Theoretical and Applied Economics
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MAIN PAGE > Journal "Theoretical and Applied Economics" > Rubric "Evaluations and trends"
Evaluations and trends
Volichenko P.P. - Report on the Property Valuation and its Structure pp. 46-61


Abstract: Abstract. The paper describes an important stage in the activities of every appraiser, in particular the preparation, writing and format of the property valuation report. The quality of report not only affects an adequate perception of the valuation results, but as a rule has an impact on the professional prestige of the appraiser. The article examines the formal characteristics of the valuation report on the property, the requirements for the report format, mandatory details to be included in the report as well as analyzes possible typical mistakes that occur during the preparation of this report. The study provides a brief analysis of the main documents which are normally used by self-regulatory organizations of appraisers: federal acts, standards and regulations regarding valuation. The methodology involves a detailed examination of the basic principles to be followed by the appraiser developing the report. The study identifies specific indicators which should be shown in accordance with Russian law in the valuation report. The scientific novelty resides in a detailed study of the structure and content of the report sections. The study offers recommendations disclosing the logic of report building - "from the general to the particular"- as well as ways to write the optimal and highly qualified content of its sections. The article also lists the typical mistakes which occur in the process of preparation of valuation reports, most of them are of purely technical nature and therefore, usually their correction represents no problem.
Khannanov R.A. - New Paradigm of Labor: Theoretical and Legal Grounds pp. 93-157


Abstract: Innovation-driven economic development has caused qualitative changes in the sphere of labor and labor relations. Under modern conditions, the term 'labor' gains a new meaning. It is becoming more an intellectual rather than just economic category. This new paradigm of labor creates a need in new innovative scientific approaches to theoretical and legal grounds and guarantees of labor. These are the approaches the present article is devoted to. 
Bogatyrev S.Yu. - 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.
Rozanova L.I., Moroshkina M.V. - 'Investment Diagonal' and Distribution of Foreign Capital Across Russia pp. 193-204


Abstract: Russian regions are very diverse both by their levels of socio-economic development and attraction of capital. The authors of the present article study factors influencing dispose of foreign investments across Russia and outline areas of their minimum and maximum accumulations. The authors of the article also view problems of spatial disparity in allocation of investments and define the most significant factors to be considered by foreign investors. By using the cartographic tools, the authors managed to define the areas of accumulation of foreign capital and compare them to the density of transport network. The outlined investment diagonal where the most attractive regions are located falls on the network of the most important transport corridors and transport and logistics centers. The diagonal lies from the North-West to the South-East of Russia and fits in the network of international transport corridors. For instance, the Nizhny Novgorod Region has very good opportunities for attracting foreign investments because it is located in the center of transport routes where the North-South and West-East corridors are crossed (International European corridor No. 2  and Trans-Siberian Railway). Based on the results of research, the authors of the article conclude that in order to improve investment climate and attractiveness of Russian regions, it is necesary to improve the system of transport and logistics routes to allow a quick and qualitative delivery of goods throughout Russia. 
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