In the planning and management they usually decide how to move some object from the state in which it is in a fixed time interval (given, start, or initial state) to another state in a future time interval (desired, target, or planned state). The initial state of the object is known, definite unequivocally and exists. Future states can be many, and they exist only in the form of images, visions and ideas of the plan developers or persons who order the plan. It is assumed that the transition from the initial state to the desired one is possible. There are many possible ways of transition. The task is to choose the best, according to some criterion, a sequence of transition. The algorithm for determining the sequence of transfers of some object from a given state to the desired one I presented in this paper. The algorithm takes into account the presence of different possible transitions from one state to another one and shows a point-multiple mapping of the initial state of an object in the set of its desired states. The sequence of transfers, in which the total expected gain from changing the state of the object in a given period reaches its extreme — maximum or minimum, is found in the process of comparing different variants of transferring this object from one state to another. An example of finding the trajectory of transferring the object from a given state to one of its possible desired states, on which the maximum total expected result is achieved, I gave in this article.
In the period 2011–2016, Vietnam’s macroeconomy had not been stable; social security had not witnessed any improvements from the previous period while the state budget was targeted at a large number of objectives such as economic growth, inflation control, assuring security, national defence and social security. During this period, the role of the State Treasury was essential in managing and monitoring cash flow, regulating state budget spending and making it effective for the economy to implement fiscal policy and macroeconomic stability as well as ensuring social security. Accordingly, given the current constraints of fiscal policy, what are the orientations for the State Treasury in performing its operational activities to stabilise the macroeconomy and ensure social security?
The article covers some ideas about the research on high-frequency trading and financial market design. The topic is time-relevant because today there exists a need to convince traders that there is a simple structural floor in the way that the financial markets are designed. The article reveals the significance of trading on the floor that the foremost fundamental constraint is limited time. The author proves that time on the financial market feels, to some extent, infinite when someone counts it in millions of seconds, but time is nevertheless finite. The author then gets into the actual research on high-frequency trading in the financial market design. The motivation for this project is to analyse activity among high-frequency trading firms by which investments of substantial sums of money are understood as economically trivial speed improvements. The theoretical significance of the research’s outcomes lies in outlaying the systemic approach to dealing with stochastic control problems in the context of financial engineering. The practical relevance of the paper lies in the mechanism that allows solving problems surrounding optimal trading, market microstructure, high-frequency trading, etc. The article concludes by talking about the issues in the modern electronic markets and by giving lessons to dealing with them in the long run.
This article covers the key management issues in the loan syndications banking business. A syndicated loan is provided to a borrower by a group of commercial or investment banks. The global syndicated loan market is from one perspective, the primary funding source for corporations and on the other — one of the leading businesses for the global banks. There exist some unique challenges that must be responded by banks from a managerial and strategic perspective to establish and maintain leadership in the important business due to the features, structures, and industrial organisation of the market. We first consider how the loan syndications business is structured in a global bank, its functions and competitive advantages. Then we discuss the ways banks can implement an effective strategy and maintain leadership and growth in the market. Finally, we propose solutions to dealing with commoditization in banking: (i) adding more value-added services to the client offering; (ii) bundling of services in order to realize cross-selling opportunities and maximize share-of-wallet; (iii) further segmentation and customization of the client base (by industry/relationship/services consumption). By adopting these strategies, banks can successfully fight the commoditization magnet and increase the profitability of their loans syndications businesses.
This article discusses some issues connected with studies of the behavioural factors when making financial decisions. Therefore, it is possible to take into account factors that are inexplicable in traditional models. The main goal of our research was verification of the hypothesis market participants make financial decisions based on their experiences, intuition, stereotypes, illusions, emotions and not only on the criterion of financial gain and rational assumptions. After all, such diverse behaviour en masse influences the financial system as a whole. The practical significance of reported here study is the identification of errors in the application of classical economic theory and the possibilities of their further elimination. An effective behavioural model to avoid negative consequences is the primary tool in making financial decisions. In the first part, the author analyses the theoretical basis of her study. The second part examines the main problems associated with classical economic theory and presents the main mistakes in making financial decisions. Particular attention the author paid to the study of the behaviour of investors and managers. The third part described the research of behavioural mechanisms in making financial decisions with specific examples and implementation of the use of mathematical models.
ISSN 2311-0279 (Online)