Papers by Vladimir Milovidov
Государственное управление. Электронный вестник, 2024
The proposed article presents the author’s view on how the civilizational approach to the analysi... more The proposed article presents the author’s view on how the civilizational approach to the analysis of economic processes developed and what it consisted of in various predominantly Russian-language literary sources of the 19th century. The author recognizes that the volume of sources containing evidence of such an approach is immense, so he focuses on those that he considers the most important and indicative for assessing the contribution of Russian science to the development of such a methodology of economic analysis, as well as the modern concept of human economy, to which some of the author’s earlier works were devoted. In the author’s opinion, the civilization approach already at the early stages of economic research helped to bring out non-material, cultural-psychological and moral aspects of economic behavior and formation of economic institutions. Most studies of the impact of civilizational development on the economy demonstrate a certain one-directionality, that is, they are built in the logic of a hierarchical world order: civilized nations are at the top of the pyramid of development, and uncivilized, barbaric nations are located somewhere at its base. The civilizational approach allows us to abandon the “economism”, which has become a template, based on the exclusive recognition of the primacy of material factors of social development. In addition, in the author’s opinion, there is an opportunity to raise the question of the correctness of the multipolarity concept, which can no longer describe in detail the formation of a new world order. The civilizational approach gives a chance to assess the processes of globalization and fragmentation in a new way, not as antagonistic processes, but as mutually conditioned. In general, the future development of a multi-civilizational world order and its conflict-free nature will be largely determined by the willingness of representatives of primarily Western civilization to recognize the need to gradually abandon the paradigm of universality of social development conditions in favor of manners identity paradigm, uniqueness of economic structure and behavior, and the importance of identity for economic development.
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Мировая экономика и международные отношения, 2024
The United States is considered the world’s leading center of economic power, which, in particula... more The United States is considered the world’s leading center of economic power, which, in particular, is determined by the role played by the U.S. stock market in the world economy. Largely due to the capacity of this market, the U.S. dollar plays the role of the dominant world currency. The state of the U.S. financial market is important for global financial stability. This determines the importance of finding the factors that determine the dynamics of the U.S. stock market. In this article, the author offers his chronology of post-war financial cycles in the United States and analyses them in light of the changing social narratives that accompanied these cycles. Reviewing the literature on financial cyclicality and financial bubbles, the author argues that the efficient market hypothesis can be enriched by research from behavioral finance. As the author suggests, stock prices may reflect not only economic and financial information, but also a broader set of information signals. The author proposes to consider narratives as such information signals that can be used by investors in the decision-making process. In conditions of mass influx of retail investors into the market, the importance of narratives as information signals increases and their connection with market dynamics becomes even clearer. The author sets the boundaries of three long-term periods of market development (1949–1974, 1974–2003, 2003–2021) and then analyses these periods to identify distinct phases of market growth and decline. In order to identify such phases, the author uses a simple rule of decreasing minima: in the case of a general growth trend of the stock index, interrupted by its short-term falls (corrections), its minimum value after each correction is greater than the minimum value of the previous correction. The moment when the index falls below the
previous minimum value can be considered as the end of the upward phase of the market. According to the chronology of financial cycles proposed by the author, in the entire post-war period there is an alternation of long-term and short- term periods of growth of stock market quotations. By analyzing their variability, the author concludes that there are relatively stable market patterns that can be repeated in the future. At the same time, the author notes that the influence of non-economic events, in particular geopolitical conflicts and crises, sudden shocks such as a pandemic, weakens the predictive nature of historical cyclicality. In the author’s opinion, under these conditions, the importance of analyzing narratives as information signals increases significantly, as they usually reflect all the key events and phenomena that attract people’s attention.
