Stick and slip states in the probe-sample force interaction and informative nanomechanical measurements using AFM

The work was supported by FTP № 14.604.21.0200 (RFMEFI60417X0200)

Inelastic Scattering from Core-electrons: a Multiple Scattering Approach

The real-space multiple-scattering (RSMS) approach is applied to model non-resonant inelastic scattering from deep core electron levels over a broad energy spectrum. This approach is applicable to aperiodic or periodic systems alike and incorporates ab initio, self-consistent electronic structure and final state effects. The approach generalizes to finite momentum transfer a method used extensively to model x-ray absorption spectra (XAS), and includes both near edge spectra and extended fine structure. The calculations can be used to analyze experimental results of inelastic scattering from core-electrons using either x-ray photons (NRIXS) or electrons (EELS). In the low momentum transfer region (the dipole limit), these inelastic loss spectra are proportional to those from XAS. Thus their analysis can provide similar information about the electronic and structural properties of a system. Results for finite momentum transfer yield additional information concerning monopole, quadrupole, and higher couplings. Our results are compared both with experiment and with other theoretical calculations.Comment: 11 pages, 8 figures. Submitted to Phys. Rev.

Institutional environment and value of companies

The article presents an empirical study of institutional maturity as a determinant of companies' value and well-being of countries as a whole. Regression models of value multiples with inclusion of institutional factors are developed. Value of companies is studied in terms of the following multipliers: Price-Earnings Ratio to Growth, Enterprise Value to Earnings before Interest and Tax, Price/Book Value ratio. Quantitative parameters were grouped on the basis of residency of public companies with market capitalization of $5 million and higher. Level of property rights protection, degree of judicial independence, incidence of corruption, minority investors protection, efficiency of financial and goods markets, innovation activity of companies served as indicators of institutional environment development. Empirical analysis shows extreme sensitivity on the part of investors towards the performance of key market economy institutions: they demand significant premiums to required returns in jurisdictions, characterized by inadequate institutional environment. © IDOSI Publications, 2013

Job insecurity and employees' motivation to engage in professional education

Current economic slowdown in Russia can cause significant problems with employment in a number of national economy sectors. The article presents results of econometric analysis of employees' confidence levels in finding comparable new jobs in case of termination of current employment as well as of probability to be temporarily laid off without pay, projected onto employees' participation in professional education programs for different branches of the Russian economy. Sample used in the analysis represents Russia's working population. Results demonstrate that those employed in agriculture, manufacturing, transport and communications are the most vulnerable while at the same time they are least of all involved in professional development programs. Personal characteristics of employees emerge as important determinants of their job security: Residents of large cities, the younger ones, those with shorter length of employment as well as with higher level of education, those better paid feel less vulnerable. All the aforementioned characteristics are also positively related to active investment in building up the employees qualifications. © 2014 Science Publication

Investment drivers of shareholder value creation in large publicly traded Russian companies

Modern financial theory maintains that it is the investment decisions that act as the major source of shareholder value creation. The article presents results of empirical study of the impact the investments in different kinds of assets have on shareholder value creation. The study is based on panel data; the sample is formed by data covering the 2004-2012 period for the largest public companies representing nonfinancial sector of Russian economy. The results obtained show that investments in new equipment are associated with higher comparative market value of a company but not with higher total shareholder return. At the same time, companies most actively increasing investment in working capital are traded with certain discount. Active investment in intangible assets makes it possible to obtain higher shareholder returns. Long-term financial assets are negatively related to both comparative market value of the company and the level of shareholder return, while no statistically significant influence of investment in short-term financial assets over company value is discovered. It is also shown that individual characteristics of companies are essential in their comparative valuation by the market and are of much less importance in explanation of shareholder returns. The applied relevance of analysis performed lies in its role in making possible for managers to single out value drivers for companies in an incomplete financial market. © Andrei Ankudinov, Oleg Lebedev, 2014

Dividend payouts and company ownership structure amid the global financial crisis: evidence from Russia

© 2016 Informa UK Limited, trading as Taylor & Francis Group.This article presents the results of an empirical study of the relationship between the ownership structure of Russian companies and their dividend policies against the backdrop of the global financial crisis. Quantitative estimates are obtained through panel data statistical analysis; the sample comprises data covering the 2003–2011 period for the largest companies in the non-financial sector of the national economy. The results show that amid the global financial crisis, the dividend payments of state-owned companies decrease more significantly than those of privately owned companies, whereas in the pre-crisis period, no significant differences are found between the dividend payouts of state-owned and privately owned companies. The public status of a company acts as one of the most significant determinants of both the decision to pay dividends and the amount of dividends paid. However, the generous dividend policies of public companies suffer greater ‘adjustments’ during the crisis period. Company profitability, size, investing activity, company financial structure and sectoral affiliation also act as important determinants of dividend payout