Эмпирические исследования структуры капитала компаний на развивающихся рынках: специфика и методология
The present article offers an overview of the range of recent empirical works focused on the capital structure decisions in the emerging markets. This paper systematizes the specific and essential for analyses of capital structure decisions features of the emerging capital markets. The results of the range of recent empirical researches of capital structure in the emerging markets are given. The generalization of outcomes of recent works which focused on the capital structure decisions in the emerging markets would permit to take into consideration the specificity of such researches in further analyses of capital structure decisions in the emerging markets.
The general issues of determining the liquidation value are discussed, such as the choice of market liquidity risk model and the choice of a price benchmark for estimating transaction costs. The layout for the portfolio management process is proposed which is grounded on a previously developed approach to determining the liquidation value of a portfolio. It allows not only defining and linking the rational liquidation strategies for different time horizons but also considering some microstructural effects, such as volatility momentum, corresponding to the intervals between trading sessions.
One of the key questions in financial mathematics is the choice of an appropriate model for the financial market. There are a number of models available, such as Geometrical Brownian motion, different types of Levy processes and more general semimartingale models. As the model passes from the simple to the more general, it gains in its ability to model real data but loses computational tractability. The goal of this paper is to present a semimartingale model for which we can carry out computation of the optimal equivalent martingale measure, and which still retains the capacity to model processes with history-dependent increments. Since the inclusion of jump processes in the model leads to incomplete markets, we obtain the “best” equivalent martingale measure according to a number of popular criteria and show how these criteria are associated with particular choices of utility or distance functions.
In this paper we study convergence among Russian regions. We find that while there was no convergence in 1990s, the situation changed dramatically in 2000s. While interregional GDP per capita gaps still persist, the differentials in incomes and wages decreased substantially. We show that fiscal redistribution did not play a major role in convergence. We therefore try to understand the phenomenon of recent convergence using panel data on the interregional reallocation of capital and labor. We find that capital market in Russian regions is integrated in a sense that local investment does not depend on local savings. We also show that economic growth and financial development has substantially decreased the barriers to labor mobility. We find that in 1990s many poor Russian regions were in a poverty trap: potential workers wanted to leave those regions but could not afford to finance the move. In 2000s (especially in late 2000s), these barriers were no longer binding. Overall economic development allowed even poorest Russian regions to grow out of the poverty traps. This resulted in convergence in Russian labor market; the interregional gaps in incomes, wages and unemployment rates are now below those in Europe. The results imply that economic growth and development of financial and real estate markets eventually result in interregional convergence.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.