bluuebunny/crossref_metadata_2025 huggingface dataset:
A mathematical model of two-stage Solid Oxide Fuel Cell, SOFC, stacks for dynamic simulation of Combined Heat and Power system fed by natural gas
Authors: Palus Mateusz , Pianko-Oprych Paulina
Published: May 2021

Zero-dimensional two-stage SOFC stacks dynamic model was developed to investigate the effect of operating parameters on stacks performance. The model resolves spatially thermal and thermo-electrochemical behaviour for electrochemical reactions, Catalytic Partial Oxidation and Steam Reforming processes. Design variables and thermo-electrochemical properties were obtained from in-house-fabricated SOFCs carried out by project partners. The completed SOFCs based Combined Heat and Power, CHP, system model was validated by data
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and numerical results obtained at steady-state mode showing its high-fidelity. A parametric study with respect to key operating parameters including changes in fuel utilization, lambda number and current density values was conducted. The global CHP system dynamic response, in term of the current/voltage delivered by two-stage SOFC stacks, under a fixed fuel utilization, has been determined resulting in greater variations in the voltage of a single cell in the first stack in comparison to the corresponding values in the second stack.
Autothermal Reforming of Diesel Oil for PdCeCrFeCu/Al2O3-Catalyzed Hydrogen Production
Authors: Lin Lin , Zhang Kai , Sun Chiyu , Zhang Ying
Published: May 2021

To make clear the feasibility and influence factors of diesel fuel autothermal reforming to hydrogen, PdCeCr- FeCu/Al2O3 catalyst was prepared by equivalent-volume impregnation method. Experimental facility based on an adiabatic tubular reactor with preheating section was designed and set up, the behaviors of diesel reforming to hydrogen with straight-run diesel as a raw material according to the analysis of the components were studied. Diesel oil reforming over a catalyst for hydrogen production was analyzed using an adiabatic tubular reactor with a preheating section that was designed and built in-house. The operating conditions were optimized. Under the suitable operating conditions, viz., catalyst bed inlet temperature of 700 °C, diesel liquid space velocity of 0.24 h−1, water-carbon ratio of 20, and oxygen-carbon ratio of 0.6, the hydrogen yield reached 28.3 (mol/mol).
Doing Orthodox Political Theology Today Insights from the Document For the Life of the World: Toward a Social Ethos of the Orthodox Church (2020)
Authors: Asproulis Nikolaos
Published: May 2021

The document titled For the Life of the World: Toward a Social Ethos of the Ortho dox Church, authored by a special commission of Orthodox scholars appointed by the Ecumenical Patriarch Bartholomew is a document that can be definitely understood as a political manifesto of Eastern Orthodoxy for the 21st century, namely for this period of history and not for a by-gone historical setting or a Christian utopia (either the Byzantine Empire or Holy Russia), a period of time with urgent problems and challenges that call for our attention. Therefore, bringing to the fore the personalist anthropological view inherent in the document itself, an attempt has been made in the text to critically reflect and highlight certain relevant aspects of the document (a positive reception of liberal democracy, human rights language, solidarity to the poor, etc.). The goal is to show how theologically important this document is for the Church witness to our pluralistic world.
Truth or Diplomacy? For the Life of the World, Islam and the Patristic Approach
Authors: Seppälä Serafim
Published: May 2021

In their writings on Islam, John Damascene and Theodore Abu Qurrah, both authoritative patristic saints of the Orthodox Church, took an apologetic and polemic stand in defence of the Christian truth. In the modern interreligious discourse, however, the approach to Islam is rather diplomatic, concentrating on universal human values and common aspects of religions. How does the document For the Life of the World operate in this tension? In general, it aims to build on patristic argumentation, but the approach to Islam is most positive and all-embracing, welcoming the “beauty and truths” of Islam and stressing the “common roots,” while the patristic views on Islam are silenced. The discrepancy may arouse questions on the sincerity and coherence of the modern approach in relation to the patristic tradition. This reflects wider challenges in the modern theology of the Church: how to find a discursive position in the tension between the defence of truth, characteristic for the patristic thought, and the “diplomatic” language of the modern interreligious encounters.
Healthcare-associated Clostridioides difficile infection during the COVID-19 pandemic in a tertiary care hospital in Romania
Authors: Manea Eliza , Jipa Raluca , Milea Alexandru , Roman Antonia , Neagu Georgiana , Hristea Adriana
Published: May 2021

Introduction. Information on healthcare-associated C.difficile infection (HA-CDI) in COVID-19 patients is limited. We aimed to assess the characteristics of HA-CDI acquired during and before the COVID-19 pandemic.

Methods. We conducted a retrospective study in a tertiary care hospital, in which since March 2020 exclusively COVID-19 patients are hospitalized. We compared HA-CDI adult patients hospitalized in March 2020-February 2021 with those hospitalized during the same period in 2017–2018.

