Two decades after transitioning from a planned to a market economy and following a decade of buoyant growth, Russia’s economy experienced a considerable setback during the economic crisis. The downturn drew attention to the fragility of Russia’s economic development model, which continues to be based on exploiting natural resources rather than vibrant entrepreneurial industries. The questions inevitably arise: What are the measures necessary to put Russia on a more stable and sustainable growth path? What steps will enable the country to make better use of its many competitive advantages—its abundance of natural resources, the size of its market, and its well-educated workforce, as well as its favorable geographical location? This discussion appears particularly timely, as Russian policymakers increasingly recognize that economic reform is necessary and have recently put modernization of the economy at the top of their agenda. Produced in collaboration with Sberbank and Strategy Partners Group, this Report assesses the country’s overall performance in terms of competitiveness using the World Economic Forum’s Global Competitiveness Index and benchmarks Russia against key emerging and industrial economies across the globe. In addition, it analyzes Russia’s innovation system and suggests measures that would enable the country to make its institutional and policy environment more conducive to fostering commercial innovation. The analysis is complemented by profiles of the Russian Federation and 26 emerging and developed economies that provide for specific comparisons with Russia across over 100 variables contained in the Global Competitiveness Index.
This book provides an in-depth analysis of the demand for PhDs on the labor markets of twelve countries. The authors analyze the role of PhDs in the creation of innovation in a knowledge-based economy and examine economic issues such as the return on investment for the education and training of doctoral graduates. To provide a more comprehensive picture of the employment patterns, career paths and mobility of PhDs in selected countries, the book analyzes various data sources such as labor force surveys and censuses. The authors also develop survey approaches and output tables to collect data on the transition from school to work among PhDs. The book will be of interest to policymakers, companies and researchers responsible for research and innovation systems, as well as to doctoral students looking for a professional career outside the academic world.
This book provides a critical account of the third sector and its future in Europe. It offers an original conceptualization of the third sector in its European manifestations alongside an overview of its major contours, including its structure, sources of support, and recent trends. It also assesses the impact of this sector in Europe which considers its contributions to European economic development, citizen well-being and human development.
The Third Sector As A Renewable Resource for Europe presents the findings of the Third Sector Impact (TSI) project funded by the European Union’s Seventh Framework Program (FP7). It recognises that in a time of social and economic distress, as well as enormous pressures on governmental budgets, the third sector and volunteering represent a unique ‘renewable resource’ for social and economic problem-solving and civic engagement in Europe.
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Many books have been written about Warren Buffett’s value-investing strategy, and volumes more have been written about becoming a top-tier value investor. Even so, no one can touch the success Warren Buffett has achieved. Why? In this revealing examination of Buffett’s success, practitioner, professor, and bestselling author Еlena Chirkova proposes the key to replicating his achievements is found in his acquisition practices as well as his investment strategy.
In The Warren Buffett Philosophy of Investment, she looks at the man in full to piece together the framework leading to his unmatched wealth-generating prowess. The cornerstone of her study goes beyond investment theory to show Buffett’s core wealth drivers are his philosophies behind Berkshire Hathaway. From his decision to create a joint stock company (instead of a mutual fund) to his hands-off policy with acquired companies to making himself a brand-name of mergers and acquisitions―she illustrates an intimate portrayal of Buffett operating behind the scenes by piecing together his career with scholarly diligence and scrutiny. Even well-read Buffett followers gain fresh insight into the man by discovering:Where his divergence from the principals of Ben Graham and Philip Fisher make him a superior investor Why his unorthodox perspective on the financial markets keep him ahead of the curve How his vision of risk, interpretation of volatility, and scepticism about investing in technology companies are interconnected What he sees as the critical problems of corporate finance
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Sports economics is a relatively new field of research that is experiencing rapid growth in the economics literature. The importance of the sports industry to economies, coupled with the availability of financial and productivity data, have made the study of sports economics a useful avenue for exploring research questions that have eluded mainstream economics fields. The main goal of this Special Issue, “Topics in Sports Finance”, is to encourage theoretical and applied research in sports economics that is of interest to both academics and practitioners. This Special Issue is a collection representing the 10 research papers published in the International Journal of Financial Studies under the issue “Sports Finance 2018”.
