Арефьева А. И. Научные доклады лаборатории макроэкономического анализа. WP12. Высшая школа экономики, 2011. No. 04.
The paper examines the influence of the size of a firm on the investor’s choice between foreign direct and foreign portfolio investment. The foreign direct investment (FDI) is more efficient due to stronger control rights of the investor. But foreign portfolio investment (FPI) is more liquid. The size of the firm brings about additional concerns regarding the FPI vs FDI trade-off. First, large firms have an attractive feature: the government has an incentive to support large firms who face bankruptcy in order to avoid the harmful consequences of their failure for the economy. On the other hand, large FDI firms are more vulnerable to expropriation or nationalization, at least in countries with poor protection of property rights and weak democratic institutions. In the model higher degree of support from the government to big firms results in higher investment in FPI relative to FDI for bigger firms. The preliminary empirical evidence based on the World Bank Survey of Productivity and Investment Climate** supports the hypothesis of positive relationship between size of the firm and FPI investment.
Added: Mar 15, 2013
Метод определения приоритетных направлений развития стратегических альянсов в инновационном процессе по составляющим системы сбалансированных показателей
Александровский С. В. В кн.: Региональные перспективы развития инновационной экономики России: сборник статей по материалам международной научно-практической конференции. Н. Новгород: ООО "Стимул-СТ", 2011. С. 11-22.
Added: Jun 29, 2012
Edited by: А. Н. Ярутова Чебоксары: Учебно-методический центр, 2012.
Added: Jun 18, 2012
Демократия в России: проблемы и перспективы развития. Материалы всероссийской (с международным участием) научно-практической конференции, посвященной 80-летию ДГУ, 22–24 сентября 2011 г.
Махачкала: Дагестанский государственный университет, 2011.
Added: Jul 23, 2012
Peresetsky A. MPRA Paper. University Library of Munich, Germany, 2011. No. 41508.
In this paper we empirically test the dependence of the Russian stock market on the world stock market, world oil prices and Russian political and economic news during the period 2001-2010. We find that oil prices are not significant after 2006, the Japan stock index is significant over the whole period, since it is the nearest market index in terms of closing time to the Russian stock index. We find that political news like Yukos arrests or news on the Georgian war have a short term impact, since there are many other shocks, the structural instability of the Russian financial market is confirmed.
Added: Mar 16, 2013
Александровский С. В., Бутрюмова Н. Н., Назаров М. Г. Финансовая аналитика: проблемы и решения. 2011. № 46. С. 21-33.
Added: Jun 30, 2012
Макаров А. С., Дремин П. Н., Шарова М. В. Научные доклады лаборатории количественного анализа и моделирования экономики. P1. Нижегородский филиал НИУ ВШЭ, 2007. № 5.
Added: Aug 2, 2012
Ковалева А. И., Уланов В. Л. В кн.: Что есть что в мировой экономике: словарь-справочник. М.: Издательский дом НИУ ВШЭ, 2012. С. 100-103.
Added: May 31, 2012
Уголовное право: истоки, реалии, переход к устойчивому развитию: материалы VI Российского конгресса уголовного права (26–27 мая 2011 года)
Edited by: В. С. Комиссаров М.: Проспект, 2011.
Added: Jul 23, 2012
Куткин М. С. В кн.: Предпринимательство и реформы в России: Материалы осенней конференции молодых ученых-экономистов. СПб.: ЭФ СПбГУ, 2013.
Added: Jan 13, 2014
Зинченко В. П. Культурно-историческая психология. 2012. № 1. С. 59-68.
Added: Jun 30, 2012
Поздняков К. К. Внешнеэкономический бюллетень. 2004. № 4. С. 40-46.
Added: Jun 26, 2012
Экономика и управление: проблемы и перспективы развития. Сборник научных статей по итогам международной научно-практической конференции г.Волгоград 15-16 ноября 2010 г.
Ч. 1. Волгоград: Волгоградское научное издательство, 2010.
