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Publications of Bogatyrev Semen
Taxes and Taxation, 2017-9
Bogatyrev S., Suleimanov D.N., Gorbatko E.S. - New Methods of Accounting Control and Analysis That Can Be Used by Tax Authorities pp. 54-68


Abstract: The subject of the research is corporate accounting statements. The object of the research is the evaluation of the quality of corporate tax statements which is an important task of tax authorities. The authors of the article examines particular aspects of the quality of statements which plays an important role in the decision-making process to be performed during tax auditing of taxpayers, obtaining information to calculate tax burden, investment, and financial planning. The authors of the article describe prospects for conducing an in-depth tax control using the new model and expanding tax control methods and demonstrate opportunities that can be provided by financial economic analysis when analyzing decency of accounting statements, and efforts to combat accounting manipulations. The authors review a new model for analyzing decency of accounting statements as an algorithm for discovering accounting manipulations. According to the authors, it is a new dawn and a breakthrough for a financial analyst. The model offered by the authors present a new set of activities and analytical tools that are very technological in implementing modern data processing methods and economic in time and labor costs. The main conclusions of the research is the opportunities provided to tax authorities when implementing the model including the opportunity to give a fast and clear answer to the question whether accounting statements are biased without analysing documents, transfer check and expensive and long audit. The authors' contribution to the topic is the fact that they overcome limitations of the foreign model such as sketchness and model parameter set calculated on the basis of foreign states' experience and make it applicable under Russia's conditions. As the authors' practice in implementing the model in Russia demonstrates, the model is applicable under Russia's conditions and provides certain opportunities. The novelty of the research is caused by the fact that the authors apply a foreign model of fair accounting analysis (Beneish Model) and carry out an in-depth analysis of basic relations to obtain a clearer picture as well as describe prospects of launching this model for consolidated statements database that involves thousands of companies which can produce an effect for mass monitoring by tax authorities. 
Trends and management, 2017-4
Bogatyrev S., Antonov D.S. - Disturbing trends as precursor of a new crisis pp. 70-80


Abstract: The subject of this research is the current trends in development of the new crisis phenomena in the economy. The object is the indices of corporate finance of international companies; indices that characterize the debt burden; stock market indices and multipliers. Based on the conducted analysis, the authors explore the current prerequisite of a new crisis that according to their estimate will take place in 2016-2017 instigated by the American stock market crash. The main conclusion of the article lies in the assumption that the economy stands on the threshold of a new crisis. The author’s main contribution into the development of the extensively covered question of crisis forecasting consists in the statement that in terms of application of the available economic and financial indices were selected the most efficient for formulating the conclusions. The scientific novelty lies in formation of analytic complex that allows deeper understanding of the examined phenomena, as well as acquire irrefutable factual basis for the conclusions.
Taxes and Taxation, 2015-6
Bogatyrev S., Alferova A.V. - Value Analysis of Tax Factors By the Means of Contemporary Information Systems


Abstract: The subject under research of the present article is the tax factors that influence the enterprise value as well as the aspects of keeping records of these tax factors by the means of new and complex analysis information systems. In their article Bogatyrev and Alferova performs the synthesis of the results of recent researches on the influence and determination of tax factors in the value analysis and the analysis of these factors in contemporary information analysis data bases. In their article the researchers describe theoretical grounds of the influence of the tax factors on the value of the enterprise. The authors define the tax factors and their indicators as well as describe the accounting and tax registers that need to be analyzed in order to define these factors. The researchers analyze the experience of tax and regulatory authorities in using information systems to analyze the economic status and to evaluate assets and enteprises for the purpose of additional tax assessment. The authors discuss the oppotunities of today's information systems for the value analysis and determination of the influence of the tax factors on the value of Russian companies when a tax analyst has no traditional information resources available to carry out such an anaysis. The influence of the tax factors on the value of companies is quite an understudied and undeveloped topic both in Russian and foreign economic literature. Thus, the influence of the tax factors on the value and contemporary information system are new and understudied phenomena for Russian financial academic community. Questions about the analysis of specific national factors in information analysis sytems that are so popular in Russia nowadays have neve been raised at all. Therefore, this is the first research to study the theory and practice of the value analysis of iron and steel companies taking into account the tax factors and applying popular information systems. 
Taxes and Taxation, 2014-7
Bogatyrev S. -


