Economics and Management (including Public Administration)
Recent Applications of Financial Risk Modelling and Portfolio Management is a pivotal reference source that provides vital research on the use of modern data analysis as well as quantitative methods for developing successful portfolio and risk management techniques. While highlighting topics such as credit scoring, investment strategies, and budgeting, this publication explores diverse models for achieving investment goals as well as improving upon traditional financial modelling methods. This book is ideally designed for researchers, financial analysts, executives, practitioners, policymakers, academicians, and students seeking current research on contemporary risk management strategies in the financial sector.
This book explores Russia’s efforts towards both adapting to and shaping a world in transformation. Russia has been largely marginalized in the post-Cold War era and has struggled to find its place in the world, which means that the chaotic changes in the world present Russia with both threats and opportunities. The rapid shift in the international distribution of power and emergence of a multipolar world disrupts the existing order, although it also enables Russia to diversify it partnerships and restore balance. Adapting to these changes involves restructuring its economy and evolving the foreign policy. The crises in liberalism, environmental degradation, and challenge to state sovereignty undermine political and economic stability while also widening Russia’s room for diplomatic maneuvering. This book analyzes how Russia interprets these developments and its ability to implement the appropriate responses.
Forest ecosystems, their products and services play an important role in achieving ambitious climate change mitigation objectives at the same time requiring profound adaptation to climate change. Forest management schemes to support climate action have to be developed within their regional context but also have to be aligned with national or EU-level climate, forest and sustainability policies. The conference on “Managing forests in the 21st century” is the final conference of the FORMASAM, REFORCE and FOREXCLIM research projects. The conference bringstogether scientific experts on forest management from all over Europe facing very specific management challenges. The aim isto discuss and improve the understanding the role of forests and forest management in the context of climate change. The conference addresses climate change impacts, as well as needs for mitigation and adaptation especially with regard to the following scientific questions: 1. What are the impacts of climate extremes and disturbances? 2. What are the management challenges (and options) for resilient forests? 3. What can we do to increase the contribution of forest management to climate change mitigation?
This book addresses the challenges and opportunities of contemporary and future development of Eurasia. The main theme of the first part of the book is examining the reaction evoked in different countries by the Chinese “Belt and Road Initiative.” The second part analyses other national and international integration and infrastructure projects in Eurasia. This unique publication brings together in one volume works by leading researchers from different countries, all united by their common interest in the political and economic processes unfolding in the Eurasian continent. By offering various points of view from experts from all over the world, this book provides a multi-dimensional analysis of the Eurasian future and will be of value to a wide range of readers, including scholars, publicists, the international business community and decision-makers.
This book discusses important topics for engineering and managing software startups, such as how technical and business aspects are related, which complications may arise and how they can be dealt with. It also addresses the use of scientific, engineering, and managerial approaches to successfully develop software products in startup companies. The book covers a wide range of software startup phenomena, and includes the knowledge, skills, and capabilities required for startup product development; team capacity and team roles; technical debt; minimal viable products; startup metrics; common pitfalls and patterns observed; as well as lessons learned from startups in Finland, Norway, Brazil, Russia and USA. All results are based on empirical findings, and the claims are backed by evidence and concrete observations, measurements and experiments from qualitative and quantitative research, as is common in empirical software engineering. The book helps entrepreneurs and practitioners to become aware of various phenomena, challenges, and practices that occur in real-world startups, and provides insights based on sound research methodologies presented in a simple and easy-to-read manner. It also allows students in business and engineering programs to learn about the important engineering concepts and technical building blocks of a software startup. It is also suitable for researchers at different levels in areas such as software and systems engineering, or information systems who are studying advanced topics related to software business.
This book presents the main findings of a study on school learning environments and student outcomes, which the World Bank conducted in 2019 in three regions of the Russian Federation. Using data collected through the OECD School User Survey and the pilot “Trends in Mathematics and Science Study” (TIMSS), the book analyzes how a school’s infrastructure and learning environment may affect the progress and success of students in math and science. It also delves into teaching practices, analyzing their impact on learning and highlighting the important nexus between learning environments and teaching methods. The book concludes by recommending areas in which focused attention by educational authorities could improve educational policy and help maintain high-quality learning environments. The book will be useful for educators, school principals, architects, and policy makers who are involved in school infrastructure projects and are interested in increasing their knowledge of school design planning.
