Informal employment is a complex economic phenomenon that goes beyond direct government control and therefore requires multifaceted consideration. In 2001-2002 important reforms were carried out in Russia. According to the tax reform the progressive tax scale was replaced by the flat rate, different social contributions were merged into a single social tax. The pension reform made transition from the distribution pension system to the distribution and accumulation one. Such changes could influence the probability of informal sector selection by individuals. An empirical model is assessed on the basis of a representative sample for Russia - Russian Longitudinal Monitoring Survey-Higher School of Economics - from 1998 to 2009 using 'difference-in-difference' approach. Author’s findings suggest that the PIT reform has contributed to the reduction of informal employees by 2.5%, while the contribution of other reforms to limiting incentives to work informally is not revealed. An important feature of the reforms is that they do not mutually influence each other eventually serving as enhancers.
Subject. Features of terrorist attacks which have an impact on stock indices. 117 terrorist acts committed in different countries for the last 28 years (1988-2016) were studied. Particular attention was given to the Russian specific characters.
Aims. To assess the impact of terrorist attacks on the dynamics of stock indices. It will let market participants make better decisions and avoid excessive losses. Eventually it will help the stock market go through a terrorist attack with minimum negative consequences.
Methodology. The methodology comprises historical-logical, graphical, statistical and comparative analysis. It let us describe the impact of different features of terrorist attacks on the dynamics of stock indices. We also systematized analytical information in this field of knowledge.
Results. It was found that the impact of terrorist attacks on the dynamics of stock indices depends on a few factors: a number of victims, a level of an economic development of a country, a day of the terrorist attack, etc. It was proved that the previous market trend has a significant influence on the dynamics of the stock index after the attack. Moreover, it should be noted that the impact of terrorist attacks on different industries is different and depends on a number of factors.
Findings. It was shown that in most cases terrorist attacks have a significant impact on the dynamics of stock indices. According to this, investors should not make rash decisions in order to avoid losses. Results of this work can be used by investors, market-makers and other market participants.
Subject. Various aspects of new market segment’s influence – algorithmic trading – on the development of world stock markets. Authors analyze in detail the most significant cases of algorithmic systems’ impact on market mechanisms and participants of the trading process.
Aims. Authors set the following goal – to study the peculiar features of algorithmic trading’s segment on the sustainable development of stock markets. The research of different influence characteristics allows estimating overall perspectives of development of world stock markets as a whole as well as algorithmic trading itself in particular. Contemporary, this issue obtained a special actuality due to wide spreading of algorithmic systems for stock market operations.
Methodology. Relevant stock market statistics, regulatory norms, legislative acts and opinions of experts in stock market sphere were analyzed; analytical, scientific and practical information in the studied field was systematized.
Results. It was shown that algorithmic trading exerts a significant impact on stock market indices’ dynamics, market liquidity and efficiency, and also on some other features which characterize sustainable market development.
Findings. The results of analysis allows stating that algorithmic trading’s segment has a marked negative effect on stock markets. And it has already worried market specialist as well as employees of stock markets and state regulators. Besides, adopted legislative and technological measures cannot provide a significant restrictive influence on the revealed negative aspects of algorithmic trading’s impact. That is why the increase of the claimed negative effects is expected in the nearest future. The obtained results may be useful for researchers of stock market sustainability, representatives of regulators and direct participants of the trading process.
Importance. To reveal the degree of influence of investment transactions on the development of the Russian insurance market through the analysis of the main indicators of its activity.
The aim (objective) of the research is to reveal factors related to deals of merger and the activity of the Russian insurance market. These factors will be analyzed to determine the extent of their influence on the position of the largest insurance companies in Russia.
Methods. The investment deals, to a great extent, have closed information purpose, therefore, the analysis of quantitative and qualitative data is done using case analysis and ranking. Basic information for the study was taken: websites of state agencies, from interviews with managers of insurance companies operating on the insurance market in Russia, and the opinions of financial analysts presented in the periodicals.
Results. Focus on was be given to the analysis of the main financial characteristics, presents the absolute and relative indicators. Among the absolute indices need allocate: size of the share capital, the number of insurance companies, the volume of insurance premiums and payments. Among the relative indices should be noted: the productivity of capital premiums, index Hirshman-Herfindahl. All indicators are presented in tabular form. Moreover there are other comparative tables: the impact of deals on separate economic indicators; real and fictitious investment transactions.
Conclusions and Relevance. This article is relevant and has a high importance for understanding that is a happening in the insurance market consolidation. The fact can be associated with a small number of such studies. Primarily the investment deals were considered like a quick way of increasing financial and competitive power of insurance companies. However, despite the positive impact on the activities of the Russian insurance market, such deals lead to the consolidation and the emergence of oligopolistic tendencies that reduces competition.