Digest Finance最新文献_第10页

Collateral sufficiency as an adapt financial covenant in bank crediting 抵押品充分性作为银行信贷中的一种适应性金融契约

Digest Finance Pub Date : 2018-06-27 DOI: 10.24891/FC.24.6.1449

A. M. Karminskii, O. Khon

{"title":"Collateral sufficiency as an adapt financial covenant in bank crediting","authors":"A. M. Karminskii, O. Khon","doi":"10.24891/FC.24.6.1449","DOIUrl":"https://doi.org/10.24891/FC.24.6.1449","url":null,"abstract":"Subject. The article examines the Loan-to-Value ratio in three dimensions. First, as a measure of leverage, helpful to understand the spread of systemic risk in the economy. Second, we identify LTV throughout financial covenants. Finally, we implement LTV to indicate the probability of default.\u0000Objectives. The goal of the paper is to study the impact of collateral sufficiency on credit risk throughout adjusted financial covenants for bank corporate loans.\u0000Methods. To conduct the research, the authors implement econometric methods, linear regressions and binary models.\u0000Results. We have revealed the prevalence of the posterior theory of the impact of the collateral sufficiency on the credit risk evaluation by corporate loans. We have also revealed that the higher credit risks, the higher collateral requirements to pledge the loans.\u0000Conclusions and Relevance. We have considered a new approach to identify collateral requirements, throughout LTV measures, as adjusted financial covenants on the Russian market. Lender’s preferences are being stronger at the time of downturns in economic activity. At the same time, economic growth neutralizes any visible behavioral favors/patterns. Hereby psychological risk components are quite essential, and need studying in modern banking.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125570346","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Specifics of Analysis of Companies Operating in the Digital Economy 数字经济环境下企业经营分析的具体内容

Digest Finance Pub Date : 2018-06-27 DOI: 10.24891/DF.23.2.123

V. Kogdenko

{"title":"Specifics of Analysis of Companies Operating in the Digital Economy","authors":"V. Kogdenko","doi":"10.24891/DF.23.2.123","DOIUrl":"https://doi.org/10.24891/DF.23.2.123","url":null,"abstract":"Importance The article analyzes companies operating in the quaternary sector of the economy (digital economy). Objectives The study aims to investigate the specifics of companies operating in the digital economy and to develop proposals for improving their analysis. Methods The methodology of the study rests on the stakeholder theory and resource-based approach to organizational analysis. Results I developed a methodology that takes into account the specifics of companies operating in the quaternary sector of the economy. It includes seven stages. At the first stage, company's competitive advantages are assessed. At the second stage, risks generated by key stakeholders are analyzed, including those associated with intellectual and social and reputation capital. At the third stage, intellectual capital is examined, then – social and reputation capital by its four components. At the fifth stage, company's cash flows and financial solvency are estimated; at the sixth stage, efficiency of investment activities is evaluated on the basis of cash flows from operations and financing. At the final stage of the analysis, value drivers that relate directly to intellectual and social and reputation capital, and company's fundamental value are estimated. Conclusions The developed methodology enables to assess the operations of companies of the digital economy on the basis of stakeholder approach. The article may be useful for analysts involved in company performance evaluation using the integrated reporting.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130765182","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Models to Forecast Revenue of Fast Food Restaurants 预测快餐店收入的模型

