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Our study examines whether Venture capitalists (VCs) prefer independent or syndicated investments when faced with exit uncertainty. By exploiting an initial public offering (IPO) suspension in China, our analysis reveals that VCs are more likely to independently invest in start-ups during such a suspension, which is driven by the screening and monitoring roles of VCs. Specifically, we find a greater likelihood of VC exits and a higher return on investment for VCs investing in start-ups during the suspension. Further, start-ups that obtain financing from VCs during the suspension are strictly monitored by VCs and reduce the extent of upward earnings management in the pre-IPO year. [ABSTRACT FROM AUTHOR]

Navigating the stock market's unpredictability and reducing vulnerability to its volatility requires well-informed decisions on stock selection, capital allocation, and transaction timing. While stock selection can be accomplished through fundamental analysis, the extensive data involved often pose challenges in discerning pertinent information. Timing, typically managed through technical analysis, may experience delays, leading to missed opportunities for stock transactions. Capital allocation, a quintessential resource optimization dilemma, necessitates meticulous planning for resolution. Consequently, this thesis leverages the optimization attributes of genetic algorithms, in conjunction with fundamental analysis and the concept of combination with repetition optimization, to identify appropriate stock selection and capital allocation strategies. Regarding timing, it employs deep learning coupled with the Ohlson model for stock valuation to ascertain the intrinsic worth of stocks. This lays the groundwork for transactions to yield favorable returns. In terms of experimentation, this study juxtaposes the integrated analytical approach of this thesis with the equal capital allocation strategy, TAIEX, and the Taiwan 50 index. The findings affirm that irrespective of the Taiwan stock market's bullish or bearish tendencies, the method proposed in this study indeed facilitates investors in making astute investment decisions and attaining substantial profits. [ABSTRACT FROM AUTHOR]

Purpose – This study aims to evaluate the presence of abnormal returns due to stock splits or reverse stock splits in the Brazilian capital market context. Design/methodology/approach – The event study technique was used on data from 518 events that occurred in a 30-year period (1987–2016), comprising 167 stock splits and 351 reverse stock splits. Findings – The results revealed the occurrence of abnormal returns around the time the shares began trading stock splits or reverse stock splits at a statistical significance level of 5%. The main conclusion is that stock split and reverse stock split operations represent opportunities for extraordinary gains and may serve as a reference for investment strategies in the Brazilian stock market. Originality/value – This study innovates by including reverse stock splits, as the existing literature focuses on stock splits, and by testing two distinct “zero” dates that of the ordinary general meeting that approved the share alteration and the “ex” date of the alteration, when the shares were effectively traded, reverse split or split.

Purpose: This study aims to evaluate the presence of abnormal returns due to stock splits or reverse stock splits in the Brazilian capital market context. Design/methodology/approach: The event study technique was used on data from 518 events that occurred in a 30-year period (1987-2016), comprising 167 stock splits and 351 reverse stock splits. Findings: The results revealed the occurrence of abnormal returns around the time the shares began trading stock splits or reverse stock splits at a statistical significance level of 5%. The main conclusion is that stock split and reverse stock split operations represent opportunities for extraordinary gains and may serve as a reference for investment strategies in the Brazilian stock market. Originality/value: This study innovates by including reverse stock splits, as the existing literature focuses on stock splits, and by testing two distinct "zero" dates that of the ordinary general meeting that approved the share alteration and the "ex" date of the alteration, when the shares were effectively traded, reverse split or split. [ABSTRACT FROM AUTHOR]

Navigating the stock market’s unpredictability and reducing vulnerability to its volatility requires well-informed decisions on stock selection, capital allocation, and transaction timing. While stock selection can be accomplished through fundamental analysis, the extensive data involved often pose challenges in discerning pertinent information. Timing, typically managed through technical analysis, may experience delays, leading to missed opportunities for stock transactions. Capital allocation, a quintessential resource optimization dilemma, necessitates meticulous planning for resolution. Consequently, this thesis leverages the optimization attributes of genetic algorithms, in conjunction with fundamental analysis and the concept of combination with repetition optimization, to identify appropriate stock selection and capital allocation strategies. Regarding timing, it employs deep learning coupled with the Ohlson model for stock valuation to ascertain the intrinsic worth of stocks. This lays the groundwork for transactions to yield favorable returns. In terms of experimentation, this study juxtaposes the integrated analytical approach of this thesis with the equal capital allocation strategy, TAIEX, and the Taiwan 50 index. The findings affirm that irrespective of the Taiwan stock market’s bullish or bearish tendencies, the method proposed in this study indeed facilitates investors in making astute investment decisions and attaining substantial profits.

