CORPORATE  FINANCE

Integral analysis of rationality logistics systems of the mining industry
Leontiev R.G., Doctor of economics, professor, chief Researcher Khabarovsk Federal Research Center of the Eastern Branch of the Russian Academy of Sciences (Khabarovsk), e-mail: rleontyev1@mail.ru
Author ID: 177430; ORCID: 0000-0002-8171-6638
Barchukov A.V., Doctor of economic sciences, professor of Finance and Accounting department Far Eastern State Transport University (Khabarovsk), e-mail: barchukov_alex@mail.ru
SPIN-code: 8824-2545; AuthorI D: 269561; ORCID: 0000-0003-4664-3768
Arkhipova Yu.A., Ph.D of economics, leading Researcher Khabarovsk Federal Research Center of the Eastern Branch of the Russian Academy of Sciences (Khabarovsk), e-mail: yuliya_arhipovas@mail.ru
SPIN-code: 8506–2399; Author ID: 184972; ORCID: 0000-0002-9297-6056; Researcher ID: F-1055-2016; Scopus ID: 54951847500

Annotation. A classification of existing and prospective mining logistics systems in the economy of the Far East of the Russian Federation is presented to determine the directions of investment processes in the Far Eastern Federal District, principles (rules) are proposed for selecting criteria for an integral analysis of the level of social rationality of logistics systems in the mining industry. To conduct a comprehensive study of the social rationality of integrated logistics systems of the mining industry, a method of scoring is proposed for the purpose of territorial planning of mining centers. A scheme has been developed that illustrates the procedure for assigning a number of points to integrated logistics systems of the mining industry, differing from each other in the options for the spatial location of associated industries for each criterion of this feature, and the stages of the recommended methodology for the integrated analysis levels of rationality logistics systems in the mining industry are formulated.
Keywords: mining industry, logistics systems, levels of rationality, integral analysis, scoring method.

References
1. Arkhipov G.I. Mineralnyye resursy gornorudnoy promyshlennosti Dalnego Vostoka. Strategicheskaya otsenka vozmozhnostey osvoyeniya. – Khabarovsk: In-t gornogo dela DVO RAN, 2017. – 820 s.
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3. Volkov A.V. Osnovnyye tendentsii razvitiya mineral’no-syryevogo kompleksa v zone Baykalo-Amurskoy magistrali (Severnoye Zabaykalye) // Zoloto i tekhnologii. – 2019. – № 4 (46). – S. 22–28.
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8. Sklyarova G.F., Arkhipova Yu.A. Mineralno-resursnyy potentsial Dalnevostochnogo regiona (v kolichestvenno-kachestvennykh i stoimostnykh aspektakh po subyektam Da’nevostochnogo federalnogo okruga). – Khabarovsk: OOO «Amurprint», 2020. – 244 s.
9. Lomakina Natalia. Complex exploitation of the Far East mineral resources: effects «new model» of the macroregional development // VIII International Scientific Conference «Problems of Complex Development of Georesources» (PCDG 2020). – Vol. 192 (2020). – Khabarovsk, Russian Federation, 2020. DOI: doi.org/10.1051/e3sconf/202019203006 (data obrashcheniya: 21.10.2021).
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12. Leontiev Rudolf, Barchukov Alexey, Nemchaninova Maria. Mining logistics systems: classification, identification, innovation  // VIII International Scientific Conference «Problems of Complex Development
of Georesources» (PCDG 2020). – Vol. 192 (2020). – Khabarovsk, Russian Federation, 2020. – DOI: doi.org/10.1051/e3sconf/202019203016 (data obrashcheniya: 21.10.2021).
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Evaluating the effectiveness of managing accounts receivable and accounts payable of an enterprise
Levkina E.V., Associate Professor of the Department of «Economics & management», Candidate of Economic Sciences Far Eastern Federal University, e-mail: a553330@mail.ru
SPIN-code: 3607-2397; Author ID: 723305; Researcher ID: N-7317-2017; ORCID: 0000-0001-7764-251Х; Scopus ID: 57200571457
Guzenko A.G., Associate Professor of the Department of Mathematics and Modeling, Candidate of Technical Sciences Vladivostok State University of Economics and Service, e-mail: zavoiko2@bk.ru
SPIN-код: 6181-9444; AuthorID: 305471; ORCID: 0000-0001-5768-0957
Bukhtiiarova A.Yu., economist-trainee of LLC «ETNO», e-mail: buhtiyarovan@bk.ru
ORCID: 0000-0003-0049-8286