Digest Finance Pub Date : 2018-06-27 DOI: 10.24891/DF.23.2.212

E. Gribanova, Radioelectronics, E. S. Solomentseva

引用次数: 0

Assessment of Investment Project Risks in Aviation 航空投资项目风险评估

Digest Finance Pub Date : 2018-06-27 DOI: 10.24891/df.23.2.142

A. Bat'kovskii, V. Klochkov, E. Khrustalev, Central Economics

{"title":"Assessment of Investment Project Risks in Aviation","authors":"A. Bat'kovskii, V. Klochkov, E. Khrustalev, Central Economics","doi":"10.24891/df.23.2.142","DOIUrl":"https://doi.org/10.24891/df.23.2.142","url":null,"abstract":"Importance Investment projects for developing the productive potential of aviation enterprises have a protracted period of equity divestment. Throughout the period, the projected conditions may change. To adapt to such unpredictable developments, enterprises have to incur significant financial costs, thus causing unrecoverable losses. Therefore, many projects at the investment stage are exposed to material risk. Objectives We devise a new approach to evaluating whether the productive potential of the Russian aviation industry is effectively developed. Throughout the implementation period, there come out different estimates of the demand, cost, and new technologies. Managing the implementation of protracted investment projects requires a toolkit for applying the real options approach. The research relies upon methods of logic and statistical analysis, and mathematical modeling in economics. Results We propose a new classification of possible changes in the investment project environment. We analyzed losses by project implementation scenario at different stages. The research also considers the specifics of the aviation industry and analyzes how the technological level of production influences respective risks. Conclusions and Relevance We assessed the effectiveness of the productive potential development in the Russian aviation industry. It would be reasonable to consider our estimates to analyze the effectiveness of adaptive management of protracted investment projects for the productive potential development. The estimates may help identify the most material risks at different stages of such projects. We also provide our recommendations for optimizing the management of such risks.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121063629","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Improvement of Rating Methodology 改进评核方法

Digest Finance Pub Date : 2018-06-27 DOI: 10.24891/DF.23.2.191

P. Brusov, T. Filatova, N. Orekhova, V. Kulik

引用次数: 0

Evaluation of the Month-of-the-Year Effect on the Securities Markets of the BRICS Nations 金砖国家证券市场月度效应评价

Digest Finance Pub Date : 2018-06-27 DOI: 10.24891/df.23.2.172

S. V. Vatrushkin

{"title":"Evaluation of the Month-of-the-Year Effect on the Securities Markets of the BRICS Nations","authors":"S. V. Vatrushkin","doi":"10.24891/df.23.2.172","DOIUrl":"https://doi.org/10.24891/df.23.2.172","url":null,"abstract":"Importance This article considers and discusses the issues related to the determination of the month-of-the-year effect on the securities markets of the BRICS nations. For it is known that temporal effects indicate a stock market's low efficiency. Objectives The article aims to obtain results of a cross-country analysis of the month-of-the-year effect on the stock markets of the BRICS countries and determine the efficiency of the markets under consideration. Methods For the study, I used the regression and econometric analyses approaches applying the Microsoft Excel and Gretl software. Results I examined the stock exchanges of the BRICS countries and determined the stability of the month-of-the-year effect. The latter is defined only for the IBOV, RTS, and TOP40 indexes, which are the major market ones in the Brazilian Stock Exchange (BM&FBOVESPA), Moscow Exchange, and the Johannesburg Stock Exchange Limited, respectively. Based on the findings, I present the estimated degree of information efficiency of each of the analyzed markets. The obtained results may also be used to develop a trading strategy to increase the profitability of multinational investment portfolio. Conclusions and Relevance The article concludes that the month-of-the-year effect is individual concerning only several indexes under consideration. This contradicts the efficient-market hypothesis, according to which the financial asset quotes get formed independently.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129185396","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Cognitive modeling of factors of financial market stability of Russia 俄罗斯金融市场稳定因素的认知模型

