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The article explains that the information function of the financial market is the key for pricing of a financial asset. Information acts as an argument of nonlinear function of returns, prices and risk level. At a time when the information becomes a hefty price, the information value of the financial market becomes comparable to its interests effect. It gives the basis to include information factor as a variable in the model of capital asset pricing and the financial market model. In turn, secondary market prices ...

The article proposes classification approach to the analysis and the typology of socio-economic development strategies of municipal regions, which was used in solving practical problems during elaborating municipal regions strategies of the Tatarstan Republic in 2016. This approach is based on machine learning techniques and allows making both quantitative and qualitative assessment of main characteristic features of municipal strategies system of the Tatarstan. This system was developed in the middle of 2016, app...

The presented article is devoted to the study of the role of socio-ecological education in the development of the economy, which is associated with the threat of an ecological disaster, which requires an urgent search for options and ways to dramatically change people's consciousness, their worldview and value systems, requiring an urgent research for options and ways to principal change of people's consciousness, their world perceptionand value systems. The relevance of the research in the article is determined b...

Development of tourist services has a major importance in the economy of each country in order to ensure the increasing of living standards of the population. The hotels offer is focused around the accommodation, representing for more than 50% from the total of the receipts, and constitutes a service, quite. The client, who has been captured by the accommodation hotel, is presented with the whole offer, together with other services made available to him. The other services, of smaller importance represent for a cl...

In the science and practice of management, attention has been drawn to the problems of assessing and ensuring the effectiveness of managing organizations under the influence of risk factors. As evidenced by domestic and international experience, most managerial decisions are made in a risk environment, with a number of factors: uncertainties in the external and internal environment, elements of chance, lack of information, which causes the actual results to deviate from the planned ones. To level these deviations,...

The aim of the article is to analyze the sales change on the selected financial indicator in the construction company. Sales are crucial to the sustainable development of the construction company. It is important to make their prediction as well as cost prediction. Together they influence determination of the operation profit. Economic development of the construction company can be monitored through various financial indicators. Among the important indicators for the company’s assessment belong the above-mentioned...

The article deals with the results of the research of the bank lending to entrepreneurial entities system in the Volga federal districts of Russian Federation. The problem of bank loan availability to small and medium-sized enterprises is one of the most important factors constraining the development of the entrepreneurial activity in Russia. Purpose: to compare and present the classification of the regions of the Volga Federal District on the level of loan system development. Methods: the taksonomic method is use...

Double-entry bookkeeping system has many information restriction: it does not allow recording an inflation impact or systematize several valuations of the same object; it does not disclose the external and internal environmental factors influencing a business activity, financial results and wealth of the companies. One of the perspectives for transforming the double-entry accounting was developed by Yuji Ijiri in the 1980s. The triple-entry system is based on extension of double-entry system, when a fundamental eq...

A significant degree of uncertainty in the consistent of the fiscal development within EU countries has prompted governments to stop or decrease unfavourable developments and to look for solutions to ensure sufficient debt financing. In the context of debt financing, which is one of the major ways of financing the fiscal imbalance, are countries, as reported by OECD surveys, besides traditional debt instruments focusing also on the use of specific financial instruments - derivatives. The aim of the paper is to ana...

The article presents the analysis and the evaluation of the direct foreign investments’ influence on the structural changes in the region’s economy. Foreign investments affect the processes of the economic development due to decreasing the gap between the level of needed investments and the level of domestic savings, what is undoubtedly a favorable factor for innovative modernization of the industry. Based on the systematization and comprehensive analysis, the demand in direct foreign investments for innovative mo...

In terms of technological approach to the definition of information society, an important aspect in the formation of human capital is the development of technological innovations and their impact on human capital. Level of human capital amenities is becoming a key factor in the economic growth of the country. In terms of information society, there is a fundamental change in human capital, as a result of the introduction of new technologies. Innovation can bring transformation in job skills, work organization and i...