This book discusses the role of regional design and visioning in the formation of regional territorial governance to offer a better understanding of (1) how a recognition of spatial dynamics and the visualization of spatial futures informs, and is informed by, planning frameworks and (2) how such design processes inform co-operation and collaboration on planning in metropolitan regions. It gathers theoretical reflections on these topics, and illustrates them by means of practical experiences in several European countries. Innovatively associating ideas with knowledge, it appeals to anyone with an interest in planning experiments in a post-regulative era. It aims at an increased understanding of how practices, engaged with the imagination of possible futures, support the creation of institutional capacity for strategic spatial planning at regional scales.
Water Conservation and Wastewater Treatment in BRICS Nations: Technologies, Challenges, Strategies, and Policies addresses issues of water resources—including combined sewer system overflows—assessing effects on water quality standards and protecting surface and sub-surface potable water from the intrusion of saline water due to sea level rise. The book's chapters incorporate both policies and practical aspects and serve as baseline information for future adaption plans in BRICS nations. Users will find detailed important information that is ideal for policymakers, water management specialists, BRICS nation undergraduate or university students, teachers and researchers.
The industrial development of emerging markets has been a powerful driver for mergers and acquisitions. The contributions collected in this book assess major M&A deals in the largest emerging capital markets (Brazil, Russia, India, China) and their role in shareholder value creation in the markets’ specific business environments. In addition, the book explores various dimensions of M&A deals in order to summarize the main trends in corporate control markets in the largest emerging countries, and how they differ from those in developed countries; to identify deal-performance relationships and the determinants of success or failure; to reveal the drivers for the premium in M&A deals; and to capture market responses to different M&A strategies. By doing so, the book makes a significant contribution to the literature, which has to date largely focused on developed markets.
Working Title: From Corporate Social Responsibility to Corporate Social Liability
Subtitle: A Socio-Legal Study of Corporate Liability in Global Value Chains
The title of the book refers to the sociological survey, conducted by the "Public opinion" Fund in 2000. It is focused on the representation of Internet as a complex phenomenon in modern Russia. First, the Internet is considered as part of the media system that not only rapidly developing, but also significantly transforming the system as a whole. Second, it contains the analysis of main online markets in Russia. Thirdly, the Internet is analyzed in political, social and cultural contexts.
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.
The paper provides findings of the research work and scientific discussions under the “Global Sustainability Strategy Forum” (GSSF) that aims to develop evidence-informed judgments on challenges and solutions. It views attaining sustainability as a set of closely-coupled societal and environmental challenges and opportunities that require integration of multiple disciplines, new research methods, and new knowledge sources with sensitivity to regional and cultural diversities. The project is designed to produce innovative insights and strategies to support effective governance of transitions to sustainability of our complex global social-ecological system within its inherent resource limitations, and to develop sustainable lifestyles that are practical and appealing in the different regions and cultures of the world.
We propose a novel machine-learning-based approach to detect bid leakage in first-price sealed-bid auctions. We extract and analyze the data on more than 1.4 million Russian procurement auctions between 2014 and 2018. As bid leakage in each particular auction is tacit, the direct classification is impossible. Instead, we reduce the problem of bid leakage detection to Positive-Unlabeled Classification. The key idea is to regard the losing participants as fair and the winners as possibly corrupted. This allows us to estimate the prior probability of bid leakage in the sample, as well as the posterior probability of bid leakage for each specific auction. We find that at least 16% of auctions are exposed to bid leakage. Bid leakage is more likely in auctions with a higher reserve price, lower number of bidders and lower price fall, and where the winning bid is received in the last hour before the deadline.
