The options trader’s decisions are expected to be rational decisions but an element of irrationality is observed in decision making. The Disposition effect is the behavioral aspect of an investor which explains his irrational decision-making. The disposition effect is the tendency to keep losing positions too long and selling winning positions too early. The present research work studies the disposition effect in options trading. Options are derivatives of underlying assets which give the holder the right to exercise them at a given date and price. In this research work, elements of disposition effect namely,
Herding (HE), Mental accounting (MA), Risk Aversion (RA) are studied along with Trade enablers (TE) and Cost consciousness (CC). The data was collected from 250 respondents’ trading options on the National Stock Exchange, India. The collected data was analyzed using Structured Equation Modeling (SEM). The results reflected that the disposition effect existed in decision-making by options traders. Trade Enabler consisting of Time decay and Open Interest, and Herding emerged as significant elements of disposition effect for options trading. Mental accounting, risk aversion, and cost-consciousness emerged as less significant elements affecting the disposition effect in options trading.

   The present study intends to comprehend the stock market investment intention among individuals.

   The purpose of the study is to assess the role of perceptive factors, including subjective norms, attitudes and perceived behavioural control, in relation to individual personalities and the theory of planned behaviour.

   In this regard, the study adopts a quantitative approach with the help of the PLS-SEM technique to predict relationships between variables. The responses were collected through a structured questionnaire from individuals with or without trading experience in the stock market. The key findings indicate a positive impact of perceptive factors on individual investment intentions. Furthermore, it was found that personality characteristics influence individual investment intentions, while gender and age moderately influence the relationship of intuitive factors and personality traits with investment intent. Overall, the study contributes to the individuals’ perception regarding Indian stock market investments. Hence, the findings are crucial for governments, investment businesses and financial intermediaries to propel stock market participation and investment.

   Research on women’s financial decision-making involves a great deal of behavior and financial research. Due to the complexity of the phenomenon and the fact that it encompasses various aspects of life, making a deep-seated decision necessitates consideration of both financial and cognitive factors. A woman, as a wife, plays a vital role in the household, especially in terms of financial decisions.

   The purpose of the study is to assess a variety of determinant-taking decisions lecturer finance woman, Dpk LLDikti Region VII, Indonesia.

   It evaluates connection intelligence fluid (FI), which consists of dimensions number intelligence (FI NI), verbal comprehension (FI VU), perception speed (FI PS), inductive reasoning (FI IR), and deductive reasoning (FI DR), as well as literacy finance (FL) with making financial decisions (FDM). It employs a quantitative statistical method to examine the relationship between specified variables. Using smartPLS 4, primary data from a structured questionnaire utilizing a 5-point Likert scale were analyzed using a partial least squares-structural equation modeling approach. FI NI; FI VU; FI PS; FI IR; and FI DR exhibited a positive and statistically significant correlation with FI, as indicated by the results. This also demonstrates that FI and FL have a positive and substantial relationship. The results also demonstrate that FI and FL have a positive and statistically significant relationship with FDM. Successful FDM requires FI (FI VU; FI PS; FI IR; FI DR) and FL to optimally execute a systematic and logical decision-making process.

   The relevance of the study is confirmed by the fact that it is financial relations in ecosystems that have become the subject of research that are influenced by certain rules (including state regulation) that limit the degrees of freedom of ecosystem participants and its organizers and ultimately determine the viability of the ecosystem approach, which determined the purpose of the study as establishing the potential of the financial instruments of the state in ensuring the necessary level of rationing for regulation in business ecosystems.

   It is shown that the distinctive feature between the corporate and ecosystem approach is the use of rationing as additional restrictions to financial decisions based on public and private sources of financial resources available in business ecosystems. Research methods, on the one hand, are based on a key methodology — the emerging ecosystem’s theory in the part where it replaces the firm’s theory, taking into account the provisions of the credit rationing theory as an application to corporate finance, on the other hand, the conceptual provisions of the theory of constraints in relation to finance are taken into account. The results of the study show that the allocation of public and private ecosystem rationing makes it possible to form the basis for strategic financial decisions. It is established that when creating an industrial business ecosystem, small and medium-sized businesses will become its main participants, which is justified by the need for external financing that the business ecosystem can provide. It is concluded that when implementing the idea of rationing, the search for the optimal strategy for participants can be simplified to considering only pair interaction (instead of optimizing the entire set of relationships). The presented paired partitions make it possible to clarify the constraints and individualize them. Comparative analysis has shown that, from the point of view of effective implementation of restrictions, the consortium with state participation has the greatest potential, and clusters have the least potential, from the point of view of capital rationing. As a result, the conclusion is made about the prospects for the development of business ecosystems with state financing (control), which would imply a purposeful solution to the tasks of the state in the modern economy.

