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New models for analysis of the reporting of organizations

Bogatyrev S.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: Financial Analytics: Science and Experience, #11, 2017

Subject The article deals with the issues of accounting reporting of organizations. Objectives The article aims to assess the quality of accounting reporting of organizations and develop a report manipulation detection algorithm.
Methods For the study, I used the Beneish model obtained from the correlation and regression analysis of company's reporting data.
Results The article presents an algorithm for detecting manipulation of reporting. A set of procedures and analytical tools have been introduced into analyst practice. It is technological, economical in time and work, and easily algorithmized and embedded in mass computing. As well, the article exposes the limitations of validation of the model and outlines the prospects for future use in Russia.
Conclusions and Relevance In the Russian context, practice shows that the proposed model is fully applicable and provides some guidance based on the organizations' reporting. The prospects for launching it in the database of thousands of enterprises are open. This can have a huge effect in the massive monitoring of organizations.

Developing the concept of behavioral finance in the Russian financial science

Bogatyrev S.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: Finance and credit, #42, 2015

Subject Traditional methods of modern financial analysis and forecasting do not give a full explanation of the studied financial events. Therefore, when formulating the conclusions and summarizing the final settlements, financiers are increasingly turning to the need to explore behavioral factors that underlie the financial decision-making. The behavioral finance science development in Russia started in the beginning of the 21st century. The study demonstrates the key elements of the behavioral finance concept and provides the results of practical research of urgent problems of the modern Russian finance.
     Objectives The aim is to describe the concept of behavioral finance of the domestic financial school.
     Methods The article substantiates the application of the behavioral finance theory based on the key psychological concepts and heuristics for the formation of the behavioral framework to analyze financial phenomena.
     Results I have developed a holistic concept of consistent behavioral finance adapted to Russian conditions, with individual methodological framework, data base of long-term research and observations laying the foundation for behavioral finance development in the near future.
     Conclusions and Relevance Under instability and crisis, behavioral models for the analysis of the effects of financial events complement the classic tools of traditional finance and improve the quality and efficiency of financial decisions.

Property tax system outside the Russian Federation

Bogatyrev S.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: Finance and credit, #38, 2016

Importance The article addresses foreign property tax systems, property tax assessment, administration and payment in developed countries, and measuring and analytical tools.
Objectives The purpose of the study is to review the experience of developed countries in property taxation.
Methods The study employs scientific methods to obtain new knowledge and methods for solving problems related to property taxation in Russia based on foreign experience, uses developments in the theory of property taxation, summarizes tax practices that reflect objective laws of property tax development abroad.
Results Property tax generates a significant share of local government revenues in countries with developed economies. The comparative analysis of property tax systems in developed and developing countries shows that the revenue from property taxes in developed countries provide a relatively large share of the budget than in developing countries. I analyzed significant factors of property taxation, i.e. tax rates and the distribution of tax revenues; revealed the non-elasticity of property taxes and their arbitrary nature.
Conclusions and Relevance I recommend using the identified mechanisms of property taxation in developed countries in the domestic tax practice to increase budget revenues, enhance social stability and well-being of Russian citizens.

A cost analysis of anomalies in the Russian stock market through behavioral finance

Bogatyrev S.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Antonov D.S. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Ryklin K.A. Financial university under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: Financial Analytics: Science and Experience, #41, 2015

Importance The current circumstances in the Russian stock and financial markets provide substantial evidence that the difference between the theoretical and factual prices of the asset appraised grows huge. The same is true for foreign countries. In contemporary finance, conventional analysis and forecasting methods fail to explain financial phenomena. When making conclusions and final estimates, we resorted to behavioral factors underlying financial decisions. The article presents the specifics of behavioral assessment of the Russian retailers in the current crisis conditions.
     Objectives We compared the classical appraisal of the specific business, its results and behavioral assessment. We describe how it would be possible to explain anomalies with the market cost in terms of behavioral finance.
     Methods The article involved achievements of the behavioral finance theory, illustrating which key psychological concepts and heuristics shape the behavioral framework for analyzing financial phenomena. Displaying the specific Russian company, we apply the behavioral assessment model and the Barberis, Shleifer and Vishny model of investor sentiment.
     Results The cost analysis involved an integral and consistent concept of behavioral finance adapted to the Russian conditions with its R&D, methodological framework and behavioral assessment models.
     Conclusions and Relevance We conclude that behavioral models for evaluating the assets can be applied to measure the business value of the Russian companies. Considering the market anomalies, such models will help interpret the difference between the company's share quotations and its market value, plan investment strategies, describe how investors would behave in the stock market.

Valuation of a Russian bank under international economic sanctions

Bogatyrev S.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Dobrynin S.S. Russian State Social University, Moscow, Russian Federation ( )

Journal: Finance and credit, #9, 2015

Russian banks and other financial institutions with State ownership have run into a problem of international sanctions, which restrict their access to traditional sources of foreign capital. Refocusing on other international sources of funding uncovered another problem, i.e. valuation of Russian banks with State ownership for foreign investors, taking into account the international sanctions. However, the methods of valuation are rather undeveloped in the Russian Science. The paper addresses the problem on the case of a Russian bank partially owned by the State. In this paper, we have achieved the goal of calculating the market value of a bank using the most appropriate method of valuation in conditions of imposed international economic sanctions. We have analyzed specifics and constraints of three main approaches to the valuation and considered the newest valuation techniques. We have concluded that in conditions of the sanctions, the most reasonable valuation method is the Edwards-Bell-Ohlson Residual Income Valuation Model. We have identified constraints of valuation techniques developed in the West for specific Russian conditions in terms of capital flow limitations imposed by international partners. We have found a way to overcome the limitations of the application of this method in conditions of the sanctions, i.e. by using a discount rate. Due to impossibility to correctly apply the Capital Asset Pricing Model (CAPM) by using a discount rate and the arbitrage pricing model, the cumulative model of discount rate calculation has been identified as the most correct and appropriate. We have developed and applied a mechanism to value adjustments depending on the imposed sanctions. The article substantiates the use of the method of residual income valuation of modern Russian State-owned banks under sanctions as the most appropriate one for the current situation on international capital markets. It is concluded that under the conditions of imposed sanctions on our country, when assessing banks with State ownership the method of residual income is the most suitable. We apply the method to Russian conditions under the computational model, which has been worked out during the study.

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