Suchergebnisse

The article gives analysis of criminological measures of stock market crimes counteraction. Negative economic trends define criminal capacity development in society. This development as long as government long-term official neutral position led to wide-spread occurrence of new criminal behavior forms of economic subjects (including those on stock market). Recent changes introduced into criminal law couldn' t effectively counteract to crimes on stock market since they were only random and not based on scientific researches in economy and law. Significant difficulties rose in law enforcement process in terms of detection and legal evaluation of these crimes. Individual crimes are detected while organized groups' activity goes under the radar. Legal regulation and practical realization of national policy on stock market crimes and crimes against interests of investors counteraction are raised in the article. The authors reveal reasons of securities-related crimes, factors of general order and circumstances that lead to individual crimes. The article presents conditions that result in crimes against stockholder rights, securities register-related crimes and crimes related to securities transfer violations. The authors suggest complex of measures aimed at general and special prevention of crimes against interests of investors. © 2014, Criminology Journal of Baikal National University of Economics and Law. All rights Reserved.

The article is dedicated to questions of government guarantees for the protection of investors rights. Was concluded that, due to lack of adequate protection of the rights subjects of investment and innovative activity in certain regions, the potential investors don't have the capacity and willingness to invest for implement their plans. Therefore, to restore investor confidence, which has been lost due to political and economic instability in the country, were invited to supplement the commercial legislation of Ukraine add such rules, which will provide for the protection of the rights and lawful interests of subjects of investment and innovation on the part of the state. ; Рассмотрены вопросы гарантии защиты прав инвесторов со стороны государства. Сделан вывод о том, что из-за недостаточных гарантий защиты прав субъектов инвестиционной и инновационной деятельности на отдельных территориях потенциальные инвесторы не имеют возможности и желания вкладывать средства, реализовывать свои планы. Поэтому, чтобы вернуть доверие инвесторов, которое утрачено из-за политической и экономической нестабильности в стране, предлагается дополнить действующее хозяйственное законодательство Украины нормами, которые предусматривают защиту прав и законных интересов субъектов инвестиционной и инновационной деятельности со стороны государства. ; Розглянуто питання гарантії захисту прав інвесторів з боку держави. Зроблено висновок про те, що через недостатні гарантій захисту прав суб'єктів інвестиційної та інноваційної діяльності на окремих територіях потенційні інвестори не мають можливості і бажання вкладати кошти, реалізовувати свої плани. Тому, щоб повернути довіру інвесторів, яке втрачено через політичну та економічну нестабільность в країні, пропонується доповнити чинне господарське законодавство України нормами, які передбачають захист прав і законних інтересів суб'єктів інвестиційної та інноваційної діяльності з боку держави.

Intensive development of the global pharmaceutical industry has led to a significant increase in its attractiveness to market investors. At the same time, there is a clear lack of academic work in world financial science that would reveal the specifics of the shares pricing for pharmaceutical companies, including the nature of the influence of various types of news information. The study made it possible to partially solve this problem, significantly expanding the range of available scientific conclusions. Based on a situational and econometric analysis, the authors characterized the influence of a wide range of news information on the dynamics of stock prices and trading volumes, assessed the possibility of insider trading. It is shown that usage of news information by investors can potentially lead to extra profit on market transactions. The findings of the study can be useful to both private and corporate investors, including portfolio managers, in transactions with shares of the world's largest pharmaceutical companies.

The object of the master's study are international legal relations in the field of protection of foreign investment, when the subject of the study is the international legal mechanism for the protection of the rights of a foreign investor in Ukraine. The main purpose of the master's study is to analyze the general characteristics of foreign investments, foreign investors and the issues of their protection; designation of international mechanisms for the protection of foreign investors and investments in Ukraine; studies of international investment agreements on the protection of foreign investors and investments; the study of international commercial arbitration, in particular the activities of such arbitration in Ukraine; formulation of their development trends. These goals will be achieved when performing the following tasks: - research on the concepts of foreign investment and foreign investor, determining its status; - analyzing international legal agreements in the field of protection of foreign investments and foreign investors; - definition of international commercial arbitration and its types. Characteristics of international commercial arbitration in Ukraine; - designation of trends and prospects for the development of mechanisms for the protection of foreign investments. When using the logical method of analysis, the method of system analysis, the method of synthesis and the method of interpretation of law, the following conclusions were made. The main characteristic of the modern world is the strengthening of the integrity of the world economy, which is due to the increasing number of economic ties between countries, creating better conditions for the lives of citizens and peoples. This creates a positive environment for attracting foreign investment into the country, and the development of investment relations, in principle. Today, the issue of attracting foreign investment in Ukraine's economy remains relevant, respectively, the issue of protecting the rights of a foreign investor as such is posting. The relevance of these issues is indicated by the presence of a significant number of agreements that govern them. As well as institutions that are the main mechanisms for the protection of the rights and interests of foreign investors, both at the national and international levels. Master's work can be useful to students, lawyers interested in international investment legislation and national legislation of Ukraine, experts in the field of protection of foreign investment.