   The frequent issuance of state bonds or securities by the government in the stock market crowds out the private sector in developing economies. The main concern is whether the economy can continue to function normally in the face of this occurrence if it is not checked. We use an Autoregressive Distributed Lag (ARDL) co-integration approach to confirm this scenario using data from the World Development Indicator and the Central Bank of Nigeria, spanning 1989 to 2021. The analysis’ findings indicate that lowering borrowing costs will not put a strain on the private sector. However, the
current government borrowing domestically has no significant positive influence, confirming that if the government does not reduce the amount of securities in the stock market, investors will continue to invest in government bonds while ignoring corporate bonds. This finding implies that the economy will not be in parity because private sector investment will be stifled. In accordance with the study, the government should promote private sector operations by lowering interest rates and regulating borrowing limits to ensure that they do not exceed the threshold that is beneficial to both the economy and private sector operations.

   The largest cities in Russia, just like other megacities in the world, are facing the challenges of a new reality. Fiscal policy actively helps to counter these challenges, among other things.

   The purpose of the study is to identify fiscal tools for large cities to respond to global challenges.

   The methodology consisted in the fact that, based on a unique database compiled by the authors on the budgets of the ten largest cities in Russia from 2011 to 2021, a comparative study of theirparameters was carried out (tax and non-tax revenues by types, intergovernmental fiscal transfers by types, expenses by industry classification), their structures and dynamics. The results obtained indicate that the cities are very different and a lot of budget parameters, in principle, do not depend on the budget policy of the city, as they are determined by regional legislation, for example, transferred tax deduction standards or transferred spending powers. At the same time, it is concluded that cities retain the ability to pursue an independent budget policy, for example, by managing the structure of expenditures, which was transformed in a certain way during periods of crisis. That is an element of scientific novelty. To a greater extent, this statement is true for such a megacity as Moscow, which really showed a high degree of independence in times of crisis. Other large cities generally do not have sufficient independence in terms of opportunities to replenish their budgets and spend funds, and they have to rely on transfers from budgets at a higher level. The practical significance for higher-level government bodies lies in confirming the thesis about the need to implement a differentiated budget policy for cities that fall into different groups according to the level of budgetary
provision.

   The stability of the national economy is dependent on the investment climate.

   The purpose of the study is to identify prospects for improving the investment climate in Russia by taking into account the level of influence of investments in individual sectors of the national economy on the change of their share in the structure of the GDP of the country.

   In order to achieve the purpose of the study, the authors set the following tasks: to analyze the dynamics of investment in equity between forms of ownership, sources of financing and key industries; to examine the changes in the volume and share of shipped goods of their own production, performed works and services in GDP between key sectors of the country. In the paper used different methods such as intellectual data analysis, statistical analysis methods, data dynamics analysis and general scientific analysis tools. In the paper shown that fixed capital investment had a sustainable trend of growth, which was based mainly on Russian sources, while foreign and joint investment remained virtually unchanged. It was not possible to trace a direct correlation between the volume of investment and the change in the share of shipped goods of own production, completed works and services in the key sectors of the economy. One of the reasons for this could be the lack of certainty about the timing for which the effect of the investment should appear, as large-scale investments do not produce immediate effects. It was concluded that the situation in the Russian economy is unstable, which does not allow to ensure a stable influx of foreign direct investment, and this, in turn, negatively affects the formation of capacity for the transition of the national economic system to a new technological system.

   Capital inflows could thwart monetary policies by stimulating reckless lending and asset bubbles, resulting in financial instability. This study examines the effect of inward capital flows on financial stability in Nigeria, spanning over 2003 to 2019. The hypotheses were tested using Error Correction Mechanism (ECM). The findings indicate that the short runs deviations will adjust to their long-run equilibrium by 10.9 % quarterly. The findings show that inward FDI and inward portfolio investment have a positive effect on Nigeria’s financial stability, while other capital flows do not have a significant effect on Nigeria’s financial stability. Also, the analysis shows that controlling for macroeconomic factors such as GDP and inflation rate significantly affects Nigeria’s financial stability. Based on the findings, the study recommends that monetary authorities need to adopt and promote economic policies to increase FDI and entice portfolio investment with rewards such as better economic freedom and lower taxation to boost the country’s economy.

