Our work is focused on Russian mutual funds managers' skills versus luck testing. Using the bootstrap procedure of Kosowski et al. (2007) we test Jensen's alpha signicance for each fund. We found that only 5% of equity mutual funds do have skills. These results for the emerging Russian market...

Project Management offers a variety of methodologies which provides managers with different techniques and tools to use during project planning and implementation. At the same time there is a substantial lack of systematized approaches to the management of innovation projects. In this article...

The history of the Soviet reception of Mikhail Bakhtin’s heritage and ideas has not been written yet. The present working paper is a case study of works by Vladimir N. Turbin (1927—1993) who was one of the early Bakhtin’s followers in the USSR. The paper examines Turbin’s books (A Short...

This paper explores the perceptions of inequality and their associations with social mobility exploiting the ISSP and LiTS cross-country data sets. These perceptions vary across countries as well as across individuals within countries. We try to explain this variation by examining the diverse...

We examine the novel concept for repeated noncooperative games with bounded rationality: \Nash-2" equilibrium, called also \threatening-proof prole" in [16, Iskakov M., Iskakov A., 2012b]. It is weaker than Nash equilibrium and equilibrium in secure strategies: a player takes into account not...

This paper examines the patterns of pre-entry coaching and corresponding investment in private tutoring before and after the introduction of the Unified State Exam (the USE). We estimate the effectiveness of private tutoring in 2012 – a few years after the USE became a prerequisite for...

The disproportion of information in the stock market creates conditions for unlawful use of insider information, which, in turn, produces a negative impact on the stock market, investment conditions in the country and the economy as a whole. In Russia the institute of disclosure in the...

The paper explores the tight relation between “art” and “immortality” in Boris Pasternak’s author’s ideology on the basis of his new discovered letter to his second wife Zinaida Nikolaevna Neigauz, written in the beginning of 1931. This letter, preserved only in a copy, sheds new...

We research the properties of implicit transaction costs function for general-shaped limit order book. Equivalent conditions for linearity of the function are presented in terms of market liquidity. We also present a suitable functional form of implicit costs for order-driven market on the...

We study a multidimensional screening problem with minimal restrictions on valuations. Our ?-relaxation of the constraints excludes bunching and cycles in the graph of active incentive-compatibility constraints. Therefore, the Lagrange multipliers do exist and enable us in characterizing...