Pub Date : 2023-04-01DOI: 10.31107/2075-1990-2023-2-116-129
O. Obukhova, A.S. Bogomazova
Specific expenses for general business needs as a part of the basic standard cost rate for a public service in the healthcare sector reflect the costs for the infrastructure facility itself, including the area of subdivisions of medical organizations in which a public service is provided, the conditions for providing medical care, and the capacity of the medical organization. Calculation of costs for this part of the basic rate is usually carried out by the method of the most effective institution or by the median method. This leads to high differentiation of the value of the basic standard cost for the corresponding public service, and to artificial and unreasonable use of correction coefficients individualizing the costs of medical organizations, which contradicts to the state policy on control of efficiency of the use of budgetary funds. The purpose of the study is to develop proposals for changing the methodology for accounting general expenses in the structure of the standard of financial costs for public health services on the example of the state service “Specialized medical care (except for high-tech medical care), not included in the basic program of compulsory medical insurance, according to the profile Phthisiology”, provided in hospital conditions.
{"title":"General Expenses in the Provision of Public Health Services in Hospitals","authors":"O. Obukhova, A.S. Bogomazova","doi":"10.31107/2075-1990-2023-2-116-129","DOIUrl":"https://doi.org/10.31107/2075-1990-2023-2-116-129","url":null,"abstract":"Specific expenses for general business needs as a part of the basic standard cost rate for a public service in the healthcare sector reflect the costs for the infrastructure facility itself, including the area of subdivisions of medical organizations in which a public service is provided, the conditions for providing medical care, and the capacity of the medical organization. Calculation of costs for this part of the basic rate is usually carried out by the method of the most effective institution or by the median method. This leads to high differentiation of the value of the basic standard cost for the corresponding public service, and to artificial and unreasonable use of correction coefficients individualizing the costs of medical organizations, which contradicts to the state policy on control of efficiency of the use of budgetary funds. The purpose of the study is to develop proposals for changing the methodology for accounting general expenses in the structure of the standard of financial costs for public health services on the example of the state service “Specialized medical care (except for high-tech medical care), not included in the basic program of compulsory medical insurance, according to the profile Phthisiology”, provided in hospital conditions.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"30 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85770797","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-01DOI: 10.31107/2075-1990-2023-2-47-58
A. Maslov, K. Shvandar
In 2023, digital ruble is expected to appear in Russia. It is planned to allow for delay-free settlement of transactions with digital financial assets, automation of the use of smart contracts, and tracking of budget calculations. The Ministry of Finance plans to use the Russian digital currency in budget settlements. The first phase of the experiment to use a digital ruble has already involved a number of banks that are testing the opening of digital wallets on the Bank of Russia platform: deposits, transfers between citizens, as well as payments for goods and services. However, the question remains whether the digital ruble in today's environment will help solve the most important task — to facilitate crossborder payments. While the stage of development and testing is underway, it is necessary to pay particular attention to the issues of risk management, system stability, the peculiarities of interaction with other forms of fiat money, and to ensure the use of digital ruble in cross-border settlements. This article discusses test projects which are aimed at studying the functioning of the main channels of digital transactions, identification of problem areas and improvement of modern technologies in the field of cross-border payments. The purpose of this article is not an in-depth analysis of the results of any particular project, but a brief description of a number of projects to illustrate the activities of central banks of different countries in this area. Nor is it intended to compare these projects and draw conclusions about their results. An example of a more thorough study of some projects in order to use existing experience for new projects is the Report of the National Bank of Kazakhstan “Digital Tenge Project” (2021). All these projects are usually initiated by central banks, as well as international organizations and global financial market participants actively involved in international payment relations. The study of the results achieved during the testing of the projects give us an understanding of how settlements in CBDCs, including cross-border ones, may develop in the near future.
