CORPORATE  FINANCE

The information-analytical system of business processes financial controlling of industrial holdings
Khlevnaya Е.А., Ph.D. in Economics and Psychology, associated Prof. of financial management department of the Russian Economic University of G.V. Plekhanov

Annotation. The article discusses in detail the information-analytical system of business processes financial controlling taking into account the specifics of industrial holdings. The technique of forming a database that includes global indicators that enable to avaluate the activities of the holding as a whole and local, which limited the activities of a particular business process, department or business unit is proposed. The mechanism of information-analytical indicators integration of financial controlling system in accordance with the hierarchy of holding structures objectives is considered.
Keywords: information-analytical system, controlling, business process, industrial holding, target indicators.

References
1. Kapulin D.V., Carev R.Ju. i dr. Razrabotka vysokonadezhnyh integrirovannyh informacionnyh sistem upravlenija predprijatiem: monografija. – Krasnojarsk: Sib. feder. un-t, 2015. – 184 s.
2.  Kazakova N.A. Informacionno-analiticheskoe obespechenie sistemy kontrollinga finansovoj ustojchivosti. / Kazakova N.A., Fedchenko E.A., Cherepanova L.A. // Finansovaja analitika: problemy i reshenija. 2013. № 18 (156). M.: ID Finansy i kredit. S. 2–9.
3. Albach H., Schwarz R. (2002): Controlling-Systeme: Eine Einführung in Grundlagen, Komponenten und Methoden des Controllings, Wiesbaden 2002.
4.  Mutscheller A.M. (1996): Vorgehensmodell zur Entwicklung von Kennzahlen und Indikatoren für das Qualitätsmanagement, Diss. Universität St. Gallen, Bamberg 1996.
5. Reichmann T.  (2006): Controlling mit Kennzahlen und Management-Tools, 7. Aufl., München 2006.
6. Seghezzi H.D., Fahrni F., Herrmann F. (2007): Integriertes Qualitätsmanagement: Der St. Galler Ansatz, 3. Aufl., München / Wien 2007.
7. Siegwart H. (2002): Kennzahlen für die Unternehmensführung, 6. Aufl., Bern 2002.

Breakthrough in corporate finance
Lutsenko S.I., Leading expert of the Control Department of the Presidential Administration of Russian Federation, Russian Federation

Annotation. Presented article considers features of the analysis of traditional theories of optimal financing: tradeoff and pecking order theories. In given article lacks of traditional theories and possible approaches of their overcoming will be shined. For the purpose of expansion of understanding of a capital structure, financial contracts (mitigation of motivational conflicts, an agency and information problems) will be considered. In final part of presented work considers features of an estimation of speed of adjustment of a capital structure (a deviation of actual level of a financial leverage from its target), by means of dynamic models.
Keywords:  leverage, capital structure, speed of adjustment, financial contracting.

