At the beginning of 2013 the economic activity continued to slow down – the process that started in 2012. In February 2013 the investments in fixed assets growth rates made only 100.3% in annual Terms

The purpose of this document is to outline the triumvirate investment paradigm as a strategic asset allocation blueprint for portfolio construction by categorizing assets into three distinct groups: Property, Business, and Country.This triumvirate taxonomy fits better within the economic context...

We investigate worst-case optimal consumption and portfolio decisions under the threat of a market crash. In an infinite-horizon setting, we provide an explicit solution for constant relative risk aversion and establish a rigorous verification result. Moreover, we find a dual characterization of...

On December 14, 2012 Federal State Statistics Service published updated data on volumes and dynamics of investment in fixed assets in Q2 and Q3 2012. As a result, the figure for the investment in fixed assets growth rates in January-September 2012 against the corresponding period of the previous...

To implement strategic asset allocation, we must determine risk and return expectations for the various asset classes. Starting from the paradigm that long-run asset returns are determined by the long-run fundamentals of the economy, a fair value approach to building expectations is crucial....

We study the consumption-portfolio allocation problem in continuous time when asset prices follow Levy processes and the investor is concerned about potential model misspecification. We derive optimal consumption and portfolio policies that are robust to uncertainty about the...

We quantify disagreement about the economy with ex-ante measures of divergence of opinion among economic forecasters and investigate if economic disagreement has a significant impact on the cross-sectional pricing of individual stocks. We find a significant disagreement premium of 7.2% per...

In January-May 2014, capital investments in real terms amounted to 96.2% on the respective index of the previous year. In the patiern of sources of investment funding, the share of own funds and banks' participation increased with a reduction of investment of federal budget funds. In Q1 2014, in...

Falling investments in fixed assets in early 2014 were the result of the negative tendency which had formed in the construction investment complex in 2013. Investments in fixed assets in January-February this year were 95.0% while the volume of construction works was 96.2% of the corresponding...