Russian stock market: The structure of economic factors in times of advance and recession

2020 ◽  
Vol 26 (6) ◽  
pp. 1373-1391
Author(s):  
I.A. Kolesnik
Keyword(s):  
Stock Market ◽  
Structural Changes ◽  
National Level ◽  
Time Frame ◽  
Practical Significance ◽  
Economic Factors ◽  
Moderate Degree ◽  
Macroeconomic Shocks ◽  
Russian Stock Market ◽  
The Impact

Subject. This article explores the structure of economic factors at the national level, the Russian stock market's development depends on, and its changes in different economic periods. Objectives. The article aims to identify structural changes in the system of internal factors that determine the conditions of the Russian stock market's development under the influence of macroeconomic shocks of 2008 and 2014. Methods. For the study, I used a correlation analysis, and the event study and descriptive approaches. The study time-frame from 2002 to 2019 is divided into four periods. Results. The article determines that the structure of internal economic factors influencing the Russian stock market gets transformed under the impact of macroeconomic shocks. Conclusions and Relevance. At present, the relationship between the Russian stock market and domestic economic factors is not strictly determined. The modern stock market performs its functions in the development of the real sector of the economy to a moderate degree. The practical significance of the study lies in the possibility of using its results to develop measures to regulate the stock market depending on economic conditions and instruments of impact, as the structure of economic factors in the development of the stock market changes during periods of growth and crisis.

The impact of oil shocks on the Russian stock market: an empirical study

2020 ◽  
pp. 121-133
Author(s):  
I.Ya. Lukasevich
Keyword(s):  
Stock Market ◽  
Stock Index ◽  
Var Model ◽  
Oil Shocks ◽  
Sharp Drop ◽  
Macroeconomic Shocks ◽  
Oil Shock ◽  
Theoretical Generalization ◽  
Russian Stock Market ◽  
The Impact

The paper is devoted to the study of approaches to assessing the impact of external macroeconomic shocks on the Russian stock market. A sharp drop in oil prices (oil shock) is considered as a macroeconomic shock. The analysis of possible approaches to solving this problem is carried out, and their theoretical generalization is given. Based on an extensive sample of daily values of prices for Brent oil and the Russian stock index RTS for the period from 1998 to the first half of 2020, a study was conducted on the dependence of the domestic stock market on the global oil market. An approach to assessing the impact of oil shocks based on the use of vector autoregression models (VAR-model) is proposed. The VAR model has been developed and tested for the Russian stock market, its capabilities and limitations have been shown, and practical recommendations for its further development have been provided.

The Influence of Audit Outcomes on the Value of Shares of Russian Companies

2020 ◽  
Vol 2020 (2) ◽  
pp. 78-105
Author(s):  
Varvara Nazarova ◽  
Anna Fedorova
Keyword(s):  
Stock Market ◽  
Market Model ◽  
Practical Significance ◽  
Domestic Literature ◽  
Public Corporations ◽  
Different Types ◽  
Russian Stock Market ◽  
Audit Reports ◽  
The Impact

The aim of this study is to assess the impact of audit reports issuance on the value of public corporations' shares on the Russian stock market. The practical significance and relevance are due to the increasing role of audit in the financial market and the lack of such studies in the domestic literature. The study is based on the market model and Event Study. The research evaluates the reaction of Russian stock market to publication of audit reports containing various types of audit opinions and takes into account the relation of auditor to the Big4 group. The findings show that the Russian stock market reacts to the release of audit reports very chaotically; the market reacts negatively to the opinions with reservation issued by a Big4 auditor, and also negatively responds to unmodified opinions issued by an auditor of a non- Big4 organization; the market reaction is the opposite for identical types of opinions issued by different types of auditors.

scholarly journals Prediction and Empirical Study of Stock Yield Volatility Based on Event Study

2020 ◽  
Vol 214 ◽  
pp. 02023
Author(s):  
Shen Mingcai ◽  
Liu Xin ◽  
Huang Xi ◽  
Cao Zhaohuan ◽  
Su Ganya
Keyword(s):  
Stock Market ◽  
Stock Price ◽  
Listed Company ◽  
Investment Decision ◽  
Practical Significance ◽  
Event Window ◽  
Future Return ◽  
Internal Relations ◽  
The Impact ◽  
Source Of Information

Stock market event is an important source of information for investment decision, and it is of practical significance to quantify the event and predict the fluctuation range of future return under such event. Most researchers study stock market events horizontally, that is, to study the impact of a current event on the stock price of a certain sector or industry, while the paper attempts to study vertically the impact of a certain event of a single listed company on the return. Based on the internal relations between public announcement and stock yield of listed companies, the paper deduced the daily yield prediction model of event window by VAR(p) to exclude subjective “estimation” in the past and verifies the feasibility of the model.

