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Regular version of the site
Of all publications in the section: 8
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Working paper
Mitrofanova E. S. Working Papers. SSRN, 2017
The aim of this study is to compare the sociodemographic events marking the transition to adulthood in France, Estonia and Russia: first leaving parents, completion of education, first partnership, first marriage and first childbirth. We used the first waves of the Generations and Gender Survey for these three countries and an advanced method – Sequence Analysis. According to the Second Demographic Transition Theory, we expected a convergence in the sequencing, timing and tempo of the occurrence of target events. The results showed the slow convergence of sequences, but not of timing and tempo. Estonia and Russia are still close in the timing of the occurrence of events, but in tempo Estonia and France are more alike. The ages at which people start families in Estonia and Russia have decreased in younger generations in comparison with older ones, despite our expectation that they would increase. For the youngest generation (1970s), the time between leaving parents and becoming a parent is 5-7 years in France, 4-6 years in Estonia and 2-3 years in Russia. The sociodemographic behaviour of Estonians clearly positions them between Europe and Russia. Thus, the comparison of France, Estonia and Russia only partially confirms the Second Demographic Transition Theory.
Added: Dec 3, 2017
Working paper
Churilova E., Zakharov S. V. Working Papers. SSRN, 2017
The collapse of the USSR and structural changes in society gave rise to family and marriage transformations in Russia and other post-Soviet countries of Eastern Europe. Estonia is among the examples of rapid marriage transformation and the spread of cohabitations and extramarital births. At the same time, throughout the post-war era Estonia accepted Russian migrants. Studies show that the adaptation of the Russian population in Estonia proceeds slowly, and that patterns of matrimonial behavior among the Russian migrants and their descendants in Estonia are closer to patterns of ethnic Russians in Russia. In this study, the Generation and Gender Survey data for Russia (2004) and Estonia (2005) were used to analyze the prevalence of first and second childbirths in first and higher-order unions and the determinants of fertility after repartnering among the Russian and Estonian populations in Estonia and Russians in Russia. We consider the impact of partners’ age and parenthood status at the beginning of higher-order unions, as well as social variables (e.g. education, type of settlement and ethnicity).  The results show that the contribution of higher-order unions to total fertility increased significantly in all studied populations. However, first childbirths in high-order unions are rare among both the Russians and the Estonians, second births after repartnering are more widespread among Russians in Russia. Divorces and separations significantly increase the interval between first and second births, but there is no difference in time interval duration between the three considered population groups. The determinants of childbearing among Russians in Russia and Estonia in higher-order unions are very similar: they are the age of women, the type of habitation and the initial nature of the union. The effect of the parenthood status and marriage cohort is individual for each population group: in Russia, if a male partner has no child(ren) from previous relationships, the couple has a higher chance of having a mutual child. The probability of childbearing after repartnering significantly increased in 1990-1999 in Estonia.
Added: Mar 5, 2018
Working paper
Myalo A. Working Papers. SSRN, 2019
Despite of the fact that the history of Initial Coin Offering (ICO) is short, new modification of it has already suggested. According to the ICORating , in the second half of 2018, the profitability of investments in blockchain startups decreased by 22%, and 58% of ICO projects announced in Q4 2018 were not able to raise more than 100,000 USD. Moreover, in Q4 2018 40% of projects with previously announced ICOs have already deleted their social network accounts and websites. The founder of Ethereum Vitalik Buterin (2015), who started the first ICO, proposed a new way of decentralized fundraising called DAICO in 2018. This new model will include elements of Decentralized Autonomous Organizations (DAO), and its purpose will be to minimize the difficulties and risks associated with the ICO. At the same time, in 2018 another model of financing appeared called Initial Exchange Offering (IEO) in order to minimize risks, problems of liquidity and the postponement of the listing of the tokens at the end of tokensale step. More than 70 IEOs listed on ICObench with average rating of 3.6 and 42 IEOs have been ended and raised $266 million in total. Nevertheless, there three types of tokens 95% of ICO projects are utility-based token. This makes ICO comparable to crowfunding. In order to be more attractive for investors the focus on a new wave of ICO projects is on the security type of tokens. The security token is any cryptocurrency that pays dividends, profits, shares or interest or invests in any other asset that also generates profits. The U.S. Securities and Exchange Commission (SEC) use the Howey Test and concludes the securities token are securities in contract to classical utility token of ICO projects. In order to back by real assets and follow the SEC's guidance on compliance, issuance, and trading new model is called Security Token Offering (STO) and differs from ICO. All three new models are a new focus for small and medium-sized enterprises (SME) and investors. The absence of any type of academic works emphasizes the relevance and scientific novelty of the forthcoming research. The contribution to the existing literature is the systematization of information and comparison analyses of ICO, DAOICO, IEO and STO by method of case study.
Added: Sep 4, 2019
Working paper
Levando D. V. Working Papers. SSRN, 2017
Traditionally social sciences are interested in structuring people in multiple groups based on their individual preferences. This paper suggests an approach to this problem in the framework of a noncooperative game theory. Definition of a suggested finite game includes a family of nested simultaneous non-cooperative finite games with intra- and inter-coalition externalities. In this family, games differ by the size of maximum coalition, partitions and by coalition structure formation rules.  A result of every game consists of partition of players into coalitions and a payoff profile for every player. Every game in the family has an equilibrium in mixed strategies with possibly more than one coalition. The results of the game differ from those conventionally discussed in cooperative game theory, e.g. the Shapley value, strong Nash, coalition-proof equilibrium, core, kernel, nucleolus.  We discuss the following applications of the new game: cooperation as an allocation in one coalition, Bayesian games, stochastic games and construction of a non-cooperative criterion of coalition structure stability for studying focal points.