The object of the master's study are international legal relations in the field of protection of foreign investment, when the subject of the study is the international legal mechanism for the protection of the rights of a foreign investor in Ukraine. The main purpose of the master's study is to analyze the general characteristics of foreign investments, foreign investors and the issues of their protection; designation of international mechanisms for the protection of foreign investors and investments in Ukraine; studies of international investment agreements on the protection of foreign investors and investments; the study of international commercial arbitration, in particular the activities of such arbitration in Ukraine; formulation of their development trends. These goals will be achieved when performing the following tasks: - research on the concepts of foreign investment and foreign investor, determining its status; - analyzing international legal agreements in the field of protection of foreign investments and foreign investors; - definition of international commercial arbitration and its types. Characteristics of international commercial arbitration in Ukraine; - designation of trends and prospects for the development of mechanisms for the protection of foreign investments. When using the logical method of analysis, the method of system analysis, the method of synthesis and the method of interpretation of law, the following conclusions were made. The main characteristic of the modern world is the strengthening of the integrity of the world economy, which is due to the increasing number of economic ties between countries, creating better conditions for the lives of citizens and peoples. This creates a positive environment for attracting foreign investment into the country, and the development of investment relations, in principle. Today, the issue of attracting foreign investment in Ukraine's economy remains relevant, respectively, the issue of protecting the rights of a foreign investor as such is posting. The relevance of these issues is indicated by the presence of a significant number of agreements that govern them. As well as institutions that are the main mechanisms for the protection of the rights and interests of foreign investors, both at the national and international levels. Master's work can be useful to students, lawyers interested in international investment legislation and national legislation of Ukraine, experts in the field of protection of foreign investment.

The current paper considers new opportunities of investing in the Russian business, which became available for investors in terms of the economic crisis. In the period of economic recovery, this topic is especially relevant, as attracting foreign capital to Russian start-ups can accelerate the recovery of the post-crisis domestic economy and contribute the diversification of production in the country. The subject of the study is Russian start-ups, financed by foreign investors, and start-ups in need of attracting capital. The objectives of the work are: identify the reasons for the interest of financing Russian start-ups by foreign investors, study the specifics of the decision on financing, and also to assess the existing risks faced by investors. The study provides a qualitative analysis of the market conjecture, based on estimates of foreign investment market participants, is conducted. Comparison of positions and approaches of investors allows us to find key features and identify problems of investing in Russian start-ups. The arguments for and against investing in the rapidly growing Russian business environment are examined. Among arguments for investing in Russia are cheap labour market and depreciation of start-ups due national currency depreciation, among arguments against - high political and economic risks. The results of this study can be used by investors to make rational decisions on investing in Russian business. Repeated research, extension of the sample and segmentation of data for time periods may reveal changes in key features of investing in Russia in dynamics, and lead to more accurate results. ; В статье рассматриваются возможности для инвестиций, открывшиеся для иностранных инвесторов в российский бизнес. В период восстановления экономики данная тематика представляется особенно актуальной, так как привлечение иностранного капитала в российские стартапы может ускорить оздоровление посткризисной отечественной экономики и способствовать диверсификации производства в стране. Предметом исследования выступают российские стартапы, профинансированные зарубежными инвесторами, и стартапы, нуждающиеся в привлечении капитала. В работе ставятся цели: выявить причины интереса финансирования российских стартапов иностранными инвесторами, изучить особенности принятия решения по привлечению денежных средств, а также оценить существующие риски, которым подвергаются инвесторы, вкладывая деньги в российские компании. В исследовании проводится качественный анализ российской рыночной конъюнктуры, основывающийся на оценке участников рынка иностранных инвестиций. Сопоставление позиций и подходов выборки инвесторов позволяет найти ключевые особенности и выявить проблемы инвестирования в российские стартапы. Рассматриваются аргументы за и против инвестирования в быстрорастущую российскую предпринимательскую среду. К аргументам за инвестирование в Россию относится дешевый рынок труда и обесценивание стартапов по причине девальвации национальной валюты, к аргументам против - высокие политические и экономические риски. Результаты данного исследования могут использоваться инвесторами для принятия рационального решения по инвестированию в российский бизнес. Повторное исследование, расширение выборки и сегментация данных по временным периодам могут позволить выявить изменения ключевых особенностей инвестирования в Россию в динамике и привести к более точным результатам.

