scholarly journals PROBLEMS AND TRENDS IN THE DEVELOPMENT OF THE RUSSIAN STOCK MARKET

2022 ◽  
Vol 2021 (2) ◽  
pp. 6-10
Author(s):  
Vera Shumilina ◽  
Alexander Kochetov ◽  
Vitaliy Muradyan
Keyword(s):  
Stock Market ◽  
Market Value ◽  
Securities Market ◽  
Financial Resources ◽  
Russian Market ◽  
Economic Relations ◽  
Financial Activity ◽  
The Usa ◽  
Russian Stock Market ◽  
Research Analysis

The article is devoted to the research analysis of the current patterns of development of the domestic stock market. An assessment of the dynamics of the stock market volumes is given. The trends in the movement of the market value of shares of Russian companies and the influence of factors on this process are analyzed. A comparative analysis of the dynamics of the stock market in Russia and the USA is carried out. We also raised the issue of the development of economic relations in Russia characterized by the creation of an effective and transparent mechanism for the formation and distribution of financial resources between economic entities in accordance with market rules and laws. One of these generating and redistributing channels should be the securities market, as an integral part of ensuring the integrity and functioning of all elements of the economic system of the state. In conclusion, it was concluded that the main goal of the Russian market is its transformation into a productive mechanism for reducing the uncertainty of financial activity, which is based on the implementation of an appropriate active state policy

scholarly journals Impact of Political News: Evidence from Russia

2017 ◽  
Vol 64 (3) ◽  
pp. 271-287
Author(s):  
Sergey Nikolayevich Volodin ◽  
Gennadii Mladenovich Kuranov ◽  
Alexey Pavlovich Yakubov
Keyword(s):  
Stock Market ◽  
Securities Market ◽  
The Political ◽  
Garch Models ◽  
Financial Systems ◽  
Russian Market ◽  
Political News ◽  
Political Events ◽  
Russian Stock Market ◽  
Proper Orientation

Abstract In recent times political events started to exert more and more significant impact on national financial systems due to sharpening of political problems in various countries. Undoubtedly, their influence can be followed in price dynamics of stocks which are trading in the securities market. The need to understand political news impact on the market as a whole and its separate industries is faced by investors and market agents for proper orientation in market environment. Since this issue provides rather controversial results in different studies, the authors set the aim to investigate the Russian market with the use of GARCH models. Such approach allowed determining precisely the political events’ influence on return and volatility of market assets as well as leverage and clusterization effects. The obtained results may be beneficial for investors, operating in the Russian stock market, other market agents and specialists in the field of financial science.

scholarly journals Improvement of Tax Regulation Arrangements for the Russian Stock Market

2020 ◽  
Vol 8 (16) ◽  
pp. 556-570
Author(s):  
Andrei V Koren ◽  
Tatyana E Danilovskikh ◽  
Artem A. Pustovarov
Keyword(s):  
Stock Market ◽  
Income Tax ◽  
Securities Market ◽  
Tax Base ◽  
Public Offerings ◽  
Tax Legislation ◽  
The Status ◽  
Tax Benefits ◽  
Russian Stock Market ◽  
Financial Transactions

The paper discusses various options for taxation of transactions with securities issued by Russian companies. The study aims to solve the problem of low investor activity in the Russian stock market by transforming the current tax legislation. An assessment of the factors restraining the development of the primary public offerings market is given. The problems of the existing methodology for the formation of the tax base when calculating income tax and personal income tax on transactions with exchange-traded financial assets are analysed. A methodology for providing tax benefits and tax incentives for investors is proposed. An assessment of the effectiveness of tax benefits using an individual investment account is given. A comparative analysis of the amount of taxes paid is carried out depending on the status of an investor and the type of securities. A detailed description of the methods for calculating taxes on stocks, bonds and futures is given. The results of the study consist in substantiating theoretical and practical provisions that allow us to develop an effective mechanism for taxing financial transactions in the securities market. The need is theoretically substantiated and the significance of state support in the stock market for citizens of the Russian Federation is determined. Mechanisms are proposed for cancelling separate accounting for several types of tax bases. The main problems are found and ways to improve the mechanism of taxation of transactions made on the Russian stock market are developed.