Results. We found 51 cases during 2020–2021 (COVID-19 group), incidence 5.6/1000 adult discharge and 99 cases during 2017–2018 (pre-COVID-19 group), incidence 6.1/1000 adult discharge (p=0.6). The patients in COVID-19 group compared to pre-COVID-19 group were older (median age 66 vs 62 years), with similar rate of comorbidities, but with higher rate of cardiovascular diseases (62.7% vs 42.4%) and less immunosuppression (21.6% vs 55.6%), they had a higher proton pump inhibitors use (94.1% vs 32.3%), and a longer hospitalization (median 19 vs 14 days).

Eighty-five (85.9%) patients in pre-COVID-19 group versus 44 (86.3%) patients in COVID-19 group received antimicrobial treatment – mainly cephalosporins (34,1%), quinolones (22,3%) and glycopeptides (21,1%) in pre-COVID-19 group and mainly cephalosporins and macrolides (63,6% each) in COVID-19 group. We found four HA-CDI-related deaths in pre-COVID-19 group and none in the COVID-19 group.

Conclusions. The HA-CDI incidence in COVID-19 group did not change versus the same period of time during 2017–2018. The antibiotic use was the most important factor associated with HA-CDI. We identified a high use of broad-spectrum antibiotics despite the lack of empirical antimicrobial recommendations in COVID-19.
Administration of 4-Hydroxy-3,5-Di-Tertbutyl Cinnamic Acid Restores Mitochondrial Function in Rabbits with Cerebral Ischemia
Authors: Pozdnyakov Dmitriy I. , Hadzhieva Zara J. , Pozdnyakova Anastasiya E.
Published: May 2021

The aim of the study is to evaluate the effect of 4-hydroxy-3,5- di-tertbutyl cinnamic acid on the change in mitochondrial function under conditions of experimental cerebral ischemia in rabbits. The study was performed on 48 male rabbits, which were used for modeling permanent cerebral ischemia by occlusion of the common carotid arteries. The test compound was administered before modeling ischemia for 14 days and after the occurrence of reproducing ischemia, in a similar time interval. After that, neurological deficit and the parameters of mitochondrial respiration, the intensity of anaerobic processes, the latent opening time of the mitochondrial permeability transition pore, the value of the mitochondrial membrane potential and the concentration of caspase – 3 were determined. The administration of 100 mg/kg of 4-hydroxy-3,5-di-tertbutyl cinnamic acid into the animals reduced neurological deficit and restored the mitochondrial membrane potential. Prophylactic administration of 4-hydroxy- 3,5-di-tertbutyl cinnamic acid, contributed to an increase in ATPgenerating ability, the maximum level of respiration and respiratory capacity by 4.1 times (p<0.01), 4.8 times (p<0.01) and 4.3 times (p<0.01), respectively. With therapeutic administration, these indicators increased by 11 times (p<0.01), 12.2 times (p<0.01) and 8.6 times (p<0.01), respectively. Also, both the prophylactic and therapeutic use of 4-hydroxy-3,5-di-tret-butyl cinnamic acid normalized aerobic/anaerobic metabolism, as well as reduced the concentration of caspase-3. Based on the obtained data, significant cerebroprotective properties of 4-hydroxy-3,5- di-tertbutyl cinnamic acid can be assumed. Moreover, the potential mechanism of action of this compound may be mediated by the normalization of mitochondrial function.
Bilateral Changes in the Lungs of a Pregnant Woman Caused by Bilateral Spontaneous Pneumothorax
Authors: Radojicic Jelena , Markovic Jelena , Garabinovic Zeljko , Savic Milan , Stojsic Jelena
Published: May 2021

Lymphangioleiomyomatosis (LAM) is a rare disease that most commonly affects women of reproductive age. The disease is manifested by diffuse destruction of the pulmonary parenchyma with the formation of cysts on a characteristic finding of multidetector computerized tomography (MD-CT) of the chest. It is thought that the presence of cells with estrogen and progesterone receptors among proliferating smooth muscle cells lead to the spread of cystic structures lined by endothelial cells. Towards the end of pregnancy and after childbirth, collapse of the lung parenchyma or rupture of the cyst wall occurs causing a dramatic clinical picture in the form of pneumothorax. Sirolimus is the only drug of choice that should improve and stabilize the patient’s pulmonary function and quality of life. Unfortunately, this drug is not always effective enough, so only option for treatment is bilateral lung transplantation. The authors present the patient in the last trimester of pregnancy who was admitted to the hospital with clinical picture of bilateral spontaneous pneumothorax. Dramatic picture of pneumothorax could not be solved solely by drainage in which atypical segmental resection of the lung was performed within a few days so on these samples lymphangioleiomyomatosis were diagnosed.
Correlation of Different Anthropometric Methods and Bioelectric Impedance in Assessing Body Fat Percentage of Professional Male Athletes
Authors: Dimitrijevic Marko , Lalovic Dijana , Milovanov Djordje
Published: May 2021