The Special Issue “Topics in Sports Finance” begins with four articles that examine the financial health of European football in recent decades. The UEFA Financial Fair Play (FFP) regulations were developed in response to the deteriorating financial situation of football clubs in Europe. Many clubs have operated with annual operating losses and been in negative equity positions. The fear of long-established football clubs entering into receivership was becoming a looming reality. The FFP regulations were adopted for the 2011–12 European football league season. At the broadest level, the regulations require the submission of independently audited annual financial statements to UEFA, the banning of overdue payments on player transfers and owed taxes, a break-even requirement over the sum of three consecutive reporting years, and the disallowing of a negative equity position that worsens over two consecutive years. Failure to meet these regulations can result in penalties of warnings, fines, withholding of prize money and transfer bans, as well as additional penalties that can be imposed by the national associations. The goals of the FFP regulations were two-fold: 1) to promote financial stability of UEFA clubs and to improve the overall level of profitability by limiting expenses, and 2) to reduce the competitive gap between the financially large and small clubs.
Dimitropoulos and Koronios (DK) focus on the stability of reportable revenues (as defined in the FFP regulations) and whether the FFP regulations have improved revenue stability. Stability is defined as the ability to predict next season’s revenue from the current season’s revenue. Using a large sample of 109 European clubs, DK find favorable results that support the FFP objectives, more so for financially smaller clubs. This is an important result since increased financially stability can reduce borrowing costs for capital (lower risk premiums) and make the clubs more attractive to shareholders (if they are held by shareholders).
The focus on club revenues in response to the FFP regulations is continued by Frank. Using summary financial data garnered from UEFA reports, Frank notes that reportable club revenues have improved since 2011–12, and attributes this growth to more responsible financial decisions by club management, knowing that the FFP regulations prohibit moral hazard type behavior that relies on ex post “bailouts” by club sponsors or owners. Financial parity has become more elusive under the FFP regulations, and Frank attributes this to the greater ability of larger clubs to finance higher payrolls by generating higher revenues, while the smaller revenue-generating ability of smaller clubs limits their payroll growth. The FFP regulations do not directly address this issue, and Frank suggests some possible solutions. The FFP regulations could result in unexpected increases in the expenses of football clubs that are not associated with payrolls and player acquisitions.
Mareque, Barajas, and Lopez-Corrales (MBLC) examine the effects on auditing fees for clubs in the Spanish First Division. It could be the case that audit fees increased post-FFP due to the increased scrutiny the financial statements would receive from UEFA. MBLC found significantly higher audit fees using a regression model that uses a number of independent variables to explain audit fees. This could put clubs at a financial disadvantage post-FFP, however, MBLC note that the higher expected future revenues—that seem to be result from the FFP regulations—could more than offset the higher fees.
Despite the intentions of the FFP regulations to improve club profitability, Andreff notes that the majority of clubs in French League 1 still operate with annual losses, largely due to high payroll costs that have not translated into Champions League or Europa League prize monies. Clubs may have the ability to absorb these losses by securing lucrative sponsorship deals or by having owners who can subsidize losses through other business ventures. Andreff uses this logic to formalize a “soft budget constraint” that encourages profit-maximizing clubs to overspend on payrolls and player transfers.
The next four papers in this Special Issue focus on North American sports leagues and ask a great diversity of questions. Revenue sharing is an accepted business practice in the four major North American sports Leagues (NFL, MLB, NBA, and NHL). Contributing a share of club revenues into a central fund and then distributing the fund back to the clubs (equally in the NFL and MLB, and not equally in the NBA and NHL) is argued to support small-market clubs and improve parity.