Summary: Bull and bear market identification generally focuses on a broad index of returns through a univariate analysis. This paper proposes a new approach to identify and forecast bull and bear markets through multivariate returns. The model assumes that all assets are directed by a common discrete state variable from a hierarchical Markov switching model. The hierarchical specification allows the cross‐section of state‐specific means and variances to differ over bull and bear markets. We investigate several empirically realistic specifications that permit feasible estimation even with 100 assets. Our results show that the multivariate framework provides competitive bull and bear regime identification and improves portfolio performance and density prediction compared with several benchmark models including univariate Markov switching models. [ABSTRACT FROM AUTHOR]

This study investigates the benefits of international diversification in the stock markets of the 28 European countries (the EU and the UK) over two five-year periods: a stable period from 2014 to 2019 and a turbulent period from 2019 to 2024. The analysis draws on the Markowitz mean-variance, Sharpe reward-to-variability, and naive diversification models, based on which different investment strategies were developed and implemented. We find that actively managed portfolios perform significantly better than naively diversified portfolios. The analyzed markets exhibit positive short-term associations, with an average correlation coefficient of 0.29 in the first period and 0.46 in the second period. However, these markets do not show long-term cointegration. Recent crises have reduced diversification benefits, yet significant opportunities for diversification remain. Diversification benefits are almost halved in the second period: average single-market standard deviation can be reduced by 60.5% with investments in 20-indices portfolios in the stable period, and only by 33.7% with the same portfolio size in the turbulent period. [ABSTRACT FROM AUTHOR]

Payout policy constitutes one of the most important corporate financial decisions since dividends are essential factors in determining a firm's value. A dividend announcement generates a market signal which translates into changes in stock returns, impacting short-term price fluctuations and producing abnormal returns. The sample consists of 394 companies listed on the S&P500 index, from which 1574 dividend announcements and 7222 news items are derived during the years 2022–2023. News pieces are obtained from 58 specialized sources, and ChatGPT is used to automate the sentiment extracted from them. Using sentiment analysis, this paper shows the key role played by sentiments derived from financial news posted just after dividend announcements in predicting market reaction and helping investors to select optimal investment strategies. This paper contributes to the current literature, highlighting the influence that sentiments have on determining stock market returns. [ABSTRACT FROM AUTHOR]

The purpose of the study is to systematize factors of successful and sustainable functioning of special economic zones, as well as to develop tools to map of zones on a map of a country with the competitive advantages of individual territories identified therein in order to make recommendations for improving the zonal policy. The relevance of the study is due to the fact that in the context of global shocks, a special preferential regime, flexible governance models of special economic zones are not determinants of their successful application in order to promote national investment strategies. The geo-economic advantages of the territories within which the special economic zones operate come to the fore. Such advantages are the basis for the formation of poles of economic, commercial, industrial and innovative growth. The use of methods of theoretical (analysis, synthesis, generalization) and empirical (comparison, measurement) research allowed the authors to reveal the content of effects associated with the functioning of special zones, to highlight the problems of their measurement; to generalize the features of preferential regimes of Russia; to systematize the geo-economic factors of successful and sustainable operation of special zones. The method of geo-economic mapping was used to identify the correspondence between the competitive advantages of territories and special zones created within their borders. As a result, it is proposed to classify key geo-economic factors that determine the potential successful functioning of special zones into three groups: spatial, economic and organizational. These groups of factors, according to the authors, should be considered in terms of formation and retention of geo-economic advantages: general, caused by public management and specialized. The method of geo-economic mapping identifies regions whose special zones correspond to the level of development of the identified geo-economic advantages, as well as those whose conditions are most likely not to maximize the effect of the special zones localized in their territory. It is recommended to establish a system for monitoring the conformity of specialization of regions with the profile of special economic zones established within their borders.

