The aim of the paper is to identify the characteristics of marketing metrics usage by Russian FMCG (Fast Moving Consumer Goods) companies. The article provides the definition of «marketing metrics» concept, examines the theoretical aspects of marketing metrics and develops their classification. The author analyzes the basic concepts of marketing assessment and approaches to the classification of marketing metrics. The empirical research is based on a mixed strategy approach. Two stages of in-depth interviews were fulfilled to investigate the marketing metrics usage by Russian FMCG companies. Drawing on the results of the empirical research, characteristics of the marketing metrics usage by Russian FMCG companies are identified: those related to specific metrics and those related to the organization of the evaluation process of marketing activity in companies. The results of the research not only expand the theoretical framework of marketing metrics in Russian FMCG market, but also can be used by the Russian FMCG companies to improve the systems of marketing activity assessment based on marketing metrics usage.
Creating federal specially protected natural areas (FSPNA) is one of the most effective forms of environmental management, which is able to maintain biological and landscape diversity. But the process of FSPNA territory expansion should be governed by a comprehensive assessment of the need to increase the area withdrawn from economic land use. The assessment includes not only the study of territory’s biodiversity value, but also a comprehensive socio-economic analysis of the area under consideration. Using methods of statistical analysis and descriptive statistics we explored the possibility of Rosstat municipalities’ data and other publicly available data, to evaluate the effects of FSPNA creation and development. A methodology for constructing an integral characteristic of a municipality is proposed to develop a socio-economic justification for the organization (or development) of FSPNA. The integral characteristic is built on the basis of the principle component analysis, which is used to assess the sustainable development level of the territories and for data visualization. Nizhny Novgorod region was taken as a research object, since it has a unique set of ecosystems located on its territory. Municipalities of the Nizhny Novgorod region, which are promising for the nature protection activitiesб including development of FSPNA, have been identified. They include a number of municipal entities that previously confirmed their willingness to cooperate. The results of the work can be applied in carrying out similar studies in other regions of the Russian Federation.
This article presents the analysis of implementation and interpretation of antitrust legislation in Russian courts, in the field of anti-competitive agreements cases. This article proceeds from the previous research which provided the analysis of the court decision database of litigations with the Russian competition authority (the FAS) initiated in 2008-2010. In this research (which covers court cases of 2011-2015) we provide the database of 646 court decisions and examine the tendencies of applying antitrust prohibitions and legislation in courts. We show how the database structure varies from the point of view of main markets and types of agreements, taking into account the standards of proof. The analysis reveals that the Rule of reason (ROR) approach was not actually applied in courts, despite legislative possibilities. Type 1 errors risks tends to decrease, especially in public procurement cases, cases of banks and insurance companies cooperation. Requirements in the field of market analysis in decisionmaking are also increasing.
By default, it is assumed that competition policy, and especially antimonopoly control of mergers is subjected to the universal principles of preventing the threat of competition restrictions. However, the mergers approval policy in particular sector can be subordinated to specific objectives. In the article, based on the analysis of data of mergers decisions in the motor fuel sector by Russian Federation Federal Antimonopoly Service regional offices in 2010–2015, it was shown that the decisions were consistently subjected to the objective of maintaining the share of independent retailers of petrol in regional markets.
The paper analyses the ways how long-term tariff regulation impacts on investment decision in district heating in Russia. Concessions in district heating gave us good chance to analyze impact of tariff regulation on the potential concessionaire decision who is choosing between agreements. The empirical analysis shows that potential concessionaire makes such decisions taking into account specific tariff parameters. The probability of attracting potential investor increases because of indicated volume of rate of return or including energy efficiency indicators; the ratio of operating expenses has negative effect on the probability. The growth rates of total revenue indicated for all years of the planned agreement has no effect on the probability. Potential concessionaire prefers to choose agreements, where the volume of investment commitments is lower, because he is not ready to assume ambitious commitments in the district heating in the current system of regulation.
In recent decades, financial science actively covers new segments of the financial system that have not been studied previously. One of such areas is the analysis of impact of news on pricing in particular sectors of the stock market. The paper is related to this direction and aims to reveal the influence of news on stock price performance of companies in the U.S. film industry.
To reach the goal we employed the abnormal return and trade volume analysis method, as well as multiple linear regression. Basing on the results of the calculations, we provide the estimations of the general level of return and trade volume reaction on the release of positive and negative news. The significance of the obtained results showed the possibility of their application in practical investment activity, which makes them useful for individual and corporate investors, and fund managers who consider this sector as the possible destination for funds investment. The revealed mechanisms represent a good base for further research of the film industry in different countries and similar market segments.
Despite the efforts of law enforcement agencies of the world's leading countries, the influence of radical movements has become much stronger in last decades. Terrorist acts lead to a sharp destabilization in the country especially in its economy. Although the number of terrorist acts is growing, their impact on the financial markets is still barely studied. That is why the aim of this work is to define the general nature of the impact of terrorist attacks on world stock markets. For this purpose, the authors use data for nineteen countries for the period from 1988 to May 2017. The situational analysis, which is based on this data, made it possible to identify the main trends in the impact of terrorist attacks on the dynamics of market indices in developed and developing countries, and also to describe Russian specifics. The conclusions of this work can be useful to market agents as well as to the organizers of trades and regulators, for the formation of timely and correct measures to stabilize the financial system in such situations.