Recent theoretical and empirical research suggests that parity worsens with revenue sharing. Rockerbie and Easton (RE) suggest an alternative, but complementary, argument for revenue sharing: that revenue sharing reduces the variance of revenues and provides a welfare gain to club owners by diversifying their revenues. After developing a measure of welfare gain, RE estimate significant welfare gains for MLB clubs over the last two decades. Ice hockey is a fast, physical game with frequent contact and minor confrontations.
The professional NHL and the semi-pro Canadian Hockey League (CHL) do not condone fighting but recognize that fighting is allowable by imposing lighter penalties than other sports leagues. Paul, Weinbach, and Riccardi (PWR) estimate the effect of fighting on game attendance in the CHL using a regression model that controls for other factors that could affect attendance. They also contribute to the mounting evidence that suggests that the uncertainty of outcome is not a factor in attendance demand, an important result for theoretical models that incorporate outcome uncertainty in demand functions.
Although not formally a sports league, the NCAA is certainly moving in that direction by adopting similar business practices (revenue sharing, a playoff system, and a centralized business model). American football is the most lucrative revenue source for NCAA schools that does not arise from tuition, donors, or governments. Baumer and Zimbalist (BZ) note that most of the athletic departments in a large sample of NCAA schools incur operating deficits, although determining what costs should be included in the calculation is not without controversy. BZ test the assertion that a successful athletic program confers other benefits that might justify running the program in a deficit, such as more applications, better quality students, and more donations and government funding. Their regression model is robust, and the results convincingly support the previous literature. The upshot is that without any significant benefits, college athletic departments are simply win-maximizers. European and Russian players comprised only 43 out of 210 players (20.5%) in the ten-round NHL draft in 1990. This figure increased to 79 out of 184 players (42.9%) in the seven-round 2018 NHL draft. European and Russian players are much more prevalent in the NHL than in the past, but they are still a minority in comparison to Canadian and American players. These foreign players might come at a higher price than in the past due to the increased competition for players from the Continental Hockey League (KHL) in Russia and the Swedish Hockey League (SHL). Fenn, Gerdes, and Rothstein (FGR) test this assertion by estimating a salary regression model that holds constant player performance variables and contract status. The results suggest that Russian and European players are paid a premium, perhaps suggesting that Canadian and American NHL players have fewer alternative employment possibilities.
The two papers that round out the Special Issue provide glimpses into rather underappreciated, yet growing, sports in the sports economics literature: English cricket and mixed martial arts (MMA) fighting. In recent years, cricket has become a lucrative sport with the advent of the Twenty20 format. This format limits the length of test matches to three hours or so, making for much better viewing for spectators, television, and internet audiences. Financial success has largely been limited to the Indian Premier League, Australia’s Big Bash, and international test matches.
Plumley, Wilson, Millar, and Shibli (PWMS) examine the extent to which this success has filtered through the English Cricket Board (ECB) to the UK County Championship. They ask the question of whether the clubs in the Championship can survive due to ongoing concerns regarding the absence of monies granted to them, by the ECB, from international matches. PWMS provide convincing evidence using data gleaned from club financial statements.
MMA has garnered large television and internet audiences since its organization in 2001 as the Ultimate Fighting Championship (UFC). Fighters have always received financial compensation for showing up for fights and winning fights, however, 2006 saw the introduction of bonus awards for the best knockout of the night, best submission, best overall match, and others. These bonus awards are a substantial portion of the possible earnings a fighter can take home for the night. Gift tests, statistically, whether the sizes of these bonus monies affect the performance of the contestants using an extensive dataset reaching back to 2001. Though economics suggests that the incentive effects could be strong, Gift finds no significant effect based on fight metrics.
Urban population is growing worldwide. Our societies are facing grand challenges like climate change and growing inequalities between people. There is an increasing need to develop cities that are environmentally and socially sustainable, functional and supporting well-being of their inhabitants. When striving towards these goals, transportation and mobility play a crucial role. Easy and environmentally sustainable mobility options are called for in most cities. For these to attract users, they need to be safe and pleasant, providing positive experiences and well-being in addition to efficiency in time or cost.