The paper provides the simulation of quantitative market risks assessment metrics Value-at-Risk and Expected Shortfall for a portfolio of eurobonds of Russian oil and gas companies, and for eurobonds of each particular company. As a result of the modeling, we noted an overall significant market risks` impact on the value of the analyzed securities and made a conclusion that it is impossible to completely neutralize the influence of market risks. In this regard, the author proposes and justifies the administrative and structural solutions and recommendations, the introduction of which will enable the eurobonds issuing companies to enhance investors` loyalty to their issues and thereby reduce their cost, i.e. mitigate the required investors` return (Value-at-Risk in this case acts as a risk-premium).

In the complex and unpredictable environment of the XXI century, in advanced and emerging economies it is becoming increasingly important for investors to adopt new techniques that allows for the most accurate assessment of net present value (NPV) of an investment project through a risk premium or risk adjustment. The existing methods of risk assessment do not always meet the modern requirements of investors due to various limitations and shortcomings. Therefore, the article provides a new technique that allows to assess the NPV taking into account not only the negative but also the positive impact of environmental factors. Drawing on this technique, the authors propose to evaluate the influence of environmental factors using the triad of STEP-, SNW- and SWOT-analysis based on heuristic and expert technologies. It is proposed to check the agreement of the results of evaluation through the Chi-square criterion. The methodology further uses these estimates to calculate the risk premium and adjust the risk to determine the NPV.

The purpose of the article is to compare the new term for the Russian economy - «priority development areas (PDA)» with the existing concepts of «special economic zone (SEZ)» and «regional development zones (RDZ)». In the article, the characteristics of territories with a special tax regime and its benefits for investors are examined. The subject matter of the research are the conditions that shape the favourable environment of investment activity due to the provided state support in newly created priority development areas in comparison with the existing tools, such as special economic zones and zones of territorial development. It is hypothesized that there is a direct link between the existence of tax benefits and other forms of the state support of investors provided in a territory with a special tax regime, and the attraction of investors to the region. In the study, the method of comparative analysis and statistical grouping methods are used. The common features of the analyzed types of territories are revealed according to certain characteristics; these are the federal status and the special regime of the investment activity implementation. In the article, their distinctive features such as the terms of creation, management of territories and measures of the state support are substantiated. The results of the research presented in the article confirm that the residents of newly created priority development areas in the Far East have more competitive and preferential terms for business in comparison with the residents of special economic zones and zones of territorial development in the Russian Federation. In the article, the administrative risks of the transfer of authority for the management of territories to the private companies are substantiated. The absence of interrelation between the declared specialization of the created priority development areas with the special regime of business activity and the types of economic activity determined by the resolutions of the Russian government for the certain territories where the preferential legal regime works, is revealed. This increases the insufficient tax yield in the regions as the benefits are granted to non-priority activities. The proposals for the legal response to the revealed problems have been formulated. The results of the research may be used by the federal and regional authorities in forming the proposals for updating the laws and other regulations in the sphere of the creation of the territories with the special regime for investors.

Рассмотрен вопрос оптимальной структуре капитала при реализации проекта с учетом различных условий кредитной и дивидендной политики. Описаны два подхода формирования оптимальной структуры капитала исходя из целей инвесторов проекта. ; The question on optimum structure of the capital is considered at realisation of the project taking into account various conditions credit and дивидендной politicians. Two approaches of formation of optimum structure of the capital proceeding from the purposes of investors of the project are described.

