Вестник Московского университета. Серия 6: Экономика



Business Management: a Look from the Classroom

Vikhanskiy O.S.

The objective of the article is to systematize the current issues emerging in teaching of Business Management course on the basis of analysis and accumulated experience. The article has been prepared and written in the form of a consistent presentation of the main initial theses of the course with the logic and methodology of classes aimed at enabling the students to effectively acquire the material. In accordance with this, the subject of the article is the analysis of the fundamental relationship that defines business as an expression of the key stakeholders’ interests. The creation of value as the meaning of the existence of a business is considered in the context of establishing a value-generating relationship. The appendix to the article provides a case developed by the author which is used in the learning process when students explore key issues of business management identified in the article. Since the Business Management course taught by the author is tailor-made, the material can be used in teaching of a number of management disciplines, which consider specific features of business management.

Construction of Integrated Planning System for an Industrial Enterprise in a Turbulent Market Environment

Vasenev K.P.

The article shows the need for further improvement of the planning system of Russian industrial enterprises, offering the model of integrated planning system and suggesting changes of the organizational structure of an industrial enterprise necessary for model implementation, describing basic packages of planned activities within the integrated planning system: predominant in strategic planning model, project-oriented tactical planning, operative planning, considers the balanced scorecard system as the tools of integration of the planning system, as well as strategic, tactical and operative feedbacks in the cybernetic loop of enterprise management.

Empirical Institutional Mapping of the Russian Metallurgy

Orekhova S.V.

The article presents to an assessment of the institutional complexity level of the industry markets on the example of seven Russian metallurgical industries. The author specifies the system of institutional interaction in the industry markets. The research methodology bases on the construction of an industry markets institutional map, which is a system of two projections: the complexity level of the industry market institutions and the complexity level of industrial market institutional environment. The result of the paper is the empirical institutional mapping for the seven metallurgical industries in the fact and with the adjustment for stability. The institutional map visualizes high complexity level in all metallurgical industries, but this fact is due to various reasons. Our research can be interesting for updating of the enterprises strategy, and for the choice of an industrial policy.

Factor Analysis of Underestimation for the Russian Companies IPO

Nazarova V.V.

The problem of IPO underpricing became relevant in the late 1960s. Since then various theories were advanced connecting this phenomenon to many factors: from information asymmetry in the market to the cultural peculiarities of the host country. The article aims to identify factors that have a significant influence on the occurrence and magnitude of underpricing of shares in Russian companies preparing their IPOs. Research and theories of foreign and Russian authors devoted to the subject were analyzed, which uncovered 7 main factors, which are further considered in terms of their influence on the occurrence and magnitude of underpricing. To test the hypotheses, data for 138 IPOs of Russian companies for 1996-2015 was collected. Analysis showed that two factors influence the occurrence and the magnitude of the underpricing of Russian companies’ IPOs: the amount of accommodation and the provision of accommodation prices in the price corridor, announced by the company. In conclusion, recommendations for Russian issuers on the formation of the strategies of the IPO are made.

Information Revolutions, Economics and Economic Education

Lugachev M.I.

The concept of permanent revolution was formulated in the XIX century became a subject of constant debate in humanities circle. In contrast-scientific and technological revolutions are natural components at all steps of human development. Their permanence is commonly recognized imperative, followed by numerous confirmations with a convincing inevitability. Information and industrial revolutions taking place now in the world are such evidences. Experts declare today the fourth industrial revolution. Peter Drucker fairly predicted the fourth information revolution. It is interesting that the most important trait of both revolutions is the artificial intelligence which functions in the sphere of Big Data and Internet of Things. The application field (not the only) is the economy-its structure and content. Experts state the emergence of information capitalism and the information economy - innovations obtaining special and revolutional traits. The article is devoted to analysis of main components of the innovations and offers the ways how they should be reflected in the curriculum for modern economists and managers.

Pricing Effectiveness at the Russian Corporate Bonds Market

Teplova T.V., Budanova D.M.

In this paper, the question of price anomaly’s existence in the ruble bond market is considered. The construction of the profitable investment (trade) strategy on the relatively best and relatively worst corporate bonds that are ranged by the historical return allows to reveal the anomaly. The testing is conducted at the total sample (303 bonds of Russian issuers) and the sub-sample (25 liquid bonds of Russian issuers). The results that include the selection of the trade strategy’s design (the analysis of more than 6 thousand combinations of historical return periods investment periods and the percentiles of the best and worst portfolios) allow to detect the reversal effect (when the profitable strategy includes investing in to former losers who have demonstrated the lowest historical return). The investments in former winners also may be profitable, but the parameters of the strategy design become crucial to reach this effect. The result above justifies the fact that Russian corporate bond market is overestimated, the bond demand is higher that the bond supply that leads to the anomaly in the dynamics of the return, when the investment in losers makes it possible to get profit.

The Effectiveness of Small Towns' Strategic Development Planning Based on the Network Coordination Mechanism

Oborin M.S., Pakhalov A.M., Sheresheva M. Yu.

The article discusses issues related to the effectiveness of strategic planning for the development of small citiesand municipal district centers on the base of the network coordination mechanism. The relevance of the topic is related to the insufficient effectiveness of existing approaches to municipal development planning, and the need to search for new solutions in this area. The authors briefly describe the new institutional economic theory approach in defining the network coordination mechanism, as well as the concept of the "network city". It is shown that the network coordination mechanism creates a basis for cooperation of small citiesin several directions, including infrastructure development, exchange of best management practices, labor resources and competencies, joint projects implementation. It is concluded that network cooperation of small citiescan contribute to increasing the effectiveness of strategic planning through the exchange of experience, alignment of interests and priorities of joint development. The obtained results can be used in the development of strategic planning documents for small cities and municipal district centers in Russia.

The Impact of News on Stock Price of the US Film Industry Companies

Volodin S.N., Kunina E.E.

In recent decades, financial science actively covers new segments of the financial system that have not been studied previously. One of such areas is the analysis of impact of news on pricing in particular sectors of the stock market. The paper is related to this direction and aims to reveal the influence of news on stock price performance of companies in the U. S. film industry. To reach the goal we employed the abnormal return and trade volume analysis method, as well as multiple linear regressions. Basing on the results of the calculations, we provide the estimations of the general level of return and trade volume reaction on the release of positive and negative news. The significance of the obtained results showed the possibility of their application in practical investment activity, which makes them useful for individual and corporate investors, and fund managers who consider this sector as the possible destination for funds investment. The revealed mechanisms represent a good base for further research of the film industry in different countries and similar market segments.

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