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Behavioral finance: Relevance and rationale

Bogatyrev S.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( sbogatyrev@fa.ru )

Journal: Finance and Credit, #2, 2019

Subject The paper studies behavioral finance and the use of behavioral financial tools in their retrospective and development both in Russia and abroad.
Objectives The aim of the article is to reveal the main directions of practical scientific research on current problems of modern Russian finance.
Methods The work substantiates the application of the behavioral finance theory and presents the reasons and factors for the development of the new science.
Conclusions and Relevance Behavioral finance is of great importance in connection with the mass robotization of financial professions. The use of behavioral instruments of financial phenomena research complements and expands the classical instruments of traditional finance, improves the quality and efficiency of financial decisions. The development of behavioral analysis is constrained by the fragmentation of the theoretical foundation and the fragmentation of research both abroad and in Russia.


Analytical possibilities of modern information systems in implementation of income approach to business valuation

Bogatyrev S.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( sbogatyrev@fa.ru )

Journal: Financial Analytics: Science and Experience, #1, 2018

Importance The article studies the new software and information tools for cost analysis, provided by modern information systems.
Objectives The article aims to estimate the value of an organization through the income approach method.
Methods For the study, I used the cash flow discounting method from the income approach perspective.
Results The article demonstrates the positive qualities of analytical tools of information systems. It reveals restrictions and frontier conditions of application of modern information means by financial analysts.
Conclusions and Relevance Financial analysts have new opportunities to use modern information systems. The results of the research can be used in calculation practices and analytical work by financial analysts, business value appraisers and Russian organizations for financial reporting purposes.


Prospect theory cost function in Russian practice

Bogatyrev S.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( sbogatyrev@fa.ru )

Journal: Finance and Credit, #46, 2017

Importance This article discusses the issues of empirical confirmation of the cost function graph that underlies the Prospect theory.
Objectives The article aims to offer practical tools for measuring values and how to take them into account when constructing a cost function in Prospect theory, using real market data.
Methods For the study, I used the methods of correlation and regression analysis.
Results The article presents a designed cost function graph, the constituent elements of which are logically justified in accordance with behavioral finance.
Conclusions and Relevance The resulting form of the real cost function graph resembles the indifference curves opened in the nineteenth century. The resulting graphs update the old economic theory and prove the need to confirm the new theories with real empirical evidence. The results obtained can be helpful to financial practitioners, analysts, business valuators, etc.


New models for analysis of the reporting of organizations

Bogatyrev S.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( sbogatyrev@fa.ru )

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.


New models for analysis of the reporting of organizations

Bogatyrev S.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( sbogatyrev@fa.ru )

Journal: International Accounting, #2, 2018

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.


Prospect theory: The framework and application areas

Bogatyrev S.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( sbogatyrev@fa.ru )

Journal: Finance and Credit, #4, 2019

Subject The paper examines the Prospect theory, as well as the tools and research methods of behavioral finance based on this theory.
Objectives I am to allocate the most important elements of the Prospect theory and show their development and practical implementation in modern conditions.
Methods The study uses the method of historical periodization, historical-systemic and historical-comparative methods. It also applies methods of formal logic, such as: analysis, synthesis, induction, hypothesis.
Results The fundamentals of Prospect theory described in the article are guidelines for setting up practical research in the field of finance to take into account the fundamental assumptions underlying the behavior of persons taking financial decisions in the face of risk and uncertainty in obtaining benefits or losses.
Conclusions and Relevance The article outlines the directions and areas of application of the Prospect theory in the Russian financial research practice. One can apply the research results to analyze the behavior of investors in the stock market and in corporate finance in terms of crisis. The practical and experimental components are little developed and need further research.


Theoretical framework and practical models of behavioral extrapolation

Bogatyrev S.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( sbogatyrev@fa.ru )

Journal: Financial Analytics: Science and Experience, #2, 2019

Subject The article addresses behavers, i.e. persons taking financial decisions on the basis of mechanisms and principles underlying behavioral analytical tools; behavioral finance tools and extrapolation as a key element in behavioral model building.
Objectives The aim is to develop and describe the theoretical basis of extrapolation mechanisms and their realization in behavioral models.
Methods I employ methods of analysis and synthesis, reveal the degree of formalization of the problem and apply logical methods of research.
Results The developed theoretical framework for extrapolation principles in behavioral finance is illustrated by numerous behavioral models. I specify principles and driving factors of extrapolation in taking financial decisions, offer a mechanism describing the effect of these driving factors. I tested the model on the factual material of foreign markets. The findings may help analyze investors' behavior in the stock market, in corporate finances in conditions of instability and crisis.
Conclusions Currently, behavioral analytical tools based on extrapolation have been formed and are being applied. Owing to these tools, it is possible to make highly accurate forecasts and describe phenomena in financial markets. To develop such models and integrate them with technical analysis is a promising area of new research.


Developing the concept of behavioral finance in the Russian financial science

Bogatyrev S.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( sbogatyrev@fa.ru )

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 ( sbogatyrev@fa.ru )

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.


Analytical Capabilities of Modern Information Systems as Part of the Income-Based Business Valuation Method

Bogatyrev S.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( sbogatyrev@fa.ru )

Journal: Digest Finance, #1, 2018

Importance The research focuses on new software and information tools for valuation. The research deals with aspects of business valuation based on the income-based valuation method.
Objectives I scrutinize aspects of adjusting the valuation framework to new analytical capabilities and demonstrate distinctive scope of information and analytical data on ratios and metrics stored in such systems and available for financial analysts.
Methods The research is based on the DCF method from perspectives of income-based business valuation.
Results I analyze capabilities of software and technological tools of modern information systems and measure the value of different items using the DCF method through various models. The article displays positive aspects of analytical tools of the information systems and identifies what restrictions and limits they impose on a financial analyst. The article unveils the limited nature of data resources in foreign information systems and indicates the Russian alternative information resources for improving the use of the DCF-based models.
Conclusions and Relevance Financial analysts may benefit from new capabilities of model information systems. They streamline primary data collection and processing for business valuation purposes and standardization of financial reporting. The article outlines the future of new information resources and their use in business valuation. The findings may prove useful in financial analysis and financial reporting.


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