This article explores the development and analysis of investment strategies in energy efficiency for Ukrainian household prosumers using an econometric model. The study identifies key determinants influencing investment decisions by prosumers, such as income levels, energy prices, government subsidies, environmental awareness, technology adoption, urbanization, and education. By employing an econometric model, the research provides robust insights for policymakers, energy industry stakeholders, and prosumers themselves to enhance energy efficiency and promote sustainable energy practices in Ukraine. The analysis covers the period from 2019 to 2023 and focuses on secondary data sources, including government reports, energy industry publications, and academic studies. The econometric model includes fixed effects and random effects to account for unobserved heterogeneity and panel-specific effects, with lagged dependent variables and instrumental variables to address endogeneity. Results show that higher income levels, government subsidies, environmental awareness, technology adoption, urbanization, and education positively influence investment in energy efficiency by prosumers. Energy prices have a negative impact, likely due to cost concerns. Case studies of successful prosumer investment strategies, such as solar panels, energy-efficient appliances, smart home technologies, and insulation/weatherization, further demonstrate the feasibility and benefits of energy efficiency investments. These findings offer valuable insights for policymakers and stakeholders to support prosumers in making informed and sustainable investment decisions, ultimately contributing to a more energy-efficient and sustainable future for Ukraine. The research highlights the need for consistent policy support to sustain investment momentum, especially in the context of the current war and its impact on Ukraine's energy infrastructure. Additionally, it underscores the importance of rebuilding and enhancing the country's energy systems in the post-war recovery phase to ensure long-term sustainability. [ABSTRACT FROM AUTHOR]

This paper examines the Turn of the Month (TOM) effect in the highly capitalized emerging South African stock market. We use data from the FTSE/JSE Afr8ica All Shares Index (JALSH) and the USDZAR FX market for the period 31.12.1998-31.12.201. We provide empirical evidence that TOM is present in the S. African stock market, but there is a non-TOM anomaly in the FX market. Thus, the S. African stock market enables us to gain new perspectives on the study of the TOM effect. Specifically, using an optimization algorithm, we are able to identify the optimal intra-month period in the JALSH by examining it in both the local currency (ZAR) and in USD. Moreover, we show that the performance in the USDZAR FX market has an impact: (a) on the domestic stock market's performance (JALSH in ZAR), and (b) on the TOM effect. Finally, we present some practical investment strategies based on the TOM effect which can outperform the stock market and prove beneficial for investors trading in USD. [ABSTRACT FROM AUTHOR]

With the rapid development of the global economy, trade between nations is becoming more and more closer in the context of economic globalization. People's pursuit of a happy life has also reached a new level, with financial freedom being a goal that an increasing number of people are pursuing on their path to happiness. The objective of this research is to examine in detail the ideas of financial freedom presented in the book "Rich Dad Poor Dad" and to investigate how these ideas may be more effectively applied to individual financial planning in order to attain financial independence, taking into account the current socioeconomic climate. This study employs a range of research methodologies, such as the literature research method, case study method, and qualitative analysis method. It begins by introducing the idea and significance of financial freedom, then analyzes the book's central financial concepts, and finally offers recommendations and strategies for achieving financial freedom in the context of the contemporary socioeconomic environment. The paper concludes by summarizing the findings and anticipating the direction of additional research on financial independence. Changing one's financial concepts, investing in financial education, and generating passive income are the keys to achieving financial freedom, according to this study, which was conducted after extensive research and analysis of the book Rich Dad, Poor Dad. People can also become more financially independent by having a deeper understanding of these concepts. [ABSTRACT FROM AUTHOR]

Abstract Purpose In response to the growing importance of understanding individual investment strategies, the present study aimed to develop a new scale for measuring both the short- and long-term investment strategies of individuals. Design/methodology/approach The study assessed the psychometric properties of the investment strategies scale (ISS) using data collected from 1428 individual investors. In the initial study, an exploratory factor analysis (EFA) was conducted to investigate the factor structure of the proposed scale (N = 700). The EFA results yielded a two-factor structure, and Cronbach’s alpha values for short- and long-term investment strategies were 0.90 and 0.88, respectively. A confirmatory factor analysis was performed to validate the factor structure of the scale in the second study (N = 728). Findings The results demonstrated that the two-factor model fit the data well. In the third study, the correlation between Hofstede’s long-term orientation and the two dimensions of the scale was investigated. The results indicated that long-term investment strategies significantly predict long-term orientation, thus confirming the concurrent validity of the scale. Research implications These findings demonstrate that the proposed ISS is a reliable and valid instrument for measuring individuals’ short- and long-term investment strategies, contributing to a deeper understanding of investment decision-making processes. Originality/value This study introduces a novel measurement tool—ISS—specifically designed to comprehensively assess both short- and long-term investment strategies among individual investors.