Reverences
1. Modigliani F., Miller M. The Cost of Capital, Corporation Finance and the Theory of Investment // The American Economic Review, 1958. Vol. 48. P. 261–297.
2. Myers S., Majluf N. Corporate financing and investment decisions when firms have information that investors do not have // The Journal of Financial Economics, 1984. Vol. 13. P. 187–221.
3. Graham J., Leary M. A Review of Empirical Capital Structure Research and Directions for the Future // The Annual Review of Financial Economics, 2011. Vol. 3. P. 309–345.
4. Lucenko S.I. Vlijanie peresmotra kreditnyh soglashenij na finansovuju politiku rossijskih kompanij. Finansovyj menedzhment. 2012. № 1. S. 53–59.
5. Lucenko S.I.  Identifikacija konflikta interesov mezhdu sobstvennikami i kreditorami. Finansovyj menedzhment. 2011. № 5. S. 28–35.
6. Jalilvand A., Harris R. Corporate behavior in adjusting to capital structure and dividend targets: An econometric study // The Journal of Finance, 1984. Vol. 39. P. 127–145.
7. Lucenko S.I. Vlijanie srednej reversii (mean reversion) na vybor kompaniej finansovoj politiki. Finansovyj menedzhment. 2012. № 2. S. 41–50.
8. Graham J. How big are the tax benefits of debt? // The Journal of Finance, 2000. Vol. 55. P. 1901–1941.
9. Iliev P., Welch I. Reconciling Estimates of the Speed of Adjustment of Leverage Ratios // Working paper, 2010.
10. Myers S. The capital structure puzzle // The Journal of Finance, 1984. Vol. 39. P. 575–592.
11. Roberts M., Sufi A. Control Rights and Capital Structure: An Empirical Investigation // The Journal of Finance, 2009. Vol. 64. P. 1657–1695.
12. Nini G., Smith D., Sufi A. Creditor control rights and firm investment policy // The Journal of Financial Economics, 2009. Vol. 92. P. 400–420.
13. Rampini A., Viswanathan S. Collateral, risk management, and the distribution of debt capacity // The Journal of Finance, 2010. Vol. 65. P. 2293–2322.
14.  Campello M., Giambona E.  Capital Structure and the Redeployability of Tangible Assets // Working paper, 2010.
15.  Rauh J., Sufi A. Capital Structure and Debt Structure // The Review of Financial Studies, 2010. Vol. 23. P. 4242–4280.
16.  Chava S., Roberts M. How does financing impact investment? The role of debt covenants // The Journal of Finance, 2008. Vol. 63. P. 2085–2121.
17. Benmelech E., Bergman N. Liquidation Values and the Credibility of Financial Contract Renegotiation: Evidence from U.S. Airlines // The Quarterly Journal of Economics, 2008. Vol. 123. P. 1635–1677.
18. Fama E., French K. Testing trade-off and pecking order predictions about dividends and debt // The Review of Financial Studies, 2002. Vol. 15. P. 1–33.
19. DeAngelo H., DeAngelo L., Whited T. Capital structure dynamics and transitory debt // The Journal of Financial Economics, 2011. Vol. 99. P. 235–261.

Valuation methods of fixed assets as a tool of financial management on the railway
Kondratova E.P., Ph. D. of economics, associate professor of Finance and Accounting department, Far Eastern State University of communication (Khabarovsk)
Barchukov A.V., Doctor of economic sciences, professor of Finance and Accounting department, Far Eastern State Transport University (Khabarovsk)

Annotation. The article describes the basic valuation methods of fixed assets, defining the planning of the investment policy on the railway in the business unit «Infrastructure» which can be taken as a basis of methodology and control theory of reproduction process and formation of its sources in funding in this sector of national economy.
Keywords: railway, fixed assets, complex object classification, renovation process, valuation of reproduction, the growth rate of fixed assets, the value of fixed assets disposal, depreciation, investment policy.

References
1. Kvasha J.B.  Amortizacija i sroki sluzhby osnovnyh fondov [Text]. – M.: AN USSR, 1959. – 227 p.
2. Klassifikacija osnovnyh sredstv i nachislenie amortizacii [Text]. Pod red. G.Ju. Kasjanovoj. – M.: ABAK, 2015. – 48 p.
3. Kondratova E.P., Barchukov A.V. Upravlenie i istochniki vosproizvodstva osnovnyh fondov zheleznodorozhnogo tra nsporta [Text] // Transport Aziatsko-Tihookeanskogo regiona. – 2016. – Nomer 2 (7). – P. 32–39.
4. Lange O. Vvedenie v jekonometriku [Text]: per. s polsk. Pod obshh. red. A.Ja. Bojarskogo. – M.: Progress, 1964. – 295 p.
5. Lange O.  Teorija vosproizvodstva i nakoplenija [Text]: per. s polsk. Pod red. V.S. Nemchinova. – M.: Inostrannaja literatura, 1963. – 140 p.
6. Lebedev A.A. Vosproizvodstvo osnovnyh proizvodstvennyh fondov stroitelstva [Text]. – M.: Strojizdat, 1983. – 192 p.
7. Lebedev A.A. Investicionnyj process i puti ego sovershenstvovanija [Text]. – M.: MINH im. G.V. Plehanova, 1985. – 78 p.
8. Savickaja G.V. Kompleksnyj analiz hozjajstvennoj dejatelnosti predprijatija [Text]. – M.: INFRA-M, 2016. – 608p.
9. Rossijskie zheleznye dorogi [Electronic resource]. Official site  JSC "Russian Railways". – URL: rzd.ru
10. Federalnaja sluzhba gosudarstvennoj statistiki (Rosstat) [Electronic resource]. Official site of the Federal State Statistics Service. – URL: gks.ru

