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).

Keywords: efficient maket, financial peformance, financial market, firm's equity, value relevance, maket value, government ownership, industry sector, investor, stock exchange

References:
Alfaraih, M., Alanezi, F., & Almujamed, H. (2012). The Influence of Institutional and Government Ownership on Firm Performance: Evidence from Kuwait. International Business Research, 5(10), 192–200. https://doi.org/10.5539/ibr.v5n10p192
Boubakri, N., El Ghoul, S., Guedhami, O., & Megginson, W. L. (2018). The market value of government ownership. Journal of Corporate Finance, 50(405), 44–65. https://doi.org/10.1016/j.jcorpfin.2017.12.026
Boycko, Maxim, Shleifer, Andrei and Vishny, Robert, (1996), A Theory of Privatisation, Economic Journal, 106, issue 435, p. 309-19.
Carney, Richard W. and Child, Travers Barclay, (2013), Changes to the ownership and control of East Asian corporations between 1996 and 2008: The primacy of politics, Journal of Financial Economics, 107, issue 2, p. 494-513.
Eckel, Catherine C. and Vermaelen, Theo, Internal Regulation: The Effects of Government Ownership on the Value of the Firm (October 1, 1986). Journal of Law and Economics, Vol. 29, No. 2, p. 381, 1986. Available at

Abstract: This research is aimed at analysign the influence of derivative financial instruments (hereinafter referred to as DFI) on the development of the world financial crisis of 2007 - 2008. The researcher focuses on the state of financial markets where the crisis started as well as the actions of the global community and particular states that were undertaken to overcome the crisis. As a consequence of the world financial crisis of 2007 - 2008, financial and nonfinancial institutions all over the world incurred serious damage and loss. Thousands lost their work, the inflation rate boosted up, and the states were unable to perform their obligations. In the course of writing his article Kriger applied such methods as analysis, synthesis, deduction, analogy, formalisation and abstraction. The researches undertaken by experts in different spheres demonstrate that the world financial crisis was the result of complex problems that related to regulation, prediction and analytics on economic markets of different states. Both researchers and analytics repeatedly admitted that DFI were one of the reasons of the world financial crisis. In this research Kriger tries to answer the question about whether the world financial crisis was actually the result of the wrong use of DFI or other factors influenced the economic state of world countries. 
 

Keywords: Financial Stability Board, Group of Twenty, economy, the USA, The European Union, Derivatives, derivatives, World financial crisis, Swaps, Bank for International Settlements

References:
Gorton L. Financial Law in Global Surrounding // European Business Law Review. Vol. 23. 2012. P. 913-944.
Dalhuisen J.H. Globalization and the Transnationalization of Commercial and Financial Law // Rutgers University Law Review. Vol. 19. 2015. P. 19-60.
Sm.: [Elektronnyy resurs] http://stats.bis.org/statx/srs/table/d5.1 Data obrashcheniya: 30.05.2018 g.
Sibo S.A. Credit Default Swaps: How Should They Be Regulated? // Darthmouth Law Journal. Vol. 54. 2013. P. 54-81.
Simkovic M. Secret Liens and the Financial Crisis of 2008 // American Bankruptcy Law Journal. vol. 83. 2009. P. 253-296.
Buckeley R.P., Arner D.W. From Crisis to Crisis. The Global Financial System and Regulatory Failure. Wolters Kluwer. 2011. P. 151.
Sm.: [Elektronnyy resurs] http://www.investopedia.com/financial-edge/0210/did-derivatives-cause-the-recession.aspx Data obrashcheniya: 25.05.2018 g.
Prabha A., Savard K., Wickramarachi H. Deriving the Economic Impact of Derivatives, Growth through Risk Management // Milken Institute. Mar

Abstract: The article is devoted to the indirect holding system formed in the Republic of Germany as well as legal problems arising in this indirect holding system. It is established that the main feature of German indirect holding system is the co-ownership right to the securities held in safe custody. The main characteristics of this co-ownership model were identified and described in the article. Moreover, the author also analyzes situations with legal uncertainty that may be caused by the indirect holding system model. The ways to resolve this uncertainty in case study and in doctrine are specifically considered. In addition, the author also touches upon the questions of cross-border transactions of securities. The main research method chosen by the author is the comparative law analysis. According to the author, analysis of Germany's experience in accounting and securities turnover is of great scientific interest for further discussion and development of cross-border securities turnover regulation in the Russian Federation. The author describes traditional conflicts of law rules applicable to these issues as well as new international and EU approaches to the matter. The influence of the new conflict of law approaches to the German law is the subject of this article. In conclusion the author makes necessary comments about the future of German indirect holding system and possible ways of its modernization. 

