Аt the turn of 2008 Russian banks were traded at hefty P/BV multiples in the range of 3 to 4. That looks like a bubble. This paper is an attempt to reconstruct possible rational logic behind this value which related to a possible real option. Two approaches are employed: decision tree analysis and a binomial model. Following analysis shows that a real option was limited to a select set of investors. Thus suspicion of a local banking bubble is not refuted.
The article is devoted to the actual theme the impact of the tax burden in the implementation of the investment project development on a company's cash flow. The objective of this research is to assess the impact of the tax burden on the company's cash flow at constant rates of value-added tax tax profit and varying premium rates. The results of research showed that the value of the tax burden has the most important influence on the development of the company, especially in the enterprise, implementing investment projects related to the modernization of fixed assets and diversification of production. Analysis of data obtained as a result of the research the following conclusions about that the change of tax rates significantly affect the cash flows of the company, providing integrated effect; the implementation of the investment project to modernize and diversify production, the top management of the organization should pay particular attention to possible changes in the tax burden.