scholarly journals General Patterns and Drivers of Changes in Employment Structure: Evidence from Five European Countries

2020 ◽  
Vol 67 (3) ◽  
pp. 333-362
Author(s):  
Larysa Yakymova
Keyword(s):  
Service Sector ◽  
Structural Changes ◽  
National Level ◽  
Active Phase ◽  
Growth Effect ◽  
Causality Test ◽  
Long Run ◽  
Ardl Approach ◽  
Impact Of Urbanization ◽  
The Impact

This paper seeks to answer whether the general patterns and drivers of the sectoral employment shifts depend on a country’s level of development. To accomplish this, we examined employment in Germany, Hungary, Poland, Romania and Ukraine at the national level (1998-2018) using econometric analysis, and at the regional NUTS2 level (2009-2018) using shift-share analysis. We obtained evidence that the general trend is the service sector expansion. Using the ARDL approach and the Granger causality test, we identified long-run unidirectional causality running from income proxies to employment in services in all countries except Romania, where the opposite causality was found. We revealed that household income moderates the impact of urbanization on service sector growth in all countries except Poland. At the regional level, the change in the employment rate in services is explained by the national growth effect and slightly by the industry-mix effect if the active phase of structural changes is completed.

scholarly journals Risks of Traders on the World Stock Market on the Example of Ukraine

2019 ◽  
Vol 67 ◽  
pp. 06001 ◽  
Author(s):  
George Abuselidze ◽  
Olga Mohylevska ◽  
Nina Merezhko ◽  
Nadiia Reznik ◽  
Anna Slobodianyk
Keyword(s):  
Stock Market ◽  
Financial Markets ◽  
World Market ◽  
Trading Strategy ◽  
Trading Strategies ◽  
Practical Significance ◽  
External Shocks ◽  
Domino Effect ◽  
The World ◽  
The Impact

The article reveals the essence and features of the development of the stock market in Ukraine. It was established that the vigorous activity of countries in the world financial markets means that they also face a risk of global financial turmoil (the so-called “domino effect”). It is determined that the impact of global financial instability on the country depends on the openness of its economy that will lead to significant external “shocks”. The possibility of providing effective influence on domestic stock market activity with taking into account the changing world situation, development of perfect trading strategies for each participant is substantiated. The conducted analysis of the world market conditions of stock markets in recent years has made it possible to assess the real risks for new participants in the stock market and become the basis for the development of an appropriate effective trading strategy. The practical significance of the results is that they allow for a measurable approach to assessing the existing risk when choosing one or another trading strategy to move to the world stock market.

scholarly journals Could Stress Cause Psychosis in Individuals Vulnerable to Schizophrenia?

CNS Spectrums ◽  
2002 ◽  
Vol 7 (1) ◽  
pp. 33-42 ◽  
Author(s):  
Cheryl Corcoran ◽  
Lilianne Mujica-Parodi ◽  
Scott Yale ◽  
David Leitman ◽  
Dolores Malaspina
Keyword(s):  
Structural Changes ◽  
Time Frame ◽  
Environment Interaction ◽  
Synaptic Remodeling ◽  
Gene Environment Interaction ◽  
Neurodevelopmental Model ◽  
Gene Environment ◽  
Plausible Model ◽  
Neurotoxic Effects ◽  
The Impact

ABSTRACTIt has long been considered that psychosocial stress plays a role in the expression of symptoms in schizophrenia (SZ), as it interacts with latent neural vulnerability that stems from genetic liability and early environmental insult. Advances in the understanding of the neurobiology of the stress cascade in both animal and human studies lead to a plausible model by which this interaction may occur: through neurotoxic effects on the hippocampus that may involve synaptic remodeling. Of late, the neurodevelopmental model of SZ etiology has been favored. But an elaboration of this schema that credits the impact of postnatal events and considers a role for neurodegenerative changes may be more plausible, given the evidence for gene-environment interaction in SZ expression and progressive structural changes observed with magnetic resonance imaging. Furthermore, new insights into nongliotic neurotoxic effects such as apoptosis, failure of neurogenesis, and changes in circuitry lead to an expansion of the time frame in which environmental effects may mediate expression of SZ symptoms.