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Проблемы прогнозирования, 2024
The article analyzes search queries in the Russian and American segments of Google. The author pr... more The article analyzes search queries in the Russian and American segments of Google. The author proposes a methodology for selecting and classifying search queries that reflect investor sentiment, which potentially influence the activity of the population in the financial market. The article calculates sentiment indices for the United States and Russia, demonstrating a high correlation with the national stock indices S&P500 and IMOEX. The author summarizes that financial market quotes can be determined as indicators of investor sentiment, which in turn are formed on the basis of a complex of economic and noneconomic factors.
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Studies on Russian Economic Development, 2023
The article proposes a conceptual approach to the formation of a scientific and methodological co... more The article proposes a conceptual approach to the formation of a scientific and methodological complex that ensures the implementation of state policy in the field of strategic planning. The place of the complex in the system of strategic planning and its structure are determined. The conditions and factors for increasing its effectiveness are investigated. An analysis of the provisions of the Decree of the President of the Russian Federation, On the Approval of the Fundamentals of State Policy in the Sphere of Strategic Planning in the Russian Federation, dated November 8, 2021, no. 633 is made. Its role in a new stage in the development of strategic planning in Russia as a targeted and long-term state policy necessary in the conditions of rapidly changing global economic and geopolitical trends is analyzed. Attention is focused on the necessity and importance of risk analysis in the system of strategic forecasting and planning. A model of knowledge mapping in the process of organizing work on the scientific and methodological support of strategic planning is given.
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Проблемы прогнозирования, 2023
The article proposes a conceptual approach to the formation of a scientific and methodological co... more The article proposes a conceptual approach to the formation of a scientific and methodological complex that ensures the implementation of state policy in the field of strate-gic planning. The place of the complex in the system of strategic planning and its structure are determined. The conditions and factors for increasing its effectiveness are investigated. An analysis of the provisions of the Decree of the President of the Russian Federation, On the Approval of the Fundamentals of State Policy in the Sphere of Strategic Planning in the Rus-sian Federation, dated November 8, 2021, No. 633 is made. Its role in a new stage in the development of strategic planning in Russia as a targeted and long-term state policy necessary in the conditions of rapidly changing global economic and geopolitical trends is analyzed. Attention is focused on the necessity and importance of risk analysis in the system of strategic forecasting and planning. A model of knowledge mapping in the process of organizing work on the scientific and methodological support of strategic planning is given.
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Мировая экономика и международные отношения, 2023
The world economy is on the threshold of a serious transformation, which is likely to be accompan... more The world economy is on the threshold of a serious transformation, which is likely to be accompanied by a slowdown in economic growth, but also by a likely increase in the cost of living. The article shows the emergence of a new concept of social development, antagonistic to the idea of economic growth. It examines the shift in emphasis in the political programmes of the parties most popular with the mass electorate, which are also increasingly defending the declining rate of economic growth. The change in values proves to be an additional factor responsible for the slowdown in economic growth in the long run. The role of the new compromise concepts of sustainable development, ESG, turns out to be negative for further progress. They encourage political parties and statesmen to abandon the idea of maintaining economic growth as a factor of social progress. The stagnationist philosophy is confronted with the preservation of economic institutions that cannot easily separate themselves from the objective desire for profit, which requires a search for compromises. The way out of a possible resource and investment stalemate in a slowing economy could be to expand the sale of new investment products designed for emotional investors. In the long run, this threatens to inflate the sustainable finance bubble. The slide of the global economy into the “unfathomable valley” of stagnant growth and financial bubbles becomes a very likely scenario in the medium term.
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Мировая экономика и международные отношения, 2022
The article examines the dynamics of Internet search queries in the American and Russian segments... more The article examines the dynamics of Internet search queries in the American and Russian segments of Google. The data are used to analyze common and different patterns of behavior of the population of the two countries. The role of globalization and unification of the system of economic institutions in the process of their convergence is shown. The author discusses the stability of the perception of certain economic concepts that accompany the search activity of the population on the Internet. The article notes the multiplicity of factors that at a particular point in time can determine the economic behavior of people. According to the author, all this diversity can be attempted to be reduced to three main groups of factors. First, behavior will largely depend on the meaning people put into their actions, how they evaluate and define them. Each deed or action is reflected in language, forming a unit of meaning that allows people to construct social communications, including resorting to Internet searches. Secondly, economic actions depend on the motivations underlying them, which, in turn, are the result of the correlation of goals and opportunities to do this or that. Third, economic behavior depends to a large extent on the development of the institutional system, which determines the different types and breadth of possible economic behavior of people. The author analyzes the dynamics of search requests according to these groups of factors. The author believes, the study of the economic behavior of the population of different countries, can serve as a starting point for assessing its adaptive capacity in the face of economic shocks.
