Multiples for Valuation Estimates of Companies in the Technology Sector of Emerging Markets

Market multiples are a tool for estimation corporate value. These tools are expressed as temporal dynamics and differences in the markets, sectors, industries, firms. Despite their great practical application, a number of problems remains which continue to be debated. This article examines the explanatory power of multiples, and makes a comparison of multiples for the technology sector with the market as a whole, and multiples for the technology sector of Emerging Markets are established within the ranking, most fully explaining the value of stocks using an approach that ensures mitigating the differences in multiples from basic variables

Efficiency of Monetary Policy Mechanisms Before and After the 2008 Financial Crisis in the Russian Economy

The goal of this work is to reveal differences in transferring the regulator’s policy before and after the 2008 financial crisis. The research was made by using the method of vector auto-regression. The analysis was related to the channel of interest rate, corporate crediting, volumes of money supply, and growth of the prices level. Differences in the monetary policy of the regulator before and after the 2008 financial crisis were interpreted. Changes in the transfer of the regulator’s monetary policy via channels of the monetary transmission: the level of prices, interest, rate, bank crediting, and channel of monetary flows were statistically confirmed. It was determined that the specified channels had relative importance in transferring the policy and acted with the relatively different level of efficiency during the pre- and post-crisis period. The growth of efficiency of the channel related to the unforeseen growth of prices level, channel of bank crediting, and channel of monetary flows during the post-crisis period were revealed. Results of the research can be used for further theoretical and empiric analysis of the transmission mechanism. Results of such researches are useful for the regulator to pursue efficient monetary policy, for commercial banks to take into account when forming the development strategy whose important element is a system of financial stability managemen

Paatsjoen monitoimisuunnitelma : Pasvik MultiUsePlan

Suunnittelualue käsittää Paatsjoen vesistöalueen, joka sijaitsee Venäjän, Norjan ja Suomen raja-alueella, sekä Vuoremijoen vesistöalueen, joka sijaitsee Venäjän ja Norjan raja-alueella. Norjan ja Venäjän raja kulkee 112 kilometrin matkan pitkin Paatsjoen jokiuomaa. Paatsjoen latvavedet laskevat Inarijärveen Suomessa, josta se virtaa Paatsjokilaakson halki ja laskee Barentsinmereen Bøkfjordenissa. Valuma-alueesta suurin osa (noin 70 %) sijaitsee Suomen puolella ja pienemmät osat Venäjän (25 %) ja Norjan (5 %) puolella. Vuoremijoki on Norjan ja Venäjän välinen rajajoki. Joen viimeiset 35 kilometriä muodostavat pohjoisimman maiden välisen rajan. Kummankin joen valuma-alueet ovat valtavia luontoalueita, joihin kuuluu sekä luonnonsuojelualueita että vesi- ja maa-alueiden ekosysteemejä, joihin ihminen on omalta osaltaan vaikuttanut. Teollinen toiminta on alueen teollistumisesta lähtien vaikuttanut ympäristöön enenevissä määrin. Suurimmat teollisuusyhtiöt Paatsjoen vesistöalueella ovat Kuolan kaivos- ja metalliyhtiö (Kola GMK), jonka tuotantoyksiköt toimivat Venäjän puolella Zapoljarnyin ja Nikkelin kaupungeissa, sekä Etelä-Varangin rautakaivos Kirkkoniemen Bjørnevatnissa. Metalliyhtiön sulatto Nikkelissä on suljettu joulukuussa 2020, lisäksi rikasteen kuivaus ja briketöinti on lopetettu Zapolyarniyn kaupungissa. Suomessa Inarin kunnassa harjoitetaan ainoastaan kullanhuuhdontaa, ei teollista mineraalien louhimista. Teollisuudesta ja muusta ihmisen alueella harjoittamasta toiminnasta syntyvien saasteiden lisäksi luonnon ekosysteemeihin vaikuttavat myös kaukokulkeuma, vesistöjen säännöstely, haitalliset vieraslajit ja muut ihmistoiminnan vaikutukset (kullanhuuhdonta, metsätalous, maatalous, matkailu ja muu taloudellinen toiminta). Vesistöissä on havaittavissa merkkejä ilmaston lämpenemisestä. Suunnittelun tavoitteena on toimenpideohjelma, joka tukee Paatsjoen ja Vuoremijoen vesistöjen hyvinvointia. Hyvä ympäristön tila on pohjana kolmen maan raja-alueen elinvoimaisuudelle. Ympäristöhaasteet ovat usein rajat ylittäviä. Ratkaisuja näihin ongelmiin on etsittävä yhteistyössä ja yhteisymmärryksessä rajan eri puolilla toimivien viranomaisten ja sidosryhmien kanssa. Mikään maa, instituutio tai sidosryhmä ei voi ratkaista ongelmia yksin. Yhteiset ratkaisut yhteisiin ongelmiin hyödyttävät kaikkia. Venäjän, Norjan ja Suomen kolmenvälinen yhteistyö Paatsjoen vesistöalueella alkoi 1980-luvun lopulla luonnonsuojelun, ympäristön hoidon, seurannan ja tutkimuksen merkeissä. Ihmistoiminnan aiheuttaman kuormituksen vaikutuksia vesi- ja maa-alueiden ekosysteemeihin on tutkittu ja dokumentoitu. Yhteistä seurantatoimintaa on kehitetty ja osittain pantu toimeen erilaisissa ohjelmissa. Alueen omaleimaisen luonnon ja kulttuuriperinnön suojelemiseksi perustettiin vuonna 2008 Paatsjoki-Inarin kolmikantapuisto (Pasvik Trilateral Park), johon kuuluu useita luonnonsuojelualueita kaikista kolmesta maasta. Lisäksi vuonna 1996 kehitettiin suomalais-norjalaisen rajavesistökomission aloitteesta yhteinen Paatsjoen monikäyttösuunnitelma (ekologinen passi), joka koskee Venäjän, Norjan ja Suomen kolmenvälistä yhteistyötä. Tämä suunnitelma on jo vanhentunut ja kaipaa uusimista sekä päivitystä, jotta se on uusien suunnittelustandardien mukainen. Vuoremijoen osalta vastaavaa suunnitelmaa ei ennestään ole, mutta hoitoa ja toimenpiteitä täytyy koordinoida tiiviissä yhteistyössä myös tällä rajajoella. Vuoremijoen vesistöalue on siksi otettu tämän monitoimisuunnitelman suunnittelualueeksi Paatsjoen vesistöalueen rinnalle

