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Evaluating the efficiency of foreign direct investment: A cross sectoral comparison

Fedorova E.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( ecolena@mail.ru )

Fedorov F.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( fedorovfedor92@mail.ru )

Nikolaev A.E. AO Gidromashservis, Moscow, Russian Federation ( alexed.nik@gmail.com )

Afanas'ev D.O. Financial University under Government of Russian Federation, Moscow, Russian Federation ( dmafanasyev@gmail.com )

Journal: Financial Analytics: Science and Experience, #41, 2016

Importance The research evaluates the efficiency of companies having foreign direct investment in line with industry specifics.
Objectives The research pursues ranking the industries that handle foreign direct investment in the most effective way.
Methods The research involves methods of analysis that draws upon performance indicators (profitability) and technological efficiency (DEA analysis). We also used financial statements of the Russian companies that work with foreign direct investment.
Results General profitability decreases over time, with profitability of assets being negative in 2014. It results from anti-Russian sanctions, including the restriction of foreign direct investment.
Conclusions and Relevance Foreign direct investment has a positive effect on the Russian economy, and their restriction caused a reduction in performance indicators of the Russian companies. The average efficiency of the industry confirms that foreign direct investment has a positive effect in each industry, and its restriction will affect industries respectively.


On a certain approach to comparing the regions in different countries based on estimated technical efficiency of innovative space

Afanas'ev M.Yu. Central Economics and Mathematics Institute of RAS (CEMI RAS), Moscow, Russian Federation ( miafan@cemi.rssi.ru )

Kudrov A.V. Central Economics and Mathematics Institute of RAS (CEMI RAS), Moscow, Russian Federation ( kovlal@inbox.ru )

Lysenkova M.A. Central Economics and Mathematics Institute of RAS (CEMI RAS), Moscow, Russian Federation ( lysenkovam@gmail.com )

Journal: Economic Analysis: Theory and Practice, #9, 2019

Subject We assess the technical efficiency of innovative space in regions of different countries.
Objectives The purpose is to get comparable estimates of technical efficiency of innovative space in regions of different countries that retain the rank of regions formed according to ‘national models’.
Methods The study rests on the concept of a stochastic frontier and an optimization model with a quadratic target function and linear limitations.
Results We offer an approach enabling to adjust the technical efficiency estimates obtained from the model, which is common to the entire population of regions, so that they retain the rank of regions formed according to ‘national’ models. This approach provides comparable technical performance assessments in a wide range of tasks to model the limits of production capacity of economic facilities that are operating in different institutional environment.
Conclusions A natural way to obtain comparable technical performance estimates is to build a common model for the entire population of regions. However, the results of the general model seldom have a satisfactory economic interpretation, as the innovation activities of regions of different countries is conditioned by different institutional environment. Using the offered model, the estimates derived from the general model are adjusted so that their grades are fully in line with the estimates received from the so called ‘national’ models.


Evaluating the effectiveness of arbitration pricing of Moscow Stock Exchange and London Stock Exchange

Fedorova E.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( ecolena@mail.ru )

Popov V.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( vjpopov@fa.ru )

Sedykh D.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( d.sedykh@list.ru )

Afanas'ev D.O. Financial University under Government of Russian Federation, Moscow, Russian Federation ( dmafanasyev@gmail.com )

Journal: Financial Analytics: Science and Experience, #31, 2014

The paper considers the possibility of arbitration strategy regarding the depository receipts at the LSE IOB and the shares on the Moscow Stock Exchange. The main reason for choosing this particular area for this article is that the most of the trading on the LSE IOB is performed using transactions of the shares of the Russian companies. In December of 2013, the total volume of trading on the IOB amounted to 19.7 billion U.S. dollars, at that time, the trading volume of depository receipts of the Russian companies amounted to 17.2 billion U.S. dollars. Building of models of arbitration strategy requires defining of its parameters and inputting data on the ground of which you can later determine the break-even spread. Such data include as follows: the amount of the arbitration position, which reflects the cumulative amount of the open deals in both markets, which reaches 1 000 000 U.S. dollars; the price of the depositary receipts, which is determined individually for each receipt, in US dollars; the adjusted value of the local share of the LOC; brokerage commission when trading on the Moscow Stock Exchange and the London Stock Exchange is 0,02% of the transaction amount for both trading platforms. Having built an arbitration model for each security, the final list of the securities was defined, according to which in 2013, one can implement the strategy of spatial arbitration earning a profit. Based on the analysis of the break-even spreads, which have been identified for the period of 2013 the profitability of the initially invested funds amounted to 49%, which is a significant indicator for the relatively risk-free model. The program aimed at the accelerated converting of the local shares into depositary receipts, which was introduced in 2014. The program will allow cutting back on the length of the conversion operation from the several days to a couple of hours within one day. The article demonstrates the potential economic effect of the arbitrage transactions using the example of the most liquid financial instruments with dual listing. The paper points out that the aforementioned effect was equal to 55,4%. The authors state that the highest increase of the margin was demonstrated by the more expensive securities, such as shares and depository receipts of OAO Lukoil and OJSC Uralkali.


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