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Abstract - Venture Capital in Russia and the Global Evolution of Venture Capital
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Abstract: The Topicality: The Article is to identify the perspectives for the Russian venture capital development as an integral part of its global sector. Keywords: Venture capital, business-angel, innovation, Venture capital fund, innovation capital. |
Abstract - Impact of Banking Real Estate as an Asset Class on Financial System Stability: Monitoring, Forecasting, Management
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Abstract: In this article, we discuss interdependency between real estate markets and financial stability. To study this relationship, we analyze Russian banking sector real estate assets structure and observe material concentration of real estate assets on largest banks' books as well as anticipate that this may present a unique challenge for Russian banking regulator. We propose the development of system of indicators for strategic portfolio management for banking real estate and outline broad directions for further research on the subject to meet this challenge and mitigate potential risks for the banking sector. Keywords: Banking sector, real estate, financial stability, real estate market, real estate portfolio. |
Abstract - The Impact of Financial Risk and Volatility to the Cost of Debt, and the Average Cost of Capital
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Abstract: The research is devoted to a question – are the price volatility and financial risks the main factors influencing required return on capital. The answer is negative and the outcome is - traditional WACC, based on volatility and capital structure badly describes required return on capital. Then it is poor approximation for discount rate applicable for company cash flows. So, preferable way for practical assessment may be to use projected cash flows and implied stochastic discount rate, calculated by empirical data. Keywords: Price volatility, financial risk, financial leverage, MM theory, WACC, stochastic discount rates. |
Abstract - Globalisation, Working Conditions, Cheap Labour and Employment Relations in Kenya
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Abstract: People perceive globalisation differently. Some consider it to be the internationalisation of local economies in terms of trade, foreign direct investments, agriculture, technology transfer and dominant culture, amongst others. However, globalisation, with its liberalisation and deregulation policies, seem to have created additional turmoil in the workplace as far as employment relations is concerned. The main objective of this paper was to investigate how globalisation has influenced employment regulations/deregulations in Kenya. The study adopted an explanatory mixed method approach. About 500 closed ended questionnaires were distributed to employees of the sampled companies, and of these, 483 were satisfactorily completed, which culminated in a 97% response rate. In addition, 10 key employment relations stakeholders were interviewed for the qualitative phase of the research study. The study revealed that the conditions of workers, in terms of health, have improved in Kenya since globalisation. It also reflected that working conditions, particularly regarding safety, have improved since globalisation. The study further showed that organisations in Kenya are exploiting children, who are part of their unskilled workforce, by paying them low wages, which reflects a recent, rising trend in the use of child labour in Kenya, particularly in manufacturing sectors. Thus, the study’s findings show that there has been an increase in the use of cheap labour amongst Kenyan organisations. In addition, the study indicates that Kenyan companies favour foreign employees compared to local ones in terms of salaries and wages. Keywords: Globalisation, Employment Regulations/Deregulations, Employment Relations, Cheap labour, Child labour. |