scholarly journals The effects of volatility and changes in conditional correlations in the stock markets of Russia and developed countries

2020 ◽  
Vol 65 (227) ◽  
pp. 67-94
Author(s):  
Oleg Salmanov ◽  
Natalia Babina ◽  
Marina Samoshkina ◽  
Irina Drachena ◽  
Irina Salmanova
Keyword(s):  
Stock Markets ◽  
Statistical Significance ◽  
Developed Countries ◽  
Investment Strategies ◽  
Russian Market ◽  
The Us ◽  
The Usa ◽  
International Portfolios ◽  
Russian Stock Market ◽  
The Uk

The aim of this article is to identify patterns of profitability volatility and to establish the degree of dynamic conditional correlation between the stock markets of developed countries and those of Russia. This issue is important for investment strategies and the international diversification of investments. We use the BEKK-GARCH, CCC-GARCH, and DCCGARCH models and show that the correlation between the Russian stock market and the markets of the USA, UK, Germany, and France has decreased significantly in recent years. We find that while the correlation between the Russian market and the mature European markets is bidirectional, the relationship between the US market and the Russian market is unidirectional. An assessment of the transfer of volatility from all of the mature markets to the Russian market establishes its statistical significance and shows that feedback from the Russian market to the UK and German markets is insignificant. Diversification of international portfolios in the Russian market is recommended.

scholarly journals Certain aspects of current state of domestic financial market

2021 ◽  
Vol 11/3 (-) ◽  
pp. 8-12
Author(s):  
Maryna BORMOTOVA ◽  
Tetiana MASHOSHYNA ◽  
Olena TROINIKOVA
Keyword(s):  
Stock Market ◽  
Financial Market ◽  
Securities Market ◽  
Financial Resources ◽  
National Commission ◽  
Financial Instruments ◽  
Global Indices ◽  
Banking Institutions ◽  
High Level ◽  
Investment Process

Introduction. The financial market, as a combination of exchange and redistribution relations associated with the processes of purchase and sale of financial resources is a complex system that is an indicator of the development of the economy as a whole. In the context of global challenges, the development trends of the financial market and its components are expanding. The securities market today occupies an increasing segment of the financial market, despite the fact that it is under development. Recently, it is characterized by a high level of dynamism. And already now it has positive results for the participants. Purpose. A study of the securities market, the structure of its financial instruments and the circle of participants. Results. Modern financial processes are characterized by the emergence of new financial instruments and technologies, which expands and forms an alternative to the placement and attraction of financial resources outside of banking institutions and increases the circle of participants. An example is the emergence of Internet trading. Internet trading is a system of securities work that gives the investor access to exchange information, and also makes it possible to conclude transactions on the purchase and sale of securities on the exchange in real time using a special certified program installed on a personal computer. The expansion of the range of financial instruments that contribute to the increase of the circle of participants in the financial process in the stock market occurred at the expense of Bonds of Internal Government Loans of Ukraine, whose income rates are higher then bank. They became the first hryvnia instruments included in the global indices of debt securities MVIS (MV Index Solutions. Also in October this year, the National Commission on Securities and Stock Market decided to allow the circulation of foreign securities in Ukraine. As a result, today Ukrainian investors can use the opportunity to invest in 85 securities of foreign issuers. All this makes it possible to obtain additional financial resources for both individual (households) and collective entities (communities). Conclusion. Domestic government bonds are effective financial instruments for the majority of participants in the investment process in the stock market are the first hryvnia instruments to be included in the the global MVIS debt securities indices. There is also a tendency to expand the circle of participants and the structure of financial instruments of the Ukrainian stock market due to the possibility of purchasing state securities by territorial communities, as well as admission of foreign securities by the Cabinet of Ministers of Ukraine.

