/pdf/millennials-rising-the-next-great-generation-3011lw78bf.pdf

Millennials Rising: The Next Great Generation

This article explains asset securitization and shows how companies can use it to gain direct and indirect benefits. More importantly, this article demonstrates that securitization can enable certain companies to achieve a genuine reduction in financing costs by providing access to lower cost capital market funding. This article also explores potential innovative uses of this financing technique.

The Alchemy of Asset Securitization

Mutual fund manager excess performance should be measured relative to their self-reported benchmark rather than the return of a passive portfolio with the same risk characteristics. Ignoring the self-reported benchmark introduces biases in the measurement of stock selection and timing components of excess performance. We revisit baseline empirical evidence in mutual fund performance evaluation utilizing stock selection and timing measures that address these biases. We introduce a new factor exposure based approach for measuring the – static and dynamic – timing capabilities of mutual fund managers. We overall conclude that current studies are likely to be overstating lack of skill because they ignore the managers’ self-reported benchmark in the performance evaluation process.

Revisiting Mutual Fund Performance Evaluation

This is an introductory text to a collection of papers from the ICSF 2020: The International Conference on Sustainable Futures: Environmental, Technological, Social, and Economic Matters, which held at Kryvyi Rih National University, Kryvyi Rih, Ukraine, on May 20-22, 2020. It consists of an introduction, conference topics review, and some observations about the event and its future.

/pdf/our-sustainable-coronavirus-future-2w9z6p3r34.pdf

Our sustainable coronavirus future

Low-carbon transformation has become a key priority in China, as demonstrated in the implementation of the Carbon Peak, Carbon Neutralization policy, leading to increasing concern of environmental performance at the corporate level. This paper measures the carbon emission of 1,089 Chinese companies through the EIO-LCA-based approach. Then we examine the impacts of international crude oil price fluctuations and the corporate development level on carbon emissions of individual companies. Our results indicate that an increase in international crude oil price uncertainty could inhibit the company’s carbon emission. In parallel, we find that there might exist an environmental Kuznets curve (EKC) inverted U-shaped correlation between the company’s development level and its environmental performance. However, some exceptions to corporate carbon performance may emerge, resulting from specific corporate characteristics such as the state-owned nature and whether the firm is listed on the stock exchange. Our results could help companies optimize their internal carbon emission structure during the low-carbon transition process and contribute to effective policy regulations towards the target of carbon reduction.

/pdf/crude-oil-price-uncertainty-and-corporate-carbon-emissions-2ni792eewz.pdf

Crude oil price uncertainty and corporate carbon emissions

Article history: Received November 23 2019 Received in revised format November 29 2019 Accepted January 15 2020 Available online January 17 2020 The objective of this paper is to determine the basic features of the use of mathematical modeling of the system to forecast cryptocurrency exchange rate. The study determines that cryptocurrency is the simplest investment asset being and, at the same time, the riskiest one. Advantages and disadvantages of cryptocurrency use are specified. Advantages include: code openness, anonymity, decentralization, emission, and reliability. Disadvantages include lack of guarantees, instability, risk of prohibition and possible loss. A model to forecast bitcoin cryptocurrency exchange rate is proposed and substantiated mathematically. The observations are the basis to develop a hypothesis: the faster the cryptocurrency (e.g. bitcoin) is mined, the more difficult it is to forecast bitcoin cryptocurrency exchange rate. Certain factors emphasize which may affect the cryptocurrency exchange rate: trade wars of the USA with other export-oriented world economies (China); advent of IEO as the alternative for ICO and new drivers connected with the interest in cryptocurrency; FATF recommendations for market control, the entry of world giants (e.g. Facebook) into the crypto-market and the development of the stablecoin market. by the authors; licensee Growing Science, Canada 20 © 20

/pdf/accounting-and-features-of-mathematical-modeling-of-the-gu7hzsf554.pdf

Accounting and features of mathematical modeling of the system to forecast cryptocurrency exchange rate

Introduction. The development of collective investment institutions (CIIs) results in new possibilities for Ukrainians to invest their savings to make profit through transfers of their own resources to professional managers with the aim of further investment of such resources in various assets: securities, immovable property, etc. The evolution of collective investment institutions, and in particular venture capital funds, should be provided by means of the developed accounting system. The purpose of the article is to determine ways of development of collective investment institutions type, to differentiate between venture capital funds and other funds and to analyse of procedural and institutional forms of the development of venture capital funds according to their basic characteristics effecting the organisation of the accounting system. Results. The authors have defined various types of institutions for collective investments are defined. Distinctive features of venture capital funds and other institutions are emphasised. The analysis of legal types of CIIs in terms of their basic characteristics effecting the organisation of the accounting system is performed. Conclusion. Determination of types of CIIs as well as procedural and institutional forms of venture capital funds will help to develop an accounting system that would meet the objectives of the activity, respond to the risk component of the activity and provide the required information for both internal and external users.

Analysis of management forms of collective investment institutions to organise the accounting system

Today’s realities dictate to Ukrainian companies a management philosophy that requires them not only to maintain their position in the market, but also to increase the efficiency of their operations and development in the context of favorable and unfavorable changes in the market environment, which necessitates significant amounts of financial resources. In the face of global competition and the increased turbulence of the external environment, securitization is one of the alternative tools to attract additional financing as well as to minimize risks by which financial markets can support sustainable finance in the transition to a green economy. The article deals with the essence of securitization as one of the major financial innovations of our time. It is established that this financial mechanism allows to diversify sources of financing, to effectively manage the structure of the balance sheet of the enterprise, as well as to significantly increase the level of liquidity of its assets. It also describes the main types of securitization and their impact on the structure of balance sheet indicators. The practical relevance of the study is that the authors’ highlighted areas of change in financial performance make it possible to make an smart decision on the use of a particular securitization mechanism, considering the purpose of its implementation and the capabilities of its initiators, including in the transition to a green economy. It is suggested for the successful implementation of the concept of a “green” economy aimed at achieving sustainable development goals in Ukraine, using such financial instrument as sustainable securitization through the use of the collateralized loan obligation mechanism.

/pdf/securitization-as-an-innovative-refinancing-mechanism-and-an-3my3iuy286.pdf

Securitization as an innovative refinancing mechanism and an effective asset management tool in a sustainable development environment

/pdf/regulatory-and-legal-regulation-of-income-from-1uqyjq3kga.pdf

Olga Usatenko

Papers

Accounting and features of mathematical modeling of the system to forecast cryptocurrency exchange rate

Analysis of management forms of collective investment institutions to organise the accounting system

Securitization as an innovative refinancing mechanism and an effective asset management tool in a sustainable development environment

Regulatory and legal regulation of income from cryptocurrency operations