This study examines the impact of environmental, social, and governance (ESG) factors on economic investment from a statistical perspective, aiming to develop a tested investment strategy that capitalizes on the connection between ESG factors and financial performance. ESG investing: A statistically valid approach to data-driven decision-making (ESGI-SVADDM) investment strategy is based on a rigorous, statistically valid approach that utilizes data, math, statistics, and data science libraries to drive investment decisions, eliminating the need for personal opinions and subjectivity. The process includes establishing an investment thesis, formulating testable hypotheses (HPS), retrieving and refining relevant data, calculating relevant measures, and testing and validating all hypotheses. The study uses S&P 500 stock data and ESG data from Sustainalytics to test the hypotheses. The empirical tests conducted revealed a negative correlation between ESG risk and expected returns, as well as a positive trend in the relationship between ESG risk and the overall risk of stocks. Moreover, the study found that higher ESG risk scores are associated with lower returns for investors, and that adopting a strategy of investing in stocks with low ESG risk and shorting stocks with high ESG risk yields superior returns compared to the market portfolio.

Purpose: In response to the growing importance of understanding individual investment strategies, the present study aimed to develop a new scale for measuring both the short- and long-term investment strategies of individuals. Design/methodology/approach: The study assessed the psychometric properties of the investment strategies scale (ISS) using data collected from 1428 individual investors. In the initial study, an exploratory factor analysis (EFA) was conducted to investigate the factor structure of the proposed scale (N = 700). The EFA results yielded a two-factor structure, and Cronbach's alpha values for short- and long-term investment strategies were 0.90 and 0.88, respectively. A confirmatory factor analysis was performed to validate the factor structure of the scale in the second study (N = 728). Findings: The results demonstrated that the two-factor model fit the data well. In the third study, the correlation between Hofstede's long-term orientation and the two dimensions of the scale was investigated. The results indicated that long-term investment strategies significantly predict long-term orientation, thus confirming the concurrent validity of the scale. Research implications: These findings demonstrate that the proposed ISS is a reliable and valid instrument for measuring individuals' short- and long-term investment strategies, contributing to a deeper understanding of investment decision-making processes. Originality/value: This study introduces a novel measurement tool—ISS—specifically designed to comprehensively assess both short- and long-term investment strategies among individual investors. [ABSTRACT FROM AUTHOR]

This research study seeks to elucidate the role and impact of predictive analytics in corporate finance and financial stability, offering a comprehensive analysis grounded in qualitative research and case studies. Through an exploration of its evolutionary trajectory, the study delineates the foundational principles of predictive analytics, highlighting its progression from statistical theories to a sophisticated tool harnessing machine learning and big data analytics. The research further delves into the significant impact of predictive analytics on risk management and investment strategies in corporate finance, illustrating its role in fostering a proactive and data-driven approach to financial decision-making. Moreover, the study underscores the pivotal contributions of predictive analytics in maintaining financial stability, particularly in predicting financial crises and aiding regulatory perspectives. Through a detailed analysis, the research highlights the potential of predictive analytics in reshaping the global financial landscape, fostering a future characterized by innovation, efficiency, and resilience. Looking ahead, the research suggests promising avenues for further innovations and developments in the sector, with predictive analytics poised to play a central role in shaping a more interconnected and resilient financial ecosystem. At the advent of a period characterized by datacentric decision processes and analytical prescience, predictive analytics emerges as a pivotal catalyst for innovation, directing the financial sector towards an era of enhanced stability and prosperity. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper was to investigate how important ESG is as a factor influencing Generation Z’s investment strategies. Design/methodology/approach: In order to achieve these authors decided to conduct a 10-week long experiment and collect the data both qualitative and quantitative. The data was gathered via an online questionnaire and during the classes with students participating in the experiment. Findings: The main finding of the research is that the majority of the students did not consider ESG factors in their decision-making process. In spite of the visible knowledge on and awareness of that matter, almost none of the experiments’ participants admitted to taking ESG into account during the development of their investment strategies. Research limitations/implications: Main limitation of the research is the context of the experiments – they were organized during classes which could have impacted obtained results. In order to mitigate this factor a new group of students will be investigated in a different environment in the following months. Practical implications: Possible practical implication of the research is lowering of the pressure for the companies to align with ESG regulations and legal ramifications when they want to attract new investors from the youngest generation. Social implications: Social ramification of the findings is not to be neglected; if Generation Z is not as keen to lean onto ESG while making financial decisions as suspected, a possible shift in perceiving these issues by the mass audience is to be expected in the years to come. Originality/value: The main value of this paper is possible contradicting of a well-known truth about Generation Z that they are the most environmentally savvy and conscious of all generations. It is entirely possible that ESG is just a phenomenon essential for only a marginal group of customers and majority of investors making their investment decisions disregard this issue entirely. The main goal of the paper is to examine stock market investment strategies of Generation Z representatives who have a certain background in the field of finance. The study was conducted on a group of Polish students of the Faculty of Management of the University of Warsaw. Participants were asked to invest in the stock market using the GWP Tr@der investment platform in real time and over a period of eight weeks. Two research methods were applied: (1) a qualitative study of the participants' investment portfolio strategies, and (2) a survey containing quantitative and qualitative questions. The study sample included, respectively, (1) 626 and (2) 314 students. It has been concluded that, when devising their investment strategies, representatives of Generation Z rely primarily on their knowledge and on current market information. Although some of them take ESG factors into account in their strategies, it cannot be considered a strong trend. New insights on ESG factors in investment strategies pursued by Generation Z are the paper’s contribution to literature. The main limitation of the study is its scope in terms of the sample of study participants. [ABSTRACT FROM AUTHOR]

