The article analyzes the Russian market of collective investments aimed at determining what type of fund management - active or passive is the most attractive for investors. In addition, the findings have been obtained about the stability of the results of management of mutual funds over time and shown how appropriate is the use of past returns of a fund for making future investments. These and other achievements in the research disclose the specifics of the Russian market of collective investments and allow domestic investors to form a competent policy of investing in mutual funds.
The article is devoted to the analysis of the problem of limited access to the investment resources available for the early-stage technology companies which results in the failure of many venture projects with high economic potential and the high concentration in innovative industries. The author argues that the key reason for this lies in the portfolio companies’ selection strategies of venture funds that represent the primary source of project financing in the developing technology markets.
The article provides a theoretic framework for the estimation of project value by venture investors, which allows to analyse various effects that influence the investment attractiveness of the companies at different stages of their life cycle. The author demonstrates how investor’s expectations with respect to the market structure of the new industry, technical complexity and innovativeness of the project, the quality of management affect the difference in the valuation of the early-stage companies and more mature technology projects.
The results of the analysis might be used both for the research of mechanics of the project potential evaluation and for the optimization of the venture funds’ organizational design in order to simulate the investments into early-stage companies.
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 studies the relation between investment strategies of business education students, on the one hand, and their values and attitudes towards business ethics, on the other hand. The survey of 222 students of business education programs in three Moscow Universities serves as empirical base. Six types of students with different educational strategies are pointed out. These groups differ both by their basic values and by attitudes towards business ethics. It is shown that basic values of business education students are relevant to modernization whereas their attitudes towards business ethics to a lesser extent.