scholarly journals Impact of Global Oil Shocks on the Russian Stock Market

2021 ◽  
Vol 92 ◽  
pp. 07037
Author(s):  
Igor Lukasevich ◽  
Ludmila Chikileva
Keyword(s):  
Stock Market ◽  
Time Series Data ◽  
Value Added ◽  
Stock Index ◽  
Series Data ◽  
Var Model ◽  
Oil Shocks ◽  
Russian Market ◽  
Russian Stock Market ◽  
The Impact

Research background: The study focuses on modeling assessment of oil shocks impact on the Russian stock market. Purpose of the article: The purpose of the study is to determine the impact of oil prices abrupt changes on the Russian stock market, its quantitative and temporal specifications. The study consists of two interrelated sections. The first section includes the results of statistical processing of initial data, calculation of their key characteristics and preliminary analysis. The second section of the study is devoted to modeling the assessment of the impact of oil shocks on the behavior of the Russian market RTS stock index. Methods: Based on an extensive sample of daily price values for Brent North sea oil and the Russian stock index RTS for the period from 1997 to May 2020, the study was conducted using models vector auto regression (VAR-model). Findings &Value added: The VAR model was developed and tested to assess the impact of oil shocks on the Russian stock market. Unlike the results of other studies, it is shown that the Brent oil price variance explains only about 10% of the RTS index yield variance in long-term time intervals. The low correlation of time series data and time limit of the impact of oil shocks on the Russian market have been revealed. According to the results of the study, the market recovery takes about 2 months, then the stock index returns to the ‘historical’ range of average ± standard deviation.

The Initial Analysis of the Share Suitability for the Inclusion into an Active Trading Strategy

2021 ◽  
pp. 80-89
Author(s):  
I. Tolkachev ◽  
Aleksandr Kotov
Keyword(s):  
Stock Market ◽  
Real Number ◽  
Stock Exchange ◽  
Trading Strategy ◽  
Trading Strategies ◽  
Present Stage ◽  
Russian Market ◽  
Initial Analysis ◽  
Trading Volumes ◽  
Russian Stock Market

The article lists the problems inherent to the Russian stock market at the present stage, special attention is paid to the liquidity issues. The authors evaluate the shares of all issuers listed on the Moscow Stock Exchange for the possibility of their inclusion in an active strategy based on average trading volumes. The article calculates the effectiveness of using the methods of average values in assessing the compliance of the selected instruments with the minimum required liquidity values. In the course of the work, the industry features of the Russian market are taken into account. The classifier of the Moscow Exchange is used to distribute issuers by industry. In parallel, the liquidity imbalance between the branches of the Russian stock market is being investigated. The conclusion is given about the real number of stock market instruments suitable for use in active trading strategies. The result of the study is a formed set of shares distributed by industry.

Urgent Problems of the Russian Stock Market Development

2003 ◽  
pp. 26-43
Author(s):  
Yu. Sizov
Keyword(s):  
Stock Market ◽  
Market Economy ◽  
State Regulation ◽  
Market Mechanism ◽  
Securities Market ◽  
Market Development ◽  
Stock Market Development ◽  
Phases Of Development ◽  
Basic Functions ◽  
Russian Stock Market

The article reviews the importance of a stock market as one of the key institutions of the advanced market economy. The author argues that the country will not be able to proceed to more mature phases of development until its securities market can perform its basic functions. Convincing arguments are put forward against the established views on the impossibility to overcome disadvantages of the market mechanism in today's Russia. The author substantiates recommendations for promoting investment orientation of the stock market and frames a new concept of its state regulation.