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World Economy and International Relations, 2022
The article examines the process of forming a “stock market-induced corporate identity”. Nowadays... more The article examines the process of forming a “stock market-induced corporate identity”. Nowadays, the concept of corporate identity is becoming multifaceted and interdisciplinary. The main thing in forming this image is the role and active position of the company’s management, a built-up system of communications
with society, and a proactive management policy. At the same time, there are external factors of corporate identity that do not depend on the proactive actions of management. According to the author, the financial market can be the field for establishing indirect communications between corporations and society where many investors are mediating. The stock market-induced corporate identity is forming in the process of this mediation. The driving belt between the financial market and corporate identity is investors’ behavior, moods, preferences, and characteristics of investment choices. Recently emotions and subjective moods are replacing fundamental analysis. As a result, investors selecting the groups of stocks with the most noticeable stories – “story stocks”. These stories provoke their rush of investment demand. Story stocks serve as an integrated concept for “meme stocks”, “hot stocks”, “NFT stocks”, “buzzing stocks”, “concept stocks”, “thematic investing”, “ESG stocks”. The author shows the dynamics and growth of investors’ attention to these groups of stocks in the article. Based on the analysis of quotes and fundamental indicators of story stocks, the author proves that the formation of corporate identity is divorced from internal factors that depend on the corporation itself, its management and shareholders, and increasingly depends on external factors determined by market sentiments of investors. The stock market-induced corporate identity is acquiring an independent role as one of the critical drivers of investors’ behavior. Analysis of story stocks reveals a particular pattern: the more popular and louder the stories of stocks the more their value breaks away from the fundamental indicators.
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Национальный доклад по корпоративному управлению, 2022
The author focuses on the problem of the development of corporate networking, which is a set of f... more The author focuses on the problem of the development of corporate networking, which is a set of forms and methods of network interaction of public companies with society as a whole and with its individual participants and involves the active use of modern digital technologies. According to the author, in the process of networking a qualitatively new network corporate identity is formed, which should be understandable and evoke trust in society, convince shareholders in the corporation's ability to provide the expected income, and stakeholders in its constant and purposeful efforts to satisfy public interests.
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Мировая экономика и международные отношения, 2022
The article examines the process of forming a “stock market-induced corporate identity”. Nowadays... more The article examines the process of forming a “stock market-induced corporate identity”. Nowadays, the concept of corporate identity is becoming multifaceted and interdisciplinary. The main thing in forming this image is the role and active position of the company’s management, a built-up system of communications with society, and a proactive management policy. At the same time, there are external factors of corporate identity that do not depend on the proactive actions of management. According to the author, the financial market can be the field for establishing indirect communications between corporations and society where many investors are mediating. The stock market-induced corporate identity is forming in the process of this mediation. The driving belt between the financial market and corporate identity is investors’ behavior, moods, preferences, and characteristics of investment choices. Recently emotions and subjective moods are replacing fundamental analysis. As a result, investors selecting the groups of stocks with the most noticeable stories – “story stocks”. These stories provoke their rush of investment demand. Story stocks serve as an integrated concept for “meme stocks”, “hot stocks”, “NFT stocks”, “buzzing stocks”, “concept stocks”,“thematic investing”, “ESG stocks”. The author shows the dynamics and growth of investors’ attention to these groups of stocks in the article. Based on the analysis of quotes and fundamental indicators of story stocks, the author proves that the formation of corporate identity is divorced from internal factors that depend on the corporation itself, its management and shareholders, and increasingly depends on external factors determined by market sentiments of investors. The stock market-induced corporate identity is acquiring an independent role as one of the critical drivers of investors’ behavior. Analysis of story stocks reveals a particular pattern: the more popular and louder the stories of stocks the more their value breaks away from the fundamental indicators.
