State-of-the-art of Russia’s heat supply systems

The paper overviews the contemporary state of Russia’s heat supply systems and fuel consumption within its centralized part, the structure of heat consumption by economic sectors and types of industrial consumers. As shown, the centralized heat supply systems, providing the major part of country’s economy with low temperature heat, have heat losses and accident rate at a critical level. The state of decentralized heat supply systems of low rise buildings is not covered by national statistics at all. A second paper on the prospects and development of Russia’s heat supply systems will be published in a subsequent issue.     

Forecasting the demand for aircraft industry products today

Problems in forecasting the demand for Russian-made aircraft and for its aftersale service under an open competitive market are discussed. The applicability of traditional econometric approaches to forecasting the demand for domestic aircraft is analyzed. Prediction methods based on the direct modeling of customer behavior in selecting the park for purchase and its servicing strategy are proposed. Marketing measures aimed at boosting the demand for the Russian aircraft industry’s products are considered.     

An Empirical Examination of Tax Factors and Mutual Funds' Stock Sales Decisions

We examine whether taxes affect stock sales by mutual funds. For certain funds, the expected amount of a given stock sold in a given quarter is 62% greater when liquidation would trigger a capital loss equal to 1% of the value of the portfolio than when a like-size gain would be triggered, a greater effect than is associated with either contemporaneous excess stock returns of 50% or unexpected EPS equal to 50% of the stock price. For growth funds, responses to tax factors are consistent from year to year, and dispositions vary with the year-to-date realized gain.     

The very real dangers of executive coaching

A personal coach to help your most promising executives reach their potential--sounds good, doesn't it? But, according to Steven Berglas, executive coaches can make a bad situation worse. Because of their backgrounds and biases, they ignore psychological problems they don't understand. Companies need to consider psychotherapeutic intervention when the symptoms plaguing an executive are stubborn or severe. Executives with issues that require more than coaching come in many shapes and sizes. Consider Rob Bernstein, an executive vice president of sales at an automotive parts distributor. According to the CEO, Bernstein had just the right touch with clients but caused personnel problems inside the company. The last straw came when Bernstein publicly humiliated a mail clerk who had interrupted a meeting to ask someone to sign for a package. At that point, the CEO assigned Tom Davis to coach Bernstein. Davis, a former corporate lawyer, worked with Bernstein for four years. But Davis only exacerbated the problem by teaching Bernstein techniques for "handling" employees--methods that were condescending at best. While Bernstein appeared to be improving, he was in fact getting worse. Bernstein's real problems went undetected, and when his boss left the company, he was picked as the successor. Soon enough, Bernstein was again in trouble, suspected of embezzlement. This time, the CEO didn't call Davis; instead, he turned to the author, a trained psychotherapist, for help. Berglas soon realized that Bernstein had a serious narcissistic personality disorder and executive coaching could not help him. As that tale and others in the article teach us, executives to be coached should at the very least first receive a psychological evaluation. And company leaders should beware that executive coaches given free rein can end up wreaking personnel havoc.     

Household Saving in Developing Countries: First Cross-Country Evidence

Although most studies have relied on domestic or private sectorsaving data, this article uses household data available fromthe U.N. System of National Accounts for a sample of 10 countries.Household saving functions are estimated using combined time-seriesand cross-country observations in order to test households'responses to income and growth, rates of return, monetary wealth,foreign saving, and demographic variables. The results showthat income and wealth variables affect saving strongly andin ways consistent with standard theories. Inflation and theinterest rate do not show clear effects on saving, which isalso consistent with their theoretical ambiguity. Foreign savingand monetary assets have strong negative effects on householdsaving, which suggests the importance of liquidity constraintsand monetary wealth in developing countries.