Most Efficient Homogeneous Volatility Estimators

We present a comprehensive theory of homogeneous volatility (and variance) estimators of arbitrary stochastic processes that fully exploit the OHLC (open, high, low, close) prices. For this, we develop the theory of most efficient point-wise homogeneous OHLC volatility estimators, valid for any price processes. We introduce the "quasi-unbiased estimators", that can address any type of desirable constraints. The main tool of our theory is the parsimonious encoding of all the information contained in the OHLC prices for a given time interval in the form of the joint distributions of the high-minus-open, low-minus-open and close-minus-open values, whose analytical expression is derived exactly for Wiener processes with drift. The distributions can be calculated to yield the most efficient estimators associated with any statistical properties of the underlying log-price stochastic process. Applied to Wiener processes for log-prices with drift, we provide explicit analytical expressions for the most efficient point-wise volatility and variance estimators, based on the analytical expression of the joint distribution of the high-minus-open, low-minus-open and close-minus-open values. The efficiency of the new proposed estimators is favorably compared with that of the Garman-Klass, Roger-Satchell and maximum likelihood estimators.Comment: 46 pages including 17 figure

Consequences of the Loss of the Leased Asset for the Parties to the Leasing Agreement

The article reveals the practical consequences resulting from the loss of the object of lease concerning allocation of the risk of loss between the parties of redemption leasing. The author makes the conclusion that the terms of the leasing subject insurance in the lease agreement should be considered as a circumstance excluding the grounds for adverse consequences of an insured event of the parties to the lease agreement. It is therefore proposed to consider the norms of Article 26 of the Law on Leasing in connection with the rules of Article 21 of this law. Ключевые слова: лизинг, риск, страховой случай, лизинговый платеж. Leasing, risk, insured event, lease payment

ON THE ISSUE OF NATIONAL PECULIARITIES OF MODERNIZATION OF THE RUSSIAN POLITICAL ELITE IN THE XVII CENTURY

The beginning of the 18th century, the era of the transformations of Peter I, which affected many spheres of the life of Russian society, and, in particular, the restructuring of the upper political elite, were predetermined by the dynamics of the socio-economic and political processes of the XVII century. In other words, in the past changes it is necessary to highlight the objective component, separating it from the subjective characteristics of political figures of a particular historical era and, in particular, the personality of Emperor Peter I. An analysis of the peculiarities of the development of the highest political elite in the XVII century, in the era preceding the Peter the Great’s reforms has been given in the article. It is necessary to be aware of what its portrait was like at the beginning of the transformations, what processes formed it in this way. This allows you to evaluate what are the objective prerequisites for the reformatory actions of Peter I, and what kind of systemic resistance they objectively had to face

Legal Regulation of Compensation for the Damage Caused for Reasons of Urgent Necessity as Considered in the Roman Law and its Reception in the Russian Civil Law

In the article the attempt is made to take the retrospective view of the Roman law regulation in respect to damage compensation on the whole and the damage caused by justifiable actions in particular. The conclusion is made that the Roman law confessed the damage caused for reasons of urgent necessity as damage caused by justifiable actions, as a result of which a damager was released from compensation obligation

Modernisation of the Russian state’s political elite in the context of peter the great’s transformations

Early eighteenth century was the age of Peter the Great’s transformations, which affected many spheres of life of Russian society, and, in particular, caused the restructuring of the highest political elite. The reforms were, on the one hand, conditioned by the processes of the late seventeenth century, on the other hand, by the specificity of Peter’s absolutism and the long period of warfare. The article analyses the features of Peter’s reforms of the higher political elite. The background to the reforms has been examined, and Peter the Great’s personnel policy, approaches and principles have been analysed. Particular attention has been paid to institutional change, looking at the mechanisms used by Peter the Great in replacing obsolete institutions with new ones. An analysis of the qualitative composition of the elite made it possible to establish a continuity between the political elite of Peter the Great and the aristocracy of the earlier period, with a change in the principles of interaction. The post-reform Russian state is no longer built on the principles of the “servant state”, but on absolutism with a rationalist approach and the principle of “suitability”