Российские депозитарные расписки как инструмент включения России в мировой фондовый рынок
The article is dedicated to historical analysis of crimes committed on securities market till the 20th century. Important part of the article is indication of economic conditions. Thanks for it the meaning of legal acts becomes clear. The author concludes on existence the developed securities market and necessary criminal rules to its protection.
The article describes proposed by the authors methodology of analysis of the Russian mutual funds. The aim of this methodology is to find out how attractive they are to investors and if they are able to provide the possibility of obtaining higher returns with less risk than the market in general. The study determines what type of fund management (active or passive) is more optimal. It also explains the effectiveness of focusing on past performance of the funds for making future investments. In addition, the ability of the management companies to repeat their past results is analyzed. Moreover, it is shown if it makes sense to focus on management companies that achieved the best results in the past while making decisions about future investments. These and other results achieved in this article reveal the features of the Russian market of collective investments and allow investors to form more competent policy of mutual funds’ investments. The methodology proposed by the authors is universal. Its application for the analysis of the other markets of collective investments will allow revealing their features.
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 is dedicated to research fraud on securities market committed in the time of its circulation. As rule, acts of guilty are qualified by article 159 of the Criminal Code of Russian Federation. It is permitted by Resolution of the Plenum of the Supreme Court of Russian Federation. But it’s right not always whereby there isn’t consensus in the science of criminal law on the matter. So the article includes jurisprudence fraud against property and fraud on securities market. Thanks for it distinction between such field are clear. The author conclusions that to incriminate acts of person under article 159 of the Criminal Code of Russian Federation is unlawfully in some cases. It points to need of establishing article in Chapter 22 of the Criminal Code of Russian Federation which has the purpose to protect the economic activity from fraud in this field. For it the work presents defense of elements of fraud against property and fraud committed on economics and securities market as its part.
The article is dedicated of problems of criminal law regulation of securities market.The concept of criminal law mechanism its protection is offered.
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.