In this article the authors consider different strategies related to the high-dividend portfolio investing. The paper provides the examination of the theoretical aspects, methodology and the evolution of the formation of high-dividend models. The author studies the range of classic high-dividend portfolios, including a traditional version of the «Dogs of the Dow» strategy, and test it on the Russian stock market (2006-2016). The obtained results confirm the efficiency of this direction of investment. In order to increase the level of returns of high-dividend investing, the authors add into the model two filters on the financial performance P/E and ROA. As shown by calculations, the new model allows to achieve significantly higher results in comparison with the classical version. The following research demonstrates an advantage of the new model in comparison with the returns of the overall market (index strategy “buy and hold”) and in comparison with investing in mutual funds and deposits. The obtained results are meaningful and confirmed by the analysis of the risk and return coefficients, suggesting the possibility of their practical application. The modified model is also able to complement the theoretical concept of high-dividend investment and to eliminate the basic shortcomings inherent in the classical model.
Understanding the organization's life-cycle theory (hereinafter OLC) should allow different stakeholders to study and analyze differences in resources, investment levels, production capacities, etc.
According to the concept of the life cycle, each stage of development is characterized by its organizational and financial characteristics, "crises", problems, tasks. Proceeding from this, it is advisable to consider the stages of the life cycle as a function that depends on a certain set of determinants.
The goal of this research is – to identify the factors on the basis of which it becomes possible to understand the company's movement through the stages of the life cycle, using the model of ordered choice.
Results. With the help of the results obtained, investors and other interested persons will be able to estimate the probability of finding an organization at a certain stage of development on the basis of publicly available information and take a more reasonable management decision, since there are significant differences in the characteristics of companies for each stage.
This article analyzes the antitrust enforcement practice in Russia (2008–2010) in the area of competition restricting agreements (horizontal and vertical). The analysis is based on courts decisions database (litigations with the Russian competition authority - FAS). Database contains 242 cases, including 139 horizontal agreements, 103 vertical and mixed agreements. On the basis of this database we have analyzed important features of the interpretation and implementation of the competition law in Russian practice, priority areas of the enforcement. We considered the antitrust policy taking into account the risks of errors of 1 and 2 types, including the problem of the flexibility of prohibitions (PER SE vs RULE OF REASON), standards of proof, consistency of enforcement, etc.
The article is devoted to the analysis of the population dynamics in Moscow from 1871 to 2010. The contribution of the natural population movement and migration inflow to the population size was defined on the basis of census data and statistical records. Furthermore, the population growth in consequence of the city expansion was shown. Migration stocks of the population were evaluated using both statistical records and the demographic balance method. The quality of the migration statistics during the inter-census periods is evaluated in this paper
The banking literature points out that, borrowers can discipline banks, because they are willing to pay a higher interest rate to highquality banks. Borrower continuously need credit, which is better to require in highquality banks, with higher capital/actives ratios, because these banks are solvents and exert adequately corporate governance. With a discriminant analysis, we found evidence in favor of this hypothesis in the Russian banking system.
Creation of 5G network infrastructure is possible using various alternative forms. This article assesses single wholesale network (SWN) model, which implies concentration of access to key infrastructure facilities within one company. The main argument in favor of SWN is the estimated savings of investment costs, which seems to be highly relevant currently in Russia. But setting up SWN will require state regulation which implies additional costs. Any regulatory intervention deteriorates agents’ motivation. Lon-term economic consequences of such decisions can be more harmful than the consequences of the problems these interventions were aimed.
The authors analyze the system of incentives that result from the monopolization of network assets, options to finance telecommunication infrastructure construction in a whole and particularly – the free-riding problem in case of take-or-pay principal as well as regulation issues and its effects.
The article shows limitations for SWN’s efficiency presenting quantitative analysis of the consequences associated with the SWN’s incentives to inflate capex, regulation inefficiency, guaranteeing non-discriminatory access as well as additional costs to comply with state procurement rules.
The methodology may be used for regulatory impact assessment that make the article especially valuable in analysis of state intervention.
Paper is devoted to the analysis of impact of foreign trade and antitrust policies on development of competition and the position of domestic buyers of Russian metal products. It presents a stylized description of the development of the Russian metallurgy over 25-year period, considering the peculiarities of industry, which influence the problems of competition policy; paper describes the application of competition and foreign trade policies in the industry, taking into account relationships with industry structure. It illustrates the problem of trade-off between an increased competitiveness in world market and consumers protection within the country in relation to industries with the dominance of large exporters. The analysis revealed contradictions in pursued policy: approval of mergers that might restrict competition in the markets of metal products in Russia, and relatively high level of import protection are not consistent with regular investigations of violation of antitrust legislation by Russian metal producers, based on harm imposed to domestic consumers.