Integrated statistical evaluation of the financial condition of the enterprises of the fishing industry of Primorsky krai
Levkina E.V., Senior Lecturer, VVSU (Vladivostok State University of Economics and Service, Vladivostok)
Turarova A.R., student VVSU (Vladivostok State University of Economics and Service, Vladivostok)
Shirokova A.Y., student VVSU (Vladivostok State University of Economics and Service, Vladivostok)

Annotation. An active policy of import substitution in Russia clearly indicates a significant increase in the role of industries. Particular attention is paid to the state and development of the fishing industry, which is the most important strategic resource that can ensure economic growth, the effectiveness of economic interactions and increase national well-being. Using classical methods of financial analysis in the article evaluated the results of the fishing industry. The results are of practical importance for representatives of the fishing structures and statistics bodies.
Keywords: finance reporting, analysis of financial results, the level of liquidity, the level of profitability.

References
1. Agafonova V.A., Baukova N.G., Karpova M.I., Krivoborod L.N., Filonova E.A. Ryboxozyaistvennyy kompleks Primorskogo kraya 2015: sbornik s analiticheskoi zapiskoi. – M.: Primorskstat, 2016. – 48 s.
2. Volovets Ya.V. Finansovaya deyatel`nost` syb`ektov xozyaistvovaniya: uchebnoe posobie. – M.: Alerta, 2013. – 199 s.
3. Godovoj otchet OAO «Nahodkinskaja baza aktivnogo morskogo rybolovstva». – Vladivostok, 2014. – 85 s. [Electronic resource]. URL:  fs.moex.com/content/annualreports/1559/1/nbamr.pdf
4. Kovalev V.V. Finansovyy analiz: metody i protsedury. – M.: Finansy i statistika, 2012. – 560 s.
5. Lutchin N.P. Statistika finansov: uchebnoe posobie. – M.: Novyy mir-2000, 2015. – 324 s.
6. Levkina E.V., Vasilenko M.E. Jeffektivnost' rybnoj otrasli: teorija, metodologija i praktika // Internet-zhurnal Naukovedenie. – 2013. – № 6 (19)  [Electronic resource].  URL: cyberleninka.ru/article/n/effektivnost-rybnoy-otrasli-teoriya-metodologiya-i-praktika
7. Levkina E.V., Vorozhbit O.Ju., Vasilenko M.E. Rol' innovacionnogo razvitija v povyshenii jeffektivnosti rybnoj otrasli Primorskogo kraja // Vestnik Adygejskogo gosudarstvennogo universiteta. Serija 5: Jekonomika. 2014. №1 (138) [Electronic resource]. URL: cyberleninka.ru/article/n/rol-innovatsionnogo-razvitiya-v-povyshenii-effektivnosti-rybnoy-otrasli-primorskogo-kraya

INVESTMENTS AND BUSINESS

Propensity to risk in the management of personal and corporate funds
Karginova V.V., PhD (economics), research associate, Institute of Economics of the Karelian Research Centre of the Russian Academy of Sciences

Annotation. The forecasting and the regulation of the behavior of economic actors suggest the need for formal models of their appetite for risk. In this article was made an attempt to analyze the peculiarities of perception of risk by individuals and legal entities in relation to the banking sector. The influence of the level of risk and the existence of a risk premium on its perception during the placement of personal and corporate savings, as well as the possibility and limitations of transferring conclusions about the behavior of actors to other economic spheres were showed. The identified characteristics should be taken into account for the formation of the institutional space, in particular, for the development of mechanisms that encourage public-desired behavior and the effective flow of temporary idle monetary resources.
Keywords: risk aversion, risk premium, banks, creditworthiness, current accounts, term deposits, incentives, investment.

