Концентрація власності корпорацій та рівень розвитку фондового ринку

Introduction. The ownership structure affects the stock market liquidity. In turn, stock markets are a key lever to ensure the efficient functioning and development of the country's economy as a whole. Recently, the widespread use of securities market instruments has become of paramount importance due to the limited opportunities for self-financing of enterprises and the shortage of external sources of financing. The performance of the stock market of its functions is largely determined by its characteristics, the implementation of which leads to positive structural changes in the economy. Aim and tasks. The main purpose of the article is to determine the correlation between the ownership concentration of corporations and the level of stock market development in Ukraine and the world. Results. The comprehensive characteristics of financial systems are characterized by the measurement of four categories for one of the key components of the financial sector, namely financial markets. Such categories include the depth of the financial market, the level of use of financial markets among individuals, the efficiency of financial markets in the provision of financial services, and the volatility of financial markets. A general description of the development of financial markets is given, it is determined that developing financial systems tend to be less deep as well as somewhat less efficient, their access and stability are on par with those of developed countries. The article shows the results of correlation-regression analysis between ownership concentration and the above categories, taking into account data from different countries. Conclusions. To determine the depth of financial markets, the article used the capitalization of the stock market as a percentage of GDP. Increasing the level of concentration of ownership leads to a decrease in this indicator. The inverse relationship between ownership concentration and characteristics of access to financial services has been confirmed. To analyze the efficiency of financial markets, this paper uses the ratio of the total value of traded shares to the average value of market capitalization for the analyzed period. The inverse relationship between ownership concentration and characteristics of efficiency has been also confirmed. Stability has a particularly low correlation with the other three characteristics. As a result, the direct relationship between ownership concentration and characteristics of financial markets stability has been confirmed.Вступ. Структура власності впливає на ліквідність фондових ринків. Своєю чергою, фондові ринки є ключовим важелем забезпечення ефективного функціонування та розвитку економіки країни в цілому. Останнім часом першочергового значення набуває широке використання інструментів ринку цінних паперів у зв’язку з обмеженими можливостями самофінансування підприємств та дефіцитом зовнішніх джерел фінансування. Виконання фондовим ринком своїх функцій багато в чому визначається його характеристиками, реалізація яких призводить до позитивних структурних змін в економіці. Мета і завдання. Метою статті є визначення взаємозв’язку між концентрацією власності корпорацій та рівнем розвитку фондового ринку в Україні та світі за допомогою кореляційного аналізу. Результати. Обґрунтована комплексна характеристика фінансових систем, що характеризується вимірюванням чотирьох категорій для однієї з ключових складових фінансового сектору, а саме фінансових ринків. До таких категорій належать: розмір фінансових ринків, ступінь, з яким особи можуть користуватися, ефективність фінансових ринків у наданні фінансових послуг та волатильність фінансових ринків. Надано загальну характеристику розвитку фінансових ринків, визначено, що фінансові системи, що розвиваються, мають тенденцію бути менш ефективними, однак їх доступ та стабільність на рівні з розвиненими країнами. У статті показано результати кореляційно-регресійного аналізу між концентрацією власності та вищезазначеними категоріями, враховуючи дані різних країн. Висновки. Для визначення глибини фінансових ринків у статті використовувався показник капіталізації фондового ринку у відсотках до ВВП. Підвищення рівня концентрації власності призводить до зменшення цього показника. Підтверджена зворотна залежність між концентрацією власності та характеристиками доступу до фінансових послуг. Для аналізу ефективності фінансових ринків у статті використовується відношення загальної вартості акцій до середньоринкової капіталізації за аналізований період. Також підтверджена зворотна залежність між концентрацією власності та показниками ефективності. Стабільність має особливо низьку кореляцію з трьома іншими характеристиками. В результаті було підтверджено пряму залежність між концентрацією власності та характеристиками стабільності

Viscum album subsp. austriacum (Santalaceae R. Br.) in Volyn Polissia and Zhytomyr Polissia (Ukraine): current distribution, ecology and prediction of future spread