Keywords: conflict of law rule, co-ownership model, central depositary, indirect holding system, securities market, depositary, securities, holding system, PRIMA, German law

References:
Ulrich Segna. The Geneva Securities Convention, the future European legislation and their impact on German law. In book «Intermediated Securities: The Impact of the Geneva Securities Convention». Cambridge University Press, ss. 395, 2013.
Eisele. «Wertpapier als Schuldrecht, Funktionsverlust von Effektenurkunden im internationalen Rechtsverkehr», 1995, 65-68; Habersack and Mayer, Globalverbriefte Aktien, at 1680-I.
Cf. Canaris, Bankvertragsrecht, 2nd ed. 1981, note 2017 et seq.; Heinsius/Horn/Than, Depotgesetz, 1975, s. 6 note 84 et seq.; Kümpel, Bank und Kapitalmarktrecht, 3rd ed. 2004, note 11.218 et seq.
Cf. Schulze-Osterloh, das Prinzip der gesamthänderischen Bindung, 1972, p. 212; Langhein, in: Staudinger, Kommentar zum Bürgerlichen Gesetzbuch, 13th ed., 2002, s. 747 note 23; K. Schmidt, in: Münchener Kommentar zum Bürgerlichen Gesetzbuch, 4th ed., 2004, s. 747 note 20; Koller, der gutgläubiger Erwerb bei der Übertragung von Miteigentumsanteilen, (1972) Juriste

Abstract: The object of the research is industry-specific multiples implemented as part of the comparative approach to business evaluation. The subject of the present research is the efficiency of applying industry-specific multiples compared to universal multiples as part of the cmparative approach to business evaluation. In this research Skavysh analyzes theoretical grounds and algorithm for conducting business evaluation based on the capital market method and considers peculiarities of applying universal and industry-specific multiples. The author also describes particular conditions and situations when application of industry-specific multiples can actually raise the accuracy of business evaluation. The author of the article conducts a qualitative comaprative analysis of the efficiency of applying industry-specific multiples involving Russian companies conducting their business in different branches of economy. Based on the results of the research, the author concludes that despite the fact that in the majority of cases industry-specific multiples turn out to be more efficient than universal multiples and demonstrate a less deviation from actual market costs, it is recommended to use universal multiples in the process of business evaluation as additional sources of information about the enterprise value. 

Keywords: trading multiples technique, peers, common valuation multiples, industry-specific multiples, enterprise value, relative valuation, business valuation, equity value, market value, comparative analysis

References:
Ronova G.N. i dr. Otsenka stoimosti predpriyatiy / G.N. Ronova, P.Yu. Korolev, A.N. Osorgin, M.R. Khadzhiev, D.I. Tishin // Uchebno-metodicheskiy kompleks. M., 2008. 157s.
Otchet Gazprombank OIL AND GAS WEEKLY ot 27 maya 2016 goda [Elektoronnyy resurs]. — Rezhim dostupa: http://www.gazprombank.ru/upload/iblock/ff8/GPB_OG_Weekly_20160527.pdf
Informatsionnaya sistema CapitalIQ [Elektoronnyy resurs]. — Rezhim dostupa: https://www.capitaliq.com
Eleneva Yu.Ya. Otsenka kompaniy metodom mul'tiplikatorov: zarubezhnyy opyt i praktika // Audit i finansovyy analiz. – 2010.-¹2
Egikyan M. C. Otsenka fundamental'noy stoimosti aktsiy rossiyskikh kompaniy neftegazovogo sektora v usloviyakh nalogovoy reformy: diplom. rabota. Finansovyy Universitet pri Pravitel'stve Rossiyskoy Federatsii, Moskva, 2012, S. 35
Damodaran A. Investitsionnaya otsenka: Instrumenty i metody otsenki lyubykh aktivov: per. s angl. /A. Damodaran. — 6-e izd. — M.: Al'pina Pablisherz, 2010. — 1338 s.
Gryaznova A.G., Fedotova M.A. Otsenka biznesa. – 2-e izd., pererab. i do

Abstract: The current stage of development of the world financial system determines the need for a comprehensive study of the issues of development of the national financial infrastructure in order to increase its global competitiveness. The subject of this research is the role of non-bank financial intermediary institutions in ensuring the stability and competitiveness of the Russian financial infrastructure. Special attention is paid to the analysis of the level of development of the Russian insurance companies, non-state pension funds and mutual investment funds in comparison with the standard agents overseas, and also a share of bond financing in structure of borrowings of the non-financial organizations performed in the domestic financial market. In the course of writing the article the author has used methods of the comparative, system, structural and statistical analysis of foreign and Russian sources of information. As a result of the research, the author concludes that now the tendencies of strengthening positions of the non-bank financial intermediation which developed in the global financial market aren't typical for the Russian financial infrastructure. Based on the experience of the US and EU in overcoming the consequences of the global financial crisis, the low level of development of the non-bank financial intermediary is defined as a threat to the national infrastructure system stability and sustainable development of the national economy. The author proves the need to change the vector of development of the national financial infrastructure towards the "institutional" model to enhance its stability.