References
1. Giddens A. Modernity and Self-Identity: Self and Society in the Late Modern Age. Cambridge: Polity Press, 1991.
2. Lapusta M.G., Sharshukova L.G. Riski v predprinimatel’skoj dejatel’nosti. M.: INFRA-M, 1998.
3. Knight F.H. Risk, Uncertainty and Profit. Boston: Hart, Schaffner & Marx; Houghton Mifflin Co, 1921.
4.  Keynes J.M.  The General Theory of Employment, Interest and Money. London: Macmillan, 1936.
5. Mill J.S. Principles of Political Economy with some of their applications to social philosophy. Vol. 1. London: John W. Parker, 1848.
6. Mill J.S. Principles of Political Economy with some of their applications to social philosophy. Vol. 2. London: John W. Parker, 1848.
7. Thünen J.H. von. Der isolirte Staat in Beziehung auf Landwirtschaft und Nationalökonomie, oder Untersuchungen über den Einfluß, den die Getreidepreise, der Reichthum des Bodens und die Abgaben auf den Ackerbau ausüben. Hamburg: Perthes, 1826.
8. Marshall A. Principles of Economics. London: Macmillan, 1890.
9. Pigou A.C. The Economics of Welfare. London: Macmillan and Co., ltd., 1920.
10. The hofstede centre [Electronic resource]. URL: geert-hofstede.com/ (Retrieved: 01.11.2016).
11. Kahneman D. Thinking fast and slow. New York: Farrar, Straus and Giroux, 2011.
12.  Karginova V.V. Metodicheskie podhody k kompleksnoj ocenke jekonomicheskogo potenciala regiona i urovnja ego ispol’zovanija // Jekonomicheskij analiz: teorija i praktika. – 2016. – № 8. – S. 86–97.
13.  Karginova V.V. Ocenka i uchjot riska nedopoluchenija dohoda v regionah Rossii // Modelirovanie i Analiz Bezopasnosti i Riska v Slozhnyh Sistemah: Trudy Mezhdunarodnoj Nauchnoj Shkoly MA BR – 2016 (Sankt-Peterburg, 25–28 oktjabrja, 2016 g.). – SPb.: GUAP, 2016. – S. 150–154.
14. Mochalina O.S., Shumejko V.I. Rynok bankovskih vkladov Rossii: tendencii, prichiny kolebanija procentnyh stavok // Science Time. – 2016. – № 3. – S. 335–341.
15.  Zaernjuk V.M. Analiz vlijanija osnovnyh social’no-jekonomicheskih pokazatelej na razvitie regional’nyh rynkov bankovskih vkladov // Finansovaja analitika: problemy i reshenija. – 2013. – № 21. – S. 17–22.
16.  Fedoseeva V.A.  Vlijanie transformacii finansovogo povedenija domohozjajstv na uroven’ bankovskih vkladov // Aktual’nye problemy formirovanija mehanizma funkcionirovanija finansovogo rynka Rossijskoj Federacii. – 2009. – № 5. – S. 129–135.
17.  Borisova E.G.  Chej vklad luchshe: bankovskie vklady s tochki zrenija nejminga // Reklama: teorija i praktika. – 2007. – № 6. – S. 373–380.
18. Zhukovskij V.I., Soldatova N.G. Riski pri diversifikacii vklada // Upravlenie riskom. – 2015. – № 1. – S. 3–13.

Experience of strategic management in the mining  and chemical complexes of Russia
Gendon A.L., Ph. D., associate Professor of the Department of Financial control, analysis and audit Federal STATE budgetary educational institution “the Russian economic University n. a. G.V. Plekhanov”

Annotation. In the article the experience of strategic management of the largest mining and chemical companies is analyzed. The main features of strategic management and key aspects of the strategies of large Russian mining and chemical companiesare represented. A comparative characteristic of companies is given; the necessity of the strategic management efficiency improving of mining and chemical companies in Russia is substantiated.
Keywords: mining and chemical complex, fertilizers, strategic management.

