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Financial markets
Sidorov A.A. - Utility function of an investor as the instrument of formation and assessment of an investment portfolio pp. 1-11


Abstract: This article explores the question of defining the utility function of an investor within the framework of solving of investor’s problem. Due to their characteristic features, the securities afford an opportunity to the financial market participants to implement various focus strategies in the area of investment management. The basic idea of investment decision-making implies the optimization of utility as a method for achieving the utmost possible utility within the existing budget. The final solution of optimization process is the conclusion on the content and volume of procured products and services at a particular price, and represents consumer choice. Due to popularity of portfolio investment, the analysis of approaches towards modeling of the investor’s preferences is of great practical and theoretical interest. Theoretical models for analyzing the investor’s preferences, namely the utility function, comprise the subject of this research. It is established that in the context of economic practice, from the investors’ perspective, application of the utility function tools is complicated and requires improvement, because is extremely difficult to interpret the interrelation of any securities with others, due to the reason that investment appeal of the assets is affected by an entire set of factors, and the question of their determination or comparison is yet insufficiently studied. Based on examination and critical approach to scientific works of the founders and successors of the portfolio theory, as well as their perception of the elements of the utility function, the author suggests ways for improving the considered approach.
Zemskova I. - Approaches towards management of market capitalization of stock companies pp. 1-13


Abstract: The subject of this research is the approaches towards management of market capitalization of stock companies. The market capitalization is defined as company’s outstanding shares multiplied by the current market price of one share. The object of this research is the management of market capitalization of stock companies. The author meticulously examines such aspects of the topic as the management of market capitalization on the basis of controlling the price of a share and quantity of outstanding shares. Special attention is given to the theoretical approaches towards management developed by the foreign and Russian economists. The article also underlines methods of assessing capitalization management, based on market data and internal company data. A conclusion is made that there are three forms of capitalization management: within the framework of cost control on the company level; on the basis of share value control; on the basis of adjusting the quantity of outstanding shares, which in some research is attributed to cost control. Leaning on the analysis of the concepts of capitalization management, external and internal methods of capitalization management can be outlined. The author’s contribution consists in determination and synthesis of the key approaches towards management of market capitalization of stock companies.
Sidorov A.A. - To clarification of the concept of financial risk of the investment portfolio pp. 37-42


Abstract: The subject of this research is the category of risk of the investment portfolio. Currently, stock market is one of the key structural elements of financial system of any country’s economy. Investing into the market financial assets can benefit both, legal and private entities. Competent management of the investment portfolio allow obtaining an acceptable level of income; however, suggests a qualitative and quantitative risk analysis accompanying the investment process. The complexity of risk phenomena, represented by multiple ambiguously related factors, peculiarities of manifestation of risk in different spheres of activities of economic entities, substantiate the need for a comprehensive examination of these factors and application of its results in risk management practice of the organization as a whole, as well as within the framework of its investment activity in particular. This article is dedicated to the analysis of classification of risks faced by the investor in terms of formation of securities portfolio. The author proposed the definition of financial risk that allows reflecting the multiplicity of its form at the level of an independent investment or investment portfolio. The scientific novelty lies in formulation of the definition of financial risk of the investment portfolio as the system of qualitatively irreducible factors, each of which characterizes potentially unfavorable set of circumstances accompanying the investment process, as well as overcoming the traditional for investment analysis direct identification of risk with volatility of qualitative factors defining both, an independent investment, as well as investment portfolio.
Tishko R.V. - Managing the Market Capital Structure as an Instrument of Equity Financing of a Public Company pp. 51-61


Abstract: Within the framework of the present research, Tishko examines the market mechanism of the relationship between the company value and approaches to managing the market capital structure in Russia. The researcher defines and explains the grounds for essential trends in the business value as a result of approaches that are used to manage the market capital on the stock market. The author gives recommendations and particular strategies that can be used to increase the transparency of the market pricing of emitter's equities through increasing and maintaining a stable high level of the share of freely negotiable equities as well as recommendations regarding securities portfolio building. Within the framework of this research, the author has carried out the qualitative and quantitative analysis (the latter being carried out using the MS Excel application) that demonstrate the dynamics of the aforesaid indicators for the period since 2008 till 2017. The results of this calculation completed with the further empirical analysis of the results conclusively prove that the methods of managing the market capital structure offered by the author of the article are quite applicable to predict both the investment profitability from the side of potential investors and current stockholders, and benefits an emitter may receive from equity financing in the long-term perspective.
Ozarnov R. - Repetitive periods of relative stability of the ruble: forecast and reality pp. 72-81