Investors’ probable solutions to their problems: a study of Punjab

2018 ◽  
Vol 60 (2) ◽  
pp. 355-372
Author(s):  
Jaspreet Kaur
Keyword(s):  
Factor Analysis ◽  
Stock Market ◽  
Capital Markets ◽  
Credit Rating ◽  
National Level ◽  
Sampling Technique ◽  
Simple Random Sampling ◽  
Content Type ◽  
Analysis Technique ◽  
The Impact

Purpose Small and ignorant investors have had very unpleasant experiences in the stock market. They should be alert and have proper knowledge and understanding of the various problems that can arise in their dealings and how these can be resolved. This paper aims to analyse the investors’ probable solutions to their investment-related problems by using descriptives and factor analysis technique. Only Securities and Exchange Board of India (SEBI) can ensure a free and fair market and take India into league of major global capital markets in the next round of reforms. Design/methodology/approach By personally visiting the offices of the stockbrokers, 1,000 questionnaires have been distributed among retail equity investors of Punjab, i.e. Amritsar, Jalandhar, Ludhiana and Mohali. Stockbrokers have been selected using simple random sampling technique because of their large number. In total, 373 questionnaires have been filled up by the respondents, and 45 questionnaires have been found to be incomplete and thus have been excluded from the analysis. Remaining 328 questionnaires have been used for the analysis. The objective of the research is to study the investors’ probable solutions to their investment-related problems. The collected data have been analysed using descriptives and factor analysis technique. Findings It has been found that 24.7 per cent retail equity investors have filed complaints while dealing in the securities market; on the other hand, 75.3 per cent retail equity investors have not filed any complaint neither against the company nor against the intermediaries. It has been found that the authorities have taken 12-90 days and even four-five months in providing first reply to their complainants. Moreover, it has been found that in some of the cases, SEBI has written to the concerned companies to resolve the complaints, and some issues have been still pending with SEBI. It has been revealed that SEBI has taken quite long time to resolve the complaints, and equity investors have not been satisfied with the decisions of the SEBI. This study has further highlighted the importance of variables considered by investors as probable solutions to their problems while dealing with securities. The highest mean score has been found for the variable grievance redressal mechanism has been slow, followed by investors have been exploited by the malpractices of companies, merchant bankers and auditors, stronger regulations have been required to strengthen investor protection, investor has yet not educated enough to discriminate between good and not-so-good scrips, etc. These 22 variables measuring the construct of investors’ probable solutions to their problems have been analysed with the help of factor analysis. Six factors have been identified with the help of factor analysis, i.e. stability measures for stock market, investor awareness and education norms, measures to impart knowledge to investors, measures to protect investor rights, audit of companies and investor grievance redressal, and these factors have together explained 68.441 per cent of the variance in data. Research limitations/implications Based on the study done by the researcher, the following suggestions are identified for further research. As the present study is at a state level, it could be extended to national level. The impact of retail investment in capital market may be studied in view of rural investors. The study may further be carried out to analyse the impact of reforms on the functioning of stock exchanges. A study on the awareness of women investors about retail investment pattern could be attempted. Implications of internet stock trading in India can be taken up for study. Impact of technological innovation in capital markets can be studied. Practical implications This study would be of great use for investors who make decisions regarding investment. This study will help policymakers in formulating strategies and will also help credit rating agencies in rating the investment instruments. Social implications This study is of great help for investors and SEBI. This study guides the investors regarding various laws that have been formulated for their protection and guides the SEBI in making strict regulations for the protection of the investors. Originality/value This task is 100 per cent original and some authors have been quoted.

scholarly journals Impact of index derivatives on Indian stock market volatility-an application of arch and GARCH model

2008 ◽  
Vol 6 (3) ◽  
pp. 39-44
Author(s):  
S. V. Ramana Rao ◽  
Naliniprava Tripathy
Keyword(s):  
Stock Market ◽  
Structural Changes ◽  
Garch Model ◽  
Market Volatility ◽  
Stock Market Volatility ◽  
Index Futures ◽  
Market Factors ◽  
Indian Stock Market ◽  
The Impact ◽  
Derivative Products

The present study examined the impact of introduction of index futures derivative and index option derivative on Indian stock market by using ARCH and GARCH model to capture the time varying nature of volatility presence in the data period from October 1995 to July 2006. The results reported that the introduction of index futures and index options on the Nifty has produced no structural changes in the conditional volatility of Nifty but however the market efficiency has been improved after the introduction of the derivative products. The study concludes that financial derivative products are not responsible for increase or decrease in spot market volatility, but there could be other market factors which influenced the market volatility

scholarly journals DIGITAL ECONOMY AND RECRUITMENT POTENTIAL: STRATEGICAL INTERCONNECTION AND PROSPECTS

2018 ◽  
Vol 20 (10) ◽  
pp. 50-75 ◽  
Author(s):  
G. Yu. Peshkova ◽  
А. Yu. Samarina
Keyword(s):  
Higher Education ◽  
High Schools ◽  
Information Technologies ◽  
Structural Changes ◽  
New Technologies ◽  
Digital Economy ◽  
Practical Significance ◽  
Structural Unemployment ◽  
The Government ◽  
The Impact