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Acta Oeconomica, 2021
This paper examines the factors which determine the impact of network communication and network c... more This paper examines the factors which determine the impact of network communication and network connections on the likelihood of contracting the new coronavirus in the European and Latin American countries. The author presents several data sets to prove the following suggestions: 1) The generalized indicators of economic development and society's globalization are not indicators of how vulnerable a country's population may be in a pandemic; 2) Not the economy as such, but the conventional way of life of people, their daily behaviour and habits have a decisive influence on the disease spread; 3) Factors of prevention of illness and health promotion such as the habit of exercise, distance, and network communications use modern online services to become protective factors against the risk of infection only at a certain level of development of the country; 4) In the developed countries, a much broader set of factors than in the developing countries determine protection against disease risk; 5) The evolution of a networked society opens up significant opportunities for the developing countries to improve the quality of life, and the emergence of new, progressive traditions.
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SSRN, Working Paper, August 17, 2021
The first twenty years of the 21st century were a period of transformation and change in the deve... more The first twenty years of the 21st century were a period of transformation and change in the development models of the financial market. One of the strongest in the history world financial crises of 2007-2008 ended the post-deregulation model. Transition to the new financial market model turned out to be largely unpredictable, complex, and spontaneous, unlike the previous periods, without the purposeful participation of state regulators. An objective but random reason for this course of events was the COVID-19 pandemic. Pandemic has distorted the effect of the loose monetary policy, which caused building the grounds for a new financial market model. The post-pandemic model of the financial market is still in the early stages of formation, and it is too early to talk about all its properties and elements. However, as seen from current events and processes, the essential factor of the new financial market model formation is a gamification of investors' behavior. The author believes this behavioral model requires much more attention of researches than that in nowadays scientific literature.
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Современные экономические процессы, 2021
The article analyzes popular narratives impact on the quotations of public companies’ securities ... more The article analyzes popular narratives impact on the quotations of public companies’ securities under the conditions of the dissemination and implementation of sustainable development (ESG) principles. The quotation dynamics of all securities types – those of leading sustainable development companies, outsider businesses, oil and gas firms,
and corporations that attract mass investors’ and the general public’s attention (popular companies), as well as the ones in relation to which popular narratives are formed, are compared. The article also provides a scientific literature review that indicates a shift towards recognizing irrational factors which determine mass investors’ choice. The article shows that in the face of uncertainty, alongside with the emphasis transposition on the investment choice driving motives, scientific and applied research is veered towards such investment strategies that could perfectly suit investment preferences. The author reveals that at present, emotional and irrational factors in securities selection are beginning to play a bigger role in making investment decisions rather than fundamental financial indicators and objective information.
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Научные Труды ВЭО России , 2021
The article examines the problem of inequality in the context of the COVID-19 pandemic. The pande... more The article examines the problem of inequality in the context of the COVID-19 pandemic. The pandemic has significantly changed the usual criteria for assessing inequality, revealing the significant vulnerability of citizens living mainly in highly developed countries of the world. These countries have modern health care and welfare system with lower poverty levels than one in low-income developing countries. Based on the methodological approaches of the theory of social choice and the theory of economic welfare, the author shows the transformation of views on inequality and notes a decrease in economic factors of inequality with a significant increase in non-economic, subjective, behavioral factors. The article analyzes the relationship between the number of COVID-19 cases in different countries and indicators of economic growth, globalization, health security of citizens, and those characterizing people's living standards. The author analyses data for individual countries and regions of the world. The article concludes that the modern concept of inequality presupposes a disparity in the exercise of citizens' rights to independently and responsibly make decisions regarding using the existing possibilities to make their lives better, regardless of individual physical condition characteristics. Under certain circumstances and over a relatively short period, such a disparity may turn out to be an advantage, but in the long term, it will inevitably lead to serious and negative consequences both for individual countries and peoples and for the entire world community.