Added: May 3, 2017
Working paper
Levando D. V., Sakharov M. Working Papers. SSRN, 2018
We develop a theory of market instability caused by strategic trade with complete information and without outside shocks. We focus on general equilibrium duopoly as a strategic market game with infinite strategies, and a pricing mechanism. First order conditions of the game are the 1-st kind integral equations of Fredholm, which have many solutions.  A solution is a probability distribution and can be approximated only. We suggest a modification of Tikhonov regularization for their numerical approximation. Impossibility to construct a unique and exact solution imposes a restriction on existence of converging common beliefs of players about actions of each other, on existence of rational expectations, and on price discovery property of the market, although the market is informationally efficient. Approximated price has unremovable instabilities, `natural instabilities', specific to parameters of a chosen approximation. Our result is also related to existence of sun-spot equilibrium, and noise trade.
Added: Jan 23, 2018
Working paper
Novak A., Khvostova I., Larin A. V. Working Papers. SSRN, 2019
The article discusses the relationship between dividend policy and the quality of corporate governance. On the one hand, decisions on payout policy can be viewed as a mechanism for resolving agency conflict or substitutes for best corporate governance practices, on the other hand, the quality of corporate governance itself is a determining factor in corporate financial decisions. Empirical literature fids proof for both types of the relationship. This paper aims to analyze different explanations of mixed results. We find a set of factors that can affect the link between corporate governance quality and dividend payouts. We show that in some cases substitution effect can dominate the payout policy, but the more often indicators tend to increase Outcome effect with the increase in their values. Positive addition of operational margin and beta as well as negative effects of ROA and firm size do not contradict to the shareholder’s interests and support the idea that dividends work in combination with corporate governance practices to meet the needs. 
Added: Dec 10, 2019
Working paper
Shadrina E. V., Dmitry V. Kashin, Dmitri V. Vinogradov. Working Papers. SSRN, 2020
Set aside procedures in public procurement are those reserved for a sub-class of bidders, such as small and medium enterprises (SMEs) only, as a tool of the preferential treatment of SMEs by many governments. Prior studies and our results indicate these setasides reduce costs of government contracting. If they are cheaper, why should regulations enforce them, and why do so on a limited scale? Using the public database of procurement procedures in the Russian Federation, we first show that SME-focused set-aside procedures indeed attract a larger number of participants and result in a larger rebate for contracting authorities (CA), however the vast majority of CAs strictly prefer non set-aside procedures: the share of set-asides is significantly below the threshold dictated by the Russian regulation. We then turn to factors that make CAs avoid set-asides – these are regional, CA-specific and contract-specific – and relate them to uncertainty and asymmetric information problems, which may be elevated in set-asides and thus counteract the cost-reduction argument. Our findings suggest results on economic benefits of set-aside procedures should be taken with a pinch of salt, and more attention should be paid to perceived risks of procurement from SMEs.    
Added: Feb 4, 2020
Working paper
Myalo A. Working Papers. SSRN, 2019
Since 2013 Initial Coin Offerings (ICO) have allowed companies to attract financing with the help of cryptocurrencies. In August 2017, the total capitalization of the crypto currency market exceeded $150bln. From the 1st quarter of 2015 to November 2017, the volume of funds raised amounted to $3,78bln. Statistics of ICO shows that demand continues to grow with claims of over $15bln raised in the first half of 2018. The first quarter of 2019 ended with $902 million total raised funds and $8.4 million average raised funds. The increasing number of projects financed by ICO (4954 projects during 5 years) as an alternative method to venture capital (VC) or initial coin offering (IPO) is caused by several reasons: the possibility of reselling the received tokens at a higher price after the launch of the project or earlier; the possibility of obtaining the company's services at lower prices; the increased popularity of crypto currencies (e.g. Bitcoin, Ethereum, etc.); the expectation of high profitability; the high speed of transactions (including the speed of attracting initial investments) and anonymity. However, due to difficulties in regulation, the ICO market attracts smaller investments on average (average investments in ICO projects equal to $19 million in comparison with the average size of IPO - $207,2 million) and there exists more chance for manipulation in the market, which leads to the fact that the results relevant to the IPO market cannot be applied directly to ICO. Due to the fact that blockchain technology and cryptocurrencies are new tools in finance, and the data for research has just begun to appear, there is a limited number of academic papers in this area of studies. Moreover, they are devoted mainly to the description of the mechanisms of the ICO, the advantages and risks of ICO, the review of existing ICO and crypto exchanges, legislation. The absence of fundamental works emphasizes the relevance and scientific novelty of the forthcoming research.  The contribution to the existing literature is the identification of factors that affect the successful of ICO. Scientific novelty consists in the formation of the model evaluation of ICO success. Empirical results show that volatility of main cryptocurrencies has significant impact on the success of ICO. The constraints of the platform for Smart Contacts (ERC-20) and dependence on the Ethereum volatility overcome all other factors. Our data contributes with existence literature and shows the insignificance of sector of the project, almost all location region and fluctuation of influence of quality of team. This result may be explained by the uncertainty of the investor about the project (weak signals), absence of the regulation and legal framework. This result is beneficial for owners of companies since it is an argument for decreasing costs for marketing.
Added: Sep 4, 2019