   For harmonious socio-economic development of the Russian Federation, national goals in the most important spheres of the state were defined. The first Decree of the President of the Russian Federation, signed by V. V. Putin 07.05.2024, defined the national goals until 2030 and for the period until 2036. The strategy of spatial development of Russia until 2030 is aimed at
reducing the high level of uneven development of individual territorial parts of the state, which will increase the sustainability of the economy. Tax incentive instruments have a significant role to play in achieving the objectives set. In order to realize the task of increasing the effectiveness of tax instruments of impact on economic processes, it is important to have a correct
view of the terminology used in the development of economic, including tax, policy, which has become the central subject of the study.

   The purpose of the study is to offer the author’s identification of such definitions as: spatial, territorial, regional, cluster development; tax preferences and tax benefits; special tax regimes; regional tax policy and others.

   It is proved that the allocation of spatial development as an object of influence of tax policy is the result of institutionalization of multilevel tax regulation. The classification of tax preferences with the allocation of those important for spatial development and the proof that special tax regimes are a form of preferences is proposed. The classification of tax instruments as a manifestation of multilevel system of tax regulation in the context of stimulating spatial development of the country is shown. The diversity of special tax regimes, the content of which is realized both within the framework of regional tax policy and based on the competence of tax policy of the regions, is stated. Conclusion: the use of theoretically verified tax terminology in the justification of tax innovations will improve the quality of decision-making for the spatial development of the country.

   The object of the study is the value chain of the bank.

   The purpose of the study is to identify the possibility of applying artificial intelligence (AI) technologies in the value chain stages of commercial banks and transform value chains under the influence of these technologies.

   It uses both general scientific methods — analysis, synthesis, abstraction, induction and deduction, and graphical and statistical analysis, the methodology of value chain creation. The main approaches to the formation of the value chain in the banking industry, as well as the key characteristics of the business processes included in it, were studied. Particular attention is paid to the technological component as the basis for the development of modern digital banking. During the research, the main directions for the implementation of modern artificial intelligence technologies, both applied and generative. Analysis of the value chain showed that the creation and use of AI models is an independent supporting process, the work of which not only affects the core activities of the bank, but also requires a certain level of technology development and risk-management in the bank. Data from the AI Russia case library demonstrates the actual impact of AI models on the value chain phases of marketing and sales, customer support and communications, operational processing and risk management. Based on the results of the study, it was concluded that the introduction of innovations in the field of artificial intelligence increases the value of the company by increasing the efficiency of business processes. The introduction of artificial intelligence into processes requires the technological maturity of the enterprise, and its use is an independent technological process that requires the participation of auxiliary processes, for example, risk management. The results of the study are of practical importance for companies in the banking industry, since methods for analyzing the impact of AI technologies on the value chain can be used when making decisions about their implementation.

   The subject of research in this paper is the investor’s risk profile as a characteristic of his behavior in the stock market.

   The purpose of the study is to assess the investor’s risk profile in the form of a risk ratio in a model with a linear convolution of expected return and variance.

   A financial consultant can use this information to create a portfolio of
financial instruments that corresponds with an investor’s acceptance of risk.

   This makes the study relevant because it addresses the problem of minimizing potential risks in the management of an investment portfolio, which is related to the investor’s attitude toward risk.

   The scientific novelty lies in the development of a mathematical approach to solving the problem of determining the risk profile based on the relationship between the solutions of two problems of choosing an investment portfolio, expressed as conditions on the parameters under which the solutions of these problems exist and coincide.

   Wherein, mathematical programming methods were used, as well as the Python programming language. As a result, the risk coefficient is expressed in terms of the model parameter with a constraint on profitability; a classification of the risk profile according to the acceptable value of the risk coefficient is proposed; the method is implemented as a set of programs and demonstrated on the example of the Russian stock market. The conclusion is made about the possibilities of trust managers using this approach when making decisions on choosing the best portfolio.

   The article is devoted to the study of trends in the development of non-bank financial intermediation. The scale of the non-banking segment of the financial market has increased significantly, and it is believed that at the beginning of 2022 it accounted for about half of global financial assets, which may affect the financial stability not only of individual states, but also of the entire global economy. In this regard, the analysis of risks emanating from non-bank financial intermediation institutions is an urgent task of national financial regulatory authorities. The present study is aimed at solving this problem.

