Articles in business publications
Calculation of gas costs and public policy problems. Voxukraine.org, January 2015
The calculation of the cost of gas from its own production published by NAC Naftogaz is very incorrect; it seriously, unjustifiably and illiterately inflates the cost. But this is not the main problem, the problem is the extreme ineffectiveness of Ukrainian state policy.
[Read]
Rules for a mutually beneficial transaction. Strategies No. 05-06, June 2014
How Ivan Ivanovich and Ivan Nikiforovich did not agree or Why potentially mutually beneficial transactions with investors do not happen, and what to do about it.
[Read]
The importance of the regulatory base of assets: a review of basic methods, features of the revaluation of assets of energy companies, recommendations. Round table “Regulatory security and organization of new assessments of assets of subjects of natural monopolies “, Kiev, 2012
“The choice of excessive replacement value from a cost-effective approach in the form of value with an independent assessment of the initial regulatory base of assets can be used economically to assess the greater groups of assets involved in these regulatory services, and such that they do not comply with the normal regulatory framework for evaluation activities and obvious international evidence.”
[Read PDF 452 Kb]
Direct investment fund in the Ukrainian institutional environment: problems and possible ways forward. Cinical papers of Ukraine No. 11 – 12, 2009
The article is devoted to the analysis of possible and possible forms of direct investment fund, which receives funds from Ukrainian investors, registrations and activities in Ukraine. The key aspects of the activity of private equity funds in the current world are examined, tools are developed to address the main problems of the fund’s activity, in detail – the structure of the fund, risks and conflicts of interest, exit from Investments then – and the possibility of vikoristaniye of this evidence in the minds of Ukraine.
[Read PDF 155 Kb]
Incentives in theory and practice. Strategies No. 2, 2005
Incentivizing company employees: how to avoid problems using fundamental economic principles for developing incentive contracts.
[Read PDF 245 Kb]
Venture funds and venture investing: how does it work? Financial Director No. 1, 2005
Description of the key aspects of the activities of private equity funds and venture funds: industry structure, participants, legal forms of funds, venture cycle, problems of interaction between funds (investors) and companies (investees)
[Read PDF 317 Kb]
The price of opportunity: real options in strategic decisions. Strategies No. 5, 2004
A simple, practical, example-based explanation of the importance and usefulness of using real options models in the analysis of investment decisions.
[Read PDF 346 Kb]
Business valuation in theory and in reality. Financial Director No. 5, 2002
A look at business valuation using discounted cash flow (DCF) analysis from the point of view of practical problems in making investment decisions and mergers and acquisitions
[Read PDF 320 Kb]
Bond market: structure and tools. Financial Director No. 2, 2002
Analysis of the possibility of Ukrainian enterprises attracting long-term debt financing using bonds and recommendations regarding directions for development of the debt securities market.
[Read PDF 220 Kb]
Investment decisions: from complex to simple. Financial Director No. 4, 2001
Practical recommendations for the implementation of modern approaches to analyzing investment decisions in the process of capital budgeting in a company
[Read PDF 271 Kb]
Criticism of financial analysis: do ratios provide useful information about Ukrainian enterprises? Financial Director No. 1, 2001
A critical look at a variety of financial analysis techniques and recommendations on what useful information and what pitfalls financial reporting may contain.
[Read PDF 206 Kb]
Research articles
An Econometric Analysis of the Banking Crises in Russia and Ukraine (Michele Meoli, Alexander Mertens and Giovanni Urga). No 702, Working Papers from the Department of Economics and Technology Management, University of Bergamo
The main of this paper is to determine the factors which triggered the 1998 credit crises in Russia and Ukraine. We use two alternative regression analyses. With a simple OLS model we investigate which factors describe the development of the Domestic Credit/GDP ratio, while in a Logit model we investigate which factors explain a Credit Crisis variable of our construction. Concerning Russia, our analysis stresses the importance of factors such as Public Balance/GDP ratio and M2/Gross International Reserves ratio: this is consistent with the theory of government inability in managing public debt as a source of the crisis. Concerning Ukraine, the effect of real shocks and the explosion of credit can be considered the key variable to explain the period of financial distress experienced by this country. The final interesting consideration is that the results of our analysis are consistent with the contagion hypothesis.
[Read PDF 343 Kb]
Efficiency, Scale and Scope Economies in the Ukrainian Banking Sector in 1998. Emerging Markets Review, Vol. 2 Issue 3 (September), 2001
Article prepared jointly with Giovanni Urga (then a research fellow at London Business Scool, now director of the PhD program at Cass Business School, City University) as part of a project funded by the British Know-How Fund. The efficiency of the Ukrainian banking system is studied using the efficiency frontier analysis approach. One of the interesting conclusions is the presence of market power (and, as a consequence, excess margin) in the banking services market. One of the few articles by Ukrainian economists published in a Western peer-reviewed journal.
[Read PDF 110 Kb]
Stochastic Quasi-Gradient Techniques in VaR-based ALM Models. Theory of Stochastic Processes, Vol. 7, no. 1-2, 2001
The article was prepared specifically for the International School on Mathematical Methods in Economics, held at the University of Vasteras (Sweden), and published in the Ukrainian English-language scientific journal Theory of Stochastic Processes. The paper analyzes the practical applicability of quasi-gradient methods for optimization problems of investment portfolio management using the Value-at-Risk methodology. As an example, we consider the problem of managing a portfolio of interbank loans.
[Read PDF 118 Kb]
Is there a premium for currency risk in the Ukrainian financial market? Bulletin of Taras Shevchenko National University of Kyiv, Economics Series, #46, 2001
Do investors investing in instruments denominated in local currencies receive an additional return premium compared to investments in freely convertible currencies? This study suggests that, at least over relatively long periods of time, there is no currency risk premium, and the difference in returns on investments in different currencies is explained solely by the expected change in the exchange rate.
[Read PDF 279 Kb]
Debt financing of Ukrainian enterprises: theory and practice. Bulletin of Taras Shevchenko National University of Kyiv, Economics Series, #45, 2000
The research, carried out jointly with Oksana Demchuk (at that time a student at the Kyiv National University), is devoted to the sources of financing of Ukrainian enterprises. Analysis of financial reporting data suggests that the underdevelopment of the financial market and the inability of existing financial institutions to solve problems of information asymmetry between borrowers and lenders seriously limits the ability of companies to choose alternative sources of financing: debt financing is unavailable even when it is potentially beneficial for the enterprise.< br>[Read PDF 250 Kb]< /a>
Efficiency of the Ukrainian banking system. Bankivska Prava (Banking Business), N 6, 1999
Ukrainian version of the study of the efficiency of the banking system of Ukraine, published in the journal Bankivska Sprava.
[Read PDF 407 Kb]
Hedging risks using currency futures of the Ukrainian Interbank Currency Exchange. Financial risks, N 1. 1998
In 1997, the first attempt was made to start trading currency futures on the Ukrainian Interbank Currency Exchange. The article will offer an overview of the main practical methods of using these financial instruments to limit currency risks.
[Read PDF 235 Kb]
Modern methods of bond portfolio management: analysis of efficiency and possibilities of practical use. Bankivska Prava (Banking Business), N 5, 1996
The development of the bond market in Ukraine prompted the writing of an article describing the practical application of well-known methods for optimal management of a bond portfolio.