Annotation. Currently, accounts receivable and accounts payable are one of the main factors of economic activity by business entities, the state and represent one of the most complex economic categories. The relevance of this topic is determined by the special role of accounts payable and receivables in the economic activity of the enterprise and their participation in ensuring the economic efficiency of its activities. In addition, the analysis of the dynamics of accounts receivable and accounts payable of the enterprise allows us to assess the company’s need for cash and a sufficient level of its solvency, and their optimal ratio in terms of maturity and size allows us to achieve financial stability and liquidity. The article presents an algorithm for managing accounts receivable and accounts payable at the enterprise. The concept of the author’s algorithm is a methodological approach to assessing the dynamics and quality of receivables and payables. The approbation of the assessment of the management of receivables and payables on the example of a specific enterprise is also presented.
Keywords: accounts receivable, accounts payable, management, turnover, algorithm.

References
1.  Karasheva A.T., Samedova E.N. Upravlenie debitorskoj i kreditorskoj zadolzhennost’yu, kak sposob povysheniya finansovoj ustojchivosti organizacii / A.T. Karasheva, E.N. Samedova // Sovremennaya nauka i molodye uchenye. – 2020 [Elektronnyj resurs]. – Rezhim dostupa:  elibrary.ru/item.asp?id=42376741 (data obrashcheniya: 12.08.2021).
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3. Rejting organizacij po vyruchke «Test Firm» [Elektronnyj resurs]. – Rezhim dostupa: testfirm.ru/rating/ (data obrashcheniya: 10.08.2021).
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5. Territorial’nyj organ Federal’noj sluzhby gosudarstvennoj statistiki po Sahalinskoj oblasti [Elektronnyj resurs]. – Rezhim dostupa: sakhalinstat.gks.ru (data obrashcheniya: 09.08.2021).
6. Levkina E.V., Titova N.Y. The Analysis of the Financial Condition of Small Business and the Ways of its Development in the Primorsky Territory//IOP Conference Series: Earth and Environmental Sciencethis link is disabled. – 2019. – 272 (3), 032185 [Elektronnyj resurs]. – Rezhim dostupa: elibrary.ru/item.asp?id=41641104 (data obrashcheniya: 09.08.2021).
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INVESTMENTS AND BUSINESS

Issues of financing innovative projects in the field of housing and communal services
Zhukova A.G., Doctor of Economics, Associate Professor of the Department of Project Management and Quality Management of the St. Petersburg State University of Economics, e-mail: 9469413@mail.ru
SPIN-code: 7544-8766; Author ID: 719414
Holodkova V.V., Candidate of Economics, Associate Professor, Associate Professor of the Department of Economic Cybernetics of St. Petersburg State University, e-mail: holodkova_v@mail.ru
SPIN-code: 6168-8971; Author ID: 467237; Scopus ID: 57202821517; ORCID: 0000-0002-1523-8412; Researcher ID: In-1220-2014

Annotation. The article considers the issues of financing investment projects in the housing and utilities sector. The authors assessed the current situation of financing innovative projects in Russia. Various methods are given, including «green financing», credit products, participation in national projects. The features of preparing projects for attracting «green financing»are considered in detail. In addition, the main requirements for projects implemented on the principle of «green financing»are indicated. The authors conducted a comparative analysis of the forms of financing for the implementation of housing and communal services projects. A list of recommendations for the selection of financing schemes for innovative projects has been formed. The article also identifies the main risks when choosing a particular form of financing. The main emphasis in the article is made on the features of such financing for housing and communal services projects. The prospects for the development of various forms of innovation financing in Russia are assessed.
Keywords: innovations, housing and communal services, financing, green financing.