Organizational effectiveness is the global requirement of every organization to survive in this competitive era and needs the focus of recent studies and policymakers. Thus, the researchers examine the sustainable development goals (SDG) and investment strategies impact on the organizational effectiveness of automobile companies in China. The researchers also investigate the mediating role of organizational climate among the relationships of SDG, investment strategies and organizational effectiveness of automobile companies in China. The present article has used the primary data collection methods and used the survey questionnaires to gather the data from respondents. The researchers have also used the Smart PLS to test the validity of the constructs and relationships among the variables. The results indicated that SDG and investment strategies have a positive influence on the organizational effectiveness of automobile companies in China. The findings also revealed that organizational climate significantly mediates among the nexus of SDG, investment strategies and organizational effectiveness of automobile companies in China. This study guides the regulators while developing the policies related to the SDG and organizational effectiveness. [ABSTRACT FROM AUTHOR]

Recently, sustainable development goals (SDG) and investment strategies and knowledge has become the foremost factors for the high organizational profitability and capture the focus of recent studies and policymakers. Therefore, the current study aims to examine the impact of SDG, investment strategies and financial knowledge on the organizational profitability of manufacturing firms in China. Furthermore, the study examines the role of government support in the interplay between investment plans, financial understanding, and the profitability of organisations. Survey questionnaires and smart-PLS were used to collect data and analyse reliability and correlations. The findings show that SDGs, investment strategies, and financial knowledge all play a substantial role in a company's profitability.The results also revealed that government support moderates significantly among investment strategies, financial knowledge, and organizational profitability. This study guides the regulators while developing policies regarding SDG and investment strategies with respect to organizational profitability. [ABSTRACT FROM AUTHOR]

The main purpose of this article is to assess the potential implications of machine learning in making investment decisions when investing capital in stock markets. The analysis carried out focuses on the so-called day-trading, i.e., investing for very short periods of time, covering only one stock market session. The hypothesis adopted by the authors is that the use of machine learning can, under certain conditions, effectively contribute to attractive rates of return for players making short-term investments. The study used Microsoft Machine Learning Studio's Azure tool to enable machine learning-based computing. Thanks to this publicly available computing platform, any potential interested investor can create a model and test it. An important assumption of the described study is the adoption of a short investment horizon for the calculation. The calculations used data from five stock market sessions, so that the most recent data is taken into account. Based on the calculations, the authors observed that the methodology adopted for applying machine learning to investment decision-making can be a valuable tool to help make short-term investment decisions. The research made can be used in a practical way by investors when they transact in the stock market. It should be noted that the presented method requires updating the data on which the predictions are made every time. Further in-depth research is also needed to determine the impact of the number of financial instruments on the effectiveness of the learning process. [ABSTRACT FROM AUTHOR]

