Seeding the UEFA Champions League Participants: Evaluation of the Reforms
We evaluate the sporting effects of the seeding system reforms in the Champions League, the major football club tournament organized by the Union of European Football Associations (UEFA). Before the 2015-16 season, the teams were seeded in the group stage by their ratings. Starting from the 2015-16 season, national champions
of the Top-7 associations are seeded in the first pot, whereas other teams are seeded by their rating as before. Taking effect from the season 2018-19, the team's rating will not longer include 20% of the rating of the association that the team represents. Using the prediction model, we simulate the whole UEFA season and obtain numerical
estimates for competitiveness changes in the UEFA tournaments caused by these seeding reforms. We report only marginal changes in tournament metrics that characterize ability of the tournament to select the best teams and competitive balance. Probability of changes in the UEFA national association ranking does not exceed several percent for any association.
The article presents the analysis of the measures of risk non-financial company. Identified key risk metrics. If justified the use of EVaR models. Developed methodical recommendations on the use of EVaR in stress-testing company.
Various Condorcet consistent social choice functions based on majority rule (tournament solutions) are considered in the general case, when ties are allowed: the core, the weak and strong top cycle sets, versions of the uncovered and minimal weakly stable sets, the uncaptured set, the untrapped set, classes of k-stable alternatives and k-stable sets. The main focus of the paper is to construct a unified matrix-vector representation of a tournament solution in order to get a convenient algorithm for its calculation. New versions of some solutions are also proposed.
This paper presents a simple bootstrap test to verify the existence of finite moments. The efficacy of the test relies on the fact that in the absence of a first moment and under certain general conditions, the arithmetic average of a sample grows at a rate greater than the growth rates of the arithmetic averages of the sub-samples. Firstly, we show test consistency analytically. Then, Monte-Carlo simulations are performed to compare our test with the Hill estimator.
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.