Book
Экономика инвестиционных фондов
The article describes proposed by the authors methodology of analysis of the Russian mutual funds. The aim of this methodology is to find out how attractive they are to investors and if they are able to provide the possibility of obtaining higher returns with less risk than the market in general. The study determines what type of fund management (active or passive) is more optimal. It also explains the effectiveness of focusing on past performance of the funds for making future investments. In addition, the ability of the management companies to repeat their past results is analyzed. Moreover, it is shown if it makes sense to focus on management companies that achieved the best results in the past while making decisions about future investments. These and other results achieved in this article reveal the features of the Russian market of collective investments and allow investors to form more competent policy of mutual funds’ investments. The methodology proposed by the authors is universal. Its application for the analysis of the other markets of collective investments will allow revealing their features.
Russian economy is in expectation of a new push for moving from stagnation stage to recovery one. The implementation of the exchange-traded funds segment on Moscow Exchange is one of actual directions for future development of Russian financial market. However, foreign origin of admitted ETFs are unlikely to support Russian financial market. Therefore, a gradual introduction of exchange-traded funds as performing and transparent financial instruments can be an important phenomenon for domestic financial market. Based on the problems mentioned above and possible ways to solve it, the most important task at this stage is to analyze the system of exchange-traded funds control in regions-leaders with successful example of operation in this segment of financial market. Any public activity with a commercial focus is the subject of regulation, supervision and monitoring by the relevant authorities of the state. This legal framework can create the conditions for successful functioning of financial institutions, or to suppress the new trend of the financial market. For creating enabling environment in Russia it is considered to be appropriate to conduct analysis of existing regulation of the exchange-traded markets on the global stage. This article provides American and European experience of regulation through the system of regulatory. Also it is presented current situation of Russian legislation in respect of exchange-traded funds. As a consequence there are conclusions about future path of upcoming changes in Russian financial market.
In our research we have made an attempt to partially make up for lack of knowledge about the economy of mutual funds in Russia. Based on financial reports of mutual funds we composed the sample of different characteristics of 709 open and interval unit investment funds for a period 2007-2013. The sample consists of 344 equity, index and commodity market funds, and 365 hybrid, bonds, money market mutual funds and funds of funds. In a given set of 709 mutual funds, 467 mutual funds carried out at the beginning of 2013, 242 funds were eliminated at different times. In the sequel, from the sample was excluded 174 mutual funds with incomplete information, but the remaining sample of funds has remained fairly representative for the econometric studies.
The work contains diagnosing оf the problems in the Russian domestic savings; detailed analysis of 27 foreign pension systems in the world and instruments of development policy in collective investments in the United States, the European Union and the BRICS countries; quantitative study of factors affecting the level of development of pension funds and collective investments in 50 countries.
The paper investigates the optimization methods used by an investor working on the Russian stork market. The efficient sets, corresponding for the two different states of the market (with «moderate» and «rapid» growth rates), are build. The paper denies the necessity of the «deep» diversification of the portfolio on the Russian stork market. Some recommendations concerning the investment portfolio management are formulated.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.