References
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5.  Mingatina A.M., Fatikhova L.E. Innovatsionnye issledovaniia: vozmozhnye napravleniia innovatsii v sfere ZhKKh Rossii i zarubezhnyi opyt vnedreniia // Molodoi uchenyi – 2018. – № 19 (205). – S. 59–61.
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7.  Grabchak E.P., Loginov E.L. Strategicheskoe tselepolaganie programm innovatsionnogo razvitiia v energetike v usloviiakh ogranichennosti finansovykh resursov na nauchno-tekhnicheskoe razvitie // Avtomatizatsiia i IT v energetike. – 2020. – № 9 (134). – S. 18–20.
8.  Evseeva S.A. Innovatsii v upravlenii vzaimodeistviiami s zainteresovannymi storonami upravliaiushchei organizatsii v sfere ZhKKh // Ekonomika i predprinimatelstvo. – 2017. – № 7 (84). – S. 821–824.
9. Innovatsii v Rossii. – M.: Nauka, 2019.
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11. Investitsii v ustoichivoe razvitie. ESG-printsipy stanoviatsia osnovoi finansovogo sektora i v Rossii // Dengi. Prilozhenie ot 27.08.2020. – № 19. – C. 22.
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17. Barysheva A.V. Innovatsii / A.V. Barysheva i dr. – M.: Dashkov i Ko, 2018.

Institutional barriers to attracting international investment in the Russian economy
Gubarev R.V., PhD in Economics, Associate Professor, Associate Professor of the Department of Economic Theory, Plekhanov Russian University of Economics, e-mail: gubarev.rv@rea.ru
SPIN-code: 1942-4180; Author ID: 680317; orcid.org/0000-0003-1634-5030; WoS Researcher ID: N-3990-2016; Scopus Author ID: 57133204200
Sinelshchikova E.A., Student of the International School of Business and World Economy, Plekhanov Russian University of Economics, e-mail: sinelshikova.katerina@yandex.ru
SPIN-code: 3723-4060; AuthorID: 1064714

The reported study was funded by RFBR, project No. 20-010-00578.

Annotation. The article examines a complex of problems that are directly related to attracting international investment in the Russian economy. The assessments of leading rating agencies such as «Fitch Ratings Inc.», «Moody’s Investors Service», «Standart & Poor’s Financial Services LLC», which determined the place of Russia in the international rating of investments, are presented. With the help of statistical data from the Bank of Russia, an analysis of international investments in the Russian Federation for 2016–2020 was carried out. Institutional barriers that restrain the inflow of foreign investment into the Russian economy have been systematized.
Keywords: institutional barriers, international investment, investment climate, Russian economy, sanctions, COVID-19.

References
1. Internet-portal rejtingovogo agentstva «Ekspert RA». Material «Rossiya vyshla na tret’e mesto v mire po investicionnoj privlekatel’nosti» [Elektronnyj resurs]. URL: expert.ru/2021/02/8/ekspert-rossiya-vishla-na-trete-mesto-v-mire-po-investitsionnoj-privlekatelnosti/(data obrashcheniya: 12.10.2021).
2. Oficial’nyj sajt mezhdunarodnogo rejtingovogo agentstva «Fitch Ratings Inc.» (USA, New York/United Kingdom, London) [Elektronnyj resurs]. URL: fitchratings.com/(data obrashcheniya: 12.10.2021).
3. Oficial’nyj sajt mezhdunarodnogo rejtingovogo agentstva «Moody’s Investors Service» «Standart & Poor’s Financial Services LLC» (USA, New York) [Elektronnyj resurs]. URL: moodys.com/(data obrashcheniya: 12.10.2021).
4. Oficial’nyj sajt mezhdunarodnogo rejtingovogo agentstva «Standart & Poor’s Financial Services LLC» (USA, New York) [Elektronnyj resurs]. URL: standardandpoors.com/(data obrashcheniya: 12.10.2021).
5. Internet-portal Banka Rossii. Material «Statistika vneshnego sektora» [Elektronnyj resurs]. URL: cbr.ru/statistics/macro_itm/svs/(data obrashcheniya: 10.10.2021).
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Structuring the information space for decision-making to reduce losses from defective products of industrial enterprises
Mizikovsky I.E., Doctor of Economics, professor, head of «Accounting» of National research Nizhny Novgorod State University NI Lobachevsky, academician of the RAEN, e-mail: core090913@gmail.com
ORCID ID: 0000-0002-5094-5008; Scopus ID: 57215022345; Researcher ID: AAL-9673-2020; SPIN-code: 6345-3669; Author ID: 383262