Background. One of the subspecies of the European mistletoe, the so called pine mistletoe (Viscum album subsp. austriacum (Wiesb.) Vollm.) is a hemiparasitic, evergreen, epiphytic phanerophyte that parazitizes predominantely on the Scots pine (Pinus sylvestris L.) in Ukraine. The pine trees infested with V. album subsp. austriacum lack moisture for transpiration and photosynthesis, which reduces their primary productivity, viability and health. The purpose of this study was: 1) to determine the current distribution of V. album subsp. austriacum in Volyn and Zhytomyr Polissia regions using GIS-technology; 2) study the main taxation parameters of pine stands infested with V. album subsp. austriacum; 3) predict the possible further spread of V. album subsp. austriacum in the studied Region. Materials and Methods. The grid mapping method based on GIS technology, with a grid size of 10×10 km and 20×20 km, was used to create the map of the species distribution. The spatial distribution of soil moisture in the forest soils of Drevlyanskyi Nature Reserve was determined using satellite images and data on soil moisture from the Earth Engine Data Catalog. The taxation parameters of the mistletoe-infested pine stand (i.e., participation of the Scots pine in the stand composition, area distribution of pine stands by age, relative completeness, stand quality class, trophotope, and hygrotope) were obtained from standard taxation descriptions. Results and Discussion. The study found that V. album subsp. austriacum is more widespread in Volyn Polissia than in Zhytomyr Polissya – 87 and 20 localities respectively. It was shown that the forest plantations colonized by V. album subsp. austriacum in Drevlyansky Nature Reserve are located in areas with the lowest moisture content, with a moisture reserve of 16–70 mm in the 0–100 cm soil layer, which corresponds to dry and fresh hygrotopes. Conclusions. V. album subsp. austriacum is more widely distributed in such nature reserves of the region as Shatskyi National Nature Park and Drevlianskyi Nature Reserve, and less so in Rivne, Cheremskyi, Polissia Nature Reserves and Pripyat-Stokhid National Nature Park. In the region under study, V. album subsp. austriacum mostly affects pure pine forests aged 80‒140 years, of medium completeness (0.5‒0.7), and relatively high and high stand quality classes – Ic–II, in fresh hygrotopes – 67.3 % of the area and in fairly infertile pine site type (trophotope B) – 51.5 %. Based on the distribution of forest site types in the region and their susceptibility to V. album subsp. austriacum, the possibility of its further intensive spread in the study region can be predicted

The LHCb upgrade I

International audienceThe LHCb upgrade represents a major change of the experiment. The detectors have been almost completely renewed to allow running at an instantaneous luminosity five times larger than that of the previous running periods. Readout of all detectors into an all-software trigger is central to the new design, facilitating the reconstruction of events at the maximum LHC interaction rate, and their selection in real time. The experiment's tracking system has been completely upgraded with a new pixel vertex detector, a silicon tracker upstream of the dipole magnet and three scintillating fibre tracking stations downstream of the magnet. The whole photon detection system of the RICH detectors has been renewed and the readout electronics of the calorimeter and muon systems have been fully overhauled. The first stage of the all-software trigger is implemented on a GPU farm. The output of the trigger provides a combination of totally reconstructed physics objects, such as tracks and vertices, ready for final analysis, and of entire events which need further offline reprocessing. This scheme required a complete revision of the computing model and rewriting of the experiment's software

The LHCb upgrade I

The LHCb upgrade represents a major change of the experiment. The detectors have been almost completely renewed to allow running at an instantaneous luminosity five times larger than that of the previous running periods. Readout of all detectors into an all-software trigger is central to the new design, facilitating the reconstruction of events at the maximum LHC interaction rate, and their selection in real time. The experiment's tracking system has been completely upgraded with a new pixel vertex detector, a silicon tracker upstream of the dipole magnet and three scintillating fibre tracking stations downstream of the magnet. The whole photon detection system of the RICH detectors has been renewed and the readout electronics of the calorimeter and muon systems have been fully overhauled. The first stage of the all-software trigger is implemented on a GPU farm. The output of the trigger provides a combination of totally reconstructed physics objects, such as tracks and vertices, ready for final analysis, and of entire events which need further offline reprocessing. This scheme required a complete revision of the computing model and rewriting of the experiment's software

