159: Економічні науки
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Item Benefits of using Bayesian estimation for macromodels of Ukraine: the case of application to bivariate VAR model(2014) Stelmashenko, YaroslavaUkrainian econometricians often face a shortage o f observations necessary for providing precise answers to complex macroeconomic questions. Recent studies ha\’e shown that the Bayesian Estimation approach can solve this problem as it is partially based on nonsample information. In this paper the theoretical analysis and practical application o f using the Bayesian Estimation is presented. A bivariate VAR(2) model has been build to estimate quarterly GDP growth and CPIfor Ukraine using Gibbs sampling and a Minnesota prior. The empirical results show robust correlation betM’een the estimate and actual quarterly GDP and CPI figures, indicating the ability o f the Bayesian Estimation to provide a high level o f accuracy in macromodels o f Ukraine.Item Company’s source of financing valuation using strategic real option approach(2014) Shestakov, D.The article is devoted to the investigation and evaluation o f the company expanded NPV depending on its available financing options using real option approach that synthesize the newest developments in corporate finance and real options and game theory It enables to estimate the value o f managerial decisions, and thus is suitable to valuing strategy and its flexibility.Item Corporate social responsibility and its impact on company's financial performanve(2014) Bui, Tetiana; Biletska, S.Corporate social responsibility practical implementation experience in Ukraine is investigated, the main drivers for ccorporate social responsibility activities are distinguished. The relationship betM’een Ukrainian companies' corporate social and financial performance is evaluated. The main obstacles for socially responsible activities o f Ukrainian companies are underlined.Item Do Ukrainians vote with their feet: local public expenditures and inter-regional migration(2014) Kupets, OlgaThis paper explores whether Ukrainians "vote with their feet" by migrating to the regions with relatively higher regional-level per capita public expenditures on education, healthcare services and social assistance. Using the data on inter-regional residential migration flows in 2002-2013 and controlling for the differences in relative wages and unemployment, the population density, the share o f young people and air pollution in a multiple regression model, it tries to test the validity o f the Tiebout hypothesis in Ukraine. The results lend some support for this hypothesis when Kyiv City is included in the sample o f regions, but not in a smaller sample without the capital city. Briefpolicy implications regarding fiscal decentralization and promotion o f internal migration in Ukraine conclude the paper.Item Dynamics of propensity to personal financial savings in the post-crisis period: case of Belarus and Ukraine(2014) Primierova, O.; Abakumova, JulietСтаттю присвячено дослідженню тенденцій в ощадній активності населення Білорусі та України в умовах економічної кризи і посткризового періоду. Емпіричний аналіз статистичних даних дозволив виявити особливості формування норм заощадження населення цих країн в умовах наявності структурних зрушень. Було визначено основні передумови ощадної активності населення.Item Economertic modelling of regional labour market indicators in Ukraine(2014) Oliskevych, M.The article deals with econometric models o f relationships between the regional macro indicators of labour market o f Ukraine’s economy. They describe behaviour of average monthly salary number of the employed and the unemployed in different oblasts o f the country. The estimation o f the elaborated models has been conducted on the basis o f the real information, the degree o f factors influence has been defined, the statistical analysis o f the results has been carried out.Item Financial management decision of mergence and aquisition process for innovative companies(2014) Lukianenko, Iryna; Krykun, О.In the article the special features o f the Mergence and Acquisition process for innovative companies o f Internet technology industry has been analyzed. Identification and estimation o f the most important factors, which influence the price o f the M&A deals in Internet technology industry has been done and their using by financial management authorities both buyer and seller side in the process o f the Mergence and Acquisition for improvement their knowledge o f evaluation the target company has been proposed.Item Financial system of stability assessment: the case of Ukraine(2014) Faryna, OksanaThis paper describes the results o f financial system stability assessment in Ukraine within the vector auto-regression framework. Financial risk factors of financial system instability are defined using variance decomposition analysis o f total loan variable which is set to be a proxy for the state of financial system. Moreover, this paper provides the quantitative estimation o f liquidity and exchange rate risks impact and suggests a set o f measures for ensuring the stability o f Ukrainian financial system.Item Hidden resource overuse as initial driving force of macroeconomic dynamics: resource model of economic cycles(2014) Bandura, AleksandrA new resource model o f economic cycle is proposed. It is shown that the hidden resource overuse used in GDP production is an initial driving force o f economic cycles. The resource overuse is a result o f cumulative market imperfections caused by various market conditions and embodied in the gap between calculated natural and actual market price deflators. Total efficiency o f the regulatory policy can be evaluated by the size o f this gap. This enables feedback between actions o f the regulator and their impact on the economy. The resource model was empirically tested on the USA economy using a period o f 40 years or six empirical business cycles in a row. The model allows us to identify andforecast recession with the lead period 6 to 18 months. Empirical testing o f