DOI: 10.7256/2454-0765.2018.1.27627

Abstract: In his article Gavrilov touches upon the definition of the legal nature of derivative financial instruments. Within the framework of this research, the author carries out a complex analysis of the legal nature of derivative financial instruments, in particular, he analyzes the approaches the academic community offers to the matter as well as applicable laws and regulations of Russia on derivative financial instruments and judicial practice. Special attention is paid to the relationship between derivative financial instruments, value documents and wagering contracts. To illustrate the genesis of the legal nature of derivative financial instruments, Gavrilov uses particular examples from the court practice. The methodological basis of the research involves dialectical, formal law, comparative law and structured system analysis. The novelty of the research is caused by the fact that the author makes an attempt to offer his own definition of what derivative financial instrument is and shares his opinion on the derivative financial instrument legislation. He also suggests what areas of the legislation should be improved in the sphere of derivative financial instruments and concludes that value documents and derivative financial instruments are of completely different nature. The author also differentiates between derivative treaties and wagering contracts. 

DOI: 10.7256/2454-0765.2018.1.22561

Abstract: The subject of the research is economic and mathematical tools of optimization of financing of innovative projects implemente by military industrial enterprises. A formalized statement of the problem of the adjustment of the current funding available for the implementation of innovative projects in conditions of irregular funding is proposed. The method of solving this problem, which is based on the optimization model smoothing the coherence profile to the actual distributions in the previous funding round is developed. As for the first phase of funding for the retrospective distribution profiles are not available, in addition an optimization formulation of the problem of distribution of current appropriation without regard to historical distribution profiles is proposed. The problem of selection of objective function in optimization model is reviewed. The principle of compromise based on the principle of equitable assignment, solves the problem of multicriteria radical way due to the convolution of the set of criteria into one integrated criterion. The scientific novelty is caused by the development of a new methodology for adjustment of management decisions, aimed at financing innovative projects in the military-industrial complex. The problem solution is considered for four types of target functions, respectively, a predetermined additive, multiplicative, and quasidisjunctive and quasiconjunctive operators of aggregation. The practical use of the developed models and algorithms is reviewed in a number of examples.

DOI: 10.7256/2454-0765.2018.1.22393

Abstract: Despite tangible progress in the development of the federal system for assessing the quality of preschool education, the key problem at the present stage of its development is the problem of imbalance in assessing the comparative effectiveness of financial resources channeled to the regions for the development of pre-school education. This, to a large extent, makes it difficult to take sufficiently effective managerial decisions to improve its quality. At the same time, in the world practice, considerable experience has been accumulated in the application of DEA analysis tools for solving similar problems. The article considers key aspects of the methodology for assessing the comparative effectiveness of financial management based on Data Envelopment Analysis (DEA) or DEA analysis. DEA-analysis was used by the author to comprehensively assess the comparative effectiveness of the implementation of the consolidated budget by the constituent entities of the Federation and territorial state extra-budgetary funds in the sphere of preschool education for the year 2015. The methodological tools of the study are based on methods of system analysis, mathematical, economic, statistical analysis, decomposition and aggregation. The results of the DEA analysis of the results of the implementation of the consolidated budget by the Russian Federation constituents and territorial state extra-budgetary funds in the sphere of preschool education showed that the absolute majority of regions (94%) had extremely low comparative performance of the consolidated budget for best practices. The best practice (absolutely effective) budget execution at the time of the survey was observed in the Chukotka Autonomous District.

DOI: 10.7256/2454-0765.2018.1.21526

Abstract: Top management characteristics of local and international banks in Russia are considered in the article. Requirements for managers in different sectors of the economy differ, therefore, their characteristics, including education, work experience, age, gender and others, also differ. To analyze the portrait of a top manager in the Russian banking sector, extensive empirical research was conducted. Based on empirical data, the article compares the characteristics of board members in local and international banks on the Russian market. The sample of research consists of 178 banks. Information collected on the websites of banks about their organizational characteristics and information about board members, in particular, data on gender, age, citizenship, position and date of appointment, education and previous work experience. Analysis of frequency distribution as well as calculation of average and standard deviation of the research indicators found out little differences in characteristics of top management team in local and international banks. Percentage of foreigners among chairman of executive boards is higher in international banks, and as a result higher the percentage of those who have abroad education and international experience. The research has also demonstrated that in local banks percentage of female representation is higher than in international banks.

DOI: 10.7256/2454-0765.2018.1.26976

Abstract: This research is aimed at analysign the influence of derivative financial instruments (hereinafter referred to as DFI) on the development of the world financial crisis of 2007 - 2008. The researcher focuses on the state of financial markets where the crisis started as well as the actions of the global community and particular states that were undertaken to overcome the crisis. As a consequence of the world financial crisis of 2007 - 2008, financial and nonfinancial institutions all over the world incurred serious damage and loss. Thousands lost their work, the inflation rate boosted up, and the states were unable to perform their obligations. In the course of writing his article Kriger applied such methods as analysis, synthesis, deduction, analogy, formalisation and abstraction. The researches undertaken by experts in different spheres demonstrate that the world financial crisis was the result of complex problems that related to regulation, prediction and analytics on economic markets of different states. Both researchers and analytics repeatedly admitted that DFI were one of the reasons of the world financial crisis. In this research Kriger tries to answer the question about whether the world financial crisis was actually the result of the wrong use of DFI or other factors influenced the economic state of world countries.