Abstract: The impact of government ownership of a firm’s equity has been a topic of heated debate in finance, economics, and politics. The extant literature provides evidence of both positive and negative effect of government ownership on the market value of firms with multiple reasons in favor of both effects. There has also been research on how such effects may differ in different markets. This paper aims to explore the value-relevance of such in the financial market of Russia. We are using a sample of 159 Russian listed companies to identify the relationship between market value and government ownership of equity. Even though the previous studies support a positive relationship between the two variables the evidence from Russian listed firms proves otherwise. We find that the Russian market does not reward governmental control, however, it doesn’t penalize it as well. The research connects to the efficient market hypothesis (EMH).

Abstract: In his article Gavrilov touches upon the definition of the legal nature of derivative financial instruments. Within the framework of this research, the author carries out a complex analysis of the legal nature of derivative financial instruments, in particular, he analyzes the approaches the academic community offers to the matter as well as applicable laws and regulations of Russia on derivative financial instruments and judicial practice. Special attention is paid to the relationship between derivative financial instruments, value documents and wagering contracts. To illustrate the genesis of the legal nature of derivative financial instruments, Gavrilov uses particular examples from the court practice. The methodological basis of the research involves dialectical, formal law, comparative law and structured system analysis. The novelty of the research is caused by the fact that the author makes an attempt to offer his own definition of what derivative financial instrument is and shares his opinion on the derivative financial instrument legislation. He also suggests what areas of the legislation should be improved in the sphere of derivative financial instruments and concludes that value documents and derivative financial instruments are of completely different nature. The author also differentiates between derivative treaties and wagering contracts. 

Abstract: The subject of the research is a combination of Russian laws regulating social relations arising in the process of commercial confidentiality protection. The author of the article examines such aspects of the topics as the need to legally fix purposes of limiting access to information that can be considered confidential as well as improving the system of indicating features and subjects and detailed regulation of measures aimed at keeping confidential information. Special attention is paid to the issues related to protecting innovation activity under conditions when not all economically valuable innovation can be patented. The methodological basis of the research is the formal logical, historical law and comparative law methods as well as other research methods that complete them. Based on the research, the author makes a conclusion that the purposes of the confidential regime are not defined by the efficient legislation, neither they are defined at the state level. The holder of commercial information and employee who makes a valuable contribution to the development of innnovation activity are not defined either. The author states that besides criteria of commercial confidential information, foreign legislations also provide additional requirements for information and contents of commercial confidentiality. The author focuses on the framework nature of the national legislation on commercial confidentiality and emphasizes the need to better develop measures aimed at preventing the disclosure of commercially important information. 

Abstract: The subject of research involves theoretical and legal basis of administrative persuasion and coercion as methods of state control undertaken under their dialectical unity. The author describes features and characteristics of each of these methods, offers his own definition of administrative persuasion and coercion, and says that a correct understanding of the methodology of public administration as a system of methods of organized activities performed by authorized bodies of public administration is essential for the resolution of problems of state management in general and administrative sanctions, in particular. The methodological basis for the article was formed by the current achievements of the theory of knowledge. In the course of his research Safonenkov has used theoretical, general philosophical methods (dialectic, systems approach, analysis, synthesis, observation), traditional legal methods (formal logical), and others. The novelty of the research is caused by the fact that the author carries out a theoretical analysis of administrative methods of persuasion and coercion as methods of public administration in conjunction with each other. The author concludes that the methodology of public administration is a system of methods (principles, methods, techniques and tools) used by authorized bodies of public administration to organise their activities, including administrative persuasion and administrative coercion. Administrative persuasion is a system of methods that is carried out by authorized authorities and implies explanatory, educational, and incentive measures with the aim of making management entities to understand the need to comply with the legislation. The belief acts primarily on the consciousness of management entities. Administrative coercion is a way to influence the will of management entities involving the application of administrative penalties for past violations, and a variety of actions (measures) that are not related to administrative offences.

Abstract: Despite tangible progress in the development of the federal system for assessing the quality of preschool education, the key problem at the present stage of its development is the problem of imbalance in assessing the comparative effectiveness of financial resources channeled to the regions for the development of pre-school education. This, to a large extent, makes it difficult to take sufficiently effective managerial decisions to improve its quality. At the same time, in the world practice, considerable experience has been accumulated in the application of DEA analysis tools for solving similar problems. The article considers key aspects of the methodology for assessing the comparative effectiveness of financial management based on Data Envelopment Analysis (DEA) or DEA analysis. DEA-analysis was used by the author to comprehensively assess the comparative effectiveness of the implementation of the consolidated budget by the constituent entities of the Federation and territorial state extra-budgetary funds in the sphere of preschool education for the year 2015. The methodological tools of the study are based on methods of system analysis, mathematical, economic, statistical analysis, decomposition and aggregation. The results of the DEA analysis of the results of the implementation of the consolidated budget by the Russian Federation constituents and territorial state extra-budgetary funds in the sphere of preschool education showed that the absolute majority of regions (94%) had extremely low comparative performance of the consolidated budget for best practices. The best practice (absolutely effective) budget execution at the time of the survey was observed in the Chukotka Autonomous District.