Agency problem and ownership structure: outside blockholder as a signal
The need for transmission and storage of large amounts of scientific data in the project space radio telescope ”Radioastron” required us to organize a reliable communication channel between the tracking station in Pushchino and treatment centers in Moscow. Network management data requires us to an integrated approach and covers the organization secure access to manage network devices, timely replacement of equipment and software upgrades, backups, as well as documentation of the network infrastructure. The reliability of the channel is highly dependent on continuous monitoring of network and server equipment and communication lines.
The report discusses methods and software tools for the creation of information-analytical system (IAS) monitoring of dangerous celestial bodies and planning Asteroid-comet hazard (ACH). The article provides a description of the structure of the system and its functional components to enable rapid assessment of potential threats and forecast the effects of a collision dangerous space objects to the Earth. The result of the system is the integrated analytical information about the possible risks for the decision to reduce the possible damage and to identify effective measures for emergency management of cosmic origin.
We investigate the cross section momentum effect in the Japanese stock market over the period January 1997 to December 2013, sub-periods before August 2008 and during the crisis September2008–2009. From previous studies, it follows that the Japanese market is the exception to the findings on developed capital markets (momentum effect does not occur or is weak). Our study highlights the limitation of standard notions; we document the conditional nature of momentum and identify the characteristics of companies and their stocks and market states, allowing investors to earn positive momentum profit in the Japanese market (the statistically significant positive monthly return of zero cost portfolios is not less than 1%). It is shown that investors should take into account the seasonal pattern (for the Japanese stocks this revealed two months when we do not recommend taking investment activity) to increase portfolio profits. We explain the results from the specifics of the Japanese financial and governance systems, the ownership structure of listed Japanese firms and socio-cultural factors.
Over the last decade aural and visual monitoring of massive people gatherings has become a critical problem of national security. Whenever possible a fixed infrastructure is used for this purpose. However, in case of spontaneous gatherings the infrastructure may not be available. In this paper, we propose the system for spontaneous “flash crowd” monitoring in areas with no fixed infrastructure. The basic concept is to engage users with their mobile devices to participate in the monitoring process. The system takes on characteristics of “big data” generators. We analyze the proposed system for coverage metrics and estimate the rate imposed on the wireless network. Our results show that given a certain level of participation the LTE network can support aural monitoring with prescribed guarantees. However, the modern LTE system cannot fully support visual monitoring as much more capacity is required. This capacity may potentially be provided by forthcoming millimeter wave and terahertz communications systems.
We study the relationship between SMS (small medium size) firm ownership structure and obstacle to finance. The empirical research considers both the concentration of the company's ownership (controlling owner) and the presence of foreign participants in the equity capital. Our aim is to identify those determinants of financial markets (bond market development), legal institutions and firms characteristics in the transition economies of the post soviet countries that can be considered as barriers to attracting financial resources. This paper sheds light on large shareholders’ influence on obstacle to finance.