Studies examining correlation of existing anthropometric methods developed for specific and general athlete population and BIA method are much more scarce and often conducted using only one anthropometry method for comparison with BIA method per study. Aim: Examination of the correlation between different anthropometric methods and BIA method in assessing body fat percentage of general male athlete population. The study was conducted using 85 professional athletes from Serbia, average age of 23,7 ± 4,3 years. Correlation between anthropometric methods and BIA method was examined using Spearman rang correlation. Sixteen anthropometric equations using a total of ten skinfolds were selected from eleven anthropometric methods developed for specific or general male athlete population. All sixteen anthropometric equations revealed a strong correlation with BIA method. Faulkner's anthropometric skinfold equation (%BF = 5,783 + (0,153 (triceps + subscapular + supra-iliac + abdominal)) revealed the strongest correlation coefficient (rs = 0,792) and the shortest bias-corrected and accelerated confidence interval length (BCa CI 95% (0,712 – 0,849)). Even though ten of the sixteen anthropometric equations revealed a very strong correlation, Faulkner's equation showed the largest Spearman's correlation coefficient with BIA method in assessing body fat of professional male athletes. Faulkner's equation may be the best candidate that can be used as replacement of BIA method for general male athlete population. It would be useful and interesting to repeat a similar study with the addition of one of the referent methods from the second level of validity group.
Exchange Rate Volatility and Sectoral Analysis of Non-Oil Export in Nigeria
Authors: Oyelami Lukman Oyeyinka , Ajeigbe Omowumi M.
Published: May 2021

The paper seeks to assess the industry-based effect of exchange rate volatility on the export of non-oil sector in Nigeria. Theoretically and empirically, volatility-trade link is ambiguous. The paper employed bound test for co-integration between exchange rate volatility and exports of non-oil products. Empirically, the results show that we can accept the hypothesis of no co-integration between volatility and export of non-oil industries in most cases. Therefore, the study concludes that the exchange rate volatility can actually produce negative effect on non-oil export industries in the short-run especially the big industries (Agriculture, food and manufacturing) but this effect does not linger into the long-run and this suggests that most of these industries have been able to develop a mechanism to cope with exchange rate volatility problem in the long-run.
Has Accession to the European Union Affected the Efficiency of Croatian Insurance Companies?
Authors: Pervan Maja , Ćurak Marijana , Kramarić Tomislava Pavić
Published: May 2021

Accession of Croatia to the EU brought legal, regulatory and market changes for the insurance companies. The question that arises is whether the new environment in which the companies operate has improved their efficiency. Accordingly, the aim of this paper is to separately estimate the efficiency of non-life and life insurance industry in Croatia and to compare it through the period before (2009-2012) and after (2013-2018) Croatian accession to the EU. The research is based on the Data Envelopment Analysis and the obtained results indicate an average increase in overall technical efficiency in both, non-life and life sector in period after Croatia’s accession to the EU. Still, this increase was not proved to be significant. Additionally, although increase in pure technical efficiency was significant in non-life sector, an insignificant slight decrease is recorded in life sector. Finally, insurers conducting (non)life business activities are mainly operating at increasing returns to scale.
Factors Influencing Organisational Buying Decisions in the Manufacturing Industry: Are Products and Services Procurement Different?
Authors: Ćorić Dubravka Sinčić
Published: May 2021

The paper explores factors influencing services procurement decision-making of manufacturing companies, and compares it to factors influencing products procurement decision-making. Data were gathered by survey among manufacturing companies and analysed by using exploratory factor analysis. The comparison between factors influencing services procurement and factors influencing products procurement is made by content analysis. Results prove that six distinct factors influence manufacturing companies when making services procurement decisions: interdepartmental communication, trust in service provider, service provider flexibility, buyer’s price sensitivity, top management support, and service provider competence. When compared to products procurement situation, it can be observed that some of the factors are influential in both purchasing situations, whereas other factors are not similarly important in both purchasing situations. The paper offers an insight to factors influencing buying decisions of manufacturing companies, that can help selling companies to better understand the differences in procurement processes of manufacturing companies in two buying situations: products procurement vs. services procurement.
The Effect of Renewable Energy Consumption on Economic Growth in Croatia
Authors: Pearson Sonia
Published: May 2021

This paper investigates the effect of renewable energy on economic growth in Croatia for the period 1996-2018. The Autoregressive Distributed Lag (ARDL) technique is used to find the long run relationships between renewable energy, energy consumption and economic growth. The empirical analysis indicates that renewable energy has a positive and significant effect on economic growth in the short and long run. These findings indicate that the Croatian government can continue to boost renewable energy investment without impeding economic growth.
RELATIONSHIP BETWEEN CHLOROPHYLL-A AND SEA SURFACE TEMPERATUR WITH Sardinella lemuru CATCHING IN BALI STRAIT
Authors: Gustantia Niken , Osawa Takahiro , Sila Dharma I Gusti Bagus , Sandi Adnyana Wayan
Published: June 2021

