Профессиональная деятельность на рынке ценных бумаг
The paper reviews the problem of Russian regions inequality and the mechanisms for its solving. To use only the minimum level of fiscal capacity as the main calculated indicator of the intergovernmental transfers is not effective. In the article there are suggestions for improving the system of intergovernmental relations and the perspectives to use the Investment Fund for smoothing regional disparities.
The article deals with the investment skill of the Russian mutual funds’ managers. Studies of the American market performed in the second half of XX century produced mixed results, however those completed after 2000 uniformly confirm that investment skill exists only for periods of less than five years, if it exists in principle. The outperformance of the market happens more frequently in emerging markets. The authors find that most managers do not possess investment skill. 90% of the funds do not outperform the market consistently. Three of the four applied methodologies (Jensen’s Alfa, Sharpe ratio, Treynor ratio) revealed that in 2004–2009 there existed more successful funds during the booming market of 2004–2007, while during the downturn (2008–2009) the number of successful funds diminished significantly. The information ratio confirmed the opposite picture, i.e. more funds outperformed the benchmarking portfolio during the downturn. There are only about 5% of funds in the sample (3–4 out of 74) whose managers are able to outplay the market in the long run. The study revealed that the management company of a successful fund either is affiliated with a large state companie, a large banks, or has persons affiliated with stock exchanges among its shareholders. The affiliation with the stock exchanges is the key success factor in Russia. Meanwhile, the study showed that there is no correlation of a fund’s success with affiliation with Russian oligarchs. Participation of foreign professional management companies in a shareholder capital of Russian management companies does not guarantee success as well.