Journal Menu
> Issues > Rubrics > About journal > Authors > About the Journal > Requirements for publication > Editorial collegium > Peer-review process > Peer-review in 24 hours: How do we do it? > Policy of publication. Aims & Scope. > Article retraction > Ethics > Copyright & Licensing Policy > Publication in 72 hours: How do we do it? > Digital archiving policy > Open Access Policy > Open access publishing costs > Article Identification Policy > Plagiarism check policy > Editorial Board
Journals in science databases
About the Journal

Публикация за 72 часа - теперь это реальность!
При необходимости издательство предоставляет авторам услугу сверхсрочной полноценной публикации. Уже через 72 часа статья появляется в числе опубликованных на сайте издательства с DOI и номерами страниц.
По первому требованию предоставляем все подтверждающие публикацию документы!
MAIN PAGE > Back to contents
Theoretical and Applied Economics

The studies of the Russian stock market based upon the behavioral finance.
Bogatyrev Semen

PhD in Economics

Docent, the department of Corporate Finances and Corporate Management, Financial University under the Government of the Russian Federation

101000, Russia, Moscow, Malyi Zlatoustinskii Pereulok 7, building #1, office #319a

Другие публикации этого автора



Hypothesis on market efficiency applies in the modern economy with the ever growing number of prerequisites and admissions. Behavioral finances, viewing the economic and financial matters from the behavioral standpoint are more and more often used for explaining economic matters, which may be observed in the Russian economy.  The article concerns the dichotomy between the fundamental and market costs of the Russian oil companies from the standpoint of the newest achievements of the newest science of the behavioral finances.  The author applies the following models for evaluation of assets: generalized behavioral model, sentimental investor model, DHS model, Hong-Stein model, model of attitude shift towards risks, mistaken perception model, probability model. Based upon the synthesis of the stock market data, which was obtained thanks to the newest methods of the data processing in the modern information system, fundamental and market value of the shares being tested with the application of behavioral models, which were adapted to the Russian situation. There  basically aren't any empiric studies of the Russian market in the sphere of behavioral finances. The behavioral models are developed and applied in the foreign practice and they were not previously tested in Russia. The provided study of behavioral models has shown the possibility for their application in the information base of the Russian stock market and their high predictive value for the investor behavior in the sector of oil companies in the Russian stock market.

Keywords: behavioral finances, behavioral risk evaluation models, oil companies shares, fundamental company value, market company value, investor behavior, behavioral factors, Bloomberg, best target price, news background



Article was received:


Review date:


Publish date:


This article written in Russian. You can find full text of article in Russian here .

H. Kent Baker, John R. Nofsinger (2010), Behavioral finance: Investors, Corporations, and Markets // Hoboken, New Jersey: JohnWiley & Sons, Inc. pp. 236-244
V.V. Grigor'ev Stoimost' predpriyatiya. M., Vysshaya shkola privatizatsii i predprinimatel'stva, 1999, 22/1
N.A. Lysova Soderzhanie proektnogo finansirovaniya i vozmozhnosti ego realizatsii v Rossii // Menedzhment i Biznes-Administrirovanie.-M., 2008.-№ 1. str. 8-10
Nicholas Barberis, Andrei Shleifer, Robert Vishny, A model of investor sentiment // Journal of Financial Economics No. 49 (1998) p. 307-343
Lee, C., Shleifer, A., Thaler, R., 1991. Investor sentiment and the closed-end fund puzzle // Journal of Finance 46, p. 75-110
S.Yu. Bogatyrev, A.R. Gil'mutdinova, E.A. Nikitina Povedencheskoe pogloshchenie: modeli i illyustratsii // Ekspertno-analiticheskii zhurnal Agentstva ”Sliyaniya i Pogloshcheniya” № 3(7), 2014 god, str. 42-68
G.S. Rasnyuk Razvitie portfel'noi teorii v usloviyakh sovremennogo rynka // Natsional'naya bezopasnost' / nota bene.-2013.-1.-C. 135-139. DOI: 10.7256/2073-8560.2013.01.13.
Link to this article

You can simply select and copy link from below text field.

Other our sites:
Official Website of NOTA BENE / Aurora Group s.r.o.
"History Illustrated" Website