{"title":"New International Projects on the Use of Central Bank Digital Currencies in Transforming Cross-border Settlements","authors":"A. Maslov, K. Shvandar","doi":"10.31107/2075-1990-2023-2-47-58","DOIUrl":"https://doi.org/10.31107/2075-1990-2023-2-47-58","url":null,"abstract":"In 2023, digital ruble is expected to appear in Russia. It is planned to allow for delay-free settlement of transactions with digital financial assets, automation of the use of smart contracts, and tracking of budget calculations. The Ministry of Finance plans to use the Russian digital currency in budget settlements. The first phase of the experiment to use a digital ruble has already involved a number of banks that are testing the opening of digital wallets on the Bank of Russia platform: deposits, transfers between citizens, as well as payments for goods and services. However, the question remains whether the digital ruble in today's environment will help solve the most important task — to facilitate crossborder payments. While the stage of development and testing is underway, it is necessary to pay particular attention to the issues of risk management, system stability, the peculiarities of interaction with other forms of fiat money, and to ensure the use of digital ruble in cross-border settlements. This article discusses test projects which are aimed at studying the functioning of the main channels of digital transactions, identification of problem areas and improvement of modern technologies in the field of cross-border payments. The purpose of this article is not an in-depth analysis of the results of any particular project, but a brief description of a number of projects to illustrate the activities of central banks of different countries in this area. Nor is it intended to compare these projects and draw conclusions about their results. An example of a more thorough study of some projects in order to use existing experience for new projects is the Report of the National Bank of Kazakhstan “Digital Tenge Project” (2021). All these projects are usually initiated by central banks, as well as international organizations and global financial market participants actively involved in international payment relations. The study of the results achieved during the testing of the projects give us an understanding of how settlements in CBDCs, including cross-border ones, may develop in the near future.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"85 5 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89345313","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-01DOI: 10.31107/2075-1990-2023-2-74-89
S. Chuzhmarova, A. I. Chuzhmarov
The relevance of the research topic is due to the need to solve the problems of fiscal support for investment in the context of increasing environmental and climate risks that push countries to form the fiscal policy under the influence of the climate agenda, capable of ensuring the financial interests of governments and investors. The main objective of the article is to characterize the processes of transformation of national fiscal policy under the influence of the global climate agenda and tax incentives for investments in green technologies. The authors analyze the sources of investment financing mobilized by developed countries, the main of which are carbon taxes and energy taxes. Changes in the tax policy of the Russian Federation aimed at stimulating the best available technologies and R&D are exposed. The following conclusions are made. Developed countries are actively implementing fiscal measures to support investment in green technologies; the topic of tax transformation has moved from a discussion format to the plane of practical application, although not always successful. Today countries introduce new incentives, use preferential environmental taxation of innovative activities of the energy-intensive sector and voluntary tax agreements of authorities with investment companies, form ratings based on unified comparable indicators. The Russian Federation lags behind developed countries in mobilizing financial resources for green economic growth and in the development of fiscal tools that have proven effective. The problem today is tax regulation of technological development, which covers investment incentives and disincentives to environmental pollution. The next promising action could be the formation of a financial basis for green economic growth, investment in green technology.
{"title":"Tax Incentives for Investments in Green Technologies: Experience of Selected Countries","authors":"S. Chuzhmarova, A. I. Chuzhmarov","doi":"10.31107/2075-1990-2023-2-74-89","DOIUrl":"https://doi.org/10.31107/2075-1990-2023-2-74-89","url":null,"abstract":"The relevance of the research topic is due to the need to solve the problems of fiscal support for investment in the context of increasing environmental and climate risks that push countries to form the fiscal policy under the influence of the climate agenda, capable of ensuring the financial interests of governments and investors. The main objective of the article is to characterize the processes of transformation of national fiscal policy under the influence of the global climate agenda and tax incentives for investments in green technologies. The authors analyze the sources of investment financing mobilized by developed countries, the main of which are carbon taxes and energy taxes. Changes in the tax policy of the Russian Federation aimed at stimulating the best available technologies and R&D are exposed. The following conclusions are made. Developed countries are actively implementing fiscal measures to support investment in green technologies; the topic of tax transformation has moved from a discussion format to the plane of practical application, although not always successful. Today countries introduce new incentives, use preferential environmental taxation of innovative activities of the energy-intensive sector and voluntary tax agreements of authorities with investment companies, form ratings based on unified comparable indicators. The Russian Federation lags behind developed countries in mobilizing financial resources for green economic growth and in the development of fiscal tools that have proven effective. The problem today is tax regulation of technological development, which covers investment incentives and disincentives to environmental pollution. The next promising action could be the formation of a financial basis for green economic growth, investment in green technology.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"32 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79431112","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-01DOI: 10.31107/2075-1990-2023-2-27-46
A. Abramov, A. Pershin, M. Chernova
Despite the increasing role of the state sector in the economies of many countries, the criteria and approaches to comparative analysis and evaluation of the performance of state-owned enterprises are still ambiguous, as are the methods for cross-country comparisons of the scale of state presence in the economy. The purpose of the article is to systematize the main approaches to measurement of the size of the state sector using Russian economy as an example, as well as to substantiate the significance of this information in assessing the performance of companies with different forms of ownership in the investment and managerial decision-making process. The problems of the information environment, such as the fragmentation of data, incomplete publication of company reports, and the specifics of national databases in different countries, complicate and distort empirical research. Meanwhile, there are significant differences in the performance of state-owned and private companies, as well as in their investment attractiveness to investors in the financial market. International approaches to solving these problems consist in the formation of consolidated and unified databases, inclusion of stateowned companies in the system of national accounts, and creation of guidelines on uniform principles of transparency and accessibility of financial reports. Given the growing restrictions on access to information along with the trend towards the growth of the state sector in Russia, there is an increasing need to develop a unified methodology to measure its scale and assess its impact on the economy, investment and stock market. The proposed methodology and the obtained empirical results allow not only to comprehensively assess the contribution of the state sector in creating GDP and increasing the capitalization of the stock market, but also to conduct comparative studies of performance indicators and stock returns in companies with different ownership structure, as well as an international empirical analysis of the state sector impact on the economies and the financial and economic performance of companies.
