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Analyzing the efficiency of development projects funded with the use of escrow accounts

Kogan A.B. Novosibirsk State University of Architecture and Civil Engineering (Sibstrin), Novosibirsk, Russian Federation ( )

Chaetskii A.A. OOO Project, Novosibirsk, Russian Federation ( )

Journal: Economic Analysis: Theory and Practice, #8, 2019

Subject The article considers development projects, their financial characteristics and performance indicators.
Objectives We analyze trends in property development due to changes in regulations, i.e. the introduction of mandatory use of escrow accounts (and a bank loan) in financing the project under agreements for participation in shared construction.
Methods The paper describes an electronic financial model of development project. This model reflects the specifics of the organization of construction, pricing in the primary real estate market, modern regulatory requirements (including the use of escrow accounts). The study employs the concepts of the theory of finance, methods of investment analysis.
Results On the basis of created models, we provide calculations for a real object of observation for two methods of financing (using the escrow accounts and without them), and for two market situations that form different dynamics of development project revenue.
Conclusions We revealed contradictions of investment appraisal (NPV, PI, IRR) and the ambiguity of trends. The introduction of mandatory escrow accounts can play both a positive and a negative role.

Critique on the prevalence of fiscal efficiency evaluation in choosing investment for purposes of State co-finance

Kogan A.B. Novosibirsk State University of Architecture and Civil Engineering (Sibstrin), Novosibirsk, Russian Federation ( )

Journal: Financial Analytics: Science and Experience, #4, 2017

Importance The article analyzes what issues arise in decision making on the State cofinance of investment projects at the level of the constituent entity of the Russian Federation.
Objectives The research verifies my hypothesis stating that fiscal efficiency and public efficiency of projects should not be the same. It may result in inappropriate budgetary spending, i.e. investing in programs that do not generate maximum effect for the public. I also review the relationship of fiscal efficiency and public efficiency by modeling how the project may be implemented by national and foreign investors.
Methods The cross-sectoral model is used to describe the economy of the Novosibirsk oblast. The regionally significant investment project is overviewed using data of the company in charge of the project performance. To evaluate public efficiency of investment, I apply my own method combining a cross-sectoral analysis and analysis of Discounted Cash Flows. To evaluate fiscal efficiency, I resorted to methods national regulations and guidelines offer.
Results As I found out, estimates of fiscal efficiency, public efficiency and cost efficiency did not relate.
Conclusions and Relevance Public efficiency of any project strongly depends on the investor type. It is more beneficial for the economy of any Russian region if the program is implemented by the national investor, rather than foreign one.

A method to determine the best way to finance development projects

Kogan A.B. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation ( )

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

Subject The article studies the financial characteristics of investments in development projects for multi-family housing and the dependence of these parameters on the modes of market financing.
Objectives The article seeks to describe and test a methodology that shapes the relationship between the way in which market financing is achieved and the effectiveness of investment in multi-family housing, and evaluate the impact and choice of the best way of market financing.
Methods For the study, I used the discounted cash flow method and my own technique for assessing the effectiveness of diverse parameter investment, that includes the calculation of a new indicator, namely, a unit value increment rate index.
Results The article describes a methodology for determining the best method of market financing for a particular development project and certain state of the primary real estate market. The article presents two financial models of the development housing project, which describe the results of two modes of financing: through shared construction participation and real estate purchase and sale agreements.
Relevance The methodology is intended both for commercial companies and the authorities, for it helps assess the impact of legislative initiatives on the financial results of developers and the resulting prices of residential real estate.