References
1. The official website of the research company “Abercade” [Electronic resource]. URL: abercade.ru/research/analysis/
2.  Markova V.D., Kuznecova S.A.  Strategicheskij menedzhment: Kurs lekcij. – M.: INFRA-M; Novosibirsk: Sibirskoe soglashenie, 1999. – 288 s.
3. Ansoff I. Strategicheskoe upravlenie. – M.: Ekonomika, 1989. – 519 s.
4. Larionova A.S. Istoriya i instrumentarij strategicheskogo planirovaniya v Rossii // Teoriya upravleniya. – 2011. – № 10.
5. Official website of the company Potash Corporation of Saskatchewan Inc. [Electronic resource]. URL: potashcorp.com/
6. Official site of company “EuroChem” [Electronic resource]. URL: eurochem.ru/
7. The official website of OJSC “PhosAgro” [Electronic resource]. URL: phosagro.ru/
8. The official website of the United company “Uralkali” [Electronic resource]. URL: uralkali.com/
9. The official website of the consulting group FMB (Fertilizer Market Bulletin) [Electronic resource]. URL: fertilizer-market.kiev.ua/
10. Official website of the International Association of manufacturers of fertilizers (IFA: International Fertilizers Industry Association) [Electronic resource]. URL: fertilizer.org/
11. Skoromnik V. Problemy organizacii strategicheskogo upravleniya v Rossii [Electronic resource]. URL: neweconomic.ru/pbl/mf2.html

Refined method of calculating the traditional and temporary additional indicators of investment projects
Mandych I.A., candidate of economic sciences, Federal State Budget Educational «Moscow Technological University», Institute of innovative technologies and public administration, Department of management, associate professor
Lukmanov V.B., candidate of technical sciences, associate professor, Federal State Budget Educational «Moscow Technological University», Institute of innovative technologies and public administration, Department of management, associate professor
Tsoy A.V., Federal State Budget Educational «Moscow Technological University», Institute of innovative technologies and public administration, Department of management, assistant professor
Vysockiy S.G., Federal State Budget Educational «Moscow Technological University», Institute of fine chemical technology, Department of environmental and industrial safety, assistant professor

Annotation. It is necessary to accurately account many different factors, including internal and external factors of investment. The key moment of this procedure is correct calculation of the temporal investments index and return on investment. The purpose of this work is to demonstrate the method of calculating traditional and additional temporal investment project index and to make informed investment decisions based on distribution of net income by years of project implementation and opportunities for reinvestment. The calculations were made with Excel Solver add-in, and this result suggests the possibility of practical application of the methods in making optimal investment decisions.
Keywords:  investments, evaluation of investment projects, discounted payback period, net present value.

References
1.  Zakolodina T.V. Finansy, kredit i denezhnoe obrashhenie. Chast’ 2: uchebno-metodicheskoe posobie / T.V. Zakolodina, A.V. Tsoy. – M.: MITHT, 2010. – 76 c.
2. Narashhenie i diskontirovanie denezhnyh summ [Electronic resource] / Edinyj portal jelektronnogo obuchenija i testirovanija JuNII IT. URL: do.uriit.ru/mod/resource/view.php?id=532 – 17.09.2016.
3.  Savchuk V.P.  Ocenka jeffektivnosti investicionnyh proektov [Electronic resource] / Korporativnyj Menedzhment: nezavisimyj proekt. URL: cfin.ru/finanalysis/savchuk/ – 17.09.2016.
4. Volkov. A.S. Ocenka jeffektivnosti investicionnyh proektov: Ucheb. posobie / A.S. Volkov, A.A. Marchenko. – M.: IC RIOR, INFRA-M, 2012. – 111 c.

Efficiency evaluation of investment projects taking  into account management of the cost of the company
Khrapova E.V., Candidate of Economic Sciences, associate professor of economy and management Federal state-funded educational institution of the higher education “Omsk state technical university”
Kychanov B.I., Candidate of Economic Sciences, the associate professor of economy and management on transport of Omsk institute of a water transport (branch) Federal state-funded educational institution of the higher education “Siberian state institute of a water transport”

Annotation. In article approaches to assessment of economic efficiency of investment projects are considered. Various criteria for evaluation of investment projects – net present value, an internal regulation of profitability, the modified rate of return and others are analyzed. The question that positive value of these criteria not in all situations leads to increase in cost of the company is put. The conclusion is drawn on need to use in case of assessment of investment projects except traditional criteria a value added indicator.
Keywords: criteria for evaluation of investment projects, management of the cost of the company, value added, equity price.