NECTAR conference is organized with a title “Towards Human Scale Cities – Open and Happy” to reflect the new requirements of urban transportation. This 15th NECTAR conference, organized in Helsinki 5th - 7th June 2019, provides presentations by world-class keynotes Mikael Colville-Andersen and Professor Tim Schwanen, who approach human scale mobility from the viewpoints of a designer and a researcher. More than 140 scientific presentations explore advancements in the field of transport, communication and mobility, with a particular focus on good quality mobility options for people. The focus of the conference is urban transportation and the new possibilities that open data and digital technologies provide for mobility solutions and their research. Presentations provide food for thought concerning mobility choices and quality, new mobility solutions like MaaS, and policies that are implemented to support them.
Helsinki offers an interesting environment for the 2019 NECTAR conference. It is the home of the busiest passenger harbor in Europe with a twin-city development with Tallinn across the bay, and a major air transportation hub between Europe and Asia. It is one of the fastest growing capital regions in Europe, with large densification developments taking place in old logistic centers: harbor areas of Jätkäsaari and Kalasatama and a train depot in Pasila. Public transportation is valued high by citizens, as well as politicians and planners making investment decisions for the future. First robotized buses are in operation and MaaS solutions are emerging. New bike sharing system is one of the most used in the world and has expanded to cover most of the city region. As everywhere in Europe, new forms of micromobility from electronic scooters to electric longboards are appearing on the streets making planners and police puzzled. The city has profiled itself as an open city: large amounts of open data about the region have been made available and the region of Helsinki is committed to open and transparent decision
and policy making. This supports also research in the major universities: University of Helsinki and Aalto University, the local organizers of the conference.
We anticipate that the conference days will forward our thinking on how to make cities more sustainable, functional and pleasant for people, and how to study them scientifically in a meaningful and transparent manner.
In 2012, the Valdai International Discussion Club presented its report “Toward the Great Ocean or the New Globalization of Russia” for the political and expert communities in Russia and abroad. The present report, “Toward the Great Ocean-2”, is a follow-up on the previous one; it has taken into account the experience gained in implementing some of the recommendations contained in the first report and results of its broad discussion.
The authors of the present report hold that the shift of the center of gravity and the pivot of Russia’s foreign and foreign-economic policies toward the Asia-Pacific region is a natural and top-priority response to the challenge faced by the country in the global and diverse world of the 21st century. We have been witnessing an unprecedentedly fast shift of the center of the world economy and politics to Asia. Asia’s economic growth has become a “locomotive” driving many economies in the world, which have reoriented themselves to the supply of raw materials and goods to China, India and Southeast Asian countries. None of the leading states in the contemporary world can claim a truly global status without a strong presence in the Pacific. Russia, too, can and must use opportunities opened by the “Asian century.”
This volume discusses post-socialist urban transport functioning and development in Russia, within the context of the country’s recent transition towards a market economy. Over the past twenty-five years, urban transport in Russia has undergone serious transformations, prompted by the transitioning economy. Yet, the lack of readily available statistical data has led to a gap in the inclusion of Russia in the body of international transport economics research. By including ten chapters of original, cutting-edge research by Russian transport scholars, this book will close that gap. Discussing topics such as the relationship between urban spatial structure and travel behavior in post-soviet cities, road safety, trends and reforms in urban public transport development, transport planning and modelling, and the role of institutions in post-soviet transportation management, this book provides a comprehensive survey of the current state of transportation in Russia. The book concludes with a forecast for future travel development in Russia and makes recommendations for future policy. This book will be of interest to researchers in transportation economics and policy as well as policy makers and those working in the field of urban and transport planning.
This volume contains the proceedings of the International Workshop on Idempotent and Tropical Mathematics (Moscow, Russia, August 26-31, 2012).