Keywords: insurance companies, collective investments market, insurance market, non-bank financial intermediation, financial security, stability, financial infrastructure, private pension funds, mutual investment funds, financial resourse

References:
Tsentral'nyy bank Rossiyskoy Federatsii. URL: www.cbr.ru.
Statisticheskogo internet-portala Helgi Library. URL: www.helgilibrary.com
ECB Statistical Data Warehouse. URL: sdw.ecb.europa.eu.
Trading Economics. URL: www.tradingeconomics.com.
Federal'naya sluzhba gosudarstvennoy statistiki. URL: www.gks.ru.
The world’s 300 largest pension funds – year ended 2015 // WillisTowersWatson. URL: www.willistowerswatson.com/en/insights/2016/09/The-worlds-300-largest-pension-funds-year-ended-2015.
MetLife Inc. Annual Report 2015 // Financial information. // Investor Relations // MetLife Inc. URL: http://investor.metlife.com/phoenix.zhtml?c=121171&p=irol-reportsannual.
Sharkov N.N. Razvitie finansovoy infrastruktury Rossii kak neobkhodimoe uslovie obespecheniya ekonomicheskogo rosta v usloviyakh finansovoy globalizatsii // Finansy i kredit. 2015. ¹29 (2015). S.47-60.
Garry J. Schinasi Defining Financial Stability. IMF Working paper. 2004. no. WP/04/187. Available at: https://www.imf.org/exte

Abstract: The present article focuses on the legal regulation of shares as corporate securities under Mexican law. The author affirms that shares are corporate securities in the broadest sense of this term, i.e., securities issued by a commercial entity. In accordance with the applicable Mexican legislation shares are analyzed as pro rata quota of the equity capital of a Joint Stock Company; registered uncertificated security; bundle of rights and obligations. The author describes the emission of no par value shares, designed in the United States, by Mexican corporations. It is examined how the shares can be classified under Mexican law. The analysis of the securities regulation ensures protection of the domestic investors' rights, as well as allows to apply good practices in national law. This article will be of interest to lawyers and other experts in the field of securities markets, as well as specialists in civil law of Latin America countries.

Keywords: private law, Mexico, securities, uncertificated securities, shares, corporate securities, Joint Stock Company, commercial law, Mexican law, corporate financing.

References:
Lukoyanov N.V. Korporativnye bez dokumentarnye tsennye bumagi v prave Ispanii // Zhurnal zarubezhnogo zakonodatel'stva i sravnitel'nogo pravovedeniya.-M.: Nota Bene, 2014, ¹ 3 (46).-S. 483-487.
Lukoyanov N. Korporativnye bezdokumentarnye tsennye bumagi v prave Rossiyskoy Federatsii / Nikita Lukoyanov // Pravo i upravlenie. XXI vek.-2015.-¹ 1.-S. 35-40.
Butina I. N. Pravovaya sushchnost' sovremennoy aktsii kak tsennoy bumagi//Pravovedenie.-2006.-¹ 6.-S. 67-81.
Korporativnoe pravo: ucheb. dlya studentov vuzov, obuchayushchikhsya po napravleniyu "Yurisprudentsiya"/ otv. red. I.S. Shitkina.-M.: Volters Kluver, 2007. 403 s.
Mirkin Ya.M.. Tsennye bumagi i fondovyy rynok. – M.: Perspektiva, 1995. – 600 s.
Morales García, Guiliermo. Las Acciones Sin Valor Nominal en el Derecho Mexicano. Revista Derecho en Libertad. ¹ 10, 2013. pp. 148-179.
Cook, William W. ’Watered Stock’: Commissions: ‘Blue Sky Laws’: Stocks Without Par Value. Michigan Law Review, April, 1921. pp. 583-598.
Morawetz,

Abstract: The needs of the population bring to life the necessity of developing a competitive market of financial services that, however, should not permit suppression of regional banks and other structures engaged in save-and-loan activity, by large credit and financial institutions. Upgrading the efficiency of economy implies freedom of entrepreneurship and development of various types of property. Freedom that liberates an individual’s entrepreneurial initiative should be backed with possibility of realization – first of all, availability of resources (including credits); otherwise, it would have rather negative than positive effects. Moreover, competition endows an owner of free monetary resources with a possibility to place them in a business where their safety and purchasing power is best ensured. Development of the market of microfinance services, which is an inalienable part of a financial market, is currently becoming one of the main conditions of forming a competitive landscape. One of the most crucial problems here is providing the reliability of regional financial institutions. Aiming at that, the Central Bank of Russia is toughening its requirements towards all credit and financial institutions, changing the framework of their activities. The article analyzes conditions for forming organizations that provide microfinance services. The author aims at outlining the role of institutions of micro-financing in the development of the economic potential of regions and municipalities. Particular attention is attached to the role of credit cooperation. The author uses the deductive method and the method of comparative analysis of historic realia. He bases on the evolutionary theory, with adherence to the concept of stadial typology of economic development. The novelty of the author’s approach is his suggestion to estimate the market of microfinance services from the position of the interests of regions and municipal units and not of the entire Russia’s market.  The article gives proofs of the necessity to develop microfinance institutions that directly influence social and economic development of a region. Comparing the conditions of functioning of banks and microfinance structures under the Russian government’s current policy, the author comes to the conclusion of small effectiveness of the current approach of Russia’s Central Bank towards controlling both large and small financial and credit institutions. The results of the author’s analysis show that the government’s management has created several competitive advantages to large structures, to the disadvantage of small ones, and that the competitive landscape needs several corrections.