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Invest Foresight, 2021
In the early spring of 2021, the NFT acronym that stands for non-fungible token became viral acro... more In the early spring of 2021, the NFT acronym that stands for non-fungible token became viral across the internet landscape. According to Google statistics, the popularity of search queries for the term surged from almost zero in January-February to the highest score of 100 in mid-March. Even though the hype seems to have subsided, the United States, Canada and China continue to show a steady interest in the new tokens, which means there is significant potential for their continued popularity. What unexpected facets can this Ethereum platform product show? Perhaps we are witnessing a completely new page turning in the history of the blockchain technology.
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Современная Европа, 2021
The article presents the results of a comparative analysis of the factors related to the spread o... more The article presents the results of a comparative analysis of the factors related to the spread of the new coronavirus infection in Europe and Latin America. The choice of regions for comparison is due to a certain similarity of their peoples' cultures and religions, their linguistic commonality, the scale of infection of the popu-lation with the new coronavirus, clearly expressed specificity and different economic development levels. The criteria for the network society are: indicators of broadband Internet subscribers and Internet shopping, the pro-portion of households with Internet access and the Network Readiness Index (NRI). The article proves that the development of a modern network society can affect the spread of diseases in global pandemics. The author uses the example of the popularity of food delivery services in various countries to show that the features of the influ-ence of elements of a networked society on the risks of COVID-19 infection are regional. The author provides arguments that ceteris paribus a high level of development of the network society is the most effective in terms of ensuring biological safety in countries with a higher standard of living, which retain their regional and cultural specifics and are distinguished by the presence of sufficiently strong local communities. The evolution of a net-work society opens up significant opportunities for developing countries, an improvement in the quality of life, and the emergence of new traditions. All this together changes the established social structures, groups, and local networks. The world is becoming more interconnected and interdependent. That requires collective efforts from the entire world community to equalize the living standards of the population in different countries of the world, which is necessary for minimizing risks during periods of global pandemics and possibly other biological crises.
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Institutional Money, 2021
Hans Weitmayr (Institutional Money) analyses V.Milovidov's concept of "Symmetry of Delusion". He ... more Hans Weitmayr (Institutional Money) analyses V.Milovidov's concept of "Symmetry of Delusion". He reviewed Miloviodv's articles "Investors Behavior Under Growing Financial Market Uncertainty", and "Hearing the Sound of the Wave: What Impedes One’s Ability to Foresee Innovations?"
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SSRN: Household Finance eJournal, 2021
The author analyzes the statistics of words and phrases related to financial market trading pract... more The author analyzes the statistics of words and phrases related to financial market trading practices in millions of volumes from Google's book collection and available at Google Ngram Viewer. In recent almost 30 years, as the analyzed data shows, the scholars and practitioners' interest in the specific market strategies and technique shifted toward those more automotive, aggressive, speculative, but less dependent on fundamental analysis, information and data processing, and investors' reasoning and research. This shift may indicate the increasing share of unsophisticated investors trying to cover the lack of experience and professional knowledge through extensive use of technology-supported strategies. In a long-run perspective, this may generate the growth of market instability, risks, and uncertainty.