The article examines approaches to the formation and implementation of investment strategies of domestic enterprises in international business during the period of full-scale invasion and in the post-war period. The main problems faced by Ukrainian enterprises when entering foreign markets and factors affecting the level of attractiveness of the investment environment in Ukraine are outlined. The importance of an international investment strategy for an enterprise is substantiated, which should be developed taking into account the goals the enterprise has set for itself. Also, it should be a part of the general strategy, agreed with other strategies of the enterprise, which will help to improve the results of business activities and increase profits. Taking into account the instability of the economic situation and the risks that have arisen against the background of hostilities, the urgency of attracting international investments has reached a new stage, because it is necessary to take care of security guarantees and insurance for international business. It is emphasized that in the post-war period, the opportunities for international investment will expand significantly and the approaches to the development and implementation of the investment strategy will change, which will make it possible to switch to an innovative type of economic development.

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The article examines the relationship between the socio-economic state of the regions and the dynamics of the development of regional markets for poultry products. The key factors that can affect the growth or decline of this industry have been identified, including the standard of living of the population, availability of resources, quality of infrastructure and government policy in the agricultural sector. The main purpose of the study is to analyze and evaluate these dependencies, as well as to formulate recommendations for management decisions to optimize activities in the poultry sector in different regions. The results of the study can be useful for regional management structures, producers of poultry products and other interested parties when planning strategies for the development of the industry. The article pays special attention to the influence of cultural and traditional aspects of consumption on the formation of demand for poultry products. Additionally, taking into account globalization processes and changes in climatic conditions, the possible impact of these factors on regional poultry markets has been considered. The article concludes with an analysis of potential challenges and opportunities for poultry farming in the future, as well as recommendations for ensuring the sustainable development of the industry at the regional level. Based on the analysis of factors such as consumer demand, technological development, infrastructural capabilities, the availability of qualified personnel and environmental initiatives, it has been proven that regions with a high level of socio-economic development have a tendency to increase investment in the poultry industry. This trend opens up new prospects for entrepreneurs and investors and stimulates the sustainable development of the agro-industrial complex of the region. It was found that support of the innovations in the field of poultry farming contributes to the improvement of the product quality, its competitiveness on international markets and stimulates local production. This, in turn, can be a catalyst for creating new jobs and raising the general standard of living of the region's population, creating a positive environment for attracting foreign capital and supporting local businesses. [ABSTRACT FROM AUTHOR]

The legal infrastructure of venture capital investment trusts in Turkey has been enacted with the amendments made in the Capital Markets Law No. 6362. Within the scope of the law, partnerships that mainly invest their capital to venture capital investments are defined as "venture capital investment trusts". Venture capital investment trusts (VCIT) make significant contributions to the introduction of new technologies to the economy by investing directly or indirectly in ventures. The purpose of this study is to examine the legal regulations made in the Turkish tax system for VCITs and the investment strategies implemented by VCITs. In the study, document analysis, which is one of the qualitative research methods, was used. Laws and annual reports, which are data sources, were evaluated in accordance with the content analysis method. The study consists of two parts. In the first part, the situation of VCITs against tax laws is discussed. In the latter part, the 2021 annual reports of publicly quoted VCITs were analyzed using the MAXQDA 2020 qualitative data analysis program and the investment strategies of the companies were evaluated. In the study, it has been determined that significant tax advantages are provided to VCITs with the regulations made in the tax legislation. In addition, the results of qualitative data analysis demonstrate that VCITs mainly invest in technology & innovation-based domestic ventures in line with their targets and strategies. [ABSTRACT FROM AUTHOR]

The Russian stock exchange revived and began its energetic development in 1991 and it was connected with economy liberalization. Thus we can say that modern history of the Russian stock exchange embraces about 30 years, while in global practice the first stock exchange was born in 1661 in Amsterdam. The most progressive, according to numerous international investors, American stock exchange started functioning in 1791. This short history of the Russian stock exchange development could explain low finance literacy of the population. In spite of fast growth in the number of registered broker’s accounts on the Moscow exchange, a lot of investors in Russia prefer to redistribute a considerable proportion of their resources in foreign currency, gold, real estate. Such fund distribution cannot be explained only by low finance literacy. The Russian stock exchange demonstrates high volatility as, according to global rating agencies, it is emerging. However, stock exchange can be an appealing tool of investment, in case clear and high-quality strategies are used. Within the frames of the article the use of averaged value strategy on the Russian stock exchange is studied, at the same time it is compared with other popular strategies of long-term investment, such as strategy of equal amount purchase, strategy of buying the same number of securities.