Principles of selecting investments for mono- or portfolio financing

Kogan A.B. Novosibirsk State University of Economics and Management (NSUEM), Novosibirsk, Russian Federation ( )

Journal: Economic Analysis: Theory and Practice, #11, 2018

Subject The article investigates the approaches to identifying the most advantageous investment among several alternatives for financing by a private company, a public-private partnership, and for a portfolio of real investments financed by a private company.
Objectives The purpose is to describe an algorithm of choosing the most advantageous investment under equal return on investment of compared alternatives and define the economic and mathematical problem of building an optimal portfolio of real investments and principles of its solution.
Methods The study rests on a well-known methodology for estimating the effectiveness of real investments (cash flow analysis, cash flow discounting, calculation of net present value and discounted payback period, etc.) and on my own developments. It also employs a common methodology for constructing the optimization tasks.
Results It is possible to choose the most advantageous real investments from several alternatives for the following situations: mono-financing of investments by a private company, by a public-private partnership, and building a portfolio of real investments of a private company from many alternatives under soft constraints on the capital value.
Conclusions The offered solution to the problem of forming the optimal portfolio of real investments can be improved in the future. The most advantageous is the investment that maximizes the wealth of its owners (company shareholders, the State, a private partner).

New approaches in solution of tasks to choose the best investment project and the best type of equipment

Kogan A.B. candidate of economic sciences, associate professor of department of construction economics and investments of Novosibirsk State Architectural University. ( )

Journal: Economic Analysis: Theory and Practice, #5, 2009

The article sets forth new methodological approaches to solution of strategic and tactical tasks of company’s activities. The author suggests new indicators to appraise effectiveness of investment projects (“speed of cost growth” and “index of speed of cost growth”. Formulas to define maximum price for designed equipment, maximum expenses and minimum profit from exploitation of being designed equipment were suggested that allow choosing the best equipment: “expensive but economical and inexpensive but unprofitable”.

Analysis of ways to compare non-uniformly scaled projects

Kogan A.B. Cand.Econ.Sci., the senior lecturer of chair of economy of building and investments Novosibirsk state university of architecture and civil engineering article ( )

Journal: Economic Analysis: Theory and Practice, #35, 2009

There is analyzed the ways to choose best project between few non-uniformly scaled alternatives which have different sizes and (оr) different periods. The author compares known ways and indices (

Ways of choice of the most advantageous object of expensive investments

Kogan А.B. PhD in Economics, Associate Professor, the Department of Economy of Building and Investments, the Novosibirsk State Architectural and Construction University (Sibstrin) ( )

Journal: Economic Analysis: Theory and Practice, #35, 2013

In the article the methods of the selection of the most advantageous version from several alternative different-scale expensive investments are analyzed. By different-scale investments are understood such, in which are distinguished both the periods and sums. By expensive investments are understood those, which do not directly bring profit. It is described the index of conditional bank contribution, developed by the author for the selection of the most advantageous object of expensive investments.

Problems of energy saving when constructing and operating the buildings assigned for State functions

Malashevskii Yu.V. Siberian Regional Command of Internal Troops of Ministry for Internal Affairs of Russian Federation, Novosibirsk, Russian Federation ( )

Kogan A.B. Novosibirsk State University of Architecture and Civil Engineering (Sibstrin), Novosibirsk, Russian Federation ( )

Journal: Economic Analysis: Theory and Practice, #44, 2015

Importance Recently, the problem of implementing the energy saving and energy efficiency technologies in construction and operation of buildings and structures of the government sector has become more significant against the backdrop of the world economy crisis. The specific feature of such facilities is that they do not earn profit.
     Objectives The goals of the study are to analyze the experience of energy saving technologies implementation during construction and operation of facilities assigned for State purposes, and to reveal major factors influencing the eventual outcome. Special focus is on the resource saving factor.
     Methods The study rests on our personal experience and special literature analysis. The findings are based on analysis and synthesis methods.
     Results We analyzed the effective legal framework and governmental policy in energy efficiency of buildings in Russia. The article describes existing problems in the work of government agencies ordering the design and construction of facilities or operating such facilities. We offer certain ways to solve the problems and the system of financial incentives for employees operating such facilities, which aim at enhancing the energy efficiency.
     Conclusions There are statutory regulations and subordinate legislation acting as a basis for energy saving in Russia. These instruments are applied in designing, constructing and operating the facilities intended for government needs. However, together with successful practice of energy saving, there are unused opportunities. To turn them into real benefits, the energy saving requires certain changes.

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