The Bali Strait is one of Indonesia's territorial waters that have high natural resource potential. The area is only about 2,500 km2 but has a high potential fishing ground. The Bali Strait has unique and dynamic waters that can cause fluctuations in fish production amount each year. The largest type of fish caught in the Bali Strait is lemuru (Sardinella lemuru), a fish found only in the Bali Strait. This fish plays a significant role in the economy of fishers in the Bali Strait. Each year the catch of lemuru has fluctuated, making fishing locations challenging to predict. Sea Surface Temperature (SST) and Chlorophyll-a (Chl-a) are oceanographic parameters that can affect the resources of the ocean. Oceanographic phenomena, such as upwelling, can also influence the condition of fish resources. Therefore, understanding the relationships between these factors is essential in practical fisheries management. Observation of oceanographic factors is very hard with the field observation due to time and cost limitations. The remote sensing technique is an efficient method to determine SST distributions and Chl-a concentrations using satellite imagery. This study analyzes SST and Chl-a concentration in the Bali Strait using the Global Change Observation Mission(GCOM-C) satellite and determines the correlation between Chl-a and SST with a total fish catch(lemuru) during 2019. The results showed the maximum average Chl-a concentration observed on August 1.62 mg/m3 and the lowest concentration observed on January 0.45 mg/m3, the maximum SST on March was 28.12° C, and on August (Dry season) with 22.40° C. The SST variable's influence provides a negative correlation (R = -0.209) with changes in lemuru catch, while the Chl-a parameter has a positive correlation (R = 0.375) with changes in the catch. The pattern of relationship between Chl-a with fish catching had a good relationship than the SST in 2019.Keywords: Bali Strait; Sardinella lemuru; SST; Chl-a.
"Bukan hanya sekedar kumpulan kutipan wawancara": Meningkatkan kualitas riset kualitatif bidang psikologi di Indonesia
Authors: Lestari Made Diah
Published: May 2021

Relativitas merupakan kata kunci yang menggambarkan irisan antara psikologi ulayat dan pendekatan penelitian kualitatif. Paradigma pendekatan kualitatif mengapresiasi keberagaman dan subjektivitas realitas, yang oleh hegemoni paradigma kuantitatif (positivisme) dianggap kurang ilmiah dan kurang ajeg. Saya mengkritisi perkembangan kualitas dan kuantitas studi kualitatif pada artikel-artikel yang diterbitkan di Jurnal Psikologi Ulayat: Indonesian Journal of Indigenous Psychology. Pada periode 2017–2020, jumlah artikel kualitatif pada jurnal ini menempati posisi yang sebanding dengan artikel dengan pendekatan lainnya. Meski jumlah yang sebanding ini menunjukkan minat dan persepsi yang positif terhadap pendekatan kualitatif, namun masih ada beberapa ruang perbaikan yang perlu dipikirkan untuk meningkatkan kualitas studi kualitatif. Dalam catatan editorial ini, saya mengedepankan beberapa argumen yang menekankan pentingnya mengintegrasikan tradisi kritik untuk membuat studi kualitatif lebih bermakna dan holistik dalam menggambarkan realita yang dikonstruksikan subjek penelitian.
A strategic agricultural planning and food support process
Authors: SAMYGIN Denis Yu.
Published: May 2021

Subject. The article addresses the issues of synchronizing the strategic planning of agricultural development and harmonizing its documentation system with the national food security objectives.
Objectives. The aim is to run diagnostics of strategic planning and its food security documentary system.
Methods. The study employs methods of generalization of scientific works and systematization of expert assessments therein, critical analysis of strategic documents on agriculture and food security, abstract-logical method for building a model of strategic process.
Results. The paper presents the results of strategic planning process and its documentary system in the field of food security, conclusions on the need to strengthen harmonization between the main strategic planning documents, key objectives and criteria for achieving them, planned results and resources, benchmarks and performance indicators to ensure physical and economic accessibility of products. I offer a fundamentally different conceptual model of the strategic planning process. It is supported by a system of interconnected documents. This model is based on production projects and quotas linking the production and consumption at the level of rational nutritional standards.
Conclusions. The proposed model enables to logically incorporate the objectives set in the field of food security into the system of strategic planning documents. The findings may be useful for agro-industrial complex authorities to coordinate decisions on agricultural development and food security as a complex problem.
On improving the training of aircraft engineers
Authors: SOBOLEV Leonid B.
Published: May 2021

