Конфликт интересов в саморегулируемых организациях США и неэффективность финансового рынка
The problem of conflicts between the financial industry professionals’ business interests and the SROs' regulatory activities is studied in this paper. With the help of the elaborated methods the intensity of the US SROs conflicts of interest is revealed since 1991 till 2010 on the basis of the industry professionals’ individual preferences with regard to financial market efficiency. We determined that the professionals gained the maximal accumulated portfolio value provided systematic deviation of the market from normality (efficiency). The professionals’ goals of utility maximization did not match the SROs’ goals of the due market regulation in accordance with the regulator and international organizations requirements. These methods and results could be used in decision making about the allocation of financial market regulatory powers between regulator and SRO.
Our research was focused on young people’s moral self-determination based on different levels of self-regulation. The author’s theoretical model and methodical approach to self-determination study is presented. Self-determination implies active individual self-development, search of ones own existential position and the choice of decisions in problematic situations. The self-regulation phenomenon appears in planning and programming life goal achievements, taking into account significant external and internal conditions, estimation of results and correcting ones’ own activity for subjective-acceptable result achievements, also it appears in the degrees of development and realization of self-organizing processes. The results have shown that young people with a medium level of self-regulation have a less positive moral position than people with high and low levels of self-regulation. For young men, the higher level of self-regulation corresponds to a more positive moral position in the case of separate conceptions of morality and moral strategies. But such regularity isn’t peculiar to young women.
The paper studies collective preferences of the financial self-regulatory organizations (SRO) with regard to financial market inefficiency. A model of financial industry professionals' combined utility dependence on their collective preferences parameters was analyzed. It was determined that it is unreasonable to allocate enforcement regulatory powers to SROs, because proper SRO enforcement contradicts to the commercial interests of its members. But, simultaneously, the commercial interests of the industry professionals are aligned with SRO rulemaking interests. SRO can be a highly efficient institute in regulatory rules and financial market infrastructure design. It is also shown that the proposed parameters of the US SROs' activity are closely related to the World Bank US governance indicators. It was determined that these parameters are institutional in their nature and can serve as indicators of the financial market regulatory system quality.
The paper deals with the collective behavior of the US financial industry professionals. A relative majority voting procedure is proposed as a means of their preferences aggregation. Parameters of the US SRO activity that are based on the quantitavely revealed SRO preferences with regard to market efficiency are introduced and studied. The relationship between these parameters and the functions of representative investor risk aversion is also considered. It was shown that the parameters can serve as market integrity indexes.
The first part of this book is devoted to the old problem of fundamental motivations that can hardly be approached in another way, other than theoretically. The second part of the book is devoted to new or rather marginal concepts that seem capable to enrich general models of motivational processes. Part three of the book deals with the issues of self-regulation and self-determination; in the last two decades the problems of motivation can be hardly dealt with without touching these issues. The focus of the last part of the book is cultural context and cultural mediation of motivation. This book was planned not as a collection of discoveries to be considered, but rather as a collection of nontrivial views that may turn helpful for making a better sense of the discoveries actually made. (Imprint: Nova)
The article examines the problems of delegation of public powers of authority to self-regulated organizations: public powers of authority which may be delegated, spheres of state administration, where delegation of powers is not allowed, validity of control over realization of delegated powers in all cases of such delegation and responsibility of the state for the acts of private persons who exercise public powers of authority.
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.