The problem of the firm bankruptcy prediction was investigated by foreign researchers in the 1930s and it still remains relevant. Since publishing of the major Altman’s work (1968), based on multiple discriminant analysis, this methodological area has been considerably changed. Taking into consideration that new data have appeared in the course of time, companies’ average size has changed and the accounting standards have been changed (Altman (1977)) methods and models should be renewed to be appropriate for the present day situation. The purpose of this investigation is the revealing of factors causing bankruptcy and using models appropriate for prediction bankruptcy in the area of a construction industry during financial crisis. This investigation has been carried out on the basis of logit and probit analysis. The main reasons of bankruptcy revealed in the course of this investigation are the following: • non-optimal capital structure formation • ineffective liquidity management • decrease in assets profitability • decrease in short-term assets turnover The most reliable indicators, which give warning of bankruptcy ahead of others are financial instability and liquidity ratios.
The paper discusses corporate performance modeling through the integrated conception of corporate financial architecture. We examine the influence of financial architecture based on ownership structure, capital structure and corporate governance over strategic performance of Russian nonfinancial companies. First, we conduct a comparative analysis of different measures for corporate performance using economic profit and Tobin’s Q as dependent variables. Second, we test our model using the unique research database of 70 Russian companies that allowed us to test different dimensions of corporate governance quality and to demonstrate the high correlation between the quality of corporate governance and Russian companies’ performance. Third, we contribute to the challenging issue of exploring the relationship between boards and corporate performance before the global crisis and within the crisis. We contribute to the literature by applying new approach derived from corporate financial architecture concept to economic profit modeling in an emerging market.
The concept of an information-analytical Internet-portal of the Russian medical industrial complex as the basis of the intellectual control system of innovative development of the MIC is stated.
Corruption is a serious institutional dysfunction. The lenient view of corruption as the “grease of the wheels of development” is no longer accepted. Much on the other hand, graft is currently understood as the “sand of the wheels”. As one of the main factors hindering economic and social development, the combat of corruption has become a top priority in the agendas of public and private actors, including academia. The Law School Global League has joined such efforts. It has created a group formed by scholars from several countries, including Brazil, Germany, Italy, Russia, South Africa, United Kingdom and Turkey, and organized academic conferences on the topic. This report was prepared as a contribution to the creation of a comparative critical mass regarding such serious crime. The purpose is to contribute to the dissemination of knowledge and to expand awareness of the applicable regulation and of the related institutions, mechanisms and instruments. The report based on legal regulations and judicial practice of the above countries. The second chapter addresses the general aspects of corruption. The third chapter deals with prevention of corruption in the public sector. Chapter four is dedicated to anti-corruption compliance in companies. Chapter five tackles the criminal liability for corruption. Chapter six deals with transnational enforcement of anti-corruption norms and the creation of property rights.
The present study analyzes Perm, Russia residential housing market supply focusing on sellers' heterogeneity. Many indicators of heterogeneity were consi- dered in the previous research, and all of them were proved to have a great impact on housing prices and time on the market. However, the gap exists in evaluating sellers’ pricing strategies in dynamics mostly because of unavailable data. Current study clears out the effect of time on price using data on asking price dynamics. We employ semiparametric sample selection estimation procedure which accounts for the unobserved property characteristics and non-random selection of objects out of the sample. We consider two main types of sellers: real estate agents and property owners, and show that real estate agents appear to be more impatient compared to property owners. Specifically, they set a lower asking price initially and are more likely to revise it over time if the object is not sold.
This paper investigates the existence of strong Nash equilibria (SNE) in Cournot and Bertrand oligopoly models. Given the concavity and continuity of payoffs, I derive the necessary and sufficient conditions for the existence of SNE in these non-cooperative games.
The President of Belarus signed a Decree No. 8 of 21 December 2017 on Development of Digital Economy in Belarus. This document among other things defines the legal regime of blockchain, cryptocurrencies, tokens, mining and smart-contracts. It defines the legal status of "operators of crypto-platforms" and "operators of cryptocurrency exchanges". The Decree provides definitions, taxation, application of other legislative provisions to the transactions based on blockchain.
This commentary focuses on analysis of the blockchain/cryptocurrency related aspects of the decree, specifically on: • Sphere of its application (geographical scope and personal jurisdiction) • Terminology used • Legal status of the parties to the transactions • Peculiarities of public-law regime of transactions (taxation, currency control, AML/CFT provisions)