{"title":"Measuring the State Sector and Assessing Its Effectiveness: Approaches and Implications","authors":"A. Abramov, A. Pershin, M. Chernova","doi":"10.31107/2075-1990-2023-2-27-46","DOIUrl":"https://doi.org/10.31107/2075-1990-2023-2-27-46","url":null,"abstract":"Despite the increasing role of the state sector in the economies of many countries, the criteria and approaches to comparative analysis and evaluation of the performance of state-owned enterprises are still ambiguous, as are the methods for cross-country comparisons of the scale of state presence in the economy. The purpose of the article is to systematize the main approaches to measurement of the size of the state sector using Russian economy as an example, as well as to substantiate the significance of this information in assessing the performance of companies with different forms of ownership in the investment and managerial decision-making process. The problems of the information environment, such as the fragmentation of data, incomplete publication of company reports, and the specifics of national databases in different countries, complicate and distort empirical research. Meanwhile, there are significant differences in the performance of state-owned and private companies, as well as in their investment attractiveness to investors in the financial market. International approaches to solving these problems consist in the formation of consolidated and unified databases, inclusion of stateowned companies in the system of national accounts, and creation of guidelines on uniform principles of transparency and accessibility of financial reports. Given the growing restrictions on access to information along with the trend towards the growth of the state sector in Russia, there is an increasing need to develop a unified methodology to measure its scale and assess its impact on the economy, investment and stock market. The proposed methodology and the obtained empirical results allow not only to comprehensively assess the contribution of the state sector in creating GDP and increasing the capitalization of the stock market, but also to conduct comparative studies of performance indicators and stock returns in companies with different ownership structure, as well as an international empirical analysis of the state sector impact on the economies and the financial and economic performance of companies.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"1 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89464184","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-01DOI: 10.31107/2075-1990-2023-2-103-115
Yu. A. Spletukhov
The article discusses issues related to the implementation of environmental insurance. Its purpose is to consider a number of problems, the solution of which can contribute to increasing its role in the compensation of losses caused by environmental pollution. To this end, it is proposed to expand the circle of legal entities obliged to provide financial guarantees of compensation for such losses and to use environmental insurance as one of the mechanisms of such guarantees. The effectiveness of guarantees provided by concluding insurance contracts can be ensured by regulating its conditions in a separate regulatory act. In turn, the preparation of the latter requires consideration of some aspects related to the mechanism of conducting environmental insurance. The article, in particular, characterizes the types of environmental pollution and, on this basis, draws conclusions about the possibility, expediency and specificity of insurance in relation to each of them. The insured event in environmental insurance contracts, according to the author, should be the consequences of accidental, sudden and unintentional pollution, i.e., those caused by an accident, disaster or other emergency events of man-made or natural nature. Another problem considered in the article is related to the range of losses that should be included in the scope of insurers’ liability under the insurance contracts concluded in order to provide financial guarantees of compensation for damage caused by environmental pollution. According to the author it should include losses caused by the insured to other legal entities and individuals in the form of damage to natural objects and associated with the implementation of measures aimed at reducing the damage caused by the insured event. A significant place in the article is given to the peculiarities of assessment of damage to be compensated by insurance companies. First of all, it concerns how to calculate the losses caused by damage directly to the natural environment. The results obtained in this part of the article include, in particular, the conclusion that when choosing a method of assessment of such damage one should mainly take into account the amount of costs for environmental restoration.