Article is devoted to the problems of applied economy connected with needs for considerable financing of infrastructure objects for the European Union. Taking into account the scale of demand measured in tens and hundreds of billions euros the national governments meet some difficulties to supply the demand for a number of reasons which are considered in article. It was offered to divide these reasons into four groups – not predicted or predicted low level of investors' demand for state debt obligations, cost of the loan capital taking into account all the risks, national and/or supranational restrictions on a deficit budget level and long-term restrictions in fiscal policy. On the other hand, private investors are afraid of problems of time inconsistency and market failures which essences were also presented in article. At first sight, the public private partnership, types of which were described - BOT, BOOT, BTO, BOO, BOMT, DBOOT and DBFO, can be applied as a way out. ; Статья посвящена проблемам прикладной экономики, связанным с потребностями в значительном финансировании инфраструктурных объектов в странах Европейского союза. Учитывая масштабность спроса, измеряемого в десятки и сотни миллиардов евро национальные правительства испытывают трудности с удовлетворением требуемого объема инвестиций по ряду причин, которые рассмотрены в статье. Предложено разделить эти причины на четыре группы – непрогнозируемый или прогнозируемо низкий уровень спроса инвесторов на государственные долговые обязательства, стоимость заемного капитала с учетом всех рисков, национальные и/или наднациональные ограничения на уровень дефицита в бюджете и ограничения в фискальной политике. С другой стороны, частные инвесторы опасаются проблемы временной противоречивости и провалов рынка, суть которых также представлена в статье. На первый взгляд, выходом из положения может оказаться частно-государственное партнерство, виды которого описаны – BOT, BOOT, BTO, BOO, BOMT, DBOOT и DBFO. ; Стаття присвячена проблемам прикладної економіки, пов'язаним з потребами в значному фінансуванні інфраструктурних об'єктів в країнах Європейського союзу. Враховуючи масштабність попиту, що вимірюється десятками і сотнями мільярдів євро, національні уряди зазнають труднощі із задоволенням необхідного обсягу інвестицій з низки причин, які було розглянуто в статті. Запропоновано розділити ці причини на чотири групи - непрогнозований або прогнозовано низький рівень попиту інвесторів на державні боргові зобов'язання, вартість позикового капіталу з урахуванням усіх ризиків, національні і/або наднаціональні обмеження на рівень дефіциту у бюджеті і обмеження у фіскальній політиці. З іншого боку, приватні інвестори побоюються проблеми часової суперечності та ринкових вадів, суть яких також представлена в статті. На перший погляд, вирішенням проблеми може виявитися приватно-державне партнерство, основні види якого було описано – BOT, BOOT, BTO, BOO, BOMT, DBOOT та DBFO.