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Foresight and STI Governance, 2020
In the context of technological and social changes, business faces the challenges of a more compl... more In the context of technological and social changes, business faces the challenges of a more complex operating environment. New business models are required that take into account an unprecedentedly wide range of emerging factors. Among such approaches, an integral model stands out, which allows one to adapt to a new level of development of society and master a new context. The approaches to the development of an integral model are still in the process of formation, since a deeper study of the modern network society, its values, guidelines, and preferences is required. Taking into account such complexity requires non-linear approaches and thinking in terms of complex, dynamic systems. From this point of view, when interacting with the increasingly complex environment, it is advisable for companies to view themselves as an element of a large-scale system of horizontal, social ties, in which the idea of social responsibility acquires new meanings. It is especially difficult to implement integral approaches within the framework of traditional thinking due to the variety and multi-layered factors that change the context of companies' activities. The transformation of corporate governance and approaches to social responsibility is a non-linear process driven by a chain of events related to changes in consumer behavior and other aspects. Such exponential changes are characterized by profound and cumulative consequences, radically changing the spheres of activity, social relations, and institutions. This article demonstrates the case of a company that, despite the difficulties, managed to implement a similar approach and maintain a dynamic pace of development.
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Форсайт, 2020
В условиях технологических и социальных перемен бизнес сталкивается с вызовами усложнения среды д... more В условиях технологических и социальных перемен бизнес сталкивается с вызовами усложнения среды деятельности. Требуются новые бизнес-модели, которые бы учитывали беспрецедентно широкий охват возникающих факторов. Среди таких подходов выделяется интегральная модель, по-зволяющая адаптироваться к новому уровню раз-вития общества и освоить новый контекст. Подходы к разработке интегральной модели пока еще в процессе формирования, поскольку требуется более глубокое изучение современного сетевого общества, его ценностей, ориентиров и предпочтений. Учет такой сложности требует нелинейных подходов, мышления категориями сложных динамических систем. С этой точки зрения, взаимодействуя с усложняющейся средой, компаниям целесообразно рассматривать себя как элемент масштабной системы горизонтальных, социальных связей, в которой представление о социальной ответственности приобретает новые смыслы. Внедрить интегральные подходы в рамках традиционного мышления особенно сложно ввиду многообразия и многослойности факторов, меняющих контекст деятельности компаний. Трансформация корпоративного управления и подходов к социальной ответственности представляет собой нелинейный процесс, направляемый цепочкой событий, связанных с изменением потребительского поведения и другими аспектами. Подобные экспоненциальные изменения характеризуются глубокими и кумулятивными последствиями, кардинально меняют сферы деятельности, общественные отношения и институты. В статье продемонстрирован кейс компании, которой, несмотря на сложности, удалось внедрить подобный подход и сохранить динамичные темпы развития.
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Papers by Vladimir Milovidov
previous minimum value can be considered as the end of the upward phase of the market. According to the chronology of financial cycles proposed by the author, in the entire post-war period there is an alternation of long-term and short- term periods of growth of stock market quotations. By analyzing their variability, the author concludes that there are relatively stable market patterns that can be repeated in the future. At the same time, the author notes that the influence of non-economic events, in particular geopolitical conflicts and crises, sudden shocks such as a pandemic, weakens the predictive nature of historical cyclicality. In the author’s opinion, under these conditions, the importance of analyzing narratives as information signals increases significantly, as they usually reflect all the key events and phenomena that attract people’s attention.
with society, and a proactive management policy. At the same time, there are external factors of corporate identity that do not depend on the proactive actions of management. According to the author, the financial market can be the field for establishing indirect communications between corporations and society where many investors are mediating. The stock market-induced corporate identity is forming in the process of this mediation. The driving belt between the financial market and corporate identity is investors’ behavior, moods, preferences, and characteristics of investment choices. Recently emotions and subjective moods are replacing fundamental analysis. As a result, investors selecting the groups of stocks with the most noticeable stories – “story stocks”. These stories provoke their rush of investment demand. Story stocks serve as an integrated concept for “meme stocks”, “hot stocks”, “NFT stocks”, “buzzing stocks”, “concept stocks”, “thematic investing”, “ESG stocks”. The author shows the dynamics and growth of investors’ attention to these groups of stocks in the article. Based on the analysis of quotes and fundamental indicators of story stocks, the author proves that the formation of corporate identity is divorced from internal factors that depend on the corporation itself, its management and shareholders, and increasingly depends on external factors determined by market sentiments of investors. The stock market-induced corporate identity is acquiring an independent role as one of the critical drivers of investors’ behavior. Analysis of story stocks reveals a particular pattern: the more popular and louder the stories of stocks the more their value breaks away from the fundamental indicators.