References
1. Kovaljov V.V. Vvedenie v finansovyj menedzhment. – M.: Finansy i statistika,1999. – 768 s.
2. Kouplend T. Kak dostich’ prevoshodstva v upravlenii stoimost’ju kompanii. – M.: Jeksmo, 2009. – 231 s.
3. Lukasevich I.Ja. Finansovyj menedzhment. – M.: Jeksmo, 2012. – 768 s.
4. Hrapova E.V., Kychanov B.I. Metody finansovogo menedzhmenta v planirovanii i analize dejatel’nosti sudohodnyh kompanij: monografija. – Omsk: OIVT (filial) FGBOU VO «SGUVT», 2016. – 140 s.

Modern economic and statistical analysis  of economic security of the Orel region
Shalaev I.A., candidate of economic Sciences, associate Professor of Department “Economy and economic security” the middle management Institute (branch of the Russian Academy of national economy and state service under the President of the Russian Federation)
Zaitseva A.I., master Central Russian Institute of management (branch of Russian presidential Academy of national economy and state service under the President of the Russian Federation)
Tcherepnina E.S., master Central Russian Institute of management (branch of Russian presidential Academy of national economy and state service under the President of the Russian Federation)

Annotation. This article examines the economic security of the Orel region on the basis of statistical data. The technique of estimation of economic safety of region. The influence of various parameters on economic security.
Keywords: statistics, analysis, economic security, economic security of the region, methods.

References
1. Abalkin L.I. Ekonomicheskaya bezopasnost Rossii: ugrozy i otrazhenie // Voprosy ekonomiki. – 2014. – № 1. – P. 62–67.
2. Anishchenko A.A. Ekonomicheskaya bezopasnost’ regionov Rossii // Marketing. – 2013. – № 3. – P. 71–72.
3.  Bel’skikh M.V.  Institutsional’nye osnovy obespecheniya ekonomicheskoi bezopasnosti Rossii // Molodoi uchenyi. – 2013. – № 3. – P. 21–25.
4. Orlovskaya oblast’ v tsifrakh. 2010-2015: kratkii stat. sb. – Orel: Territorial’nyi organ Federal’noi sluzhby gosudarstvennoi statistiki po Orlovskoi oblasti, 2016. – 249 p.
5. Shalaev I.A. Otechestvennyi I zarubezhnyi opyt v sisteme obespecheniya ekonomicheskoi bezopasnosti / I.A.Shalaev, A.D.Badasyan // Problemy sovremennykh integratsionnykh protsessov i puti ikh resheniya. – Ufa: OOO “Omega science”, 2016. – P. 176–179.
6.  Senchagov V. Kak obespechit’ ekonomicheskuyu bezopasnost’ Rossii // Rossiiskaya Federatsiya segodnya. – 2013. – № 6. – P. 36–37.
7. Shalaev I.A. Ottok kapitala kak odin iz aspektov obostreniya problemy ekonomicheskoi bezopasnosti Rossii v usloviyakh “Politiki sanktsii” / I.A. Shalaev, A.V. Sereygin, E.A. Skorobogatova // Simvol nauki. – 2016. – № 6–1. – P. 313–317.
8. Shalaev I.A. Finansovaya podderzhka malogo predprinimatel’stva kak uslovie obespecheniya ekonomicheskoi bezopasnosti Orlovskoi oblasti / I.A.Shalaev, A.V.Seregin, E.A.Skorobogatova // Simvol nauki. – 2016. – № 6–1. – P. 313–317.
9. Shalaev I.A. Upravlenie innovatsionnymi proektami na osnove standartov ekonomicheskoi bezopasnosti I regulirovaniya riskov // Aktualnye voprosy menedzhmenta v sovremennoi organizatsii” elektronnoe nautchnoe izdanie. – Izhevsk: Izd-vo: “Innova”, 2015. – P. 324–328.
10.  Shalaev I.A.  Vnutrennii nalogovyi kontrol’ I audit kak element ekonomicheskoi bezopasnosti organizatsii / I.A. Shalaev, K.Yu. Alekseenkova, O.N. Titova // Sovremennyi vzglyad na budushee nauki. – Ufa: OOO “Aeterna”, 2016. – P. 170–174.
11. Shalaev I.A. Innovatsionnaya sostavlyayushchaya ekonomicheskoi bezopasnosti finansovo-kreditnykh organizatsii / I.A. Shalaev, A.Yu. Budaeva, S.M. Khalfeeve // Innovatsionnaya nauka: proshloe, nastoyashchee, budushchee. – Ufa: OOO “Omega Science”, 2016. – P. 274–277.

