An Analysis of Differences in Earnings Between Small and Large Commercial Banks

This paper introduces a simple, yet rich, measure of efficiency changes based on the revenue-generating-ability (RGA) principle. Using this principle, we explain the connections between efficiency changes and the variables, such as pretax profits, interest expense, non-interest expense, profit margins, loan loss provision, and asset quality. These connections are used to explain earnings differences between small and large commercial banks.     

Results of familiarization of and prospects for a procedure for the burning of wastes in a vortical fluidized bed

Problems that have arisen during tune-up of the production line for the thermal processing of solid household waste by the method of burning in a vortical fluidized bed (principally, a new technology for Russia), and means of their solution are presented. Investigative studies are cited. __________ Translated from élektricheskie Stantsii, No. 6, pp. 20–26, August, 2006.     

Design of the experimental air curtain for the dam of the Krivoporozhsk hydroelectric station

Translated from Gidrotekhnicheskoe Stroitel'stvo, No. 10, pp. 11–13, October, 1992.     

Equilibria in large economies with a separable Banach commodity space and non-ordered preferences

The purpose of this paper is to provide an existence result of equilibria for economies with a measure space of agents, a non-trivial production sector and an infinite dimensional commodity space. The commodity space is modeled by an ordered separable Banach space whose positive cone has a non-empty interior. The discretization approach proposed in this paper, allows us to extend the existence results in Khan and Yannelis [Equilibrium in markets with a continuum of agents and commodities. In: Khan, M.A., Yannelis, N.C. (Eds.), Equilibrium Theory in Infinite Dimensional Spaces. Springer, Berlin, 1991] and Podczeck [Economic Theory 9 (1997) 585] to economies with a non-trivial production sector and with possibly non-ordered but convex preferences as well as partially ordered (possibly incomplete) but non-convex preferences.     

Innovation-oriented transformation of industry in Ukraine and Russia

This paper presents an expert assessment of the present state of cooperation of Ukraine and Russia in the innovation sphere, outlines its main stages and analyzes the quality of the process of formation of legislative framework in state regulation of innovation-oriented transformations in the economy of the two countries. A comparative study is made and a quantitative estimate of the level of innovation activities in industrial production and the degree of innovation shifts in the technological structure of manufacturing in Russia and Ukraine is given.     

Forecasting category sales and market share for wireless telephone subscribers: a combined approach

The ability to forecast market share remains a challenge for many managers especially in dynamic markets, such as the telecommunications sector. In order to accommodate the unique dynamic characteristics of the telecommunications market, we use a multi-component model, called MSHARE. Our method involves a two-phase process. The first phase consists of three components: a projection method, a ring down survey methodology and a purchase intentions survey. The predictions from these components are combined to forecast category sales for the wireless subscribers market. In the second phase, market shares for the various brands are generated using the forecast of the number of subscribers that are obtained in Phase 1 and the share predictions from the ring down methodology. The proposed methodology produces the minimum Relative Absolute Error for each market as compared to the forecasts from each individual component in the first phase. The value of the proposed model is illustrated by its application to a real world scenario. The managerial implications of the proposed model are also discussed.     

Capital structure and the control of managerial incentives

We present a theory of capital structure based on the power of shareholders, bondholders and managers to control the incentive conflicts in large corporations. The manager–owner conflict produces a trade-off between inefficiency in the low state and rents in the high state, and the shareholder–bondholder conflict produces under-investment as in Myers [Journal of Financial Economics 19 (1997) 147]. Since managers and bondholders both prefer more efficient actions in the low state, the two conflicts are interdependent. With risk-less levels of debt, there are no shareholder–bondholder agency costs, but managerial control over the incentive-setting process produces excessive rents. With risky debt, shareholders focus more on returns in the high state so that shareholder–bondholder agency costs increase but managerial rents decrease. Efficient levels of debt holder protection facilitate a reduction in manager–owner agency costs that outweighs shareholder–bondholder agency costs, and are decreasing in firm performance. The results are consistent with the separate empirical results relating control to both compensation and leverage, and suggest how future studies can be integrated.     

Use of oxygen for the cleaning, passivation, and preservation of power-generating equipment at the Kharanorskaya SAPP

Studies conducted on two power-generating units at the Kharanorskaya SAPP relative to the steam-water-oxygen passivation, preservation, and partial cleaning of all boiler-heating surfaces, including the surfaces of the reheater, and passivation of the surfaces of the high-pressure heaters on the steam and water sides by the steam-oxygen method, as well as partial passivation, preservation, and cleaning of turbine blading are presented. __________ Translated from élektricheskie Stantsii, No. 6, pp. 56–64, May, 2006.