{"title":"Environmental Insurance: Insurable Risks and Losses Subject to Compensation","authors":"Yu. A. Spletukhov","doi":"10.31107/2075-1990-2023-2-103-115","DOIUrl":"https://doi.org/10.31107/2075-1990-2023-2-103-115","url":null,"abstract":"The article discusses issues related to the implementation of environmental insurance. Its purpose is to consider a number of problems, the solution of which can contribute to increasing its role in the compensation of losses caused by environmental pollution. To this end, it is proposed to expand the circle of legal entities obliged to provide financial guarantees of compensation for such losses and to use environmental insurance as one of the mechanisms of such guarantees. The effectiveness of guarantees provided by concluding insurance contracts can be ensured by regulating its conditions in a separate regulatory act. In turn, the preparation of the latter requires consideration of some aspects related to the mechanism of conducting environmental insurance. The article, in particular, characterizes the types of environmental pollution and, on this basis, draws conclusions about the possibility, expediency and specificity of insurance in relation to each of them. The insured event in environmental insurance contracts, according to the author, should be the consequences of accidental, sudden and unintentional pollution, i.e., those caused by an accident, disaster or other emergency events of man-made or natural nature. Another problem considered in the article is related to the range of losses that should be included in the scope of insurers’ liability under the insurance contracts concluded in order to provide financial guarantees of compensation for damage caused by environmental pollution. According to the author it should include losses caused by the insured to other legal entities and individuals in the form of damage to natural objects and associated with the implementation of measures aimed at reducing the damage caused by the insured event. A significant place in the article is given to the peculiarities of assessment of damage to be compensated by insurance companies. First of all, it concerns how to calculate the losses caused by damage directly to the natural environment. The results obtained in this part of the article include, in particular, the conclusion that when choosing a method of assessment of such damage one should mainly take into account the amount of costs for environmental restoration.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"493 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77054298","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-01DOI: 10.31107/2075-1990-2023-2-59-73
A. Volodina, M. Trachenko
The development of the ESG (Environmental, social, and governance) concept has led to the rapid spread of financial instruments for investing in sustainable development on all continents. The purpose of the article is to study the attractiveness of sustainable investing in the developed and emerging markets of America, Europe and Asia, in particular, to conduct a comparative analysis of the returns of market indices based on ESG criteria and those of indices that do not take them into account. Particular attention is paid to the duration of the investment period: the authors studied profitability on time intervals from one to five years. The object of the study is stock indices. The subject of the study is profitability of ESG-oriented and ESG-neutral indices. A comparative analysis of 28 market indices, 15 of which were formed with ESG indicators in the period from 2013 to 2022 led to the conclusion that it is advisable to invest in ESG index funds in both developed and emerging markets, since in more than 50% of cases, the return of ESG indices is higher than that of non-ESG indices. Investments in ESG indices over a longer time horizon tend to have higher returns on invested capital than traditional investments in non-sustainable indices. Analysis of European stock market returns has shown insufficient efficiency of ESG investments and requires additional analysis of the factors that have influenced this. A promising direction for further research is also the analysis of the mutual influence of stock markets of developed and developing countries on financial ESG instruments and indices. The applied value of the study lies in the possibility of using the results of the analysis in the reorientation of Russian investors in the face of sanctions pressure on stock markets in the Asia-Pacific region.