Subject. The article continues the discussion about the method of training aircraft engineers to work in the military and civil segments of aviation and rocket-and-space industry.
Objectives. The purpose is to improve the training of Russian engineers to work in the competitive market environment, on the basis of the analysis of experience in training the aviation engineers in leading foreign technical universities.
Methods. The study rests on the comparative analysis of implementation of major projects in the military and civil segments of aviation in the U.S. and Russia, as well as programs for training aircraft engineers in both countries.
Results. The analysis shows that the duration of modern large military aviation projects in both countries is the same (the comparison of cost is impossible, due to information protection in Russia), while in the civil segment of the aviation industry, Russia's lagging behind is significant both in terms of the duration of projects and performance results. One of the reasons is in the poor training of aircraft engineers to work in the competitive environment.
Conclusions. It is crucial to reform Russian aviation universities in terms of conformity to global trends in multidisciplinarity and differentiation of financing and research base.
Assessing the readiness of the machine-building industry for the Fourth industrial revolution
Authors: RYZHIKOVA Tamara N. , BOROVSKII Vladislav G. , AGALAROV Zurab S.
Published: May 2021

Subject. The paper explores the development of Russia's machine-building industry against the background of preconditions of the Fourth Industrial Revolution. We examine factors, influencing the development of the industry to formulate strategic decisions and implement policies to encourage further automation and digitalization.
Objectives. The aim is to scrutinize the condition of the machine-building industry and its problems, arising in the modern objective reality and in connection with the onset of the Fourth Industrial Revolution.
Methods. From the perspective of the systems theory of the economy, implemented in the RAS, we analyze the main aspects of the Fourth Industrial Revolution, the key factors that determine the willingness of countries and enterprises to enter a new objective reality.
Results. The paper considers the impact of existing factors on the industry development in the new environment and analyzes individual indicators of growth rate. It investigates the machine-building production and growth rates in Russia, worldwide, and in the European Union over the past seven years, as well as the impact of some deflators, like gross domestic product, industrial production index, fixed investment and inflation on the domestic machine-building industry development, reviews and analyzes leading enterprises.
Conclusions. We present the elements of conceptual approach to a technological economic model, which contribute to strengthening the production capacity of non-resource-based industries in the Russian economy.
A study on approaches to the interpretation of concepts of industrial complex and integrated structure of industry
Authors: DROBKOVA Oksana S.
Published: May 2021

Subject. The article investigates the essence and salient features within the study of the industrial complex and integrated industrial structure categories.
Objectives. The purpose is to research and develop definitions, study approaches to the industrial complex category, and underpin my unique interpretation.
Methods. The study applies methods of analysis and synthesis, the systematization, formalization, and comparative analysis approach. Theoretical and methodological provisions contained in the works on industry development by domestic and foreign scientists, and legal documents, serve as the basis of the study.
Results. I offer my interpretation of an industrial complex, as a challenging structure, represented by industrial enterprises and characterized by the stability of production cooperation chains, close interrelation of industry and regional specialization, providing for the digital transformation of industry, and subject to the environmental component. The paper identifies key properties of industrial complex, offers a classification by industry specifics, localization, diversification, and the level of State participation.
Conclusions. The findings may be used as an element of theoretical basis to support management decisions on industrial complex development.
Developing and testing a methodology to assess the economic sustainability of a seaport operator
Authors: BABURINA Ol'ga N. , SADYKOV El'dar A.
Published: May 2021

Subject. The article addresses the problem of economic sustainability of seaport operators.
Objectives. The purpose is to develop and test a methodology for assessing the economic sustainability of a seaport operator.
Methods. The study draws on methods of systems, structural, functional, positive, normative, comparative, and statistical analysis, the weights method, pairwise comparison, expert assessment, etc.
Results. We developed a five-stage algorithm for integrated assessment of economic sustainability of a port operator based on the main functional components, i.e. production, resource-and-technology, investment, finance, and business sustainability. We tested our methodology, using the case of AO Novoroslesexport, the leading stevedore of the Azov-Black Sea Basin. The methodology can be used for port operators of other sea basins; its results may be helpful for company management, shareholders, banks, service consumers, seaport authorities, regional authorities, and other interested parties.
Conclusions. Our methodology may become an effective tool to manage a port operator and determine its intra- and inter-port competitive ability. It enables to track threats affecting the economic stability and take timely action to eliminate them. It creates information base for making management decisions and strategic plans for a stevedoring company.
Restoring the financial health of debtors: Changing approaches in the legislation
Authors: BELOUSOV Andrei L.
Published: May 2021

Subject. The article considers the development of the institution of bankruptcy in the context of the emerging legal environment in this area.
Objectives. The focus is to study the development of relations in the bankruptcy sphere in the Russian Federation that relate to inefficient procedures aimed at the financial recovery of business entities, and to formulate the main directions for further changes in the legal regulation of this area.
Methods. The study employs research methods, like logical and structural analysis, systems and functional approach, the formal legal method.
Results. The paper reveals the essence, specific features and legal regulation of bankruptcy, assesses the regulatory enforcement based on the existing law on insolvency, formulates the key problems of the law enforcement practice of business entities that has been formed over the past 20 years, defines further directions of changes in the legal regulation of bankruptcy relations in the Russian Federation.
Conclusions. Changing the approaches to the current bankruptcy system in favor of expanding the application of rehabilitation procedures for restoring the solvency of debtors will enable to support businesses that are in difficult financial situation. This will result in preservation of employment, increased tax revenues to budgets at various levels, improved competitiveness of Russian businesses. The findings may be useful in terms of theory, for the study of issues relating to the concept, essence and legal regulation of the institution of bankruptcy in the Russian Federation, and in practice, for developing proposals to improve regulations in this sphere.
Problems of tax risk assessment and management
Authors: MANDROSHCHENKO Ol'ga V.
Published: May 2021

