The paper presents analysis of existing default probability estimation models. Their advantages and disadvantages for application to the Russian companies are considered. As a result of this analysis the new model of corporate default probability estimation is developed. The model is based on forecasting financial indicators. The model was tested on the US companies. The estimations on average have similar values as ones issued by rating agencies. The model should be in demand on the Russian market due to insufficient statistics on historical default frequency, impossibility of KMV-model application caused by low number of publicly traded companies among bond-issuers and absence of “Big-3” agencies ratings for majority of them.
Many industries of a modern economy display the interaction of private and public agents and volunteers. In this paper we discuss current attempts to explain the existence of nonprofit firms, phenomenon of altruism, comparative characteristics of economic behavior in all three sectors. The authors explore altruistic motives. They consider also a case of community transport in several countries. The research was carried out as provided by the HSE program of fundamental studies in 2013.
The article discusses the utility of automated revenue management systems, designed for the needs of civil aviation. The analysis of revenue management systems in Russian airlines and Russian carrier position in the international air transportation market are provided. The need to use the automated revenue management system to increase profits of the operator is identified. A strategy of selling tickets, taking into account overbooking as revenue management strategy, allowing both to increase employment of passenger seats and reduce the loss of the carrier from possible no-show passengers to register, is considered. Creation of the simulator to assess the effectiveness of the commercial activities of the airline is proposed.
The purpose of this paper is to analyze the functioning the Soviet Russia market concession in the 1920s as an example the concessions of the French entrepreneurs. To achieve this goal, the authors attempt to describe the concession institutional environment in the terms of its structure, members, agents, using as an example a concrete proposal from the French investor. The latter does not end with the singing of the agreement. In the second hart of the paper, the authors examined the foreign investor’s concession attractiveness.
A new (survey- and purpose-based) method for the operational time valuation is developed for the organizations and services whose activity is administrative, accounting-economic. A register of the accounting-economic functions, operations (activities), valuation units and survey methods is submitted. The result approach is developed for the operational time standards calculating in the public accounting bodies.
Project selection is a complex multi-criteria decision-making process that is influenced by multiple and often conflicting goals. In world practice, the problem of project selection is mainly associated with a large number of projects which company should include in projects portfolio. In practice of Russian machine-building enterprises, the problem is further complicated by such factors as: the lack of linkage of the project portfolio with the company's strategy; filling all sections of the company's strategy with projects and programs; irregular update (revision) of projects included in portfolio; non-regular updating of program documents, as well as the lack of a set of project performance indicators for different types of selected projects.
This study is devoted to review of portfolio management modern theory of, an analysis of the situation in Russian machine-building industry, using the case of a particular enterprise and developing recommendations concerning the selecting criteria for development projects.