Abstract:  This article is dedicates to peculiarities of the periods of relative stability of the Russian ruble. The subject of this research is the period of instability on the financial market that has begun in November 2014. The author examines and analyzes the role of the exchange rate mechanism in establishment of financial stability and sustainable economic growth. The article suggests as overviews of some possible commercial strategies related to the rate of the ruble during transitional period. The author provides an econometric forecast structured on the basis of the RUB/USD exchange rate, as well as compares the actual and projected values. The study leans on the general scientific methods (analysis, synthesis and comparison), table and graphic interpretation of statistical information, time series, econometric modeling with the use of EViews software designed for researching and forecasting economic processes. The author draws the conclusion that the sequence of large gains of spring strategy on the ruble’s exchange rate in 2015 and 2016 continued in a fairly small gain in 2017, while the spring of 2018 was a loss, and actual stabilization of ruble for the spring 2019 period consisted of 5.11%. The author confirms the thesis on stabilization of the Russian economy; however, in the conditions of stabilization of the economy, the strategy structures on the historical data on the periodic sequence of appreciation and depreciation of the ruble becomes more and more risky. The novelty of this article lies in econometric study of the repetitive periods of relative stability of the ruble exchange rate during Russia’s contemporary history structured on the basis of forecast model.  
Sardarov J.E. - Sukuk Development: Pragmatic and Idealistic Approaches pp. 73-83


Abstract: The object of the present research is the Islamic Finance that is, in fact, an alternative to the classifical financial system based on the Islamic law (Sharia). Over the past years the world market of the Islamic Finance has been growing rapidly, however, it has faced the problem of inconformity of the financial tools structure to the Sharia as a result of the absence of efficient regulation mechanisms. Some Sharia researchers have critisized existing Islamic financial tools for their similarit to traditional (classical) tools. The subject of the present research is the Sukuk (Islamic securities) as the instruments of the Islamic Finance. The author examines various kinds of these instruments and their conformity to the Sharia. The research method chosen by the author is the comparative analysis. In his research Sardarov has compared two approaches to developing Islamic financial instruments. The first approach views these instruments from the practical point of view and the second approach views them from the religious point of view. The novelty of the present research is caused by the fact that the Islamic Finance instruments are a relatively new trend both in Russia and the other world. The aim of the present research is to analyze the main Islaimic Finance instruments. The purpose of the article is to understand how these instruments should be structured so that they would conform to Islamic standards, on the one hand, and be actual and efficient, on the other hand. According to the author, this would allow the financial market to develop further. 
Zavrazhskii A.V. - The analysis of Russian and foreign experience of professional liability insurance for healthcare providers pp. 79-90


Abstract: The goal of this work is the examination of practical experience of insurance use form protecting national and foreign healthcare providers from professional liability risks. The subject of this research is the types, methods and terms of professional liability insurance of healthcare providers in Russia and abroad. Despite the heightened risk of liability in the conditions of insufficient funding, the national clinics are reluctant to use insurance products for protecting their interests. At the same time, in the economically developed countries, purchasing insurance is one of the intrinsic attributes of healthcare activity; a direct role in this regard is played mutual insurance companies and specialized healthcare associations. In the course of this research, the author analyzes the main types of professional liability insurance – tort liability insurance and no-fault liability insurance. The article reviews the national legislative acts applicable to possibility of healthcare liability insurance, as well as determines a number of regulatory discrepancies and contradictions that impede proliferation of healthcare insurance coverage. The research results define the key merits and demerits of the use of models of commercial and mutual insurance for covering the indicated risks. The author’s special contribution consists in the analysis of foreign experience of healthcare liability insurance, considering statistical indicators, key actors, obstacles and development prospect of the Russian market of healthcare liability insurance.
Noosan I.U., Sorokina L.N., Golushko E.P. - Peculiarities of Private Banking in Russia pp. 135-142


Abstract: The subject of the present research is the economic relations arising in the process of private banking services provided by commercial banks to wealthy customers. Privileged elite customers of banking establishments provide an opportunity for the growth of quick assets as a significant part of bank's profits. Universally recognized experts in Private Banking are Switzerland, Luxembourg and Monaco. Private Banking has come to Russia just recently. The majority of Russian banks offer privileged services to customers but according to many experts, the appearance of true Private Banking is still awhile away from now in Russia. However, this sphere of banking activity is undoubtedly developing. The methodological basis of the present research includes systems, historical, sociological, comparative methods of research, case study method as well as general research methods such as generalization, induction and deduction. As a result of the research the authors make a conclusion that in order to develop the sphere of Private Banking in Russia it is necessary to extend banking units that render Private Banking services, to assign a professional manager for each customer, to use international experience by Russian banks and government regulation of this sphere. 
Knyazheva O.V. - Consumer Lending Under the Conditions of the Crisis of 2014-2015 pp. 191-196