The Pocket Guide contains the main indicators of the digital economy for the Russian Federation. Provides information on the use of ICT by individuals and enterprises, the development of e-government, personnel for the digital economy, telecommunications and the development of the ICT sector. International comparisons are shown on a number of indicators. The handbook includes information from the Federal State Statistics Service (Rosstat), the Ministry of Digital Development, Communications and Mass Communications of the Russian Federation, the Ministry of Education and Science of the Russian Federation, the Bank of Russia, OECD, Eurostat, ITU, the World Intellectual Property Organisation, and the results of its own methodological and analytical studies of the HSE Institute for Statistical Studies and Economics of Knowledge.
In the twenty-first century, universities worldwide have found themselves thrust into a great "brain race" as nations, both developed and developing, seek to enhance their place in the global knowledge economy. As the concept of the de-localized university—one that has radically expanded, perhaps even beyond national borders—grows, competing nations have begun reshaping aspects of their national systems to accommodate global standards and metrics.
In Professorial Pathways, Martin J. Finkelstein and Glen A. Jones consider how academic careers vary in countries that are fundamentally different in their organization and dynamics. Building on 25 years of scholarship, the book confronts major questions: What can we learn from the experience of other nations as they seek to balance the seemingly contradictory imperatives of expanding access and ensuring global competitiveness? What are the implications of this rapidly changing policy environment for the health of the academic professions on which university teaching and scholarship depends? And how can we advance the comparative study of higher education and, in particular, of the academic profession?
The volume brings together detailed case studies of the latest—and ever-changing—educational developments in ten countries across Europe (France, Germany, United Kingdom, Russia), Asia (China, India, Japan), North America (United States, Canada), and South America (Brazil). Essays written by respected scholars in the field identify the major structural features of national higher education systems and academic markets that directly shape academic work and careers. Professorial Pathways will be of interest to anyone who toils in the vineyards of comparative and international higher education.
Companies have increasingly used the promotion of their products through event marketing. However, empirical evidence on whether the events lead to higher sales is mixed. This study investigates the spillover effects of promotion in sales directly and through increasing popularity for global multiproduct firms. The research is carried out on data of the video game industry and eSports tournaments as events for the period of 1997–2015. The data is collected over 20 years, for product-by-product on game sales, events, genre, and location for all companies of the industry. The method of analysis is panel regression with fixed effects. The results support the positive impact of marketing through events in the videogame industry. A threshold number of about 80 eSports tournaments per year was found. Moreover, the existence of positive cross-product, cross-region, and cross-firm spillover effects was confirmed both for game popularity and sales. Videogames publishers should consider this when designing their promotion strategy.
Theatrical productions are supposed to be perishable good, since the tickets for a particular play cannot be inventoried and sold after a time of play. In the revenue management of a perishable good price discrimination is widely used. Since the theatre audience is heterogeneous in terms of visit purpose, ability to perceive quality, willingness-to-pay, the strategy of price discrimination is developed in the context of theatre segments. In this paper, we segment consumers of Perm Opera and Ballet Theatre and propose marketing and pricing instruments to manage theatre revenue. Since development of detailed price discrimination strategy requires data on consumer’s purchase history, her behavioral and socio-demographic characteristics, we collect and combine two data sources: data on ticket purchases and data obtained from discrete choice experiment. We modify latent class logit model for joint revealed and stated preferences data where data on consumer characteristics is only partially observed and employ the model to segment the audience. We identify four segments of the theater's audience. The study reveals theatregoers segments with different willingness-to-pay for performance and seat location characteristics. Segmenting allows to develop detailed recommendations on the pricing strategy for various theater audiences.
Next Generation Collections: Insights and Treatment
This paper analyzes the process of renegotiation of the informal contract between the regional and federal elites of Russia after the economic crisis. We use the database of Center of Public Procedures’ “Business against Corruption” to show that, after 2011, regional elites in Russia lost the preexisting opportunity to extract rents from businesses in return for favorable election results for Vladimir Putin and United Russia. We also analyze the connection between the level of corporate raiding in various Russian regions and the political competition, tenure, and ties of their governors. We show that there are two distinct models for fighting raiding in a region: an authoritarian model for suppressing negative signals and a competitive model with the creation of a new consensus among the elites. Although both models are similar in terms of the absence of negative signals, they have very different consequences in the business context of an area.
