the organization.
Increasing volatility on financial markets, uncertainty about Greece's debt restructuring and economic slowdown, and currency depreciation in the CIS region have put growth prospects in Poland and Latvia at risk. However, Poland has more flexibility to respond to these challenges, as it has an independent monetary policy and weaker links with the CIS.
Accountability and transparency are important elements in ensuring that the G20 is delivering on its commitments, but few formal mechanisms exist for holding member countries answerable for their decisions and the subsequent effects.
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.