Factors Influencing the Efficiency of the Russian Banks Performance

The work gives the patterns of efficiency of the Russian banks performance using the models of stochastic production function. The efficiency of the banks operations is assessed by considering the following two factors: loan offerings and deposits attraction. The efficiency distribution analysis shows that the biggest share on the loan offering and deposit banking services market is occupied by the banks with average efficiency. It confirms the results obtained earlier by Caner and Kontorovich (2004). It is shown that from the second quarter of 2003 to the third quarter of 2004 the average banking system efficiency level rose both in terms of loan-offering and deposit attraction levels. Besides, the author analyzes the factors influencing the Russian banks operational efficiency. The work also identifies the level of stability of the calculated efficiency coefficientsefficiency; Russian banks; bank performance

Russian banks´ private deposit interest rates and market discipline

This paper examines the extent to which the observed diversity of private deposit interest rates in Russia is explained by bank financial indicators. We also test for whether the introduction of the bank deposit insurance scheme in 2005 affected deposit interest rates. Our results suggest market discipline in the Russian banking system involves Russian depositors demanding higher deposit interest rates from banks with risky financial policies. This discipline seems stronger than in developed countries. Our study suggests also that the risks taken by banks increased after introducing the deposit insurance.banking; deposit interest rates; moral hazard; deposit insurance; Russia

Обоснование введения налоговых вычетов на благотворительность в Российской Федерации

Статья посвящена исследованию влияния льготного налогообложения на благотворительные расходы коммерческих организаций. Целью исследования является доказательство того, что введение налоговой льготы для благотворительной деятельности коммерческих организаций будет способствовать росту их благотворительных расходов. В качестве эмпирической базы исследования выбран банковский сектор, так как информация о благотворительных расходах других организаций не раскрывается в публичной отчетности. Использованы данные 49 банков, действующих на территории Иркутской области за период 2011-2014 гг. На основе анализа данных о сумме благотворительных расходов и направлениях благотворительной деятельности в сравнении с прибылью и собственным капиталом банков дана характеристика существующего уровня корпоративной благотворительности банковского сектора. Проведенный корреляционный анализ выявил, что налоговая нагрузка является фактором сдерживающим рост благотворительных расходов. Предложен алгоритм и построена модель оценки влияния налоговой льготы на благотворительные расходы организаций, учитывающая их благотворительную деятельность и величину прибыли в условиях отсутствия льготы. В результате применения модели установлено, что большинство кредитных организаций при введении льготы смогут увеличить благотворительные расходы (от 49,5 % до 74,0 % исследуемых кредитных организаций). Использование статистических инструментов множественного сравнения, позволило сделать вывод, что все исследуемые кредитные организации могли бы увеличить свои благотворительные расходы на 0,5-3,0 %, чтобы влияние льготного налогообложения было статистически значимым (p < 0,05). Предложена льгота на благотворительные расходы в размере 5,0 % от налогооблагаемой прибыли, как наиболее эффективная для соотношения бюджетных потерь и роста благотворительных расходов. Таким образом, в ходе проведенного анализа было установлено несомненное позитивное влияние льготного налогообложения на величину благотворительных расходов.The article devoted to evaluation the influence of preferential tax treatment for charitable expenses of commercial organizations. The aim of the study is to prove that the introduction of tax incentives for charitable activities of commercial organizations will promote their charitable expenses. Banking sector’s organizations were selected for the empirical basis of the study; because the information about the charitable expenditure of other organizations is not available .The study has used a sample of 49 banks operating in Irkutsk Oblast as a constituent member of the Russian Federation in 2011-2014. The study sample was divided into three groups according to the principle proposed for the evaluation of social responsibility of banks in the United States. The current level of participation of banks in corporate philanthropy is evaluated in view of preferential taxation as a mechanism to reduce the cost of charitable services for the company. The study attempts to construct a theoretical model describing the effect of tax incentives for the financing of the charitable sector, as well as to find the optimal limit registration of charitable expenditure as an expense. It has also been found that, regardless of the charitable expenditures limit set as part of total expenses, the majority of credit organizations could exploit a maximum potential growth of donations (from 49,5 % to 74 % of the studied credit institutions, depending on the chosen accounting limit). It is concluded that introduction of preferential tax treatment might mean a possible rise in charitable expenditures, and the optimal level of charitable expenditure accounts as an expense in terms of budget efficiency is substantiated

Probability of default models of Russian banks

This paper presents results from an econometric analysis of Russian bank defaults during the period 1997–2003, focusing on the extent to which publicly available information from quarterly bank balance sheets is useful in predicting future defaults. Binary choice models are estimated to construct the probability of default model. We find that preliminary expert clustering or automatic clustering improves the predictive power of the models and incor-poration of macrovariables into the models is useful. Heuristic criteria are suggested to help compare model performance from the perspectives of investors or banks supervision authorities. Russian banking system trends after the crisis 1998 are analyzed with rolling regressions.banks; Russia; probability of default model; early warning systems

Experimental observation of second-harmonic generation and diffusion inside random media

We have experimentally measured the distribution of the second-harmonic intensity that is generated inside a highly-scattering slab of porous gallium phosphide. Two complementary techniques for determining the distribution are used. First, the spatial distribution of second-harmonic light intensity at the side of a cleaved slab has been recorded. Second, the total second-harmonic radiation at each side of the slab has been measured for several samples at various wavelengths. By combining these measurements with a diffusion model for second-harmonic generation that incorporates extrapolated boundary conditions, we present a consistent picture of the distribution of the second-harmonic intensity inside the slab. We find that the ratio $\ell_{2\omega}/L_c$ of the mean free path at the second-harmonic frequency to the coherence length, which was suggested by some earlier calculations, cannot describe the second-harmonic yield in our samples. For describing the total second-harmonic yield, our experiments show that the scattering parameter at the fundamental frequency \k_{1\omega}\ell_{1\omega} is the most relevant parameter in our type of samples.Comment: 10 pages, 7 figure

Rare and newly recorded Chondricthyian and Teleostean fishes of the continental slope of West Africa

This paper is composed primarily of species descriptions and accounts, and as such contains a very large number of abbreviations and numerals in the text. Inasmuch as the material presented in this form is central to the content of the paper, very great care was taken in transposing and checking this information between this translation and the original Russian version

Asymptotic Solution for the Nonlinear Dynamic Problem of Mechanical Systems with Time Dependent Parameters

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INFLUENCE OF “NOVUMEDICAL” EQUIPMENT ON NON-SPECIFIC RESISTANCE OF THE ORGANISM TAKING INTO ACCOUNT ADAPTATION REACTIONS

Studies have shown the effectiveness and perspective of using «NovuMedical» devices for the purpose of primary and secondary prevention of diseases, increasing the personal interest of patients in extending the period of active longevity due to regular recovery at home. The preventive effect of the equipment is not directed against the symptoms of the disease, but to increase the body's resistance. Before treatment, the normal type of adaptive response was detected in 75 % of patients, the workout reaction was noted in 45.4 %, the calm activation reaction – 23.2 %, the reaction of increased activation in 6.2 % of cases, and the stress response was recorded in 25.2 %. After the treatment, the workout reaction was detected in 44.1 % of cases, the calm activation reaction – 22.2 %, the increased activation zone – 33.3 %. The preformed factors used in the apparatuses are a bioregulator in the broad sense of modulating the physiological functions of the body, which makes it possible to “rejuvenate” the sick organism, at least to equalize the biological and passport age, to restore the original potential of sanogenetic reactions. Apparatus for home use can be the basis for the primary population prevention and secondary individual prevention of a wide range of diseases and premature aging