МОТИВИ ЗДІЙСНЕННЯ УГОД ЗЛИТТЯ ТА ПОГЛИНАНЬ У БАНКІВСЬКОМУ СЕКТОРІ УКРАЇНИ

The aim of the study is to generalize the tendencies of development of the market of mergers and acquisitions in the banking sector of Ukraine, to determine the efficiency of these transactions by calculating the price multipliers and explore the main reasons for their implementation. The importance of studying the motives of agreements is caused by significant increase in the volume of mergers and acquisitions in the banking sector in recent years and the specific conditions of implementation of these agreements. In the article it was calculated the average values of main multipliers of assessing the value of Ukrainian banks in agreements of mergers and acquisitions by foreign investors during 2004–2017 and it was set their discrepancy to recommended values. It was systematized the main reasons of implementation these agreements and identified the barriers of the development of banking market of M&A in Ukraine. Research the motives of M&A in the banking sector allows to conclude about the clear positive effect of these transactions. However, analysis of price multipliers of M&A in the banking sector of Ukraine during 2004-2017 revealed the poor quality of realized transactions. The main motives of these agreements offered are the following: safety, investment, information and tax reasons. Ukrainian banks that have been eliminated in recent years could be the main contenders for consolidation with the banks that work more efficiently.Статья призвана обобщить тенденции развития рынка слияний и поглощений в банковском секторе Украины, определить эффективность осуществления этих сделок путем расчета ценовых мультипликаторов и исследовать основные мотивы их осуществления. В статье рассчитаны средние значения основных мультипликаторов оценки стоимости банков Украины в сделках слияния и поглощения иностранными инвесторами в течение 2004-2017 гг. и установлено их несоответствие рекомендуемым значениям. Среди основных мотивов совершения этих сделок предлагается выделить следующие: защитные, инвестиционные, информационные и налоговые мотивы. Исследование мотивов проведения процессов слияний/поглощений в банковском секторе позволило сделать вывод о явном положительном влиянии этих операций на банковскую систему страны. Стаття покликана узагальнити тенденції розвитку ринку злиттів і поглинань у банківському секторі України, визначити ефективність здійснення цих угод шляхом розрахунку цінових мультиплікаторів та дослідити основні мотиви їх здійснення. У статті розраховано середні значення основних мультиплікаторів оцінки  вартості банків України в угодах злиття та поглинання іноземними інвесторами протягом 2004–2017 рр. та встановлено їх невідповідність рекомендованим значенням.  Серед основних мотивів здійснення цих угод пропонується виділити наступні: захисні, інвестиційні, інформаційні та податкові мотиви. Дослідження мотивів проведення процесів злиття/поглинання у банківському секторі дозволило зробити висновок про явний позитивний вплив цих операцій на банківську систему країни

The project method in teaching future mathematics teachers

This paper deals with the problem of using the project method in teaching future mathematics teachers. The authors showed that one of such technologies is project training, which involves joint learning and cognitive activity of students, having a common goal, agreed ways of working. This paper notes also the need to use project technology, which consists in developing the ability of future teachers to have an analytical, creative thinking; self-acquisition of missing math knowledge from various sources; thinking, based on knowledge of mathematical facts, the laws of science; and ability to work in a team, performing various social role

Aggregation, Pretransitional Behavior, And Optical Properties In The Isotropic Phase Of Lyotropic Chromonic Liquid Crystals Studied In High Magnetic Fields

We report results on the high-field magneto-optical response of four aqueous, lyotropic, chromonic liquid crystal formulations in the isotropic phase. Measurements of the field-induced birefringence at temperatures above the isotropic-nematic coexistence region at high magnetic fields reveal qualitative differences in different materials; these differences can be attributed to the nature of aggregation and are discussed within the context of competing aggregation models. Extending these measurements to very high fields and large optical phase differences reveals the presence of an unexpected optical phenomenon: magnetic field-induced circular birefringence, measured in the Voigt geometry, in a system containing no molecularly chiral species. Possible origins of this effect are discussed

Physical modeling of various processes in development of the system for monitoring the concentration of suspended particles in the air

The paper shows the need to develop a system for monitoring the concentration of suspended particles in the atmosphere, ensuring industrial safety at enterprises, facilities and in rooms with high dust content. The main possible consumers of this system are presented. Different measuring techniques of suspended particles and their fractions in the air are described, their advantages and weaknesses are mentione

Transverse momentum dependence of semi-inclusive pion production

Cross sections for semi-inclusive electroproduction of charged pions ($\pi^{\pm}$) from both proton and deuteron targets were measured for $0.2<x<0.5$, $2<Q^2<4$ GeV$^2$, $0.3<z<1$, and $P_t^2<0.2$ GeV$^2$. For $P_t<0.1$ GeV, we find the azimuthal dependence to be small, as expected theoretically. For both $\pi^+$ and $\pi^-$, the $P_t$ dependence from the deuteron is found to be slightly weaker than from the proton. In the context of a simple model, this implies that the initial transverse momenta width of $d$ quarks is larger than for $u$ quarks and, contrary to expectations, the transverse momentum width of the favored fragmentation function is larger than the unfavored one.Comment: 15 pages, 4 figures. Fit form changed to include Cahn effect Minor revisions. Added one new figur

The Onset of Quark-Hadron Duality in Pion Electroproduction

A large data set of charged-pion electroproduction from both hydrogen and deuterium targets has been obtained spanning the low-energy residual-mass region. These data conclusively show the onset of the quark-hadron duality phenomenon, as predicted for high-energy hadron electroproduction. We construct several ratios from these data to exhibit the relation of this phenomenon to the high-energy factorization ansatz of electron-quark scattering and subsequent quark-to- pion production mechanisms.Comment: 11 pages, 3 figures, accepted in Phys. Rev. Lett. Tables adde

Unrecorded alcohol consumption in Russia: toxic denaturants and disinfectants pose additional risks

In 2005, 30% of all alcohol consumption in Russia was unrecorded. This paper describes the chemical composition of unrecorded and low cost alcohol, including a toxicological evaluation. Alcohol products (n=22) from both recorded and unrecorded sources were obtained from three Russian cities (Saratov, Lipetsk and Irkutsk) and were chemically analyzed. Unrecorded alcohols included homemade samogons, medicinal alcohols and surrogate alcohols. Analysis included alcoholic strength, levels of volatile compounds (methanol, acetaldehyde, higher alcohols), ethyl carbamate, diethyl phthalate (DEP) and polyhexamethyleneguanidine hydrochloride (PHMG). Single samples showed contamination with DEP (275–1269 mg/l) and PHMG (515 mg/l) above levels of toxicological concern. Our detailed chemical analysis of Russian alcohols showed that the composition of vodka, samogon and medicinal alcohols generally did not raise major public health concerns other than for ethanol. It was shown, however, that concentration levels of DEP and PHMG in some surrogate alcohols make these samples unfit for human consumption as even moderate drinking would exceed acceptable daily intakes