Public procurement transaction costs: a country-level assessment
This paper presents a public procurement transaction cost evaluation using a large-scale survey of procurers and suppliers. The study was conducted in Russia in 2017. The results of the survey confirmed that the lower the contract value, the more expensive the procurement procedure. An empirical analysis of factors impacting public procurement cost evaluation also revealed considerable differences between respondents with and without experience in complex procurement procedures. The paper makes an important contribution to the academic literature by elaborating a new approach to public procurement cost evaluation, as well as providing an empirical evaluation of direct transaction costs of public procurement.
The survey-based approach to the evaluation of public procurement costs described in this paper can be used by other countries and regions. Although the average overall transaction costs for public procurements in the case study country amounted to about 1% of the total value of concluded contracts, this figure was 6.6% to 8.1% for small purchases. This figure exceeds the budget saving from competitive procurement and calls for a need to simplify regulations around smaller procurements. This analysis of the procurement costs on Russian data will allow other developing countries to avoid the mistakes made in Russia, as well providing a way to realistically and affordably measure their procurement transaction costs.
This article presents an engineering approach to estimating market resiliency based on analysis of the dynamics of a liquidity index. The method provides formal criteria for defining a “liquidity shock” on the market and can be used to obtain resiliency-related statistics for further research and estimation of this liquidity aspect. The developed algorithm uses the results of a spline approximation for observational data and allows a theoretical interpretation of the results. The method was applied to real data resulting in estimation of market resiliency for the given period.
The paper aims to investigate the process of establishing distribution network. The paper takes network paradigm as a main basis of investigation looking at the development of distribution networks in Russian chemical industry.
The article presents the results of a study of organizational culture of enterprises in accordance with the new methodology focused on identification of its two levels: the declared and actual ones. Compilation of the data of the analysis allowed characterizing six variants of a combination of such levels.
The article considers various approaches to the theory of human and social capital, analyzes the problem of measurement of human resources and application of "Human Development Index" in the Russian Federation. Under market economy conditions the human capital is considered as an asset bringing regular income.
In modern world enterprises need to be agile in their operation and structure to react to changes quickly. One of the open questions here is how to develop the enterprise, or, to be more precise, if enterprise needs to be developed, and if yes, in which way. In this research we are focusing on the case when enterprise stakeholders understand the need of enterprise development, have ideas for that, and they need decision support method to understand if enterprise restructuring is likely to be successful and cost effective. Another covered topic is how to choose the best option for restructuring from variety provided. In this paper we describe the developed decision support method which combines DEMO methodology and transaction costs theory for quantitative costs estimation. To make this method applicable and reproducible we proposed few enhancements to DEMO notation.
The tutorial summarizes modern concepts and approaches in the field innovation management and is designed to study training courses on management of the innovation process. This publication is based on materials lectures and seminars on the subjects of innovation management, management innovative enterprises and management of innovative projects that the author spent a number of years for students of the Higher School of Economics, as well as based on my own numerous publications in scientific journals and monographs. The material contributes to the formation of the listeners' competencies defined Federal State Educational Standard or Higher Education direction of training "Management". The study guide is intended for students of higher educational institutions, students in the direction of "Management", and can also be used leaders and specialists involved in managing the innovation process in organizations of various profiles.
In this paper we investigate how asymmetric information and informed trading influences liquidity and how liquidity influences asset pricing on the Russian stock market in 1998-2011. We use a battery of existing liquidity proxies as well as our own modification of Lesmond et al. (1999) measure and capture informed trading through positive daily return autocorrelation. We find that asymmetric information worsens liquidity, whereas no supportive evidence of adverse impact of informed trading can be discovered, which could be partly due to a weak proxy. Furthermore, liquidity, along with market risk, seems to be the major driver of asset pricing on the Russian stock market. This result, however, is not robust to specifying liquidity as characteristic rather than factor.
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.
We address the external effects on public sector efficiency measures acquired using Data Envelopment Analysis. We use the health care system in Russian regions in 2011 to evaluate modern approaches to accounting for external effects. We propose a promising method of correcting DEA efficiency measures. Despite the multiple advantages DEA offers, the usage of this approach carries with it a number of methodological difficulties. Accounting for multiple factors of efficiency calls for more complex methods, among which the most promising are DMU clustering and calculating local production possibility frontiers. Using regression models for estimate correction requires further study due to possible systematic errors during estimation. A mixture of data correction and DMU clustering together with multi-stage DEA seems most promising at the moment. Analyzing several stages of transforming society’s resources into social welfare will allow for picking out the weak points in a state agency’s work.