and corporations that attract mass investors’ and the general public’s attention (popular companies), as well as the ones in relation to which popular narratives are formed, are compared. The article also provides a scientific literature review that indicates a shift towards recognizing irrational factors which determine mass investors’ choice. The article shows that in the face of uncertainty, alongside with the emphasis transposition on the investment choice driving motives, scientific and applied research is veered towards such investment strategies that could perfectly suit investment preferences. The author reveals that at present, emotional and irrational factors in securities selection are beginning to play a bigger role in making investment decisions rather than fundamental financial indicators and objective information.
previous minimum value can be considered as the end of the upward phase of the market. According to the chronology of financial cycles proposed by the author, in the entire post-war period there is an alternation of long-term and short- term periods of growth of stock market quotations. By analyzing their variability, the author concludes that there are relatively stable market patterns that can be repeated in the future. At the same time, the author notes that the influence of non-economic events, in particular geopolitical conflicts and crises, sudden shocks such as a pandemic, weakens the predictive nature of historical cyclicality. In the author’s opinion, under these conditions, the importance of analyzing narratives as information signals increases significantly, as they usually reflect all the key events and phenomena that attract people’s attention.
with society, and a proactive management policy. At the same time, there are external factors of corporate identity that do not depend on the proactive actions of management. According to the author, the financial market can be the field for establishing indirect communications between corporations and society where many investors are mediating. The stock market-induced corporate identity is forming in the process of this mediation. The driving belt between the financial market and corporate identity is investors’ behavior, moods, preferences, and characteristics of investment choices. Recently emotions and subjective moods are replacing fundamental analysis. As a result, investors selecting the groups of stocks with the most noticeable stories – “story stocks”. These stories provoke their rush of investment demand. Story stocks serve as an integrated concept for “meme stocks”, “hot stocks”, “NFT stocks”, “buzzing stocks”, “concept stocks”, “thematic investing”, “ESG stocks”. The author shows the dynamics and growth of investors’ attention to these groups of stocks in the article. Based on the analysis of quotes and fundamental indicators of story stocks, the author proves that the formation of corporate identity is divorced from internal factors that depend on the corporation itself, its management and shareholders, and increasingly depends on external factors determined by market sentiments of investors. The stock market-induced corporate identity is acquiring an independent role as one of the critical drivers of investors’ behavior. Analysis of story stocks reveals a particular pattern: the more popular and louder the stories of stocks the more their value breaks away from the fundamental indicators.
and corporations that attract mass investors’ and the general public’s attention (popular companies), as well as the ones in relation to which popular narratives are formed, are compared. The article also provides a scientific literature review that indicates a shift towards recognizing irrational factors which determine mass investors’ choice. The article shows that in the face of uncertainty, alongside with the emphasis transposition on the investment choice driving motives, scientific and applied research is veered towards such investment strategies that could perfectly suit investment preferences. The author reveals that at present, emotional and irrational factors in securities selection are beginning to play a bigger role in making investment decisions rather than fundamental financial indicators and objective information.
Экстерриториальность форм и методов регулирования финансового рынка. Для специалистов в области финансового рынка, ученых, аспирантов и студентов, обучающихся по экономическим направлениям. Книга будет полезна индивидуальным и институциональным инвесторам, а также сотрудникам органов власти и управления, занимающимся вопросами рыночного регулирования.
Рационально-экономический взгляд на финансовый рынок не дает убедительного ответа.Этот взгляд постоянно заставляет нас искать некий материализованный разум, либо механизм в том мире, где материальность является случайностью. Материализм экономического мышления ограничивает обзор. Именно поэтому представляется интересным посмотреть на финансовый рынок с позиций философии."