Analyst says a lot, but should you listen? Evidence from Russia

2020 ◽  
Vol 47 (4) ◽  
pp. 729-745 ◽  
Author(s):  
Darko Vukovic ◽  
Vladislav Ugolnikov ◽  
Moinak Maiti
Keyword(s):  
Stock Market ◽  
Stock Prices ◽  
Emerging Market ◽  
Economic Situation ◽  
Analyst Recommendations ◽  
Russian Market ◽  
Content Type ◽  
Policy Content ◽  
Russian Stock Market ◽  
The Impact

PurposeThis study aims to examine whether the publication of analyst recommendations has reaction in the Russian stock market. This study also aims to determine the other factors that influence the reaction.Design/methodology/approachEvent study analysis (ESA) and regression models are used in this study.FindingsThe study finds that Russian stock market significantly reacts to analyst recommendations publications. Then study deeply investigates about the influence of other factors on the Russian market when an analyst's recommendations are published such as changes in recommendation levels, companies' size and general economic situation. The analysis done in the context of three types of recommendations: “buy,” “hold” and “sell.” The study finds that the market reacts not only to separate forecasts and subsequent recommendations, but also to the changes in recommendations' levels as well. Interestingly, the study finds that the impact of crises is not found to be a significant factor in the context of the Russian market.Research limitations/implicationsAnalysts used to spend much more resources on conducting a fundamental analysis than ordinary investors do. Therefore, they usually possess valuable privileged information that is supposed to influence stock prices when published. However, the present study argues that the direction, extent and period of a reaction of an analyst's recommendations are highly complicated and depend on what factors are under consideration in a particular research. Very often, the authors who dedicate their papers to develop and study markets choose a couple of (or even one) factors and delve into them. Nevertheless, to the author's best knowledge, few frequently cited and well-conducted research focused on such an emerging market as the Russian one. Thus, it seems reasonable that there is a gap in the literature that needs to be filled while considering other important factors. The study findings have a significant investment policy content.Originality/valueIn several senses, the present study is unique. First, it investigates whether analyst recommendations sufficiently affect the Russian stock market; second, it determines whether the significant factors such as changes in recommendation levels, companies' size and general economic situation have influence on the reaction. Finally, the study discusses about whether there is an impact of crises in the present study findings.

scholarly journals Financial activity of Russian banks on the stock market

2020 ◽  
Vol 19 (2) ◽  
pp. 114-121
Author(s):  
Vilayat Guseynov
Keyword(s):  
Stock Market ◽  
Securities Market ◽  
Financial Activity

The article describes Russian securities market, and also the role of banks in this market. The types of securities that make up the Bank's portfolio are considered. The analysis was carried out on the example of Raiffeisenbank JSC, and the necessary conclusions were drawn

The Russian Market of Mergers and Acquisitions

Servis plus ◽  
10.12737/2800 ◽  
2014 ◽  
Vol 8 (1) ◽  
pp. 76-83
Author(s):  
Марина Фролова ◽  
Marina Frolova
Keyword(s):  
Mergers And Acquisitions ◽  
Global Financial Crisis ◽  
Market Value ◽  
Global Market ◽  
State Regulation ◽  
Corporate Management ◽  
Russian Market ◽  
Brics Countries ◽  
The Usa ◽  
The Global Financial Crisis

The article investigates the trends in the Russian market of mergers and acquisitions (M&A) over the last decade. It provides a list of problematic aspects of the legislation of the Russian Federation in the sphere of state regulation of financial markets, the methodology of evaluation and corporate management affecting the number of transactions and the global market. The article analyses the dynamics in the number and value of deals of the Russian market of mergers and acquisitions in the period from 2003 to 2012. The author compares the value of Russian, USA and European markets during the analyzed period. The comparison involves the dynamics of the share of the Russian market and the market share dynamics in Europe, the USA and other countries in the framework of global mergers and acquisitions market. The article defines the similarities that M&A market trends in Russia, USA and Europe show and the discrepancies between the peak and trough periods for the Russian market value and for the market value of other countries, especially the BRICS countries. The article also researches the Russian market and sample Russian industry markets during the global financial crisis of 2008, in the immediately preceding and the following years. The peculiarities of the Russian market are identified, as well as the trends similar to those identified and described in the American research methodology in markets of mergers and acquisitions, with the research aiming at the selection of target companies that maximize the value of the acquiring company.

Sign in / Sign up

Export Citation Format

Share Document