CHANGING THE NATURE OF STOCK RISK OVER TIME THE LONG-TERM ASPECT

Background: The risk of stock return is of paramount importance for a stock trader, but for an investor who owns an investment portfolio or stocks for a long time, the risk associated with a sharp drop in stock prices, usually characteristic of a stock crisis, or crisis risk comes first. The timing of the stock market crisis and its duration are unknown, and historical analogy is usually used for its approximate forecasting. Purpose: The study proposes theoretical model that represented relationship between stock price and company's equity per share depending on a number of main economic indicators. Results: If we proceed from the position that a stock crisis occurs when the stock price significantly exceeds its economic basis in the form of the company's own capital, then it becomes possible to assess the crisis risk by the degree of excess of the stock price of its objective basis. However, as the analysis shows, such a basis is not directly the equity capital of a joint-stock company, but such a value that reflects both the use of borrowed capital and the most important proportions of profit distribution, which are characteristic both for an individual company and for the stock market as a whole. Therefore, as an indicator of crisis risk, it is proposed to use a coefficient showing the ratio of the actual excess of the price over its economic basis to the normative, or economically justified, excess. Conclusion: Calculations of the crisis risk index can be useful for predicting "soap bubbles" in the stock market and stock crises

PRINCIPLES OF THE "GREEN" ECONOMY IN RUSSIA: CURRENT STATE, COMPARING WITH WORLD EXPERIENCE, CHALLENGES AND PROSPECTS

Background: The concept of sustainable development plays an essential role in the functioning of the modern world economy. An important component of this concept is the implementation and financing of "green" and socially-oriented projects. In Russia, this direction is only at the initial stage of its formation, therefore it is important to study it and find ways to accelerate its development. Objective: The purpose of the research is to analyze the current state of sustainable development projects financing in Russia, to identify its features and future prospects, as well as to find the most effective ways for its development. Methods: To accomplish this task, the article analyzes the dynamics of changes and key trends in the global and Russian sustainability financial markets. Their comparative analysis is carried out, the main similarities and differences are highlighted. Results: Attention is paid to both industry and subtypes distribution. The theoretical basis of the sustainable development market formation is also considered, its impact on the ESG agenda in Russia is assessed. In the final part, forecasts are made for the possible development of the international and Russian ESG markets. The most effective ways of evolving the sustainable development concept in Russia are identified. Particular attention is paid to the DeFi technologies introduction possibility to simplify and improve financing mechanisms and the implementation of "green" and socially-oriented projects