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Specifics of using the Black-Scholes model to assess the investment project performance

Pakhnovskaya N.M. Orenburg State University, Orenburg, Russian Federation ( 550349@mail.ru )

Mishurova A.I. Orenburg State University, Orenburg, Russian Federation ( www.stu.ru_5032@mail.ru )

Journal: Economic Analysis: Theory and Practice, #7, 2018

Subject The article investigates the method of real options using the Black-Scholes model.
Objectives The aim is to clarify initial parameters of the Black-Scholes model when it is applied to evaluation of return on real investments and their sources.
Methods The study draws on methods of deduction, induction, logical analysis, synthesis, and a set of statistical techniques, like groupings, mean and relative values, dynamics, a set of variate values.
Results We assess the efficiency of investment projects using the Black-Scholes model and considering different variants of model parameters interpretation, specify the mechanism of calculating the standard deviation of cash flows generated by the investment project by type of economic activity. The paper offers to expand the information base of government statistics agencies by including the indicators on completed investment projects of economic entities in statistical reports for further processing, and to define mean difference deviation of changes in cash flows of similar projects by type of economic activity.
Conclusions The Black-Scholes model is the first choice when the economic life significantly exceeds the payback period of the investment project.


Standardizing the evaluation of investment attractiveness of regional tourist and recreational complex

Bolodurina M.P. Orenburg State University, Orenburg, Russian Federation ( bolodurina@inbox.ru )

Mishurova A.I. Orenburg State University, Orenburg, Russian Federation ( www.stu.ru_5032@mail.ru )

Journal: Economic Analysis: Theory and Practice, #8, 2018

Importance The tourism industry is a strategic area of spatial development and a key factor of increasing the investment appeal of the region. The article emphasizes the importance of analyzing and assessing the tourism potential of the region while establishing strategic programs.
Objectives The aim of the study is to assess the impact of tourism potential implementation on investment attractiveness of the tourist and recreational complex and present the tourism industry as an economic growth driver in the region.
Methods In the study, we apply integrated approach, methods of scientific cognition (comparative, logical, structural-and-dynamic, statistical and mathematical analysis and synthesis, agglomerative methods of cluster analysis, cartographic method).
Results We created an integrated indicator based on individual potentials that are justified taking into account the specifics of information sources. This enables scaling and processing to obtain unbiased results of evaluation. We piloted the proposed system of criteria to assess the investment appeal of tourism potential on the Orenburg oblast case. We also performed the zoning of the territory of the Russian Federation based on the impact of tourist potential realization on investment attractiveness of tourist and recreational complex.
Conclusions The offered complex system helps assess the level of actual implementation of tourism potential of a particular entity in comparison with others, and based on obtained results underpin investment area, define investment policy, evaluate the efficiency of regional development strategy.


Information support to digitization of operations of tourism industry entities

Bolodurina M.P. Orenburg State University, Orenburg, Russian Federation ( bolodurina@inbox.ru )

Mishurova A.I. Orenburg State University, Orenburg, Russian Federation ( www.stu.ru_5032@mail.ru )

Journal: Economic Analysis: Theory and Practice, #9, 2018

Importance Digitization of the tourism industry involves integrating data from various sources and processing of large-scale information flows. This necessitates an information system that meets the requirements of the digital economy and information needs of actors involved.
Objectives The study aims to formulate tasks of information support to digitization of the tourism industry activities, systematize and classify sources of information support, identify opportunities of using the software to solve local tasks of the tourism industry actors.
Methods We employ the methods of comparative analysis, analogies, generalization, classification, systems and structural approaches.
Results The paper defines requirements for information support to digitization of tourism industry actors' activities, presents a uniquely designed approach to information support system creation for tourism operations' digitization, substantiates the factor dependence of software choice and specific use on the targets of the actors and the condition of business environment.
Conclusions We unveil the specifics of problem description for information support to different types of entities operating in the tourism industry (manufacturers and consumers of tourism products, the State and investors). Creation of information support system for digitization of activities in the tourism industry is a process of data aggregation into a single information space. It requires rapid and complete verification of incoming information, an increase in the level of intellectualization of companies, development of domestic software products, professional competencies, the level of training and consumption culture.


Analysis of criteria for evaluating the efficiency of foreign direct investment

Bolodurina M.P. Orenburg State University, Orenburg, Russian Federation ( bolodurina@inbox.ru )

Mishurova A.I. Orenburg State University, Orenburg, Russian Federation ( www.stu.ru_5032@mail.ru )

Journal: National Interests: Priorities and Security, #8, 2017

Importance The specifics of socio-economic and political systems, civilizational strategy of development determines the investment attractiveness of Russia from the foreign investor's perspectives. Thus, it is necessary to analyze the criteria used to carry out a multivariate evaluation whether foreign direct investment are efficiently attracted, and how these criteria can be interpreted.
Objectives We identify what specifics can be found in initiating foreign direct investment in the Russian economy. We outline and test the technique for a comprehensive analysis
of the efficiency of foreign direct investment at the macroeconomic level.
Methods The research examines basic and applied proceedings of foreign and Russian authors on techniques for evaluating the investment efficiency. The research draws upon such methods as comparison, logic analysis, analysis of monographs, structural and trend analysis, and analysis and synthesis in mathematical statistics.
Results The proposed toolkit for multivariate evaluation of the foreign direct investment efficiency can not only become the basis for economic agents to evaluate the investment attractiveness of the Russian Federation and make decisions, but also can be used for monitoring of the investment environment.
Conclusions and Relevance We trace the trade-off between foreign investment raised and some macroeconomic indicators describing the foreign trade and the economic situation in the Russian Federation. The research proves the applicability of the technique for a comprehensive analysis of the foreign direct investment efficiency evaluation to determine distinctive traits in initiating the influx of foreign capital. Having tested the model, we found out how the investment attractiveness of economic sectors change from perspectives of foreign investors.


Adaptation of foreign experience of the tourism industry development as a growth driver of the national economy

Bolodurina M.P. Orenburg State University, Orenburg, Russian Federation ( bolodurina@inbox.ru )

Mishurova A.I. Orenburg State University, Orenburg, Russian Federation ( stu.ru_5032@mail.ru )

Journal: National Interests: Priorities and Security, #1, 2018

Importance A competitive tourism product can be created for the world market, if public authorities and private structures take a comprehensive approach to developing the tourism industry, which allows to systemically influence certain components of tourism, and promote the domestic product in the international market.
Objectives The research systematizes foreign experience in developing the State policy for tourism and traveling. We analyze international practices of initiating the investment and entrepreneurial activity in the tourism sector and positioning of the tourism industry as the national economy growth driver.
Methods In this research we examine international competencies in implementing administrative practices aimed to develop economic modernization projects. We use the general scientific methods of research, such as a system-structural method, scientific abstraction, analysis and synthesis, comparative analysis.
Results We determine areas where investment in the tourism industry of the Russian Federation is generated. We carry out a comparative analysis of the way measures of the State policy for tourism and traveling are implemented in Russia and Spain. The research identifies international tools for encouraging the investment and entrepreneurial activities and possibilities of their adaptation to the Russian economy.
Conclusion and Relevance To generate investment in tourism, it is necessary to identify the cause-effect relationships between the business environment of territories and investment activity of economic entities. When developing the Russian economy modernization programs, international tourism leaders’ experience shall be considered, with tools for stimulating the investment and entrepreneurial activity being adapted to domestic realities.


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