Annotation. The article is devoted to the study of the problem of structuring the information space of decision-making and the development of strategies to reduce losses from defective products of industrial enterprises. Theoretical and methodological approaches to solving the problem under consideration are investigated, practical tools for its implementation are proposed: registers of product defects, causes and culprits of their occurrence; a refined nomenclature of cost items for internal correctable defects; approaches to drawing up a planned cost calculation of work to correct defects and applying the order-based method of accounting for their performance; to write off the cost of certain categories of defects; to use the elements of the SNW analysis tools. The proposed techniques and methods meet the requirements of effective management, contribute to improving the quality of the information space for decision-making and developing strategies to reduce the level of losses from defective products of industrial enterprises.
Keywords: industrial enterprise, product defects, planned calculation, cost of correction of defects, sale at the price of possible use, costs.

References
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2. GOST 16504–81. Mezhgosudarstvennyj standart «Sistema gosudarstvennyh ispytanij produkcii. Ispytaniya i kontrol’ kachestva produkcii»//[Elektronnyj resurs]. URL: docs.cntd.ru/document/1200005367 (data obrashcheniya: 01.05.2021).
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CONTROL BY THE FINANCE OF BANKS AND INSURANCE COMPANIES

Development of tools for assessing the competitiveness of banks in the context of digital transformations
Avtushenko O.M., Postgraduate student of department of public administration, economic and information security Engineering and economic Institute Bryansk state engineering and technological University, Russian Federation, Bryansk, е-mail: bgtu.avtushenko@mail.ru
SPIN-code: 5719-1043; Author ID: 776366 РИНЦ
Kulagina N.A., Doctor of Economics, Professor, Director of Engineering and economic Institute Bryansk state engineering and technological University, Russian Federation, Bryansk, е-mail: kulaginana2013@yandex.ru
SPIN-code: 8555-4812; Author ID: 645339 РИНЦ; ID Scopus: 57207979501

Annotation. The author’s definitions of the concepts «digital transformation of the bank», «digitalization of business relationships in the economy», «competitiveness of the bank during the digitalization of business relationships in the economy» are formulated in the article. The preferences of customers in relation to banking services are investigated. The author’s methodological approach to assessing the competitiveness of commercial banks in the period of digitalization is proposed. The author’s approach is based on the methodology of A.O. Lobunts and E.P. Ternovskaya. The advantages of the author’s methodological approach are simplicity of application and sociological selection of indicators. The result of the method allowed us to form a rating of 36 selected banks. Studying the rating will allow the client to choose a bank for himself in the conditions of digitalization of the economy.
The authors named internal (non-market) barriers that prevent the bank from being competitive in the digital economy of Russia.
Keywords: economic security of a commercial bank, methodological approach to assessing competitiveness, digitalization of a credit institution, digital transformation of a bank, digitalization of business relationships in the economy, competitiveness of a bank during the digitalization of business relationships in the economy, internal barriers of a bank during digitalization.

References
1. Lobunec A.O., Ternovskaya E.P. Ocenka konkurentosposobnosti malyh i srednih bankov kak faktor sovershenstvovaniya konkurencii na bankovskom rynke//Moskovskij ekonomicheskij zhurnal. –  2020. – № 2 [Elektronnyj resurs]. URL: cyberleninka.ru/article/n/otsenka-konkurentosposobnosti-malyh-i-srednih-bankov-kak-faktor-sovershenstvovaniya-konkurentsii-na-bankovskom-rynke (data obrashcheniya: 18.03.2021).
2. Bank Rossii. Utverzhden perechen’ sistemno znachimyh kreditnyh organizacij [Elektronnyj resurs]. URL: cbr.ru/press/pr/?file=29102020_141842PR2020-10-29T14_13_19.htm (data obrashcheniya: 09.06.2021).
3. Rasporyazhenie Pravitel’stva RF ot 16.08.2018 № 1697-r «O plane meropriyatij («dorozhnoj karte») po razvitiyu konkurencii v otraslyah ekonomiki Rossijskoj Federacii i perekhodu otdel’nyh sfer estestvennyh monopolij iz sostoyaniya estestvennoj monopolii v sostoyanie konkurentnogo rynka na 2018–2020 gg.» [Elektronnyj resurs]. URL: garant.ru/products/ipo/prime/doc/71930872/ (data obrashcheniya: 23.04.2021).