The Nigeria real estate market is limited by insufficient stocks and the few available stocks with market potentials are concentrated in the urban areas. The properties share similar attributes in terms of design, and available spaces, however the cost of construction differs depending on the region where the stocks are situated, this has effect on prices. The financial analysis of the case study used for this study shows a positive NPV, IRR of 5% and a cap rate of 35% shows that real estate investment is profitable in the long run in Nigeria urban centres. The literature review shows the potentials and challenges in the Nigeria real estate market. Commercial real estate investment in Nigeria is viable in all state capitals but the most attractive destinations are Lagos, Abuja, Lagos population is projected to be 20 million by 2020 and this will become one of the biggest world's cities.Abuja the new capital city which is still being developed has the highest investment volume. Another challengenoticed with the development of real estate investment in Nigeria is the small presence of foreign investors in themarket. Popular real estate investors prefers South Africa and Northern African countries where the investmentclimates are better. Most of the investors who are active in the country are either local players or foreigners that specialize in Africa. While the effort of the government and investors to increase real estate stocks should be sustained, effort must be made to improve the visibility of the market and to also tackle the problem of corruption which is partly responsible for the low ranking of the Nigeria real estate market in international ranking. ; Рынок недвижимости Нигерии ограничен недостаточным предложением, и лишь ограниченное предложение с рыночным потенциалом сосредоточено в городских районах. Недвижи мость имеет схожие атрибуты с точки зрения дизайна и доступных пространств, однако стоимость строительства отличается в зависимости от региона, где находится недвижимость, это влияет на цены. Финансовый анализ тематического исследования, использованного для этого исследования, по казывает положительный NPV, IRR 5% и ставку cap 35%. Это говорит о том, что инвестиции в не движимость выгодны в долгосрочной перспективе в городских центрах Нигерии. Обзор литературы показывает потенциал и проблемы на рынке недвижимости Нигерии. Инвестиции в коммерческую не движимость в Нигерии жизнеспособны во всех столицах Штатов, но наиболее привлекательными направлениями являются Лагос, Абуджа. Население Лагос, по прогнозам, составит 20 миллионов к 2020 году, и он станет одним из крупнейших городов мира. Абуджа -новая столица, которая все еще развивается имеет самый высокий объем инвестиций. Другой проблемой, отмеченной с развитием инвестиций в недвижимость в Нигерии, является небольшое присутствие иностранных инвесторов на рынке. Популярные инвесторы в недвижимость предпочитают Южную Африку и страны Северной Африки, где инвестиционный климат лучше. Большинство инвесторов, которые активно работают в стране, являются либо местными игроками, либо иностранцами, которые специализируются в Афри ке. В то время как усилия правительства и инвесторов по увеличению запасов недвижимости должны быть устойчивыми, необходимо приложить усилия для улучшения видимости рынка, а также для ре шения проблемы коррупции, которая отчасти является причиной низкого рейтинга рынка недвижимо сти Нигерии в международном рейтинге.

The article deals with the phenomenon of Islamic Finance presented in the economy of the Republic of Tajikistan. Based on a broad empirical base, the author analyzes the specifics and structure of investments involving Islamic capital in Tajikistan. A classification of investors using the tools of Islamic Finance is given. Content analysis and cognitive mapping methods reveal the features of relevant investment strategies. The total amount of Islamic capital is estimated and the role and limitations of the development of Islamic Finance in the country's economy are determined.

The Islamic Republic of Iran (IRI) is the largest state in the region of the Near and Middle East (FSB) and plays an important role in international and interregional economic relations. Possessing significant reserves of natural resources, and primarily energy resources, Iran sets itself the goals of becoming a regional economic center in the coming years. The lifting of international economic sanctions in 2015 opened the Iranian market for foreign investors. The country expects to receive $ 50 billion of foreign direct investment annually and has started an active phase of negotiations with foreign investors and governments with a view to renewing and expanding the trade relations interrupted by sanctions. This will help the country modernize the national economy. In this article, the SEZ and SEZ of Iran have been studied as tools to attract foreign direct investment to the regions of the country. ; Исламская Республика Иран (ИРИ) является крупнейшим государством региона Ближнего и Среднего Востока (БСВ) и играет важную роль в международных и межрегиональных экономических отношениях. Обладая значительными запасами природных ресурсов, и в первую очередь энергоресурсами, Иран ставит перед собой цели по становлению региональным экономическим центром в ближайшие годы. Снятие международных экономических санкций в 2015 году открыло рынок Ирана для иностранных инвесторов. Страна рассчитывает получать $50 млрд прямых иностранных инвестиций ежегодно и начала активную фазу переговоров с зарубежными инвесторами и правительствами с целью возобновить и расширить прерванные санкциями торговые отношения. Это поможет стране модернизировать национальную экономику. В данной статье изучены СЭЗ и ОЭЗ Ирана как инструменты привлечения прямых иностранных инвестиций в регионы страны.

The article analyzes the role of foreign companies in the reconstruction and development of theoil and gas industry in Iraq. The growth of foreign investors ' interest in Iraq's oil and gas projects is revealed, despite the security risks, legal and political instability. The growing role of energy diplomacy, as well as the need forfurther development of public-private partnership in the field of production and processing of hydrocarbons areemphasized. ; Статья посвящена анализу роли зарубежных компаний в восстановлении и развитии нефтегазовой отрасли Ирака. Выявлен рост интереса зарубежных инвесторов к проектам Ирака в области нефти и газа, несмотря на риски безопасности, правовую и политическую нестабильность. Подчеркнута растущая роль энергетической дипломатии, а также необходимость дальнейшего раз вития государственно-частного партнерства в сфере добычи и переработки углеводородов.