{"title":"ESG Investment Profitability in Developed and Emerging Markets with Regard to the Time Horizon","authors":"A. Volodina, M. Trachenko","doi":"10.31107/2075-1990-2023-2-59-73","DOIUrl":"https://doi.org/10.31107/2075-1990-2023-2-59-73","url":null,"abstract":"The development of the ESG (Environmental, social, and governance) concept has led to the rapid spread of financial instruments for investing in sustainable development on all continents. The purpose of the article is to study the attractiveness of sustainable investing in the developed and emerging markets of America, Europe and Asia, in particular, to conduct a comparative analysis of the returns of market indices based on ESG criteria and those of indices that do not take them into account. Particular attention is paid to the duration of the investment period: the authors studied profitability on time intervals from one to five years. The object of the study is stock indices. The subject of the study is profitability of ESG-oriented and ESG-neutral indices. A comparative analysis of 28 market indices, 15 of which were formed with ESG indicators in the period from 2013 to 2022 led to the conclusion that it is advisable to invest in ESG index funds in both developed and emerging markets, since in more than 50% of cases, the return of ESG indices is higher than that of non-ESG indices. Investments in ESG indices over a longer time horizon tend to have higher returns on invested capital than traditional investments in non-sustainable indices. Analysis of European stock market returns has shown insufficient efficiency of ESG investments and requires additional analysis of the factors that have influenced this. A promising direction for further research is also the analysis of the mutual influence of stock markets of developed and developing countries on financial ESG instruments and indices. The applied value of the study lies in the possibility of using the results of the analysis in the reorientation of Russian investors in the face of sanctions pressure on stock markets in the Asia-Pacific region.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"57 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81560031","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-01DOI: 10.31107/2075-1990-2023-2-8-26
M. E. Kosov, A. Chalova, R. Akhmadeev, E. Golubtsova
The article examines the modern concept of the state fiscal policy in Russia and the possibilities of its implementation through the federal budget in the face of new global challenges. To this end, the authors assessed the resource base of the federal budget of the Russian Federation, as well as the adequacy of measures of fiscal regulation of the current economic situation. In this regard, the authors evaluated the feasibility of the initial macroeconomic indicators underlying the parameters of the federal budget for 2023–2025, primarily its revenues, and the risks of their possible change. The authors associate the key risks of failure to achieve the stated goals of the budget and tax policy for the period 2023–2025 with a sharp reduction in the resource base of the federal budget, especially its oil and gas revenues in the context of worsening geopolitical tensions and increasing sanctions pressure on the Russian Federation. The study focuses on the justification of approaches to minimize the negative consequences of external shocks both for the subjects of the Russian economy and for public finances. In the course of the study, the authors used the methods of statistical data processing, factor modeling, regression analysis and expert evaluation. The scientific novelty of the study lies in the assessment of the impact of new global challenges on the balance of the Russian federal budget and substantiation of approaches to transform fiscal regulation measures in response to these challenges. The practical significance of the study lies in the possibility of using its results in the development of state fiscal policy in the medium term under the conditions of dramatic changes in the scenario conditions of formation of the federal budget.
{"title":"Federal Budget and State Fiscal Policy: Macroeconomic Adaptation until 2025","authors":"M. E. Kosov, A. Chalova, R. Akhmadeev, E. Golubtsova","doi":"10.31107/2075-1990-2023-2-8-26","DOIUrl":"https://doi.org/10.31107/2075-1990-2023-2-8-26","url":null,"abstract":"The article examines the modern concept of the state fiscal policy in Russia and the possibilities of its implementation through the federal budget in the face of new global challenges. To this end, the authors assessed the resource base of the federal budget of the Russian Federation, as well as the adequacy of measures of fiscal regulation of the current economic situation. In this regard, the authors evaluated the feasibility of the initial macroeconomic indicators underlying the parameters of the federal budget for 2023–2025, primarily its revenues, and the risks of their possible change. The authors associate the key risks of failure to achieve the stated goals of the budget and tax policy for the period 2023–2025 with a sharp reduction in the resource base of the federal budget, especially its oil and gas revenues in the context of worsening geopolitical tensions and increasing sanctions pressure on the Russian Federation. The study focuses on the justification of approaches to minimize the negative consequences of external shocks both for the subjects of the Russian economy and for public finances. In the course of the study, the authors used the methods of statistical data processing, factor modeling, regression analysis and expert evaluation. The scientific novelty of the study lies in the assessment of the impact of new global challenges on the balance of the Russian federal budget and substantiation of approaches to transform fiscal regulation measures in response to these challenges. The practical significance of the study lies in the possibility of using its results in the development of state fiscal policy in the medium term under the conditions of dramatic changes in the scenario conditions of formation of the federal budget.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"43 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91050958","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-27DOI: 10.1080/0015198X.2023.2176163
Amit Goyal, Ramon Tol, Sunil Wahal
Abstract We survey 218 institutional investors from 22 countries representing over $4.1 trillion in AUM to understand the drivers of forbearance in the termination of external asset managers. Although asset managers are fired for a variety of reasons, including taking on too much or too little risk as well as organizational changes at the investment manager or institutional investor level, poor performance is by far the dominant cause. There is surprising tolerance for underperformance and holding periods for investment managers are unexpectedly long. Forbearance is important and we argue that performance evaluation should be multifaceted, akin to a Bayesian decision-maker who conducts continued due diligence and updates beliefs about returns with process information.