Survey of Period Variations of Superhumps in SU UMa-Type Dwarf Novae. VIII: The Eighth Year (2015-2016)

Continuing the project described by Kato et al. (2009, arXiv:0905.1757), we collected times of superhump maxima for 128 SU UMa-type dwarf novae observed mainly during the 2015-2016 season and characterized these objects. The data have improved the distribution of orbital periods, the relation between the orbital period and the variation of superhumps, the relation between period variations and the rebrightening type in WZ Sge-type objects. Coupled with new measurements of mass ratios using growing stages of superhumps, we now have a clearer and statistically greatly improved evolutionary path near the terminal stage of evolution of cataclysmic variables. Three objects (V452 Cas, KK Tel, ASASSN-15cl) appear to have slowly growing superhumps, which is proposed to reflect the slow growth of the 3:1 resonance near the stability border. ASASSN-15sl, ASASSN-15ux, SDSS J074859.55+312512.6 and CRTS J200331.3-284941 are newly identified eclipsing SU UMa-type (or WZ Sge-type) dwarf novae. ASASSN-15cy has a short (~0.050 d) superhump period and appears to belong to EI Psc-type objects with compact secondaries having an evolved core. ASASSN-15gn, ASASSN-15hn, ASASSN-15kh and ASASSN-16bu are candidate period bouncers with superhump periods longer than 0.06 d. We have newly obtained superhump periods for 79 objects and 13 orbital periods, including periods from early superhumps. In order that the future observations will be more astrophysically beneficial and rewarding to observers, we propose guidelines how to organize observations of various superoutbursts.Comment: 123 pages, 162 figures, 119 tables, accepted for publication in PASJ (including supplementary information

Erot spatiaalisissa ja ajallisissa reaktionormeissa kevään ja syksyn fenologisille tapahtumille