Theoretical and Applied Economics, 2014-4
Bogatyrev S. - Applying the concepts of behavioral finance to cost research of hotel and catering enterprises pp. 155-173


Abstract: The article illustrates the application of the concepts of behavioral finance on the example of the industry featuring a big number of mergers and take-overs. The discrepancy between the fundamental value and stock valuations is determined on the basis of information about hotels and public catering enterprises. The research practically demonstrates how to take into account the behavioral factors underlying the valuation of enterprises of the sector. The research uses different behavioral models wchich are described in the literature on behavioral finance: the model of "sentimental investor" of Barberis, Shleifer and Vishny; the model of arrogant informed traders of Daniel, Hirshleyfera and Subramanyama; the model of confrontation between fundamental investors and traders of momentum; models based on preferences; the shift–to–risk model. The action algorithm (which was, inter alia, described in the NotaBene publications) describing how to interact with the Bloomberg information system has permitted to get data on the fundamental value of companies and their quoted market prices. The mutual deviation is graphically shown. The limitations faced by the analyst applying behavioral models in practice are investigated. The limitations are connected with the fact that for building continuous, high-quality graphics of the fundamental and actual costs, one needs both continuous information arrays of market prices and analyst predictions. To overcome these limitations, the article suggests to apply the behavioral asset pricing model (BAPM). For the first time in Russia the research makes use of the latest developments in behavioral finance to study cost deviations. The research first determines the theoretical market value of the acquiree and then compares it with the actual proposal for sale of the company. Since 2011, the author has accumulated a large file of research findings. As a result of many years of observations, the author has revealed an interesting fact: the discrepancy between the market value determined by the analyst and the price the company offers in mergers or takeovers may be reversed. Namely, in 2011 and 2012 the offer price exceeded the theoretical value, and in 2013 and 2014 it became less than the offer price. This fact has been pointed out by cost consultants who conduct mergers and takeovers.
Theoretical and Applied Economics, 2014-3
Bogatyrev S. - The studies of the Russian stock market based upon the behavioral finance. pp. 97-141


Abstract: Hypothesis on market efficiency applies in the modern economy with the ever growing number of prerequisites and admissions. Behavioral finances, viewing the economic and financial matters from the behavioral standpoint are more and more often used for explaining economic matters, which may be observed in the Russian economy.  The article concerns the dichotomy between the fundamental and market costs of the Russian oil companies from the standpoint of the newest achievements of the newest science of the behavioral finances.  The author applies the following models for evaluation of assets: generalized behavioral model, sentimental investor model, DHS model, Hong-Stein model, model of attitude shift towards risks, mistaken perception model, probability model. Based upon the synthesis of the stock market data, which was obtained thanks to the newest methods of the data processing in the modern information system, fundamental and market value of the shares being tested with the application of behavioral models, which were adapted to the Russian situation. There  basically aren't any empiric studies of the Russian market in the sphere of behavioral finances. The behavioral models are developed and applied in the foreign practice and they were not previously tested in Russia. The provided study of behavioral models has shown the possibility for their application in the information base of the Russian stock market and their high predictive value for the investor behavior in the sector of oil companies in the Russian stock market.
Cybernetics and programming, 2014-3
Bogatyrev S. - Main trends in modern software systems for stock valuation pp. 36-54


