2012, Issue 4 (16). Abstracts
A.V. Karpov, National Research University Higher School of Economics, Moscow, Russia
Corporate Board Elections and Company’s Performance
This paper surveys models of cumulative voting in corporate elections that have appeared in the literature. The influence of cumulative voting on company performance and proxy contests is analyzed. The practical issues as well as theoretical aspects of cumulative voting are studied. The particular section is devoted to gametheoretical modeling of the cumulative voting for corporate directors.
Key words: board of directors, corporate governance, cumulative voting
JEL classification: G34, D71
K. Gluschenko, Institute of Economics and Industrial Engineering, Siberian Branch of RAS, and Novosibirsk State University, Novosibirsk, Russia
Myths about Beta-Convergence
A popular methodology of studying spatial income inequality is the analysis of beta-convergence (i.e. an inverse relationship between current income per capita and its initial level). Its widespread use is based on a belief that the economic growth theory predicts income convergence among economies (countries or regions within a country), and that beta-convergence suggests decreasing income inequality. This article demonstrates that these are nothing but myths; hence, analyzing of betaconvergence cannot serve as an adequate methodology for studying and predicting the evolution of spatial income inequality.
Key words: spatial income inequality, convergence, economic growth
JEL classification: D63, O11, O40
V. Salnikov, A. Mogilat, I. Maslov, IEF RAS, CMASF, Moscow, Russia
Stress Testing for Russian Real Sector: First Approach
Relying on the international studies of companies’ default risk assessment, we developed the short-term forecasting stress-test model for Russian real sector companies. Our bankruptcy prediction model is based on the financial statements’ figures and industry indicators. We estimated the significance of a number of factors which have never been used in international practice (share on local market, financial state of parent companies, etc.) Our ex post forecast proved to be effective in risky assets’ assessment for large groups of companies (branches, regions, etc.).
Key words: credit scoring, stress testing, real sector, Russian economy
JEL classification: G32; G33
M.V. Petukhova, Institute of Economics and Industrial Engineering SB RAS (IEIE SB RAS), Novosibirsk
Clustering of Borrowers at the Level of Defaults: Rating Approach (Regions of the Siberian Federal District)
This article suggested method of probability estimation of defaults in the retail. This method is based on the clustering of borrowers depending on the level of credit risk and satisfying international standards of credit risk. Performed testing methodology on the example of some regions of the Siberian Federal District, identified the essential features of the behavior of borrowers in the regions. Calculated the ratings of the regions in terms of probability of defaults on consumer loans (retail).
Key words: assessing the creditworthiness of borrowers, consumer credit (retail), probability of default, regions of Siberian Federal District, rating models, clustering, decision tree, regional features of borrowers’ behavior
JEL classification: G21, G32, O18, P4
A. Shastitko, Moscow Lomonossov State University, Moscow, Russia
Competition on Aftermarkets: the Subject Matter and Policy Applications
The classification for different variants of interrelation between basic and derivative products has been elaborated through the lens of issue of market product boundaries identification to enforce antimonopoly law. It were described types of reasons for non-use (mitigation) of antimonopoly enforcement. Among these reasons: wider definition of the market product boundaries; R&D, reputation, increasing returns to scale.
Key words: aftermarket, competition, antimonopoly policy
JEL classification: K21, L14, L40
O. Braginskiy, Central Economical and Mathematical Institute RAS, Moscow, Russia
Methodology and Practice of Working out Multyindustry Complex Program (an Example of Petrochemical Complex)
Produced results of retrospective and current analysis of the object of investigation – the Russian petrochemical complex. Marked features and shortcomings of longterming development plan of the complex, recommended by the Ministry of Energy. Recommended four-phase scheme of project and program planning of the complex development.
Key words: plan, program, Petrochemical complex, optimization
JEL classification: L65, O21, O25