the resource model reveals the absence o f false signals when recession starting points forecasting.Item Higher education market in Ukraine(2014) Volkotrub, A.; Ivanova, N.The article analyses key features o f how the higher education market develops in Ukraine. In order to cover the topic on a large scale, we have defined the terms o f education sen’ice and sen’ice differentiation. The analysis o f market structure gives reasons for stating that the higher education market in Ukraine acts under the conditions o f monopolistic competition.Item Influence external debt commercial banks on the activity of short-term lending in Ukraine(2014) Glushchenko, Svitlana; Vasylieva, K.The quantitative relationship between the external borrowing o f commercial banks and the short-term loans commercial banks in Ukraine are defined in the article. The dependence o f the activity o f commercial banks in the domestic market o f short-term loans as lenders o f their activity on the external debt markets as borrowers are defined in the article.Item Interest rate restrictions policy: possibilities and consequences for Ukraine(2014) Mertens, AlexanderThis paper investigates historical examples and experience o f interest rate restrictions, consequences o f such policies for economy, reasons and outcomes o f easing IIR policies as well as possibilities, possible outcomes and recommendations regarding IRR policy in Ukraine. It might be concluded that though some sort of "anti-usury" restrictions can be reasonable, administrative regulation (ceiling) of interest rate level will generate more negative than positive consequences for the economy and Mill unlikely be effective. Authorities shotild concentrate on more "thoughtful" regulations which would constraint information asymmetry, provide balanced monetary policy and develop important modern segments of financial markets.Item International financial reporting standards vs. Ukrainian national accounting standards: the comparison of financial ratios case study(2014) Ivakhnenkov, Sergiy; Droniuk, S.The purpose o f the paper is to determine the differences in financial ratios analysis under International financial reporting standards (IFRS) and Ukrainian national accounting standards. The comparative case study analysis o f financial ratios under both standards is performed. The results confirm differences in such ratios as: profitability ratios, market to book value ratio, dividend pay-out ratio (increased under IFRS); assets utilization ratios, price to earnings ratio and price to book value per share ratio (decreased under IFRS).Item Logit-model of management innovation processes(2014) Ganuschak-Efymenko, L.; Gumenna, OleksandraThe article presents the results o f research in the development o f innovation in enterprises, proposed logit-model o f the innovation process, which is based on that knowledge, are generated at all stages, considered a commodity, because intellectual property, allows implementing them not only to compensate their production costs, but also to develop further.Item Mechanism of marketing innovation for a competitive market success(2014) Pichyk, KaterynaThe article deals with innovative marketing mechanism for the formation o f the competitive success of the company. Shows the characteristics o f a phased process o f innovation to develop effective marketing strategy o f the company in the current economic conditions.Item New approaches of performance estimation of Ukrainian commercial banks(2014) Tokarchuk, ViktorIn the article the different ways of measuring banks ’performance, including traditional performance metrics and more advanced methods and their comparative analysis has been done. Based on econometric modeling of panel data models the more important determinants of banks ’profitability has been estimated and the directions of the enhancing banks ’long-term performance has been proposed.Item Optimum currency area theory: overview of empirical researches(2014) Pinchuk, A.In the times o f high speed o f globalization problem o f effective integration becomes more popular, and new issues regarding Optimum Currency Area Theory appear Current work presents overview o f the most significant empirical investigations in the field o f Optimum Currency Area (OCA) Theory Most o f researches proposed currency rate volatility as index o f OCA, and applied regression models, cross-section and correlation analysis. Particularly further work contains description o f Bayoumi T. and Eichengreen B. regression model; similar model developed by Stanoeva G.; empirical research made by Drogobytskiy S. and Polevoy D. for post-soviet countries; cross-section analysis o f macroeconomic indicators for countries all over the world by Alesina A., Barro R. and Tenreyrro S.; comparison analysis o f currency rate volatility among German regions by Von Hagen J. and Neuman M.; cross-section analysis o f OCA criteria for Finland and Swiss by Jonung I. and Sjoholm F; and investigation o f Ukrainian scientist Gonchar O.M. about endogenity o f business cycle synchnization. Overview o f major empirical researches o f OCA criteria provides understanding o f benefits and threats o f different tools o f empirical investigation, and support OCA Theory with practical evidences on OCA criteria applications.Item The problem of defining enterprise crisis management(2014) Lytvyn, AntonIn the article, the main scientific approaches to defining and understanding enterprise crisis management are analyzed, the contradictions in the theoretic field are presented and discussed, as well as other problematic issues o f crisis decision making are identified.Item Theoretical aspect functioning of the financial-investment mechanism of tourism and recreation industry(2014) Ivanova, Z.The article explores the importance financial and investment mechanism of functioning o f tourism and recreation industry in Ukraine. Discusses some regional characteristics o f the tourism industry and recreation complex in Ukraine. Considered the main directions improve the financial investment o f the functioning o f tourism industry.