FINANCIAL MARKET

Pitfools of risk premiums construction in the three-factor fama-french model for emerging capital markets.  Case of  Indonesia
Teplova T.V., PhD, Professor of NRU HSE, Financial Department, Heard of Financial Market Laboratory of HSE
Mikova E.S., PhD, analyst of Financial Market Laboratory of HSE Shershneva A.A., analyst of Financial Market Laboratory of HSE

Annotation. The Fama and French three-factor model (3FF) with two additional factors of risk – size and value – besides the market risk has become widely used equally with the CAPM to explain the differences in stocks (portfolios) pricing and investment strategies for testing of the presence of excess return (alpha). For emerging markets the construction of market risk premiums and sensitivity assessments of portfolios to these risk premiums raises a number of issues and potential analytical pitfalls. The paper shows a choice bifurcation while dealing with the stock market data. The object of the study is the Indonesia stock market.
Keywords: asset pricing model, Fama and French three-factor model, market risk premium, the premium for the size, size factor, value factor, emerging capital markets, Indonesia stock market.

References
1. Teplova T., Mikova E. Osobennosti testirovaniya modelei tsenoobrazovaniya: sravnenie “time-series” i “cross-section” podkhodov // Finansovyi menedzhment. – 2016. – № 5.
2. Amihud Y. Illiquidity and stock returns: cross-section and time-series effects // Journal of financial markets. – 2002. – 5 (1). – Pp. 31–56.
3. Banz R.W. The relationship between return and market value of common stocks// Journal of Financial Economics – 1981. – 9. – Pp. 3–18.
4. Basu S. Investment Performance of Common Stocks in Relation to Their Price–Earnings Ratios: A Test of the Efficient Market Hypothesis// The Journal of Finance. – 1977. – 3.
5.  Batnick Michael.  Historic Underperformance // Research of Ritholtz Wealth Management. – 2015, theirrelevantinvestor.com/2015/10/26/historic-underperformance/
6. Cakici N., Fabozzi F.J., TanSize S. Value and Momentum in Emerging Market Stock Returns // Emerging Markets Review. – 2013. – 16. – Pp. 46–65.
7. Chui Andy C.W., Wei K.C.J. and Xei F. Explaining the Value Premium around the World: Risk or Mispricing? //Social Science Research Network. – 2012, number 2021864, repository.ust.hk/ir/Record/1783.1-66583
8. Dimson E., Marsh P. Murphy's law and market anomalies. – 1998, SSRN 135681.
9. Eisenhofer Alex. The value premium puzzle, 4th Value Investor Conference, Los Angeles, 2007, slideshare.net/Eisenhofer/the-value-premium-puzzle
10.  Fama E.F., French K.R.  A five-factor asset pricing model // Journal of Financial Economics. – 2015. – 116. – Pp. 1–22.
11. Fama E.F., French K.R. Size, Value and Momentum in International Stock Returns // Journal of Financial Economics. – 2012. – 105. – Pp. 457–472.
12. Fama E.F., French K.R. Common Risk Factors in the Returns on Stocks and Bonds // Journal of Financial Economics. – 1993. – 33. – Pp. 3–56.
13. Fama E.F., French K.R. The Cross-Section of Expected Stock Returns // Journal of  Finance. – 1992. – 47 (2). – Pp. 427–465.
14. Graham B., Dodd D. Security Analysis, McGraw-Hill, New-York, 1934.
15. Horowitz J.L., Loughran T., Savin N.E.  The disappearing size effect // Research in Economics. – 2000. – 54 (1). – Pp. 83–100.
16. Rosenberg B., Reid K., Lanstein R. Persuasive evidence of market inefficiency // The Journal of Portfolio Management. – 1985. – 11. – Pp. 9–16.