Subject. The article addresses the issues of analysis and management of tax risks.
Objectives. The purpose is to show the significance of certain methods for tax risk assessment, identify problems in tax risk management, propose measures to improve the management process.
Methods. The study employs methods of induction, deduction, structural analysis, synthesis, comparison, schematic representation of relationships, statistical and economic, computational and constructive techniques.
Results. The paper reveals that tax budgets are often non-realistic. There are no methods for qualitative and quantitative assessment of tax risks, regulatory support in the field of tax risk monitoring.
Conclusions. The described stages of government’s tax risk management are interconnected. It is important to apply modern methods in tax budget preparation, to develop methods for quantitative and qualitative assessment of tax risks, to strengthen the monitoring of tax risks through designing an algorithm of its implementation.
Assessing the capitalization of oil and gas companies
Authors: GORSHKOV Semen A.
Published: May 2021

Subject. The article considers the capitalization of oil and gas companies.
Objectives. The purpose is to research and evaluate the capitalization of the said companies.
Methods. The study rests on general scientific methods of analysis.
Results. The paper formulates the concept of capitalization as the most important result of the economic efficiency of production, investment attractiveness, and prospects for the development of corporation's business. It shows that the efficiency of using available resources is a crucial factor for capitalization. It considers the opportunities to single out fictitious value in market capitalization, using the fair value calculation method. This enables investors to make more informed investment decisions. The paper also identifies problems related to capitalization growth in the oil and gas business, and gives recommendations for its improvement.
Conclusions. Capitalization growth should be seen as the main goal of sustainable development of companies. The concept of market capitalization should be tied to the assessment of economic performance. At the present stage, the paper reveals that the market capitalization index is away from actual business results, with the accumulation of fictitious capital in value.
Simulation of emotional differences in the structured query language for databases of financial markets
Authors: BOGATYREV Semen Yu.
Published: May 2021

Subject. The article addresses a simulation in the structured query language (SQL) for the Bloomberg information base, the scientifically grounded tools for measuring emotions in markets in the face of financial and pandemic crisis and market imbalances, in addition to classic financial indicators, the creation of analytical tools based on state-of-the-art software tools that integrate the latest advances in behavioral finance and in financial and coefficient analysis, machine learning technologies, and open financial market data. Objectives. The aim is to create a usable toolkit for balanced evaluation of financial and economic situation of companies, based on the analysis of the main Russian and foreign modern means to measure emotions. Methods. The study employs methods of induction, deduction, and modeling. It demonstrates the link between methods and methodologies with new technical means of modern information systems. Results. The paper studies the effect of the heuristics of insufficient reaction and heuristics of excessive self-confidence, using the examples of market drawdown. I developed and implemented a model, using the behavioral finance tools as a factor in stabilizing financial decisions. Conclusions. New software and hardware tools enabled to identify and measure the actions of the heuristics of financial market participants. Financial analysts, when applying the new capabilities of modern information systems for programming and creating user models with required parameters and extensive database, will have new opportunities in the described models. The procedure for collecting and processing the original information required for valuation is simplified.
The cyclical behavior of the IPO market: History and drivers
Authors: BELYAEV Vladimir A.
Published: May 2021

Subject. The article considers the phenomenon of clustering in the initial public offering (IPO) market.
Objectives. The aim is to perform a critical analysis of literature on the IPO market behavior and determine the optimal moment of company's listing on stock exchange.
Methods. The study draws on analytical methods of information gathering and processing, as well as the comparative analysis.
Results. The paper summarizes results of works by researchers on the IPO markets clustering, defines criteria for successful listing on stock exchange, unveils a number of factors affecting the market dynamics. It also determines possible ways and indicators to predict the onset of the "hot" market for initial public offerings.
Conclusions. Macroeconomic factors and investor sentiment explain the clustering of IPO markets. Given that the waves in this market are of short-term nature, the macroeconomic performance is an inaccurate indicator, when predicting the onset of waves of initial public offerings, as opposed to investor sentiment. Indicators, like the reversal of the stock market from recession to growth, positive market dynamics for three months, and a period of low imputed volatility may serve as indicators of the imminent onset of a wave of initial public offerings. A successful IPO of a company operating in a particular industry may lead to an increase in the number of transactions of similar companies from this industry, provided that the stock market continues to show a positive trend during the period, which is necessary to get ready for an IPO.
Evaluating the effectiveness of companies' financial policies using logistic regression: A case study of electric power companies
Authors: PIVNYK Kirill E.
Published: May 2021