The emergence of risks in conditions of uncertainty of assets and financial results of commercial banks of Russia
Gubanov R.S., PhD in economics, senior researcher Center for Industry Economics of the Federal State Budgetary Institution «Research Financial Institute of the Ministry of Finance of the Russian Federation», e-mail: gubanof@mail.ru
SPIN-code: 8820-6634; Author ID: 518833; ORCID ID: orcid.org/0000-0003-1675-8150

Annotation. The article reflects the role of economic and credit risks in the process of asset formation and credit transactions by commercial banks. The decrease in bank profit directly depends on the frequency of occurrence of economic risks, which allowed the article to form an opinion about the existence of a direct connection of risk losses with: deterioration in the quality of the loan portfolio, the insolvency of borrowers, the shortage of highly liquid assets in the bank.
On the example of the largest subject of the banking market – Public Joint Stock Company «SKB-Bank», a study was conducted: asset dynamics and financial results; the state of the loan portfolio; the structure of loans. The conditions of financial accessibility of banking services are also assessed, depending on the nature of the occurrence of price, organizational, information and digital risks. Recommendations have been developed to stimulate the growth of highly liquid assets in the banking business and create conditions for preventing systemic banking risks.
Keywords: risks, banks, credit organizations, assets, finance, profit, business, investments.

References
1. Bulanov Yu.N. Vliyanie makroekonomicheskih faktorov na finansovye pokazateli deyatel’nosti sub”ektov ekonomiki i kommercheskih bankov v 2020 g. // Bankovskoe delo. – 2021. – № 8. – S. 37–45.
2.  Parma R.V., Kozlov N.A. Postroenie modeli vozdejstviya kreditnoj nagruzki na politicheskoe povedenie rossijskih grazhdan // Vlast’. – 2021. – № 3 (29). – S. 76–85.
3.  Astanakulova Z.Sh. Neobhodimost’ finansovogo menedzhmenta v kommercheskih bankah i upravlenie kreditnymi riskami // Innovacionnaya ekonomika: perspektivy razvitiya i sovershenstvovaniya. – 2014. – № 4. – S. 47–51.
4. Andrianov V. Sovremennye trendy razvitiya finansovoj arhitektury: fintekh, cifrovye tekhnologii i kriptovalyuty // Obshchestvo i ekonomika. – 2021. – № 8. – S. 24–42.
5. Nikonov I.V., Sirotkin A.S. Rost roznichnogo kreditovaniya v rossijskih regionah // Finansovyj zhurnal. – 2019. – № 1. – S. 56–65.
6. Finansovye pokazateli PAO «SKB-Bank» [Elektronnyy resurs]. URL: skbbank.ru/raskrytie-informacii/finansovye-pokazateli (data obrashcheniya: 30.11.2021).

Digitalization of the financial sector, its impact on the role of banks and the structure of the banking sector
Gorina T.I., Candidate of Economic Sciences, Associate Professor of the Department of Finance and Accounting of the Far Eastern State University of Railways (г. Khabarovsk), e-mail: gorinaevtushenko@mail.ru
SPIN-code: 1743-4287; РИНЦ Author ID: 632381

Annotation. The current stage of development is characterized by a significant impact of digitalization, since it covers all spheres of life and development in a particular industry will not happen without its implementation. This article examines the trends of digitalization of the financial sector and its impact on the role of banks and the structure of the banking sector. The peculiarities of transformations in this sector are presented and the factors of the effectiveness of this process are indicated.
Keywords: digitalization, financial sphere, banking sector, structure of the banking sector, transformation.