Digest Finance Pub Date : 2018-05-29 DOI: 10.24891/fc.24.5.1131

N.L. Badvan, O. Gasanov, A. Kuz'minov

{"title":"Cognitive modeling of factors of financial market stability of Russia","authors":"N.L. Badvan, O. Gasanov, A. Kuz'minov","doi":"10.24891/fc.24.5.1131","DOIUrl":"https://doi.org/10.24891/fc.24.5.1131","url":null,"abstract":"Subject. The paper highlights the financial market stability. It is one of the most important components of economic growth ensuring.\u0000Objectives. The article is to draw up a cognitive map of the Russian financial market. It also aims at modeling changes in its segments and finding the main stability factors of the national financial market.\u0000Methods. The research involves methods of cognitive analysis and cognitive modeling.\u0000Results. Cumulative effect of all segments of the financial market forms its stability. The Russian financial market is most sensitive to changes in the monetary and currency markets, corporate and government borrowing market. There is a significant relationship between the market liquidity and its stability. It is necessary to form free resources storage in ruble assets. The dependence of the domestic market on international financial markets remains despite sanctions restrictions.\u0000Conclusions and Relevance. Achieving financial stability requires constant attention to liquidity in the market and predictability of the national currency. The priority direction of the state financial policy is establishment of relations between the leading players in the world financial markets and international financial institutions. Experts can apply the results of this work in the financial and monetary policy formation.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133351425","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Assessment of Time Effects in BRICS Markets 金砖国家市场的时间效应评估

Digest Finance Pub Date : 2018-04-27 DOI: 10.24891/df.23.3.350

S. V. Vatrushkin

引用次数: 2

An action plan to protect and strengthen corporate governance practices in Russian corporations 保护和加强俄罗斯公司治理实践的行动计划

Digest Finance Pub Date : 2018-03-27 DOI: 10.24891/EA.17.3.439

P. G. Vorontsov

{"title":"An action plan to protect and strengthen corporate governance practices in Russian corporations","authors":"P. G. Vorontsov","doi":"10.24891/EA.17.3.439","DOIUrl":"https://doi.org/10.24891/EA.17.3.439","url":null,"abstract":"Subject. The article considers the corporate governance implementation in Russia under modern conditions and evaluates its efficiency.\u0000Objectives. The aim is to identify key areas for strengthening and developing the corporate governance practices in Russian companies that will enable to improve the existing corporate governance model.\u0000Methods. The study draws on comparative analysis, ranking, classification, formation of ratings on the basis of sociological surveys.\u0000Results. The paper includes recommendations on creating a single standard to assess corporate government practices, which should involve three parties, i.e. the business, rating agencies and the State, and consider their interests. I offer a methodology for overall assessment of components investigated by rating agencies that may help investors understand the business activity of companies.\u0000Conclusions. Public companies and State-owned corporations demonstrate the best results in the sphere of corporate governance. It is critical to enhance corporate governance in Russia, which implies developing the corporate legislation, improving the law enforcement practice. Companies should be willing to take measures to perfect corporate governance.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"120 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116400638","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Analysis of current assets of the enterprise: Organizational and methodological framework and practical application 企业流动资产分析:组织和方法框架及实际应用

Digest Finance Pub Date : 2018-03-27 DOI: 10.24891/DF.25.3.333

Наталья Михайловна

{"title":"Analysis of current assets of the enterprise: Organizational and methodological framework and practical application","authors":"Наталья Михайловна","doi":"10.24891/DF.25.3.333","DOIUrl":"https://doi.org/10.24891/DF.25.3.333","url":null,"abstract":"Subject. The article addresses organizational and methodological aspects and practical application of the analysis of current assets of a trading company.\u0000Objectives. The study aims at generalizing, updating and testing the methods of retrospective analysis of current assets from the perspective of process and systems approaches and determining the areas to increase their usage efficiency.\u0000Methods. I suggest updating the existing method of analysis, namely to introduce a complex phased analysis of company's current assets, taking into account industry specifics. It will enable to improve organizational and methodological support to economic analysis of current assets and to take into account sector-specific issues. In the empirical part of the study, I apply horizontal, vertical, coefficient, comparative, factor analysis, and tabular and graphic methods.\u0000Results. I offer a structural and logical scheme of stages of complex analysis of company's current assets subject to industry specifics. I tested the methods of the analysis on a trading company case. The paper includes recommendations on increasing the efficiency of current assets use.\u0000Conclusions. The findings may be helpful for commercial organizations to manage current assets in the event of revealed reserves to increase their efficiency.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116470384","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1