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The impact of innovation on the share price performance of digital firms

Rogachev D.Yu. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation ( rogistyle@mail.ru )

Journal: Financial Analytics: Science and Experience, #4, 2019

Subject This article deals with the issues of investments of companies in research and development (R&D), that influence the financial condition of organizations considerably.
Objectives The article aims to identify the relationships between the R&D costs and the share value of some U.S. companies and assess the impact of digital differentiation on the effectiveness of the company's investment policy in the field of R&D.
Methods For the study, I used the technique of econometric modeling of share price appreciation (time dependent price behavior), applying mixed models based on heterogeneous panel data.
Results The article presents certain criteria that help differentiate digital companies from the less digital ones. It shows how and what R&D costs of different companies and under what conditions have certain effect on the share price performance of the companies.
Conclusions The proposed models help establish and clarify the relationship between the company's innovation activity, general level of volatility in the stock market, and the level of digital development of the company.


Short-term forecasting of stock market bubbles: Evidence from the U.S. economy

Borochkin A.A. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( borochkin@yandex.ru )

Rogachev D.Yu. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( rogistyle@mail.ru )

Journal: Finance and Credit, #21, 2016

Subject The article addresses the stock market bubbles forecasting. The subject is gaining popularity in view of recent economic crises caused by financial bubble busting.
Objectives The objectives of the study are to devise models to predict the emergence and development of financial bubbles in the short term; to identify micro- and macroeconomic factors affecting the short-term changes in stock prices (stocks included in the Dow Jones Industrial index); and to assess the consistency of the models in question.
Methods The study employs econometric techniques (mixed models) to analyze quarterly panel data on financial statements of companies in their relations with macroeconomic indicators.
Results We developed four models, which may help analyze the stock market from the perspective of financial bubble presence.
Conclusions and Relevance The proposed models clarify the relationship between the innovative activity of a company, overall condition of the economy and trends in the stock market. The paper may be of interest to individual traders and mutual fund managers for trading strategies development, risk hedging and portfolio diversification, as well as to financial market regulators.


Violation of financial and banking laws: Evidence from the largest international banks

Borochkin A.A. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( borochkin@yandex.ru )

Rogachev D.Yu. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( rogistyle@mail.ru )

Journal: Finance and Credit, #1, 2017

Importance The article addresses criminal activity in the banking sector. The topic is gaining popularity against the backdrop of fines imposed recently on the largest international banks for numerous violations of financial and banking laws, particularly, market manipulation for money laundering or capital expatriation.
Objectives The study aims to examine the size of and reasons for bank fines imposed on international banks, analyze the relationship of criminal activities in the financial and banking sector, investigate current problems and shortcomings of financial and banking legislation enabling capital flight to offshore financial centers.
Methods We employ descriptive statistics methods, i.e. box plots and pivot tables, to analyze data, and a case study method to find a solution to the problem of threats to the entire economic system from crimes committed by a large financial or banking institution.
Results The paper assesses criminal activities in the banking sector, analyzes the efficiency of punitive measures, presents possibilities for future development and improvement of laws on anti-money laundering and combating the terrorist financing in the banking sector and securities market.
Conclusions The analysis clarifies the practice of criminal activities in the banking sector through offshore zones, tax evasion, violation of fair trade principles on stock exchanges, and economic development destabilization. The paper may be of interest for supervising and regulatory authorities in the AML/CFT area.


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