In the article the questions connected with research of a modern condition of ecological tourism and prospects of its development in Russia are considered. To date, environmental tourism is one of the most promising and rapidly developing sectors of the tourism industry, occupying one of their leading positions. The methodological basis was the work of domestic and foreign scientists studying the problems of ecological and rural tourism and the development of special protected natural areas of Russia. In this cont...

This article presents the main research results of the needs of the Russian tourist destinations in the development of friendly projects. Since 2014 there have been significant structural changes in the structure of inbound tourism in Russia. The greatest growth often shows the tourist flows from the countries of the Asian and Pacific region. Practice of information search, choice, and behaviour in the visit of tourists from these regions are different from the habits of the Russian and European tourists. It is ob...

The purpose of the research is to compare the main two important stock market indices for the Tokyo Stock Exchange: the Nikkei Stock Average Index (NIKKEI 225) and the Tokyo Stock Price Index (TOPIX), both from the composition, calculation methodology and base value, but also taking into account the changes in volatility using the asymmetric Generalized Autoregressive Conditionally Heteroscedastic processes. The paper tracks the application of time series analysis in financial markets. To do this, I chose the Toky...

For a long time in economic science, it has been assumed that economic evolution is developing along a trajectory: the agrarian economy - the industrial economy - the post-industrial economy. The crisis lines of the 20th and 21st centuries forced us to change our view on this issue. De-industrialization occurred in a number of developed countries of the world. It caused a crisis in the economy. Therefore, there was a need to develop a new concept. This is the concept of a new industrial society. The purpose of the...

The rapid development of scientific research, involving numerous improvement of production processes, technologies, management practices, determines the necessity of personnel of appropriate qualifications involvement. The change of generations of technology in the production activities occurs, according to various estimates, every 5-10 years. This means that the education received by plant personnel 10 years ago, is outdated and does not meet the requirements of the moment. And this, in turn, implies the need for...

In the present paper, the authors study practice of public participation in the budget process in the Russian Federation and analyze huge material thereon for the period from 2007 till 2017. Particular attention is paid to participatory budgeting (PB) as a dynamically developing form of public participation and civil initiatives. With the account of the world experience of PB use, the authors investigated the problems of participation thereof in the Russian Federation exploring in detail implementation of RB in Sa...

The steepness of the bond yield curve should be an excellent indicator of a possible future economic activity. A rise in the short rate tends to flatten the yield curve as well as to slow down real growth the near term. The relationship between the spread and future GDP activity was proved already before. This paper aims to analyse the dependence between slope of the yield curve and an economic activity of selected countries between the years 2000 and 2016. The slope of the yield curve can be measured as the yield...

Information asymmetry is the most significant factor slowing down the financial market development, that exists at the moment in Russian economy, which is due to the lack of reliable financial statement information for investors. The main reasons for the current situation are the increase in the number of attempts and the variety of methods for falsifying the public companies financial statements. Therefore, an external audit conducted to increase investor confidence in the reliability of public companies' financi...

The banking channel of sales in insurance services (bancassurance) belongs to intermediary sales channels of insurance company and plays one of key roles. Bancassurance development is of special interest due to the lack of free access of participants insurance the relation to information resources. At the same time the insufficient number of analytical researches in this area is conducted. The Russian insurance market in connection with the crisis phenomena in economy undergoes changes, participants of the market ...

The development of VAT revenue in the Slovak Republic depends on its macroeconomic base, which is mainly affected by the final consumption of households. In the Slovak Republic, the final consumption of households accounts for more than a half of GDP. Since 1993, VAT revenue has been increasing on a year-to-year basis from 911 million euros to 5.5 billion euros in 2015, except 2009 when there was a sharp decline due to the crisis. In this period, the VAT share in total tax revenue of the state budget increased fro...

The paper surveys the Czech banking sector from the perspective of corporate financing. The article presents the current state of the Czech financial market, and the importance of the banking sector for the economy. The questionnaire survey investigated main trends in the use of various products offered by the banking sector for financing, satisfaction of companies with banking products and overall confidence of business customers in the banking sector in the Czech Republic. Results of investigation and empirical ...