{"title":"Forbearance in Institutional Investment Management: Evidence from Survey Data","authors":"Amit Goyal, Ramon Tol, Sunil Wahal","doi":"10.1080/0015198X.2023.2176163","DOIUrl":"https://doi.org/10.1080/0015198X.2023.2176163","url":null,"abstract":"Abstract We survey 218 institutional investors from 22 countries representing over $4.1 trillion in AUM to understand the drivers of forbearance in the termination of external asset managers. Although asset managers are fired for a variety of reasons, including taking on too much or too little risk as well as organizational changes at the investment manager or institutional investor level, poor performance is by far the dominant cause. There is surprising tolerance for underperformance and holding periods for investment managers are unexpectedly long. Forbearance is important and we argue that performance evaluation should be multifaceted, akin to a Bayesian decision-maker who conducts continued due diligence and updates beliefs about returns with process information.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"79 1","pages":"7 - 20"},"PeriodicalIF":2.8,"publicationDate":"2023-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48692253","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-01DOI: 10.31107/2075-1990-2023-1-45-57
V. Vagin, Valeriya A. Paksivatkina
The article highlights the experience of civic participation in state and municipal management and financial aspects of civic self-organization in different countries of the world. The main forms of cofinancing projects by the population or collecting interest-free loans through civil mutual assistance are determined. Russian practices of financial participation of citizens in the implementation of projects of common interest are identified: co-financing of initiative budgeting projects, practices of self-taxation of citizens, co-financing of projects in the implementation of certain state programs and national projects, as well as co-financing of projects on crowdfunding platforms. Based on the analysis and review of scientific literature, the conclusion was made about the need to define and describe a new phenomenon in the field of public finance — "civil finance", which refers to financial resources and relations between citizens themselves and between citizens and state institutions in the process of implementing management decisions that affect the interests of urban and rural residents.
{"title":"Civil Finance","authors":"V. Vagin, Valeriya A. Paksivatkina","doi":"10.31107/2075-1990-2023-1-45-57","DOIUrl":"https://doi.org/10.31107/2075-1990-2023-1-45-57","url":null,"abstract":"The article highlights the experience of civic participation in state and municipal management and financial aspects of civic self-organization in different countries of the world. The main forms of cofinancing projects by the population or collecting interest-free loans through civil mutual assistance are determined. Russian practices of financial participation of citizens in the implementation of projects of common interest are identified: co-financing of initiative budgeting projects, practices of self-taxation of citizens, co-financing of projects in the implementation of certain state programs and national projects, as well as co-financing of projects on crowdfunding platforms. Based on the analysis and review of scientific literature, the conclusion was made about the need to define and describe a new phenomenon in the field of public finance — \"civil finance\", which refers to financial resources and relations between citizens themselves and between citizens and state institutions in the process of implementing management decisions that affect the interests of urban and rural residents.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"10 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81018153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-01DOI: 10.31107/2075-1990-2023-1-74-94
M. A. Moiseeva, T. Kulakova
The existing methods of selecting a contractor for projects in the road sector in the Russian system of procurement do not fully take into account his business reputation and his previous experience, which negatively affects the efficiency of public procurement. Based on the analysis of international literature, it is proposed to assess the level of qualification of road builders by using a mathematical model of the complex indicator of their experience. The key idea of the proposed approach is to develop an integral indicator that characterizes the previous experience of contractors in performing a certain type of work. It is assumed that this indicator will be calculated automatically on the basis of data from the Unified Information System in Procurement. The proposed changes will improve the efficiency of the procurement system and ensure that contractors obtain the competencies necessary for high-quality and timely implementation of the relevant road works.
{"title":"Improving the Public Procurement System: Rating of Contractors in the Road Sector","authors":"M. A. Moiseeva, T. Kulakova","doi":"10.31107/2075-1990-2023-1-74-94","DOIUrl":"https://doi.org/10.31107/2075-1990-2023-1-74-94","url":null,"abstract":"The existing methods of selecting a contractor for projects in the road sector in the Russian system of procurement do not fully take into account his business reputation and his previous experience, which negatively affects the efficiency of public procurement. Based on the analysis of international literature, it is proposed to assess the level of qualification of road builders by using a mathematical model of the complex indicator of their experience. The key idea of the proposed approach is to develop an integral indicator that characterizes the previous experience of contractors in performing a certain type of work. It is assumed that this indicator will be calculated automatically on the basis of data from the Unified Information System in Procurement. The proposed changes will improve the efficiency of the procurement system and ensure that contractors obtain the competencies necessary for high-quality and timely implementation of the relevant road works.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"127 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82473255","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：