Subject. This article assesses the effectiveness of companies' financial policies using logistic regression. It considers the financial policy assessment as a comprehensive analysis that helps evaluate the company's financial performance and make a conclusion based on a single criterion.
Objectives. The article aims to develop a single (universal) criterion helping conclude of the company's financial policy effectiveness.
Methods. For the study, I used a comprehensive approach based on the developed logit model, financial analysis, systems approach, and an overview of literature sources on the subject.
Results. The article presents a developed methodology for evaluating the effectiveness of financial policy determined by the effectiveness of financial policy (EFP) equation for Russian electric power companies.
Relevance. The results obtained can be used in practice to evaluate the financial policy by company external and internal users.
Regional banking markets in Russia: Differentiation in terms of location
Authors: SHUSTOV Egor A.
Published: May 2021

Subject. This article focuses on regional markets of banking services of the subjects of the Russian Federation.
Objectives. The article aims to study interregional differences in the demand and supply of banking services in Russia to describe the territorial structure of the Russian banking system.
Methods. For the study, I used logical, comparative, and statistical analyses.
Results. The article describes and interprets the types of regional banking markets based on their parameterization by supply and demand at the regional level, suggests the reasons for their formation and characterizes their interrelation in the Russian banking market.
Conclusions and Relevance. The development of Russian banking markets depends on their key characteristics. Regional banking markets have persistent interregional differences. The results can be used by the Bank of Russia when designing a strategic document for the development of the banking system, as well as by commercial banks.
Digital currencies of central banks and the position of the digital ruble
Authors: MASLOV Aleksei V. , SHVANDAR Kristina V. , MAKLAKOVA Yuliya A.
Published: May 2021

Subject. The article discusses the digital currency of central banks. Objectives. The study focuses on the nature and functions of digital currencies of central banks so as to evaluate how they could be implemented into domestic and external economic processes. We also analyze the best existing practices of creating digital currencies in central banks. Methods. The study is based on methods of logic, comparative and statistical analysis. Results. We analyze how virtual currencies originate and evolve, and examine what may make central banks regulate them. Virtual and digital currencies are analyzed and interpreted as we see the matter. We scrutinize how digital currencies are implemented worldwide, and extensively analyze the future of the Russian digital currency of the central bank. The article reviews materials of the Bank of Russia on the implementation of the digital ruble, evaluating advantages of doing it in various economic sectors. Conclusions and Relevance. We herein analyze risks of virtual and digital currencies and evaluate the future of implementation of central banks’ digital currencies. The article outlines the future and risks of the digital ruble and benefits of using it across economic sectors (the State, business, individuals, etc.). The issues has not be sufficiently studied scientifically and practically, continuing our own research into the matter. The article spotlights some disputable issues. The findings can be used by the Bank of Russia and commercial banks.
Financial market of Azerbaijan: New trends and prospects
Authors: MAMEDOV Zakhid Farrukh , NAMAZOV Vugar Faik
Published: May 2021

Subject. This article explores Azerbaijan's financial market, its structure, and the issues of reform, sustainability and efficiency in the face of growing competition.
Objectives. The article aims to identify the main problems and prospects for further development of Azerbaijan's financial market based on an analysis of its state over the past decade.
Methods. For the study, we used the methods of comparative and evolutionary analyses, observation, classification, and logical generalization.
Results. The article assesses the implementation and improvement of corporate governance in accordance with world standards, trust in the financial system, and transparency of financial institutions. It reveals and describes the conditions for the formation of Azerbaijan's modern financial market, and presents certain recommendations for its further development.
Conclusions. The research shows that Azerbaijan needs a systematic program for the development of the financial market, taking into account the stages, new challenges, priorities of the economy, and lessons learned.
Economic boundaries of the Bank of Russia's operations
Authors: SMIRNOV Valerii V.
Published: May 2021

Subject. The article focuses on operations of the Central Bank’s of the Russian Federation.
Objectives. The study is to determine economic boundaries of operations of the Central Bank of the Russian Federation.
Methods. The study is based on the systems approach and methods of statistical, neural network and cluster analysis.
Results. Analyzing the tomorrow-today dynamics of difference of the weighted average exchange rate RUB/USD and EUB/EUR and supply of USD and EUR, I discovered the supply of USD steadily exceeded the supply of RUB/EUR starting from 2018. Analyzing trends in growth rates of international reserves and money base (in its narrow sense), I found a growth in monetary growth starting from 2015 and currency reserves, cash in circulation (out of the Bank of Russia), statutory reserves of credit institutions in the Bank of Russia starting from 2017. Analyzing the importance of growth rates of market indicators, I identified its effective configuration referring to the dynamics of SP500. However, I point out stocks of Rostelecom, gold and RUB/USD. The article demonstrates the important ties between RTS index and stocks of Gazprom and Rostelecom, USD index ? RUB/USD, gold, SP500. Considering the existing structure of the Russian economy, the upper and base boundaries of the Bank of Russia’s operations are Repo rate and RUB/USD respectively.
Conclusions and Relevance. The above economic boundaries of the Bank of Russia’s operations allow financial institutions to pursue an increase in the sustainability of the banking system, preserve the ownership structure, legal form and corporate governance, and use derivatives in order to decrease borrowings costs. The study contributes to the knowledge and competence of governmental officials so as to make administrative decisions on sources of growth in the Russian economy and respective opportunities.
Digital currencies: The present and the future
Authors: UMAROV Husan S.
Published: May 2021

