XVI Апрельская международная научная конференция по проблемам развития экономики и общества: в 4 кн.
The goals of this paper is to investigate the type of interdependence between entrepreneurial activity and the level of economic development through econometric analysis of longitudinal data. We also check via cluster analysis whether the classification of countries on factor-, efficiency-, innovation-driven is applicable for the collected data. We use data supported by the World Development Indicators and the Pew Research Center for a period of 2003–2012.
This paper studies the flow-performance relation for Russian open-end mutual funds. A model analogous to the one discussed in Chevalier and Ellison (1997) is used. We also consider the flow-risk performance for different risk measures.
The paper examines the desirability of cosmopolitan law and consequent cosmopolitan legal studies and enquiries in our largely postmodern world. The exposition, therefore, operates against a world environment which otherwise points to a rather disorderly state of affairs despite the unifying forces of economic globalisation. Accordingly, the modern legal, political and economic arena often presents us with parallel worlds of order and disorder but the fragility of the orderly element is readily apparent in numerous postmodern and non-postmodern narratives. This state of affairs has implications for law too, despite the overall stability, traditionality and conservative character of the subject. Law, as we know it, otherwise offspring of modernity and reason, struggles to maintain its systemacity in this new world of old-new narratives, a world which is postmodern as a whole. The author wishes to address the epistemic issues of this great incompatibility between modernist established legal doctrine and postmodern legal narratives by positing that the two opposing worlds can be better appreciated (if not bridged) by the appreciation of the different, the diverse and the disorderly through a new cosmopolitan legal ethos which legal educators — at the very least — ought to inspire to their student bodies around the world and, by extension, to what we have come to generically call world society as a whole.
We propose a model of strategic interaction between higher education institutions (HEIs) and the government. HEIs compete by choosing prices and education quality investment and government allocates the state-financed quotas between the universities.
We investigate the impact of inequality in wealth distribution on the joint dynamics of conflict intensity and pro-growth institutions in the historical perspective. We build a two-sector endogenous growth model with political conflict between the traditional elite and the emerging class of capitalists during the transition from stagnation to growth. First, our model attempts to explain different moments of industrialization worldwide. Second, we capture various paths of conflict intensity: hump-shaped path, almost absent conflict, and other. We show that the distribution of wealth has a non-monotonous impact on the intensity of conflict and institutions supporting industrialization. Namely, higher inequality in land distribution may be detrimental to industrialization, but may lower conflict intensity. In contrast, higher inequality in capital holdings may be growth-enhancing.
Our research is devoted to trade strategy’s profits and study of financial anomalies in stocks pricing. We analyze Momentum (and Reversal) strategies construction that is based on historical prices of assets. The main feature of the momentum strategy is that past stocks relative return (higher or lower than mean return or benchmark set) is used for selecting assets in portfolio.
The accent in our paper is made on revealing the nature of momentum and reversal (or contrarian) effects over time periods up to one year through the analysis of two basic determinants of abnormal profits of arbitrage portfolios of different design: cross-sectional variance of mean returns (rational explanation) and time-series predictability of asset returns (irrational explanation according EMH). The analyzed period embraces, from January 2006 to December 2014. Our research of Russian stock market has shown that, considering the choice of portfolio design (temporal windows for selecting stocks for portfolio and investment, and weight of stocks in the portfolio) and stock sample for constructing strategies (the sample should include major companies with liquid stocks) momentum and reversal effects do take place. Momentum profit is demonstrated in short-term strategies (3 to 6 months), while reversal effect is marked for ultra-short (less than a month) and long periods (11–12 months). Profit decomposition shows that the component responsible for rational explanations is statistically significant and its weight prevails in most momentum strategies with investment period not exceeding 9 months.
The present paper develops a model of Bertrand oligopoly accounting for consumers’ heterogeneity in tastes and incomes. The model obtains a closed-form solution for a short-run symmetric price equilibrium and shows how the market outcome depends on the joint distribution of consumers’ tastes and personal incomes. Particularly, the model demonstrates that the sign of the correlation coefficient between the two univariate distributions is a key factor in the market response to a shock in the distribution parameters. Proposed approach is capable to explain variability of mark-ups at a given number of firms, which is observed empirically, but cannot be explained by traditional models of oligopolistic competition with CES utility function. Unlike the more conventional models of oligopoly, our set-up shows that mark-ups may vary along with the moments of the joint tastes-income distribution. Particularly, an increase in income may exert ambiguous influence upon markups depending on the sign of the correlation coefficient between tastes and incomes of the consumers.
The paper considers a model of monopolistic competition for the case of heterogeneous consumers, who differ from other with respect to product quality. To do this, a model of consumers, which in addition to the love of variety included a love of quality products. The industrial sector, in turn, consists of firms that produce a variety of differentiated products of different quality, focused on a certain type of buyer, i.e. the case of multi-product firms is considered. The function of supply and demand for the quality of goods is obtained, the equilibrium states in the long and short term are considered for two different situations when firms have market power in determining the quality of products and when they do not possess it.
A refined definition of bank revenue, controlling for the effect of currency and securities revaluation, yields meaningful results in comparative bank efficiency computations.
For a country to participate in international projects, such as WORLD KLEMS, it requires at least two conditions: 1. The presence of a dynamic time series of supply and use tables (SUTs) at current and constant prices, for a sufficiently long period of time 2. The comparability of supply and use tables of all countries, which participate in these projects, adhering to methodology of construction, composition of the tables, classifications of commodities and economic activities (industries). Unfortunately, the Russian statistics currently do not satisfy these conditions. The first Russian SUTs for 2011, built in accordance with international standards, will be published only at the end of 2015 (previously published tables for 1995-2003 were built in the classifications, "inherited" from the Soviet period). The SUTs for 2012, 2013 and subsequent years, will build by extrapolating the cost structure of products and services for 2011. However, it leaves the open question of extending the time series of these tables for the retrospective period prior to 2011. As international experience shows, this type of calculations predominantly was conducted by research organizations and universities. Given this, the National Research University Higher School of Economics (NRU HSE) has been developing a methodology for constructing retrospective time series of SUTs, in order to experimentally test it, and apply it to the official SUTs for 2011. As a starting point for the conversion of SUTs from the Soviet classifications into to the NACE rev.1/CPA classifications, we selected 2003 because this was the year that the Russian Federal State Statistics Service (Rosstat) constructed the last SUTs based on the Soviet classifications for 2003. Besides, there are detailed unpublished data based on the Soviet classifications for the use table at purchasers' prices, which also facilitate the conversion of SUTs from the Soviet classifications to the NACE rev.1/CPA, as well as detailed SNA’s measures of production account. To do this conversion, we have developed and applied a two-step procedure using a variation of the GRAS algorithm. Then, on the basis of the converted SUTs for 2003, we have developed a methodology for constructing a time series of SUTs at current prices using modified RAS procedure over forward and backward sweeps across the time series period. This report presents the main research conducted and further priorities.
This paper contributes to the hold-up problem resolving, quality improvement in supply chains, and the contract theory. We aim to investigate the effects of competitive environment on manufacturer's incentive to change the quality of product and the efficiency of the profit sharing contracts. Our results show that the stronger competition motivates the quality improvement and under particular parameters profit sharing contract is an efficient mechanism of coordination within the supply chain.