References
1. Krivonos V. Cifrovizaciya finansovoj sfery ekonomiki Rossii/V. Krivonos//Intellektualnye resursy – regionalnomu razvitiyu. – 2021. – № 1. – S. 285–288.
2. Shishkova O.N. Cifrovizaciya bankovskoj sfery / O.N. Shishkova // Mater. XIII Vseros.mol. nauch.-prakt. konf. s mezhdunar. uchastiem. – Kursk, 2021. – S. 468–471.
3. Tirabyan A.S. Cifrovaya transformaciya finansovoj sfery ekonomiki / A.S. Tirabyan // Intellektualnye resursy – regionalnomu razvitiyu. – 2021. – № 1. – S. 325–329.
4. Global fintech investment reaches $98 billion at mid-year // Oficial`ny`j sajt KPMG International [E`lektronny`j resurs]. URL: home.kpmg/xx/en/home/insights/2021/08/pulse-of-fintech-h1-2021-global.html (data obrashheniya: 05.11.2021).
5. Osnovnye napravleniya razvitiya finansovyx texnologij na period 2018–2020 godov [Elektronnyj resurs]. URL: cbr.ru/Content/Document/File/84852/ON_FinTex_2017.pdf (data obrashheniya: 05.11.2021).
6. Melkomukova O.A. Osobennosti transformacii rossijskix i zarubezhnyx bankov na osnove vnedreniya cifrovyx texnologij / O.A. Melkomukova // EGO: Ekonomika, gosudarstvo, obshhestvo. – 2019. – № 1 (44). – S. 26–31.
7. Petrova L.A. Cifrovizaciya bankovskoj sistemy: cifrovaya transformaciya sredy i biznes-processov/L.A. Petrova // Finansovyj zhurnal. – 2020. – T. 12. – № 3. – S. 91–101. – DOI: 10.31107/2075-1990-2020-3-91-101
8. Bataev A.V. Cifrovizaciya finansovoj sfery: vnedrenie avtomatizirovannyx bankovskix ofisov / A.V. Bataev // V sb.: Cifrovaya transformaciya ekonomiki i promyshlennosti: sb. tr. nauch.-prakt.konf. s zarub. uchastiem / pod red. A.V. Babkina. – 2019. – S. 598–607.
9. Tsindeliani I.A., Proshunin M.M., Sadovskaya T.D., Popkova Z.G., Davydova M.A. and Babayan O.A. (2021). Digital transformation of the banking system in the context of sustainable development // Journal of Money Laundering Control, Vol. ahead-of-print No. ahead-of-print. doi.org/10.1108/JMLC-02-2021-0011

Factors of insurance service choice by luxury segment customers
Voyko A.V., Candidate of Economic Sciences, Associate Professor of the Department of Financial Management Higher School of Business National Research University Higher School of Economics, Moscow, e-mail: avojko@hse.ru
ORCHID: 0000-0002-2387-3440
Dukhovnaya E.A., 3rd year student of the Faculty of Economic Sciences National Research University Higher School of Economics, Moscow, e-mail: eadukhovnaya@edu.hse.ru
ORCID: 0000-0002-3009-4445

Annotation. The article is devoted to the problem of choosing an insurance service by buyers of luxury goods segment in order to identify the main behavioral models and factors affecting the development of both the market of luxury goods segment and the insurance market.
During the study of the scientific literature, the key factors that influence the behavior of consumers in two markets were identified: the luxury market and the insurance services market. As a factual material, statistics on China, the United States and Japan as the largest markets for luxury goods were used. So, an analysis of the behavior of buyers in the luxury goods market was carried out, based on current economic indicators, and the identification of specific features of different consumer groups, as well as exceptions and possible contradictions. At this stage of the work, the study of the impact of the 2020 crisis on the behavior of buyers was of particular interest.
During the regression analysis of the relationship between the activity of buyers of luxury goods, the volume of insurance premiums and the customer confidence index, the influence of the latter on the luxury goods insurance market was shown.
Keywords:  luxury segment, insurance service, consumer confidence index, insurance premium.

