Фондовый рынок и инвестиционная специфика пенсионных накоплений
The analysis of competition policy during economic crisis is motivated by the fact that competition is a key factor in productivity levels. The latter, in turn, influences the scope and length of economic recession. In many Russian markets, buyers’ gains decline because of weak competition, since suppliers are reluctant to cut prices despite decreasing demand. Data on prices in Russia and abroad in the second half of 2008 show asymmetric price rigidity. At least two questions are important in an economic crisis: the “division of labor” between proactive and protective tools of competition policy and the impact of anticrisis policy on competition. Protective competition policy is insufficient in a transition economy, especially during a crisis, and it should be supplemented with well-designed industrial policy measures that do not contradict the goals of competition. The preferred tools of anticrisis policy are those that do not restrain competition.
The present article is devoted to consideration of investment strategy in stock market. The questions connected with designing of such strategy are systemically considered in it. The emphasis is thus placed on adaptation of the general (managerial) theory of engineering to engineering of investment strategy. Engineering of investment strategy is considered in indissoluble interrelation with the analysis of their typology. The most actual types and directions of engineering of investment strategy are characterized in the conclusion of article.
The article gives an overview of influence of stock market discrimination on market value of companies in China. There are two types of shares on Chinese stock market: class A shares, which are available for domestic investors, and class B shares, which are available for foreign investors. Such market structure is not a unique Chinese market's feature. It is also used in such countries as Finland, Singapore, Switzerland, Thailand, etc. What differs Chinese market from markets with similar structure is the fact that class B shares are traded with substantial discount to class A shares. Such a situation is explained by such factors informational asymmetry between domestic and foreign investors; different liquidity of different classes of shares; diversification effect, connected with investment in Chinese stock market; size of companies; ratio of amounts of shares of different classes; stock exchange where company's shares are traded.