Purpose. What is the effect of an increase of migration inflows on the R&D and innovative performance of developing countries? The purpose of this paper is to investigate the impact of migration inflows on the R&D and innovation activity (measured as expenditures on R&D and technological innovations) in Russian regions.
Design/methodology/approach. To this end, the authors use data on 85 Russian regions for the period 2010-2016 through a multi-region economic geography model. In particular, the authors test the hypothesis about the importance of migration inflows on R&D and technological innovation activity (H1) and the hypothesis about the importance of immigrants’ (incoming migrants) human capital (measured by the education level of incoming migrants) on R&D and innovation activity (H2).
Findings. Empirical findings support the evidence in favour of a positive causal link between innovation and migration inflows. Results of our investigation are important because they suggest useful insights for formulating science and innovation policies in Russia, which is a developing country where the recent policies favouring the technological innovation as the transition period have not yet achieved a satisfying outcome.
Originality/value. This paper increases the knowledge in the field with respect to the existing literature, shedding further light on the migration inflows effects, which is a political topic to manage very relevant in all countries.
Trends in the digitalization of business open up opportunities for the use of fundamental approaches to the development of enterprise architecture in the creation of appropriate methodologies. The article discusses the approach to the use of adapted Zachman framework for enterprise architecture as a basis for the systematization and structuring of the industry methodology of integrated supply chain planning based on SCOR model. A practical example of using the proposed approach for description of one of the target processes - tactical supply chain planning is considered.
It is concluded that taking into account the ongoing trend in the digitalization of business, including in the field of integrated supply chain planning, the use of an adapted Zachman framework for enterprise architecture allows solving an important scientific and economic problem of systematization and structuring of industry methodologies.
This study introduces a new international longitudinal database of governmental rental market regulations. The regulations are measured using binary variables based on a thorough analysis of real-time country-specific legislation. Three major restrictive policies are considered: rent control, protection from restriction, and housing rationing. The database covers 101 countries and states between 1910 and 2020. This allows comparisons of regulation intensity across both time and space. The analysis reveals a surge in restrictive policies in the first half of the 20th century. However, following World War II, the evolution of policies diverged: while rent control became more flexible or was phased out, tenure security stabilized at a high level or even increased, while housing rationing became used less frequently.
The Basel III regulation raised the minimum capital requirements for banks. However, its implementation may not have reduced systemic risks. Academicians investigating optimal banking regulations do not have a consensus on whether to increase or decrease capital requirements. Here, we use the agent-based approach to study capital regulation and its implications on the evolution of the banking system. We chose the Russian banking system to proxy key model parameters. We find that lower capital requirements imply higher financial stability than the Basel III regime, where the regulator requires banks to have capital over 10% of its risk-weighted assets’ amount. However, the regulatory rule to merely have a non-negative capital is the simplest solution that best fits heterogeneous economies. It produces the highest ratio of capital to assets, the least number of bank bankruptcies, and the lowest demand of banks to enter the interbank market to cover liquidity problems for all systems.
One of the most dynamically changing parts of the labor market relates to information technologies. Skillsets demanded by employers in this sphere vary across different industries, organizations and even certain vacancies. The educational system in the most cases lags behind such changes, so that obsolete skillsets are being taught. This article proposes an algorithm of skillsets identification that allows us to extract skills that are needed by companies from different occupational groups in the information technologies sector. Using the unstructured online-vacancies database for the Russian regional labor market, skills are extracted and unified with the use of TF-IDF and n-grams approaches. As a result, key specific skillsets for various occupations are found. The proposed algorithm allows us to identify and standardize key skills which might be applicable to create a system of Russian classification for occupations and skills. In addition, the algorithm allows us to provide lists of the key combinations of skills that are in high demand among companies inside each particular occupation.