This is the first book on the U.S. presidential election system to analyze the basic principles underlying the design of the existing system and those at the heart of competing proposals for improving the system. The book discusses how the use of some election rules embedded in the U.S. Constitution and in the Presidential Succession Act may cause skewed or weird election outcomes and election stalemates. The book argues that the act may not cover some rare though possible situations which the Twentieth Amendment authorizes Congress to address. Also, the book questions the constitutionality of the National Popular Vote Plan to introduce a direct popular presidential election de facto, without amending the Constitution, and addresses the plan’s “Achilles’ Heel.” In particular, the book shows that the plan may violate the Equal Protection Clause from the Fourteenth Amendment of the Constitution. Numerical examples are provided to show that the counterintuitive claims of the NPV originators and proponents that the plan will encourage presidential candidates to “chase” every vote in every state do not have any grounds. Finally, the book proposes a plan for improving the election system by combining at the national level the “one state, one vote” principle – embedded in the Constitution – and the “one person, one vote” principle. Under this plan no state loses its current Electoral College benefits while all the states gain more attention of presidential candidates.
This is a study of higher education in the world's four largest developing economies-Brazil, Russia, India, and China. Already important players globally, by mid-century, they are likely to be economic powerhouses. But whether they reach that level of development will depend in part on how successfully they create quality higher education that puts their labor forces at the cutting edge of the information society.
Using an empirical, comparative approach, this book develops a broad picture of the higher education system in each country in the context of both global and local forces. The authors offer insights into how differing socioeconomic and historic patterns of change and political contexts influence developments in higher education. In asking why each state takes the approach that it does, this work situates a discussion of university expansion and quality in the context of governments' educational policies and reflects on the larger struggles over social goals and the distribution of national resources.
August 19, 2013. By Brooke Donald. Stanford scholars find varying quality of science and tech education in Brazil, Russia, India and China
Russia has faced truly momentous changes and tensions over the last twenty years as the country adjusts to becoming a market economy. The case studies presented address: the challenge of a changing population distribution across this enormous country; the continuing mismatch between the dense form of what is being built in today’s cities and the aspirations of many to live in a rural idyll; and the momentous 2012 international competition in respect of the planned massive expansion of Moscow.
The present publication is the result of discussions at an international expert workshop “Using Technology Foresights for Identifying Future Skills Needs”. The workshop was organized in Russia in July 2013 and brought together leading skills anticipation and high-level national technology foresight experts from Brazil, China, the Czech Republic, Germany, India, Japan, Korea, Romania, Russia and Switzerland. Throughout the workshop national and regional cases of skills anticipation using technology foresight have been presented; participants also discussed a potential convergence of disciplines and an integrated new approach to skills technology foresight. This fruitful discussion has become instrumental for further work on pioneering the method of identifying future skills needs based on a technology foresight.
The method is pending implementation in two pilot countries in selected sectors with particular attention to building policy recommendations applicable to the contexts of developing countries. The results are expected to be of substantial value for governments, sectoral bodies, employers and workers organisations, in their efforts to bridge the gap between the skills demand and supply, which arises of technological change.
This work focuses on the development of system dynamic credit risk model of the company “Bashneft”, which is a major representative of oil refining and oil producing industries.
The author intends to explore possibility of using system dynamics to build models describing production process and financial condition for a company which deals with petroleum refining industry sector. Special attention is paid to how the behavior of such macroeconomic factors as oil prices and oil products prices (on global and Russian markets), US dollar rate, MosPrime rate (this is the National Foreign Exchange Association (NFEA) fixing of reference rate based on the offer rates of Russian Ruble deposits as quoted by Contributor Banks) and tax system (mineral extraction tax, export duties, petroleum products domestic excise tax) influence on the company.
This timely book offers a fresh perspective on the issue of contemporary migratory labor, otkhodnichestvo, in Russia-the temporary departure of inhabitants from small towns and villages for short-term jobs in the major cities of Russia. Although otkhodnichestvo is a mass phenomenon, it is not reflected in official economic statistics. Based on numerous interviews with otkhodniks and local experts, this stunningly original work focuses on the central and northern regions of European Russia. The authors draw a social portrait of the contemporary otkhodnik and offer a sociological assessment of the economic and political status these 'wandering workers' live with.