   The purpose of the study is to identify the impact of non-bank financial intermediation on the banking sector in order to determine the prospects for its anti-crisis regulation and develop approaches to the formation of strategies for managing systemic risks that may be caused by the activities of such institutions.

   The study is based on data from the Financial Stability Board, the International Monetary Fund, and the Bank of Russia. Methods of analyzing regulatory documents and comparative economic analysis are used. The paper systematizes possible channels for the implementation of risk factors and develops new approaches for the diagnosis of systemic risks due to the influence of non-bank financial institutions. There are suggestions made regarding the formulation of systemic strategies for risk management: strengthen regulation and supervision of NBFP institutions; provide conditions for providing liquidity in case of stress in the NBFP sector; ensure coordination between the Central Bank and sectoral regulators in order to manage crisis situations. Possible tools for setting up macroprudential policy to control risk factors of certain groups of non-banking financial institutions in order to ensure the stability of financial markets are presented: limitations of interrelationships with the banking system; indicators of sensitivity to customer panics; improving the quality of risk assessment; prohibition of secondary and tertiary securitizations of assets. It is concluded that there is a need for national authorities to apply 4 main approaches to regulation, primarily aimed at reducing liquidity risks, financial leverage, currency gaps and interconnectedness.

   Increasing the competitiveness of Russian education is an important national strategic priority, enshrined within the framework of the national project “Education” and the concept of Russia’s humanitarian policy abroad. National and international academic rankings, despite the barriers that have arisen are a highly proven information resource in the world for all categories of participants in the higher education system.

   The purpose of the study is to identify whether there is an interconnection between a university’s financial support and its position in academic rankings.

   The authors use the classical correlation analysis, ranking and comparison of universities’ funding amounts and their position change in academic rankings. The examined development strategies, competitiveness improvement programs, sustainable development reports of the Russian and world’s universities that are constantly improving their positions in the world rankings. Based on the results obtained conclude that there is no direct interconnection between universities’ funding amounts and their positions in the rankings and a determining factor in the promotion of the universities in the academic rankings. For universities, direct competitive funding algorithms appear to be more effective in achieving the specific objective than regulatory funding. Russian universities seeking to advance in rankings focus on the combined application of mechanisms and sources of funding.

   The subject of the study is the assessment of the financial viability of industrial enterprises.

   The purpose of the paper is to develop a methodological approach to assessing the prospects for bankruptcy of enterprises in various industries in
territorial systems and testing it on the example of an industrially developed region.

   The relevance of the study is due to the fact that in the conditions of significant sanctions pressure on the Russian economy, narrowing of the markets of sale of produced products and disturbance of logistics chains, restrictions on the import of high-tech equipment, Russian enterprises face problems of shortage of operating funds, non-liquidity of assets, high levels of debt.

   The significant deterioration in the financial situation of enterprises, that is currently observed, creates the prospects for bankruptcy of entire industries, which creates threats to the socio-economic development of territorial systems.

   The novelty of the study is the author’s methodological approach to assessing the prospects for bankruptcy of industrial sectors, based on the use of multidimensional discriminant analysis of the financial viability of not individual enterprises, but of industrial sectors as a whole to determine sectoral priorities for state support for their development.

  General scientific and empirical methods, multivariate discriminant analysis were used. During testing of the developed methodological approach using the example of the Sverdlovsk region, the following results were obtained: currently, the risks of bankruptcy of enterprises in the entire industrial complex of the Sverdlovsk region are significantly increasing; The Altman curve has approached a critical threshold value, indicating a high level of probability of enterprise bankruptcy. It was concluded that in the Sverdlovsk region, enterprises in the food production, electrical equipment, chemical production and mineral mining industries are in the most critical condition. Increased risks of loss of financial viability are observed in the industries of metallurgical production, production of finished metal products, as well as other non-metallic mineral products, production and distribution of electricity, gas and water, which dominate the industry structure of the region. These industries require government support in the implementation of industrial policy at the federal and regional levels.

   This paper is devoted to the issues of determining the upper and lower limits of an economically reasonable interest rate on debt obligations.

   The purpose of the study is to determine the boundaries of an economically reasonable interest rate on debt obligations, taking into account the main conditions of the loan relations: security, urgency, frequency of payments, availability (absence) measures of state support, etc. In the course of the study, such methods as content analysis of sources, regulatory regulation, and market analysis were used.