References
1. Silverstain M.J., Fiske N. Luxury for the masses. Harvard Business Review. – 2003. – Vol. 81 (4). – Pp. 48–57.
2. Leibenstein H. Bandwagon, Snob, and Veblen Effects in the Theory of Consumers’ Demand //The Quarterly Journal of Economics. – Vol. 64. – No. 2 (may 1950). – Pp. 183–207.
3. Paurav Shukla. The influence of value perceptions on luxury purchase intentions in developed and emerging markets // International Marketing Review. – Vol. 29 (6). – Pp. 574–596.
4. Han Y.J., Nunes J.C. & Dreze X. Signaling status with luxury goods: the role of brand prominence // Journal of Marketing. – 2010. – Vol. 74 (3). – Pp. 15–30.
5. Ashalyan L.N., Kuznecova K.V., Petenko A.T. Strategicheskie aspekty potrebitel’skogo povedeniya pokupatelej predmetov roskoshi // Upravlencheskoe konsul’tirovanie. – 2016. – № 6 (90). – S. 90–99.
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7. Kunreuther H.C., Pauly M.V., McMorrow S. Insurance and Behavioral Economics: Improving Decisions in the Most Misunderstood Industry. – Cambridge University Press, 2013.
8. How Brits feel about the insurance industry // YouGov [Elektronnyj resurs]. URL: yougov.co.uk/topics/economy/trackers/how-brits-feel-about-the-insurance-industry (data obrashcheniya: 18.06.2021).
9. Bajkov S.V., ZHirnihin A.S., Smirnova K.A. Potrebitel’skoe povedenie na finansovyh rynkah Rossii / pod red. A.N. Zubca. – M.: Ekonomika, 2007.
10. Lo A.Y. The role of social norms in climate adaptation: Mediating risk perception and flood insurance purchase // Global Environmental Change. – 2013. – Vol. 23. – Iss. 5. – Pp. 1249–1257.
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13. Consumer confidence index//OECD [Elektronnyj resurs]. URL: data.oecd.org/leadind/consumer-confidence-index-cci.htm (data obrashcheniya: 18.06.2021).
14. The Future of Luxury: A Look into Tomorrow to Understand Today//Bain & Company [Elektronnyj resurs]. URL: bain.com/insights/luxury-goods-worldwide-market-study-fall-winter-2018/(data obrashcheniya: 18.06.2021).
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16. Luxury Goods Worldwide Market Study Fall-Winter 2014//Bain & Company [Elektronnyj resurs]. URL: media.bain.com/bainweb/PDFs/Bain_Worldwide_Luxury_Goods_Report_2014.pdf (data obrashcheniya: 18.06.2021).
17. Luxury Goods Worldwide Market Study Fall-Winter 2015: A Time to Act – How Luxury Brands Can Rebuild to Win//Bain & Company [Elektronnyj resurs]. URL: bain.com/insights/luxury-goods-worldwide-market-study-winter-2015/(data obrashcheniya: 18.06.2021).
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21. The Future of Luxury: Bouncing Back from Covid-19//Bain & Company [Elektronnyj resurs]. URL: bain.com/insights/the-future-of-luxury-bouncing-back-from-covid-19/(data obrashcheniya: 18.06.2021).

FINANCIAL MARKET

Selection investment analyzing model that based on the current information structures of the russian stock market
Semenkova E.V., Doctor of Economics sciences, Professor of the Department «Financial Markets» ScD (Economics), Professor of the basic Department «Economic and legal expertise» of the Union of forensic experts «Expert Council», Plekhanov the Russian University of Economics, е-mail: reufinmarkets@gmail.com
SPIN-code: 5075-8410; Author ID: 791843
Al Saady Wesam, assistant of the Department «Financial Markets», Plekhanov the Russian University of Economics, e-mail: wesam.alsaady90@gmail.com
SPIN-code: 6807-9921; Author ID: 44776921

Annotation. Understanding the patterns that form the information structure of the stock market is necessary for choice the correct model of investment analysis. For a long time, the efficient market hypothesis prevailed, based on the postulate of investors rationality during a unique time horizon, and the linear reaction toward the events affecting the stock prices. Therefore, financial analysts use the tools of technical or fundamental analysis, depending on the degree of market efficiency, but mostly they use both tools.
Changes in the technology of trading attract a mass of both qualified and unqualified investors to the stock market, gradually changed in the stock market information structure. The actual information structure of the stock market, based on obtaining multiple rational and irrational information at different time horizons and causing a nonlinear reaction of investors with multiple behavioral effects, that might be described, according to authors of the current study, by the fractal market hypothesis. A prerequisite for the presence of a fractal structure is a multitude of irrational investors, whom trading on different investment horizons.
The current study analyzes the presence of a fractal structure in the Russian stock market, therefore, it justifies the need to use fractal analysis. The authors do not predetermine the need to abandon fundamental and technical analysis, but empirically prove that using a fractal model to build investment strategies is effective.
Keywords: fractal market theory, short-term investor, long-term investor, behavioral finance, volatility models, Hurst exponent, reactions assessment of a rational and irrational investor.

