Анализ прогнозирующей способности финансовых аналитиков на российском фондовом рынке
The research was conducted based on the target prices for 6 liquid stocks issued by the 9 leading analysts. Analysis of absolute forecasting ability has not revealed any differences in forecasting ability across analysts. However, certain differences in forecastibility of stocks were found. Analysis of relative forecasting ability has identified the best performing analysts on each of the sub-period under investigation.
Enterprise assets as object of the financial analysis are considered. Questions of preparation of accounting information of assets for the analysis are investigated. Traditionally carrying out such preparatory procedures is explained by desire, first of all, to provide information in simplified, more evident look. In article the emphasis is placed on other, more significant reason of transformation of accounting reports - need of ensuring reliability of information which has to reflect the real cost of assets. The criteria which are cornerstone of creation of analytical balance are considered. The main methodical approaches to carrying out the horizontal and vertical analysis of assets, and also their separate elements are stated. The purposes and a technique of the analysis of assets are designated. Criteria of an assessment of dynamics and structure of assets are defined. Including "positive" and "negative" characteristics of separate groups of assets which need to be considered in the analysis of active operations are revealed.
The tutorial discusses the practical computer analysis in the solution of problems in financial management topics . Included guidelines for the quantitative description of the planning system in financial management. An overview of key categories and provisions for asset management and capital. Revealed theoretical issues related to investment management . The material in this manual has a scientific and practical character and contains the information about the typical problems of financial management , which will be in demand by readers directly in research and professional activities. The manual is intended for students and undergraduates enrolled in the direction of "Economics" and "Management" , and may also be useful to managers and professionals , both financial and non-financial corporations.
The aim of the monograph is presentation of copyrighted research materials on modern methods for assessing and analyzing the financial condition of a company, including the development of matrix analysis, analysis of capital structure, proposals for the application of some new ratios, their comparative analysis, proposals for classifying ratios used for analysis. The second objective function of this monograph is to conduct a systematic analysis of modern areas and methods for assessing various indicators of the financial condition of the company and provide recommendations on their practical use for decision-making in management.
The monograph includes many practical examples with evaluation formulas and analysis of financial indicators. The author’s developments are presented in conjunction with other well-known modern and classical methods for assessing the financial condition of a company. Since some of the classical methods in a number of papers and information sources are presented in a slightly modified form (in particular, for example, bankruptcy assessment methods), careful work was carried out to compare them with the primary sources and to verify the possibility of their application on the recent data (practical approbation) . Therefore, in the monograph, these classical methods are brought into line with the primary sources, have relevant information links and are provided with analytical author's comments on the possibility of their practical application.
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.