Subject. The article considers digital currencies in the context of global and national financial system development.
Objectives. The purpose is to identify and justify the role of digital currencies in the global finance development and the place of modern central bank policies in the development of digital currencies, to underpin the need for changing approaches to digital currencies on the part of central banks, and to predict possible scenarios for the development of digital currencies on the global scale.
Methods. The study applies methods of logical and statistical analysis, the comparative approach, and systematization.
Results. The paper describes major pros and cons of digital currencies by comparing them with cryptocurrencies; identifies the beneficiaries of the introduction of digital currencies in countries with the most developed strategies for the introduction of national digital currencies. It also unveils barriers to a large-scale introduction of digital currencies to the world market, and highlights the main areas of their use. I developed three scenarios of digital currencies introduction to the world market.
Conclusions. A large-scale introduction of digital currencies as a means of international settlements is not possible at the present stage, however, their use as a tool for dealing with financial crises is the most realistic scenario.
The impact of international diversification on the efficiency of investment portfolio within the Russian financial market
Authors: TIMOFEEV Sergei A. , NAKHIMOVA Yana N.
Published: May 2021

Subject. We address the diversified index investing strategy. Objectives. The focus is on the development of an attractive investment strategy within the risk/return coordinate system, to improve the return of a retail investor in the Russian financial market. Methods. We apply methods of analysis, synthesis, logical research based on the systems approach, statistical methods of data analysis (analysis of time series, correlation analysis), methods of optimal solutions, and the graphical analysis. Results. The paper shows the need to use a diversified strategy in the financial market. We developed an investment strategy providing better investment results at a lesser risk. The offered strategy may be integrated into financial instruments of various financial participants of the Russian financial market. The results of our investment strategy are compared with the results of brokers' strategies and the best assets for investment, i.e. gold, currency, real estate, bank deposits, and inflation. The study analyzes the basic principles of the formation of a diversification index-based strategy, formulates the main requirements for the best diversification within the Russian securities market, and presents a diversified index strategy, which is suitable for all classes of investors. Conclusions. In conditions of the modern Russian financial market formation, the results of investment strategies that market participants can offer to retail investors become a crucial factor, since they determine further directions of investment inflow, expand credit opportunities for companies, and contribute to the formation of an effective, progressive and deep financial market in the country.
Use of electronic payment facilities: A case study of the Siberian Federal District regions
Authors: KARA-OOL Ayana L. , SHMYREVA Aleksandra I.
Published: May 2021

Subject. This article assesses the development of electronic payment facilities in the context of the declining regional coverage of commercial bank offices.
Objectives. The article aims to test a methodological approach to assessing the development of electronic payment facilities, considering the regions of the Siberian Federal District as a case study.
Methods. For the study, we used the methods of statistical and comparative analyses.
Results. The developed methodological approach to assessing the development of electronic payment facilities has been tested using the information data of the Siberian Federal District regions. The article describes the criteria for the development of electronic payment facilities.
Relevance. The findings and proposed methodological approach can be used in the development of the theory of non-cash settlements, as well as in the practical activities of the country's financial institutions. The results of the study are applied by the Ministry of Finance of the Tyva Republic and by the Division – National Bank of the Tyva Republic of the Siberian Main Branch of the Central Bank of the Russian Federation.
Transactions of VTB Bank with debt and equity securities
Authors: CHALDAEVA Larisa A. , DANILIN Arsenii A.
Published: May 2021

Subject. This article covers VTB's operations with securities and their effect on bank's financial sustainability and growth in assets. The main focus of the study was put on secondary public offering in 2013 and the issue of perpetual bonds in 2012 by VTB.
Objectives. We assess the dynamics of VTB's balance sheet items as a result of secondary public offering. We analyze consequences of perpetual bonds issued in terms of their lucrativeness for the issuer and investors. The study identifies factors affecting the market value and liquidity of VTB's perpetual bonds on the MOEX.
Methods. The research methods are based on the factor analysis of VTB’s balance sheet items. Statistical, graphical and economic analyses are also used in the study.
Results. Secondary public offering caused a significant growth of the bank's assets. The issue of perpetual bonds allows increasing tier 1 capital of VTB.
Conclusions and Relevance. Based on the results, recommendations were presented for VTB bank concerning the equity and debt securities. We determined negative consequences that might happen after another issue of bonds, which can influence an amount of the State's share in VTB. We especially consider the future issue of VTB's bonds in terms of coupon payments, which may help reduce expenditures on the servicing of debt bonds issued.