References
1.    Semenkova Е.V. Izmeneniye paradigmy tsenoobrazovaniya na rynke aktsiy / Е.V. Semenkova // Ekonomika, Finansy i Upravleniye proizvodstvom. – 2021. – T.  1. – № 47. – S. 51–56 [Elektronnyj resurs]. URL: cyberleninka.ru/article/n/izmenenie-paradigmy-tsenoobrazovaniya-na-fondovom-rynke/viewer (data obrashcheniya: 17.10.2021).
2.   Lisitsyna Е.V., Semenkova Е.V., Al’ Saady W. Testirovaniye slaboy formy effektivnosti v Moskovskoy rynka aktsiy [Testing the Weak Form of Efficiency in Moscow Exchange] / Е.V. Lisitsyna, Е.V. Semenkova, V.Al’-Saadi // Turetskiy zhurnal komp’yuternogo i matematicheskogo obrazovaniya (TURCOMAT), Turtsiya, Karadenizskiy tekhnicheskiy universitet. – 2021. – T. 12. – № 3. – S. 5416–5433.
3.   Abrosimova N., Dissanaike G. i  Linovski D. (2005). Testirovaniye slaboy formy effektivnosti rossiyskogo rynka aktsiy [Elektronnyj resurs]. URL: doi.org/10.2139/ssrn.302287 (data obrashcheniya: 21.08.2020).
4.   Lomakin D.I., Korneyev A.A., Kurgan A.V., Machinskaya R.I. Raskrytiye riskov i deviantnoye povedeniye podrostkov / D.I. Lomakin, A.A. Korneyev, A.V. Kurgan, R.I. Machinskaya // Rossiyskiy zhurnal kognitivnykh nauk. – 2018. – T. 5. – № 4. – S. 4–14.
5.   Semenkova Е.V., Mazayev N.Yu. Investitsionnyy analiz: anomalii sovremennogo fondovogo rynka / Е.V. Semenkova, N.Yu. Mazayev // Finansy i kredit. – 2014. –T. 43. – № 619. – S. 2–9.
6.   Podgornyy B.B. Professional’nyye uchastniki rossiyskogo rynka aktsiy: gabitus i praktiki / B.B. Podgornyy // Sovremennyye issledovaniya sotsial’nykh problem. – 2017. – T. 8. – № 6. – S. 67–88 [Elektronnyj resurs]. URL: ej.soc-journal.ru
7.   Mirkin Yu.M., Khestanov S.A., Andryushenko A.O., Volkova A.D. Sovokupnoye povedeniye roznichnykh investorov na rossiyskom fondovom rynke / Yu.M. Mirkin, S.A. Khestanov, A.O. Andryushenko, A.D. Volkova // Finansy: teoriya i praktika. – 2015. – T. 3. – S. 100–106 [Elektronnyj resurs]. URL: financetp.fa.ru/jour/article/view/145/144 (data obrashcheniya: 17.10.2021).
8.   Semenkova E.V., Grushin M.Yu. Tendentsii razvitiya rynka tovarnykh f’yuchersnykh kontraktov v Rossiyskoy Federatsii / E.V. Semenkova, M.Yu. Grushin // Ekonomika i predprinimatel’stvo. – 2015. – T. 5–2. – № 58. – S. 989–993.
9.   Shiller R. Slishkom li sil’no dvizhutsya tseny na aktsii, chtoby ikh mozhno bylo opravdat’ posleduyushchimi izmeneniyami v dividendakh? // Amerikanskiy ekonomicheskiy obzor. – 1981. – T. 71. – № 3. – S. 421–436.