Abstract: Consumer crediting shows a prominent aspect in the decision of social problems. As creditors not only banks and the credit organizations, but also the trading companies, also citizens or the enterprises on whom citizens work in this case can act. During crisis in economy the disturbing phenomena are observed. In given article the situation in the market of crediting in Russia in conditions of crisis is considered, the basic tendencies of the market of consumer crediting are analyze. Objective of the given work is not only the analysis of the market of consumer crediting of the Russian Federation now, but also consideration of expediency of decision-making on a capture of the credit in realities of economic and political conditions on a world scene. Dynamics of interest rates under consumer credits during crisis 2014-2015 is investigate, variation of volume of crediting of physical bodies is considered. As a result of research answers to questions on are given how to act to citizens during economic instability, and whether it is necessary to take the consumer credit at present time. The author reveals dynamics of volumes of crediting of physical bodies in the first quarter 2015. The consumer credit is the convenient economic tool. The market of consumer crediting shows high paces of growth though gradual delay of an increase of the given parameter recently is observe. It is possible to assume, that data about decrease in paces of growth are connected with decrease in growth of GDP, strengthening household debt load, to introduction of additional requirements to capitals of banks, a disparity economic and political situation, uncertainty of the population in tomorrow. The author makes a conclusion that now the population should refuse short-term loans as external events on political and financial arena can assist reduction of wages, and it, in turn, can turn back the extremely negative consequences.
Rozanova L.I. - Problems of Microfinance Services Market Regulation: Territorial and Functional Aspects pp. 197-214


Abstract: The subject of research is the process of microfinance services market development and methods of its control. The relevance of the chosen subject is due to the divergence of goal-setting and tseledostizhencheskoy function in the formation of the legal framework for the effective functioning of the financial services market in the region. Featuring in the last decade an exponential upward trend, however, the market mikrofinsovyh services in its development has generated a lot of problems in lending to the insolvent population. Avalanche-like growth of arrears contributed to the emergence of informal collectors of services beyond the civilized ways of forced debt collection. The reaction of the individual regions on the increase in social conflicts in this regard was to ban the activities of collectors that the media was seen as a manifestation of separatism. At the same time the root cause of conflicts that arise to return the debt many consider unreasonably high interest rates, which make loans to microfinance institutions, offering first streamline their activities. The article focuses on the positive scenario of the development of services in the field of microfinance, taking into account the historical Russian and foreign experience.The methodology is based on the use of the subjective approach based on the analysis of economic phenomena, where the economic entity acting on the world, serves as the starting point, and an object of economic analysis is the behavior of the subject of the economy, in particular the microfinance market institutions. At the same time the need and usefulness of the services provided by the subject is seen as a major category. Also applies a positive and normative analysis, which represented the basis of the first vision of economic processes and phenomena as they are, and at the base of a second - what should be. Because the processes and phenomena develop and improve or go away from the life that is in constant dialectical movement, the inner connection of phenomena that exist in reality and in their development, are studied with the use of the dialectical-materialist approach.According to the study, we can conclude that we should proceed from the interests of the regions, and at the heart of regulatory mechanisms should be territorial and functional differentiation of the activities of various financial market institutions, contributes to a more effective control in regulating the microfinance services market. Only strict restrictive norms will contribute to the effective development of the microfinance services market and curb opportunism of economic entities of the microfinance market, when the alleged statutory objectives are untrue and at odds with the social objectives of welfare improvement. The element of novelty of this study is the change in the methodological approach to defining the field of activity of institutions of microfinance market.
Filichkina Y.Y., Morozova G.V. - Research of Russian Market of Mortgage Housing Crediting Under the Conditions of Crisis pp. 215-224


Abstract: In this article the authors examines the nature of mortgage lending. The object of research is the market of mortgage housing crediting in the conditions of crisis. The subject of research is a set of economic relations developing between participants of the market of mortgage lending. In the result of the analysis of mortgage lending the main problems: the difficult economic situation in the country, high interest rates on mortgage loans, insufficient stimulation of demand and supply in the mortgage market, the low level of development of the market of securitization of loans, etc. Main research methods are a systematic approach, analysis and synthesis, document analysis, comparative analysis, statistical data analysis. Conclusions scientific novelty. As a solution to these problems is proposed to develop the interaction between government and participants of the mortgage lending market by improving the legislative framework of the mortgage market, formation of conditions and programs that stimulate supply and demand in this segment of the financial sector, improving infrastructure, bringing additional financial resources of subjects of the Russian economy on the market of residential mortgage loans. The statistical base of the study served as indicators of the market of housing (mortgage housing) lending the Bank of Russia.
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