Behavioral aspects in fundamental analysis of stock market
Edilbaev A.A., graduate student at the department of “Risk Management, Insurance and Securities” at Russian Economic University named after Plekhanov               

Annotation. This article discussed the basic behavioral biases faced by every investor during the investment process. For the main behavioral biases, there were considered examples and recommendations to reduce them. Further, the paper presents a particular table of behavioral biases for the investor, based on which it is possible to quantify the level of investor behavioral bias.
Keywords: fundamental analysis, behavioral finance, cognitive and emotional errors of investor.

References
1. Rudyk N.B.  Povedencheskie finansy ili mezhdu strakhom I alchnost’u, M.: izdatelstvo «Delo», 2004. – S. 133.
2. Chandra Abhijeet. Decision Making in the Stock Market: Incorporating Psychology with Finance. New Delhi, 2008.
3. Fama Eugene F. 1998. Market Efficiency, long-term returns, and behavioral finance. Journal of Financial Economics 49 (1998): 283–306.
4. Fama Eugene F., Fisher Lawrence, Jensen Michael C., Roll Richard.1969. The Adjustment of Stock Prices to New Information. International Economic Review, 10.
5. Hoffmann Arvid O.I., Shefrin Hersh and Pennings Joost M.E.  2010. Behavioral Portfolio Analysis of Individual Investors. Working Paper, Maastricht University, and Santa Clara University.
6.  Kahneman D., Tversky A.  Prospect Theory: An Analysis of Decision Under Risk // Econometrica. – 1979. – Vol. 47. – Р. 263–291.
7. Parikh Parag. 2011. Value Investing and Behavioral Finance. New Delhi : Tata McGraw Hill.
8. Pompian Michael M. 2006. Behavioral Finance and Wealth Management. USA: John Wiley & Sons.
9. Rozeff Michael S. and Kinney William Jr. 1976. Capital Market Seasonality: The case of stock returns. Journal of Financial Economics 3(4): 379–402.
10. Shefrin Hersh. 2000. Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing. New York: Oxford University Press.
11. Thaler Richard H. 2005. Advances in Behavioral Finance, Volume II. USA: Princeton University Press.
12. Waweru Nelson Maina, Munyoki Evelyne and Uliana Enrico. 2008. The effects of behavioral factors in investment decision-making: a survey of institutional investors operating at the Nairobi Stock Exchange. International Journal of Business and Emerging Markets 2008 1(1): 24–41.

ACTUAL THEME. FUNDRAISING

Fundraising as a technology of raising funding  in the cultural institutions
Shekova E.L., PhD in Economics, Associate Professor of Chair of Economic and Social Processes Management St. Petersburg State Institute of Film and Television

Annotation. The article is about a fundraising and its application in the cultural sphere. On the example of cultural institutions of the US and Russia the raised sources of funding are analyzed. The special attention is paid to the organizational process of fundraising in the cultural institutions.
Keywords: fundraising, cultural institution, donation, grant, endowment.

References
1. Statements of Financial Accounting Standards (SFAS) 124 «Accounting for Certain Investments Held by Not-for-Profit Organizations».
2. Brazenor R. Investing Like the Harvard and Yale Endowment Funds. Advisor Perspective. 2008, p. 1.
3. The State Hermitage Museum. The annual report for 2014. – St. Petersburg: Slavia, 2015, p. 143.
4. Program “Target capital” of Donors’ Forum. April 2015. Electronic resource [htpp:// donorsforum.ru], (Retrieved: 20.12.2016).
5. Cultural institutions in the U.S. ranked by size of endowments in 2011 (in million U.S. dollars). statista.com/statistics/258355/cultural-institutions-in-the-us-ranked-by-size-of-endowments (Retrieved: 28.11.2016).
6. Metropolitan Museum of Art. Annual report for the year 2013-2014. metmuseum.org/about-the-museum/annual-reports/~/media/Files/About/Annual%20Reports/2013_2014/Audited%20Financial%20Statements.pdf (Retrieved: 23.11.2016).
7. peterhofmuseum.ru/page.php?id=230 (Retrieved: 17.11.2016).
8. hermitagendowment.ru (Retrieved: 17.11.2016).
9. hermitagemuseum.org/wps/wcm/connect/bb97ae00-faca-42f6-8c0d-95c7f47981fd/otchet_2013.pdf (Retrieved: 14.04.2015).