The years of negligent attitude and scarcity of financial resources at the disposal of local self-governments have intensified the processes leading to the degradation of urban areas. As a result, many cities and towns are not only adversely affected by the deterioration of technical infrastructure but also suffer from the lowering of the standard of living. Therefore, it should be considered necessary to reinvigorate degraded urban areas with the intention to improve the quality of life of the inhabitants of revi...

The paper is aimed on lifelong learning of the adult population and assessment of the influence of selected determinants on participation in lifelong learning within the European Union Member States. Governments invest in education to help foster the economic growth, enhance the productivity, contribute to the personal and social development or reduce social inequality. A lack of skills strengthens the risk of unemployment and the differences in skills have an impact on earnings. Higher levels of educational achie...

During the last decades one can notice a positive effect of tourism activities in rural or remote areas, tourism managing to induce economic development in peripheral spaces where primary activities like agriculture, low industry or craftsmanship were not economic profitable anymore. Positive role of tourism activities in rural areas can be translated into different ways, like the increase of well-being, stabilization of population in exodus localities, bigger resistance towards financial crisis, and even a growth...

Functioning of the modern economy and society is unthinkable without a well-functioning banking system. The modern commercial banks are key component of the financial system because of their role and position in the credit intermediation in our country. They are financial mediators who operate not only with their own funds, but above all with public capital. Banks buy and sell money by accepting on different accounts the free funds of their clients and grant them to those customers having need of. Banks earn from ...

The article reveals the essence of the region's innovation infrastructure as a factor in increasing the efficiency of industrial enterprises. The relevance of the topic is due to the fact that the path of innovative development of industrial enterprises in the Russian Federation, based on knowledge, on the change in the economic structure in favor of high-tech industries, to increase human capital, becomes the only possible way of development in the modern economics. Today, innovation is a component of the busines...

Recent changes in the business environment exposed the insufficiency of financial data traditionally presented in financial statements. Available researches emphasize that recipients of financial statements demand comprehensive data about the business activity. Modern accounting faces the formidable challenge to reflect company’s values not only by financial data but also by non-financial disclosures. The need for non-financial data disclosures has also been noticed by the Institutions of the European Union. The a...

In the age of globalization, international loans and sovereign default probabilities have become one of the main topics of finance. Many severe economic crises have occurred on financial markets in the last decades. Therefore, the problem of measuring countries’ default probabilities due to their external debt obligations has attracted the interest of many researchers. In recent literature there are many studies that use quantitative methods and machine learning techniques to predict countries defaults. Past studi...

The development of transport infrastructure is an important factor in the economic growth of the territory. The ability to predict the transport demand and traffic on the road network is vital for development of regional and urban transport system. Agent based modelling has emerged as a practice tool of traffic and transport planning in re-gion and urban area. The purpose of the research is to assess the possibility of using agent based models for transport planning in Russian regions and cities. In order to reach...

An investment climate is influenced by a regional policy and a set of regional factors. The attractiveness of investment climate in a region depends on how close these two elements interact with each other. The region’s investment climate is largely defined by the combination of its investment potential and investment risk. In the paper, the regional investment climate was estimated by a set of indicators representing these two main constructs. The investment potential that is mainly determined by capital efficien...

In the current global recession, the world’s leading central banks face strong and sustained deflationary pressures. As a response to the global financial crisis the leading central banks undertake a wide range of unconventional monetary policy measures. Central banks introduce unconventional measures unprecedented in their scope and magnitude. The subject of the current research is the unconventional monetary policy of the leading central banks in the world – the European Central Bank (ECB), the US Federal Reserv...

During the last years the tertiary education support is growing mainly due to researches that claim it can foster the development of individuals and so the economy as a whole. This growth is creating a significant pressure on countries’ public budgets, as the main source of support, and the effectiveness of its allocation. This paper deals with the evaluation of public spending on education efficiency, with an emphasis on tertiary education in EU countries. It is devoted mainly on economic aspects of education, em...