Some recent empirical evidence suggests that stock prices are not properly modelled as the present discounted value of expected dividends. In this paper we estimate a present value model of stock price that is capable of explaining the observed long-term trends in stock prices. The model...

In this paper we study relations between various segments of the Russian financial market (GKO market, currency market, interbank loans market and stock market). We pay special attention to the GKO market, which is remarkable for its volume and significance. We consider relations of the GKO...

ENGLISH ABSTRACT: The importance of market microstructure in determining the success of a bond market inallocating financial resources depends on the degree to which the microstructure elements likeliquidity, efficiency and volatility have been designed to determine the proper price at...