For species to stay temporally tuned to their environment, they use cues such as the accumulation of degree-days. The relationships between the timing of a phenological event in a population and its environmental cue can be described by a population-level reaction norm. Variation in reaction norms along environmental gradients may either intensify the envi- ronmental effects on timing (cogradient variation) or attenu- ate the effects (countergradient variation). To resolve spatial and seasonal variation in species’ response, we use a unique dataset of 91 taxa and 178 phenological events observed across a network of 472 monitoring sites, spread across the nations of the former Soviet Union. We show that compared to local rates of advancement of phenological events with the advancement of temperature-related cues (i.e., variation within site over years), spatial variation in reaction normsPeer reviewe

First Detection of Two Superoutbursts during Rebrightening Phase of a WZ Sge-type Dwarf Nova: TCP J21040470+4631129

We report photometric and spectroscopic observations and analysis of the 2019 superoutburst of TCP J21040470+4631129. This object showed a 9-mag superoutburst with early superhumps and ordinary superhumps, which are the features of WZ Sge-type dwarf novae. Five rebrightenings were observed after the main superoutburst. The spectra during the post-superoutburst stage showed the Balmer, He I and possible sodium doublet features. The mass ratio is derived as 0.0880(9) from the period of the superhump. During the third and fifth rebrightenings, growing superhumps and superoutbursts were observed, which have never been detected during a rebrightening phase among WZ Sge-type dwarf novae with multiple rebrightenings. To induce a superoutburst during the brightening phase, the accretion disk was needed to expand beyond the 3:1 resonance radius of the system again after the main superoutburst. These peculiar phenomena can be explained by the enhanced viscosity and large radius of the disk suggested by the higher luminosity and the presence of late-stage superhumps during the post-superoutburst stage, plus by more mass supply from the cool mass reservoir and/or from the secondary because of the enhanced mass transfer than those of other WZ Sge-type dwarf novae.Comment: 13 pages, 10 figures, accepted for publication in PAS

First detection of two superoutbursts during rebrightening phase of a WZ Sge-type Dwarf Nova : TCP J21040470+4631129

We report on photometric and spectroscopic observations and analysis of the 2019 superoutburst of TCP J21040470+4631129. This object showed a 9 mag superoutburst with early superhumps and ordinary superhumps, which are the features of WZ Sge-type dwarf novae. Five rebrightenings were observed after the main superoutburst. The spectra during the post-superoutburst stage showed Balmer, He I, and possible sodium doublet features. The mass ratio is derived as 0.0880(9) from the period of the superhump. During the third and fifth rebrightenings, growing superhumps and superoutbursts were observed, which have never been detected during a rebrightening phase among WZ Sge-type dwarf novae with multiple rebrightenings. To induce a superoutburst during the brightening phase, the accretion disk needs to have expanded beyond the 3 : 1 resonance radius of the system again after the main superoutburst. These peculiar phenomena can be explained by the enhanced viscosity and large radius of the accretion disk suggested by the higher luminosity and the presence of late-stage superhumps during the post-superoutburst stage, plus by more mass supply from the cool mass reservoir and/or from the secondary because of the enhanced mass transfer than those of other WZ Sge-type dwarf novae.peer-reviewe

Chronicles of nature calendar, a long-term and large-scale multitaxon database on phenology

We present an extensive, large-scale, long-term and multitaxon database on phenological and climatic variation, involving 506,186 observation dates acquired in 471 localities in Russian Federation, Ukraine, Uzbekistan, Belarus and Kyrgyzstan. The data cover the period 1890-2018, with 96% of the data being from 1960 onwards. The database is rich in plants, birds and climatic events, but also includes insects, amphibians, reptiles and fungi. The database includes multiple events per species, such as the onset days of leaf unfolding and leaf fall for plants, and the days for first spring and last autumn occurrences for birds. The data were acquired using standardized methods by permanent staff of national parks and nature reserves (87% of the data) and members of a phenological observation network (13% of the data). The database is valuable for exploring how species respond in their phenology to climate change. Large-scale analyses of spatial variation in phenological response can help to better predict the consequences of species and community responses to climate change.Peer reviewe