   The study is based on the analysis of the norms of the relationship between economic entities, taking into account the conditions for implementation of state support in socially significant areas of economic relations. In order to study the pay ability of debt obligations, the author analyzed the rules of tax legislation. It examined legal acts which revealed the facts of the use of terms of relationships other than those applied in the open market. Identified reasons for the existence of conditions of credit and borrowing relations, other than economically reasonable: interaction of affiliates, bonded terms of the transaction. The author discloses the concept of an “economically reasonable interest rate on debt obligations”, which arose as a result of the inadmissibility (taking into account the rules of regulatory legal acts and established judicial practice) of the use of the term “market value” in relation to loan relations. The results demonstrated that the values of interest rates on debt obligations have an economically reasonable linkage (through the specified multiples of the key rate values). From the point of view of the interest rate on loan obligations, debt obligations are divided into corresponding magnified groups (debt obligations between affiliates; preferential debt liabilities; debts taking into account the degree of risk of the borrower and the security of borrowing resources). The author makes a conclusion about the revealed fundamental patterns in relation to economically reasonable interest rates on debt obligations, taking into account contractual terms between economic entities.

   The article is devoted to an empirical demonstration of the application of macrostructural analysis of the dynamics of the Russian economy, represented by the capital goods and consumer goods sectors, including the intangible sphere.

   The purpose of the study is the formation of an algorithm for macrostructural analysis of the two-sector Russian economy with the identification of the main patterns and relationships of their joint dynamics — contribution to the overall growth rate, price dynamics, and the definition of a model for further development.

   The methodology consists of the theory of economic growth, structural analysis, empirical and regression methods for studying the relationships of relevant parameters. The main result of the study is the formation of an algorithm for macrostructural analysis and its application to the Russian economy at the specified time interval with the highlighting of the main characteristics of the structural dynamics represented by the capital goods and consumer goods sectors. The relationship between these sectors, mutual determination determines not only the current model of development in Russia, but provide opportunities for future economic growth, since the creation of investment and consumer products form the foundation of a growing economy. The study found that the predominance of the consumer goods sector in the Russian GDP structure not only determined the current dynamics, but also the potential for the growth rate of the capital goods sector, as well as the level of its efficiency, which affects the dynamics of prices in the sector. The growth rates of the sectors influenced each other, but the resulting structural change, in the form of a decrease in the share of the capital goods sector, was accompanied by both a reduction and an increase in overall inflation. And any impulse of acceleration of capital goods led to greater rise in sectoral prices than equivalent accelerations in the consumer goods sector. Thus, the proposed algorithm of macrostructural analysis allowed us to reveal the specifics of the structural dynamics of the Russian economy, revealing the determinants of non-monetary inflation. The perspective of the study is to assess the contribution of sectoral dynamics to a higher price level and the selection of policy instruments that affect the structure, ensuring both its growth and qualitative transformation in accordance with development goals.

   In recent decades, financialization has emerged as a significant phenomenon shaping global economies. It refers to the increasing role of financial markets, institutions, and practices in the overall functioning of economies, often at the expense of the real economy.

   The purpose of the study is to identify the impact of financing on economic growth in developing countries with a large financial sector.

   While developing countries are typically characterized by lower levels of economic development and industrialization, some of them may have relatively large financial sectors. In this study, we profile seven developing countries with significant financial sectors. The countries include Brazil, India, Indonesia, Malaysia, Mexico, Singapore, and South Africa. The paper begins by examining the theoretical perspectives on financialization, which argue that financialization should promote economic growth through the Gross Value Added. We study the effect of financialization on economic growth using panel data econometric models, which include the Feasible Generalized Least Squares, Pooled Ordinary Least Squares, Fixed Effects, and Random Effects. The study deploys annual data from 1996 to 2022. This study finds that financialization has a positive and highly significant effect on the economic growth of developing countries with large financial sectors.

   The purpose of this study is to identify the relationship between the CEO overconfidence and the subsequent performance.

   Furthermore, the study examines the intermediary role of Real Earnings Management (REM). The SPSS version of PROCESS is used to assess the direct, indirect and total effects of CEO overconfidence on subsequent performance. The number of bootstraps for percentile bootstrap confidence intervals is 50 thousand. The results of the study showed that the CEO overconfidence has a significant positive impact on the company’s subsequent performance. Furthermore, REM acts as a mediator between the overconfidence of the manager and future indicators. The results of this paper may be of interest to accounting regulators, as excessive confidence may affect future performance through REM. This information may be useful in assessing the need for overconfidence managers. This study complements the existing lack of empirical data on the indirect impact of managers’ overconfidence on the company’s subsequent performance.