Abstract: The subject of the article is the best achievements of foreign information systems, which shall be implemented while improving Russian information analogs. The article describes most advantageous and useful features of the American information system BLOOMBERG to identify them for improvement of national information systems by filling them with similar functionality. One of the main threats for the Russian national economy is related to the ongoing and expanding possibility of sanctions from western countries to our state. The sanctions get as more harmful as more our economy is integrated in foreign financial and stock markets and as financial institutes proved to be more dependent from services provided by the global infrastructure, including information systems. The author shows a convenient and efficient interface for the information system. The article brings a record of all opportunities of the leading information system for the analytical work in the evaluation of stocks, indicates the directions of their implementation in the development of the domestic infrastructure to diversify the domestic stock market. The author discloses the news feature of the system, presents enhanced by integrating the information blocks from different segments and areas of the stock market, describes the tools for technical and fundamental analysis, shows the possibilities for requesting the originals, based on which the indicators were formed. Implementation of the described above features of the leading foreign information system in development of the domestic analogs allows avoiding the painful consequences impending the domestic financial institutions, operating in the financial and stock markets. Active expansion of foreign information systems replaced and undermined the Russian systems on the market. Improving the domestic software using the described above features, taking into account the functions for analytical work with the system of stock valuation and their implementation in domestic software will allow to diversify the infrastructure of the Russian stock market and make the work of the Russian financial companies and banks more stable and successful.
Cybernetics and programming, 2014-2
Bogatyrev S. - Applying the newest information systems in the cost analysis pp. 88-126


Abstract: The article reviews the informational capabilities of software for professional cost analysis. None of the information agencies from the Russian market proves to have textbooks and manuals on their products for training financiers, analysts and evaluators. The present documentation is brief and fragmented; it does not disclose  important features of the described software, multiple calculation modules, in particular, financial ratio analysis, the calculation of multipliers and many other. At the moment there is a contradiction: on the one hand, information systems are actively developing in Russian educational and financial sectors, installed in the leading universities of the country (HSE, Moscow State University, Financial University under the Government of the Russian Federation), large and medium-sized financial companies and bands, but on the other hand subtends and specialists does not have educational aids to work with. This article consistently discusses the main tasks and requirements for information system for cost analysis, basics and architecture required for building such information system. The author describes  features and functions needed by the financial analyst for the cost valuation. This article for the first time present main trends and possibilities for creating educational materials on information system for teaching students, training of financial analysts and scientists working in the field of finance. The author describes elements of information system meant to be used on each of the major stage of cost analysis and valuation. More than a half of financial Russian information market is occupied by foreign information agencies. Their products due to its large volume are localized into Russian by means of machine translations. Because of the low-quality of translation the working with them is very difficult. The presence of the manuals in Russian is a great help when working with the software. 
Cybernetics and programming, 2013-3
Bogatyrev S., Dobrynin S.S. - Information base of banks cost analysis pp. 21-42


Abstract: The paper presents the results of the use of the world's leading information products, received after over 6 years in the analytical work. The authors consider quality software products used in the cost analysis of banks and show the possibilities of modern information systems and banking analyst. Experience in the use of modern analytical bank software is systematized by several criteria that are important to the user. Each software product was rated on the five-point system based on the views of the authors and their colleagues: university lecturers and professional financial analysts on eligibility. For the first time a rating table of modern analytical software products of leading world manufacturers of specialized information and the software operating on the Russian market was compiled. The authors analyzed availability of products at current rates at the moment and the possibility of remote access, evaluated user interface and the ease of handling produced data, frequency of software updates and relevance of information, openness to users and promotion in the Russian media market.
Theoretical and Applied Economics, 2013-2
Bogatyrev S. - Influence of Human Resources and Intellectual Capital on the Growth of Innovative Companies in Russia pp. 133-177


Abstract: Influence of human resources and intellectual capital on the growth of innovative companies was studied through scientific research carried out at Financial University under the Government of the Russian Federation. Theoretical concepts and methods of valuation of human resources and intellectual capital were studied based on practical data obtained from the lists and ranking prepared by information agencies which considered the topic of innovative companies.Specific calculations were based on the data about the two Russian companies working in the innovative sector of the Russian economy. One of the companies functioned in the sphere of developing new technologies of raw material processing in the process of production and sale of modern grocery packing while the second company dealt with production and sale of hightech metal products on the Internet. The author of the article describes theoretical grounds for studying the influence of human resources and intellectual capital on the growth of innovative companies. The author clarifies definitions of human resources and intellectual capital and reviews foreign and Russian researches on the matter. 
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