The paper presents the scheme for preliminary processing of historical records, provides the algorithm for historical sample length optimization, estimates expected returns and risks by prognostic models of optimal complexity, drawing on the principle of integrated decisions. The author offers a new method to generate efficient portfolios taking into account cross correlation links and construction of investment portfolio of optimal complexity based on the principle of integrated decisions.
Porokhovsky A.A., Filatov I.V., Fomina V.S.
The article presents experience in teaching the introductory course «Economy as a System» at undergraduate level and identifies the key elements of an economic system such as private ownership, market, competition, capital and money. The authors recommend a systemic approach to teaching methods of the courses at the Faculty of Economics and prove that different schools of economic theory do not conflict, but complement each other. Profession of an economist becomes clear and attractive.
Podshivalova M.V., Podshivalov D.V.
The article attempts to evaluate certain types of transaction costs for small businesses. In particular, it considers the costs of access to the law, tax burden, administrative burden, costs of illegality, specification and property rights protection, the costs of information search, costs of opportunistic behavior of employees. The author evaluates the impact of forthcoming institutional changes on transaction costs for small industrial enterprises in the context of such key «chronic problems» for this type of enterprises as low output demand, lack of investment, administrative barriers, underdeveloped transport and energy infrastructure. The article concludes that alongside positive changes, certain chronic problems and associated transaction costs remain outside the reform wave. It refers to such types of transaction costs as the costs of interaction (ex ante): cooperation with large enterprises, new markets entry and new products development (information retrieval related to the study of markets and potential consumers), patent search, excessive burden of small industrial enterprises applying standard tax system, the costs of finding investors, the costs to meet creditors requirements.
Petrovskaya I.V., Titov V.A.
The paper examines the current state of Russia’s entrepreneurial institutional environment built on W.R. Scott’s concept of a threedimentinal institutional environment (regulatory, normative, and cognitive). The study aims to evaluate the perception of these three dimensions by three groups of respondents: entrepreneurs, nonentrepreneurs and those with entrepreneurial intentions, including the assessment of value profiles of these groups using Schwartz’s value inventory. The results of the study support the assumption that the three groups of respondents have different perceptions of institutional environment, and also suggest that value priorities differ depending on individuals’ entrepreneurial activity or intentions. Specifically, for current or former entrepreneurs selfsufficiency is of much higher value than security.
The paper offers the modification of traditional portfolio optimization approach to construct the portfolio with possibility to control both systematic and specific risk (portfolio with risk decomposition). Built on modern econometric tools, the author estimates and forecasts the dynamics of alphas and betas of stocks in the frame of CAPM model, which are further applied for portfolio optimization. The closing weekly prices of 10 Australian stocks and ASX Index as the market index during the period from July 2000 to July 2016 were used. Within the sample there is no evidence of arbitrage on the Australian equity market employing neutral beta portfolio. The study confirms that portfolios with risk decomposition outperform Markowitz’s one according to various performance indicators.
Taranukha Yu. V.
The article explores Schumpeter’s interpretation of market competition against the backdrop of other concepts in order to reflect the continuity and specifics in its approach. Taking into account the specific features of his methodological approach, the article highlights the main elements of his concept: the evolutionary approach, entrepreneurial nature of competition, the inconsistency and ambiguity of the competitive process. Interpreting Shumpeterian competition as a struggle of entrepreneurial ideas, the author traces its practical potential.
The paper discusses «soft» and «hard» approaches to the study, measurement and improvement of medical services quality, presents the GAP model of medical service quality and its criteria. Drawing on two empirical studies, the author considers the technology and technique of two approaches to measure services quality - SERVQUAL and SQI - in context of medical services and offers valuable managerial recommendations.
The article deals with the notion of «commercialization of technologies» and provides the interpretation of the term given by different scholars. The article examines the existing methods of commercialization of scientific developments. One of the main constraints to the technological entrepreneurship development is the wrongly chosen commercialization form of scientific developments. In addition, existing commercialization methods are not sufficiently effective. Therefore, the purpose of the paper is to provide a detailed examination of most commonly used methods of scientific developments commercializing and to develop an algorithm of action in the commercialization process to successfully launch a product on the market. Drawing on prior foreign and Russian studies of commercialization forms, we can identify 7 most commonly used forms of commercialization. The article describes each method in graphical and verbal format, compares various forms of commercialization of scientific developments in line with the factors critical for each model.