This study examines the investment strategies of fund managers without business or IT background. The non-professional managers are inclined to pursue higher returns but with greater volatility. They are aggressive in the bull market while cautious in the bear market. With their participation, the funds could gain significantly higher abnormal returns even in economic downturns. The superior performance can be attributed to their management style. The non-professional managers would avoid being multi-tasked unless the financial market is thriving, while the professional ones would simultaneously operate several funds in general. [ABSTRACT FROM AUTHOR]

In this paper, we examine the impact of including environmental, social and governance (ESG) criteria in the allocation of equity portfolios. We focus on the risk and return characteristics of the resulting ESG portfolios and investment strategies. Two specific measures are considered to quantify the ESG performance of a company; the ESG rating and the greenhouse gas (GHG) emission intensity. For both measures, we carry out empirical portfolio analyses with assets in either the STOXX Europe 600 or the Russell 1000 index. The ESG rating data analysis does not provide clear-cut evidence for enhanced performance of portfolios with either high or low ESG scores. We moreover illustrate that the choice of rating agency has an impact on the performance of ESG-constrained portfolios. The analysis on GHG intensities shows that portfolios with reduced emissions do not necessarily have increased risk or diminished returns. [ABSTRACT FROM AUTHOR]

As shipping market players operate in a competitive and volatile business environment, their highly capital-intensive investment decisions to target value-generating projects are exposed to critical risks. Therefore, the paper investigates the efficiency of investment strategies based on the combination of technical trading rules and fundamental analysis in selling and purchasing ships in the container shipping market. Using historical datasets of second-hand vessel prices and time-charter rates from October 1996 to June 2021, long-run cointegrating implications and short-run causality spillover effects are examined for three groups of containerships, distinguished by their transportation capacity, viz. 725 TEUs, 1700 TEUs, and 3500 TEUs. In addition, the moving average trading rules are used to indicate the timing of investment or divestment decisions through the analysis period. The results for vessel prices and earnings for 3500 TEU containerships appeared to be more volatile compared to smaller ships (725 TEUs and 1700 TEUs), while time-charter earnings are seen to exert an impact on second-hand prices across all vessel types. Moreover, due to higher volatility, the trading strategies based on price-earning ratios significantly outperform the buy-and-hold strategies for the 3500 TEU and the 1700 TEU containerships. On the contrary, the decision to buy-and-hold smaller container ships (725 TEU) yields higher profits than the active sale and purchase strategy. The insights provided in this paper can be used by multiple stakeholders, such as liner operators, investors, lessors, and researchers. [ABSTRACT FROM AUTHOR]

Статья, написанная в период усиления политических и санкционных рисков в мировой экономике, посвящена особенностям современных гибридных войн и экономических ограничений как формам их реализации. Указывается на безальтернативность финансирования устойчивого развития и показаны ключевые разделы их будущей теоретической парадигмы. В статье представлены основные положения, выводы и итоги научной дискуссии, состоявшейся в рамках конференции, посвященной 115-летию университета. Выявлены ключевые тренды российского финансового рынка в целом и его сегментов: банковского, фондового, страхового, поскольку они связаны с платформенной экономикой, цифровыми финансовыми технологиями и зеленым движением к устойчивому развитию. Инвестиционные зеленые корпоративные стратегии, нефинансовая публичная отчетность компаний, занимающихся вопросами климата, развития инфраструктуры и институциональных структур рынка зеленых финансов была выделена как наиболее важные. В соответствии со спецификой и преимуществами зеленых финансов, банковского дела, страхования, инвестиций и экосистем финансового рынка показаны их риски и механизмы их минимизации. Показаны основные препятствия на пути развития «зеленой» экономики на российском финансовом рынке, показаны различия между отечественной и зарубежной практикой в этой области. инвестиции и экосистемы финансового рынка продемонстрированы их риски и механизмы их минимизации. Показаны основные препятствия на пути развития «зеленой» экономики на российском финансовом рынке, показаны различия между отечественной и зарубежной практикой в этой области. инвестиции и экосистемы финансового рынка продемонстрированы их риски и механизмы их минимизации. Показаны основные препятствия на пути развития «зеленой» экономики на российском финансовом рынке, показаны различия между отечественной и зарубежной практикой в этой области.