Introduction.Nowadays, information technologies are developing rapidly. This process affects practically all spheres of life and causes the need of system technological revolutions and modern methods of data processing. A process of digitalisation inevitably changes the structure of population employment and the educational environment as being provider of new HR-recourses.Theaimsof the research were to identify the problems of the digitalization policy in Russia and to formulate possible solutions.Methodology and research methods.The methods of theoretical investigation were used: abstraction, synthesis, analysis and generalisation.Results.The interaction of education systems and science in the field of preparation of HR-recourses at the stage of digital modernisation of the Russian economy is considered. The impact of digitalisation on vacancies and competences needed and the level of preparedness of Russia for the new technological mode are analysed. The perspective directions of higher education and recruitment policy of enterprise and the whole state are identified. The authors have come to the conclusion that rational recruitment policy is an essential part of Russian economy’s digitalisation. The efficiency of realisation of this strategy requires systembased approach to the organisation of staff training for the enterprises in actively changing economic conditions. HR management has become an extremely important element of this system. It is impossible to manage with such digitalization risks as structural unemployment and – at the same time – deficit of highly-qualified specialists without paying attention to what HR-market requires.Scientific novelty. The originality of digital economy is in its optimising effect on production and consumption possible because of operativeness and consolidation of information and computing systems. There has appeared an opportunity to manage socio-economic processes systematically. The necessity of structural changes in HR-market is proved. Moreover, high schools should head the process of overcoming the expected structural unemployment caused by new technologies appearing, i.e. they provide high-quality education of specialised competencies necessary for workers, in particular. Universities must not wait for the government to work out and present new standards and recommendations. On the contrary, high schools ought to independently and urgently initiate the organisation of competitive experts training and to form innovative methods of education of new specialists by cooperating with business sphere and taking examples of digital leaders. To sum up, sensible approach to educational policy can solve the problem of balancing the HК-market and prevent social disturbance.Practical significance.On the example of activity of separate higher education institutions, the ways and models of functioning of the higher school are shown according to economic tendencies.

CONCEPTUAL PROVISIONS OF THE STATE POLICY OF ENSURING THE ECONOMIC SECURITY OF UKRAINE IN THE CONDITIONS OF MODERN THREATS AND DIGITALIZATION

2021 ◽  
Vol 298 (5 Part 1) ◽  
pp. 280-286
Author(s):  
Olga GARAFONOVA ◽  
◽  
Liydmyla POLISHCHUK ◽  
Liudmyla DYKHNYCH ◽  
Inna YASHCHENKO ◽  
...  
Keyword(s):  
National Economy ◽  
State Policy ◽  
Structural Changes ◽  
Initial Conditions ◽  
Positive Impact ◽  
Economic Security ◽  
The State ◽  
Practical Significance ◽  
External Threats ◽  
The Impact

The article focuses on the relevance of identification and typology of modern risks and threats to the economic security of Ukraine. According to the nature of modern risks and threats, they are classified as hybrid. The hybrid nature of modern threats to Ukraine’s economic security necessitates the application of new approaches to the formation and implementation of state policy to ensure the economic security of Ukraine’s national economy. It is shown that the economic security of the state is a complex dynamic system that requires constant monitoring and management of resilience to internal and external threats in order to ensure a positive impact on socio-economic development, improve macroeconomic development, ensure quality and necessary structural changes and institutional reforms. formation of the system of competitiveness of the national economy. Under such conditions, the general goal of state policy should be to improve Ukraine’s economic security system, ensure a higher level of its resistance to the impact of hybrid risks and threats, factors and conditions of globalization and the world order. The elements of the state policy of economic security of Ukraine are determined, namely – the initial conditions, the purpose of state policy, goals and principles of policy, directions of formation of the system of counteraction to security threats, financial-resource and organizational-managerial support. The practical significance of the research results is that the immaturity of the integral system of economic security of the state is identified, which is due to the imperfection of the institutional environment, the imbalance of its structure, the predominance of the role of informal institutions over formal ones. The scientific novelty of the study is to substantiate the conceptual provisions of state policy to ensure the economic security of the state in the face of non-standard hybrid risks and threats.

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