Keywords: competitive conditions, government control management, control of the Central Bank, interests of f region, credit cooperation, microfinance activity, market of financial services, completion preferences, banks, microfinance organizations

References:
Bulgakov S.N. Trudy po sotsiologii i teologii: V 2-kh t. Tom 1.: Ot marksizma k idealizmu / In-t sotsiologii. – M.: Nauka, 1997. – (Sotsiologicheskoe nasledie) – 336 s.
Labykin A., Kalyanina L. Korotkiy rubl' vzbodril agroprom // Ekspert. 2015. ¹15 URL: http://expert.ru/expert/2015/15/korotkij-rubl-vzbodril-agroprom/
Rozanova L.I. Usilenie regional'noy differentsiatsii v protsesse formirovaniya rynka finansovykh uslug. Petrozavodsk: Karel'skiy nauchnyy tsentr RAN, 2012. –140 s.
perioda // Voprosy ekonomiki. 2001, ¹2 s.108-124
Deryabina M. Institutsional'nye aspekty postsotsialisticheskogo perekhodnogo
Shokhina E. Vremya rostovshchika // «Expert Online» 29 may 2014, 13:52 URL: http://expert.ru/2014/05/29/vremya-rostovschika/
Baytenova A.A., Plakhotnaya D.G. Kreditnye soyuzy: isttsy ili otvetchiki? (sudebnaya praktika). M., 2001.-138s.
Agrarnye reformy i kooperatsiya: istoricheskie vekhi / L.I. Rozanova, E.V. Dianova, V.N. Pakhomov i dr.; pod red. L.I. Rozanovoy / Institut ekono

Abstract: The study outlines the main stages of development of the financial market law and its institutions: banking law, insurance law, the law of the securities market, the foreign exchange law. The study briefly sketches the origins of the financial market law in the ancient world and gives a more detailed description of further development of legal norms in Western Europe, the United States and Russia. The author explains the distinguishing features of the Russian financial market law such as lagged development and inherent public legal nature. The main methods of research are: logical, comparative law, comparative historical and formal dogmatic. The author notes that the specific feature of the Russian financial market law is the inherent prevalence of public and legal element. The public and legal regulation in the financial market has reached its culmination in Soviet period. Currently, there is an increase in number of legal acts reinforcing government intervention in the financial market.

Keywords: finance law, evolution of law, financial markets, public law, banking public law, public insurance law, securities market, foreign exchange law, stages of law development, origins.

References:
Abramov V.Yu. Strakhovanie: teoriya i praktika. – M., Volters Kluver, 2007
Anikin A.V. Istoriya finansovykh potryasenii. Rossiiskii krizis v svete mirovogo opyta. 3-e izd. M., 2009.
Arkhipov A.P., Gomellya V.B., Tulenty D.S. Strakhovanie. Sovremennyi kurs. M., 2008.
Bel'skii K. S. Istoki i obzor rossiiskogo finansovogo prava ot obrazovaniya Drevnerusskogo gosudarstva do nachala XX veka // Gosudarstvo i pravo. 2014.-¹ 10.
Doklad komissii finansovykh ekspertov OON /per. s angl. M., 2010.
Iering R. O zadache i metode istorii prava //Zhurnal «Ministerstvo yustitsii». 1896, ¹ 2
Katasonov V.Yu. Khozyaeva deneg. 100-letnyaya istoriya FRS. M., 2014;
Koneev Menke. Iz istorii rynka tsennykh bumag Rossii / RTsB, iyul' 2008 // www.rcb.ru/rcb/2008-13/13983/. Data posl. poseshch. 14.12.2014.
Krokhina Yu.A. Valyutnoe pravo: uchebnik dlya vuzov / Yu.A. Krokhina, Yu.L. Smirnikova, Yu.V. Tyutina. M., 2007.
Proshunin M.M. Bankovskoe pravo /Pod red. S.V. Zapol'skogo. M., 2010.
Rynok tsenny