Vlasenkova, Alexandra
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Publication Factors influencing individual investment on the Russian stock market(2021-09-24) Vlasenkova, AlexandraAbstract CBR also lowered key rates to decrease the spread between the inflation expectations and the real rate. Currently Russian economy is experiencing a historical maximum of the individual investment on the Russian stock market. In this paper we used linear correlation method to see the intensity of the association between economic factors such as market interest rates and profitability of different types of assets and indicators of individual investment activity like number of active broker clients, number of unique active investors in Moscow Stock Exchange and the increase in the amounts in asset management. We also used the horizontal analysis helps to compare historical data such as assets that people invested in over a number of periods. In this paper, it is used to show which types of assets were the most attractive to individuals since 2018 to 2021. We found strong correlations between percentage of active broker clients and key rate adjusted for inflation (-0.91), percentage of active broker clients and real and nominal interest rates on the bank deposits of the 10 largest banks of Russia (-0.84 and -0.89 respectively), absolute value of asset growth of individuals in asset management to key rate and key rate adjusted for inflation (-0.94 and -0.93 respectively), absolute value of asset growth of individuals to real and nominal interest rate of bank deposits in 10 largest banks of Russia (-0.94 and -0.84 respectively), percentage of active broker clients and the amounts of individual investment in bonds (0.92), percentage of active broker clients and complains on the professional market participants (0.87), net purchase of transactions of individuals and yield of government and corporate bonds (-0.81 and -0.9 respectively). Those correlations showed that lower market rates made individuals seek higher returns in riskier assets and pushed them out of the bank deposits to the stock market. This increased investment demand made new investment instruments popular and brought changes to the market infrastructure.Publication Factors influencing individual investment on the Russian stock market(2021-09-01) Vlasenkova, AlexandraCBR also lowered key rates to decrease the spread between the inflation expectations and the real rate. Currently Russian economy is experiencing a historical maximum of the individual investment on the Russian stock market. In this paper we used linear correlation method to see the intensity of the association between economic factors such as market interest rates and profitability of different types of assets and indicators of individual investment activity like number of active broker clients, number of unique active investors in Moscow Stock Exchange and the increase in the amounts in asset management. We also used the horizontal analysis helps to compare historical data such as assets that people invested in over a number of periods. In this paper, it is used to show which types of assets were the most attractive to individuals since 2018 to 2021. We found strong correlations between percentage of active broker clients and key rate adjusted for inflation (-0.91), percentage of active broker clients and real and nominal interest rates on the bank deposits of the 10 largest banks of Russia (-0.84 and -0.89 respectively), absolute value of asset growth of individuals in asset management to key rate and key rate adjusted for inflation (-0.94 and -0.93 respectively), absolute value of asset growth of individuals to real and nominal interest rate of bank deposits in 10 largest banks of Russia (-0.94 and -0.84 respectively), percentage of active broker clients and the amounts of individual investment in bonds (0.92), percentage of active broker clients and complains on the professional market participants (0.87), net purchase of transactions of individuals and yield of government and corporate bonds (-0.81 and -0.9 respectively). Those correlations showed that lower market rates made individuals seek higher returns in riskier assets and pushed them out of the bank deposits to the stock market. This increased investment demand made new investment instruments popular and brought changes to the market infrastructure.Publication NONPROFIT GOVERNANCE TAKEAWAYS – EXAMPLES FROM FOUNDATIONS ASSOCIATED WITH CORPORATIONS(2024) Vlasenkova, AlexandraNonprofit organizations serve a crucial role in society, prioritizing public welfare over profit maximization. However, evaluating nonprofits’ effectiveness poses challenges due to their diverse objectives. Governance structures significantly impact organizational performance yet assessing this impact in nonprofits is complex due to varied goals and regulatory leniency compared to for-profits. This thesis paper explores the applicability of corporate governance practices – Agency Theory, Stewardship Theory, and Resource Dependence Theory – to nonprofits, focusing on national foundations associated with corporations. Using a qualitative approach and case studies of eight national foundations, the study investigates their adherence to governance theories and benefits from corporate affiliations. Findings suggest a strong alignment with Resource Dependency Theory, facilitated by shared leadership between foundations and corporations, enhancing resource acquisition and utilization, and strategic alignment. This research contributes valuable insights into nonprofit governance, particularly for foundations, with implications for societal impact and governance best practices.