Added: Jan 18, 2013
Anisimova A. I., Muradyan P. A., Vernikov A. V. SSRN Working Paper Series. Social Science Research Network, 2011. No. 1919817.
This empirical paper adds to competition and industrial organization literature by exploring the interplay between industry structure and competitiveness on local, rather than nation-wide, markets. We use micro-level statistical data for banks in two Russian regions (Bashkortostan and Tatarstan) to estimate Herfindahl-Hirschman index, Lerner index, and Panzar-Rosse model. We estimate Panzar-Rosse model in two ways: via the widely used price-equation that accounts for scale effects and then via a revenue-equation that disregards scale effects as suggested by Bikker et al. (2009). We find both regional markets to be ruled by monopolistic competition, although estimation by revenue-equation does not reject monopoly hypothesis for Tatarstan. Existence of sizeable locally-owned and operated institutions does not necessarily lead to higher competitiveness of the given regional market, and the results from non-structural methods of estimation suggest that bank competition in Bashkortostan is stronger than in Tatarstan. Going further away from aggregated analysis we compute Lerner indices in two product segments of Tatarstan – retail and corporate loans – and find that retail segment is significantly more competitive. Local banks exert more market power in corporate loans, while federal branches – in retail loans.
Added: May 14, 2012
Added: Feb 22, 2013
Трунин П. В., Дробышевский С. М., Евдокимова Т. В. М.: Издательский дом «Дело» РАНХиГС, 2012.
Added: Mar 26, 2013
Яковлев А. А. Общественные науки и современность. 2008. № 4. С. 21-37.
Added: Sep 22, 2012
Penikas H. I. Financial Economics. FE. Высшая школа экономики, 2012. No. 03.
The Basel Committee of Banking Supervision initiated a discussion on the most efficient practices to prevent bank managers from excessive risk-taking. This paper proposes a game-theoretical approach, describing the decision-making process by a bank manager who chooses his own level of risk and effort. If the level of risk implies the variability of the future outcome, the amount of effort applied affects the probability of a positive outcome. Although effort is unobserved for the bank’s stakeholders, the risk level is under control, and is associated with certain indicators such as capital adequacy ratio or leverage level. The risk-neutral utility function of a bank manager and a binary game outcome of gaining profit or loss for a bank are assumed. Starting from the general incentive contract scheme having the fixed and variable parts of remuneration, it is proposed that differentiating the variable part of remuneration is sufficient to motivate bank managers to make fewer risky decisions. More precisely, the variable part of remuneration (e.g. the share of the bank’s profit) needs to be higher in proportion to the higher variance of outcome for the high -risk outcome case to stimulate a bank manager to opt for lower-risk decisions in place of higher-risk situations.
Added: May 3, 2012
Уринсон Я. М. Вестник Европы. 2014. № 38-39.
Added: Feb 5, 2018
Penikas H. I., Titova Y. Financial Economics. FE. Высшая школа экономики, 2012. No. 02.
In this paper we elaborate a simple model that allows for the predicting of possible reactions from financial institutions to more stringent regulatory measures introduced by the Basel Committee on Banking Supervision (BCBS) in regard to global systemically important banks (G-SIBs). The context is framed by a 2011 BCBS document that proposes higher capital requirements for global systemically important banks. We attempt to analyze bank interactions in an oligopolistic market that is subject to demand constraints on loan amounts and additional loss absorbency requirements introduced by the regulator. We distinguish between the bank’s announced funding cost that determines both the loan amount issued and the market interest rate, and the bank’s true funding cost that has a direct impact on retained earnings. We conclude that in a two-stage game both banks will announce the highest funding cost, thus reducing the amount of loans granted (in line with the regulator’s objective), but at the expense of a higher cost of borrowing established in the market. If the game is repeated, then both banks also choose lower loan amounts in the periods prior to the last one in which the declared funding cost is the lowest possible. It should be noted that the designated outcome also coincides with the findings of the Monetary Economic Department of the Basel Committee on Banking Supervision.
Added: May 3, 2012
Added: Jun 24, 2011