The LHCb upgrade I

International audienceThe LHCb upgrade represents a major change of the experiment. The detectors have been almost completely renewed to allow running at an instantaneous luminosity five times larger than that of the previous running periods. Readout of all detectors into an all-software trigger is central to the new design, facilitating the reconstruction of events at the maximum LHC interaction rate, and their selection in real time. The experiment's tracking system has been completely upgraded with a new pixel vertex detector, a silicon tracker upstream of the dipole magnet and three scintillating fibre tracking stations downstream of the magnet. The whole photon detection system of the RICH detectors has been renewed and the readout electronics of the calorimeter and muon systems have been fully overhauled. The first stage of the all-software trigger is implemented on a GPU farm. The output of the trigger provides a combination of totally reconstructed physics objects, such as tracks and vertices, ready for final analysis, and of entire events which need further offline reprocessing. This scheme required a complete revision of the computing model and rewriting of the experiment's software

The LHCb upgrade I

International audienceThe LHCb upgrade represents a major change of the experiment. The detectors have been almost completely renewed to allow running at an instantaneous luminosity five times larger than that of the previous running periods. Readout of all detectors into an all-software trigger is central to the new design, facilitating the reconstruction of events at the maximum LHC interaction rate, and their selection in real time. The experiment's tracking system has been completely upgraded with a new pixel vertex detector, a silicon tracker upstream of the dipole magnet and three scintillating fibre tracking stations downstream of the magnet. The whole photon detection system of the RICH detectors has been renewed and the readout electronics of the calorimeter and muon systems have been fully overhauled. The first stage of the all-software trigger is implemented on a GPU farm. The output of the trigger provides a combination of totally reconstructed physics objects, such as tracks and vertices, ready for final analysis, and of entire events which need further offline reprocessing. This scheme required a complete revision of the computing model and rewriting of the experiment's software

The LHCb upgrade I

International audienceThe LHCb upgrade represents a major change of the experiment. The detectors have been almost completely renewed to allow running at an instantaneous luminosity five times larger than that of the previous running periods. Readout of all detectors into an all-software trigger is central to the new design, facilitating the reconstruction of events at the maximum LHC interaction rate, and their selection in real time. The experiment's tracking system has been completely upgraded with a new pixel vertex detector, a silicon tracker upstream of the dipole magnet and three scintillating fibre tracking stations downstream of the magnet. The whole photon detection system of the RICH detectors has been renewed and the readout electronics of the calorimeter and muon systems have been fully overhauled. The first stage of the all-software trigger is implemented on a GPU farm. The output of the trigger provides a combination of totally reconstructed physics objects, such as tracks and vertices, ready for final analysis, and of entire events which need further offline reprocessing. This scheme required a complete revision of the computing model and rewriting of the experiment's software

The LHCb upgrade I

International audienceThe LHCb upgrade represents a major change of the experiment. The detectors have been almost completely renewed to allow running at an instantaneous luminosity five times larger than that of the previous running periods. Readout of all detectors into an all-software trigger is central to the new design, facilitating the reconstruction of events at the maximum LHC interaction rate, and their selection in real time. The experiment's tracking system has been completely upgraded with a new pixel vertex detector, a silicon tracker upstream of the dipole magnet and three scintillating fibre tracking stations downstream of the magnet. The whole photon detection system of the RICH detectors has been renewed and the readout electronics of the calorimeter and muon systems have been fully overhauled. The first stage of the all-software trigger is implemented on a GPU farm. The output of the trigger provides a combination of totally reconstructed physics objects, such as tracks and vertices, ready for final analysis, and of entire events which need further offline reprocessing. This scheme required a complete revision of the computing model and rewriting of the experiment's software