In this dissertation, I investigate whether corporate governance affects the negative association between investment and future excess returns. Shareholders are concerned with the effectiveness of the firm's governance regime as a tool to reduce agency costs. In the absence of strong control over firm assets, managers may choose to invest in value-decreasing projects. The probability that managers select value-decreasing projects is an increasing (decreasing) function in investment activity (governance regime). At the time of investment, the capital market prices expected returns to the investment activity conditioned on the governance regime in place. This study examines future risk-adjusted returns to investment activities conditioned on low and high governance regimes. If the market correctly prices the governance environment and the expected returns to expenditures at time t, there should be no future risk-adjusted returns to either governance or expenditure information. I find that for firms with low external monitoring, and separately, for firms with high shareholder rights, lower (higher) investment activity results in positive (negative) future risk-adjusted returns. Implementing a trading strategy which holds low investment firms and shorts high investment firms results in 7.1% and 5.6% annual risk-adjusted returns when conditioned on low institutional holdings and high shareholder right, respectively. This study also provides preliminary evidence that outside blockholder and activist ownership is effective in mitigating the negative association between investment activity and future excess returns through the shareholder rights mechanism. Finally, I provide evidence that the diversification discount associated with multi-segment firms is generally invariant to investment activity levels.

This work is devoted to the definition of the system of investment incentives in the Russian Federation. The aim of this work is objective description and analysis of the existing system of investment incentives at the federal and regional levels. The effectiveness of investment incentives is assessed from the perspective of the investment climate in the Russian Federation. The introductory part is devoted to the definition of the investment climate in Russia in terms of current economic development and foreign investments. The final section assesses the effect of the incentive system in terms of its influence on the development of regional GDP and investment flows with the example of Lipeck region.

Выпускная квалификационная работа (магистерская диссертация) посвящена исследованию Инвестиционной деятельности металлургического комбината и горно-металлургического комбината, входящих в Холдинг. Предметом исследования являются экономические отношения, возникающие в процессе формирования и управления инвестиционным портфелем на Нижнетагильском металлургическом комбинате и Качканарском горно-обогатительном комбинатах. Цель выпускной квалификационной работы (магистерской диссертации) заключается в анализе портфеля реальных инвестиционных проектов горно-металлургического холдинга на примере одного металлургического и одного горно-обогатительного комбинатов и разработке практических рекомендаций, способных повысить доходность вложений. В заключении приводятся основные выводы по проведенному анализу формирования и управления инвестиционным портфелем двух предприятий, полученные в ходе исследования. / Final qualifying work (master's thesis) is devoted to the study of Investment activities of the metallurgical plant and the mining and metallurgical plant that are part of the holding. The subject of the study is the economic relations arising in the process of formation and management of the investment portfolio at the Nizhny Tagil metallurgical plant and Kachkanar mining and processing plants. The purpose of the final qualifying work (master's thesis) is to analyze the portfolio of real investment projects of the mining and metallurgical holding on the example of one metallurgical and one mining and processing plants and develop practical recommendations that can increase the profitability of investments. In conclusion, the main conclusions of the analysis of the formation and management of the investment portfolio of the two companies, obtained in the course of the study.

This thesis deals with financing possibilities for investment of the municipality project. The first part includes the theoretical thesis for understanding the functioning of the municipality and put communities funding opportunities. The second section includes a brief introduction to the community, socio-economic analysis and financial analysis in the selected period 2009 – 2012 and also the evaluation of this implementation and introduction the investment activities of the municipality. The last part of the investment project involves the presentation of individual municipality project and the possibilities of its financial coverage with final recommended options for funding.

Магистерская диссертация раскрывает необходимость осуществления коммерческими банками социально-направленной инвестиционной деятельности и интеграции принципов корпоративной социальной ответственности в их финансовую политику. Исследование направлено на изучение лучших практик в области корпоративной социальной ответственности, выявление проблем, препятствующих развитию данного направления в российском банковском секторе. Диссертация также включает в себя разработку нормативного документа, предлагаемого к использованию ПАО КБ «УБРиР» и позволяющего систематизировать деятельность данного банка в области корпоративной социальной ответственности. / The master's thesis reveals the need for commercial banks to carry out socially-directed investment activities and integrate the principles of corporate social responsibility into their financial policies. The study is aimed at studying the best practices in the field of corporate social responsibility, identifying problems that impede the development of this direction in the Russian banking sector. The thesis also includes the development of a normative document proposed for use by the PJSC «UBRD» and allows to systematize the activities of this bank in the field of corporate social responsibility.

В магистерской диссертации проанализированы проблемы и методические основы концепции пространственного развития. Разработаны рекомендации к внедрению в инвестиционную политику региона. / The master's thesis analyzes the problems and methodological foundations of the spatial development. Recommendations for implementation in the investment policy of the region have been developed.

В настоящее время одним из основных факторов развития предприятия и сохранения (или же улучшения) позиций на рынке является его конкурентоспособность. Важно определить, в какое направление деятельности предприятия целесообразно инвестировать, определить предполагаемый результат инвестиционной деятельности, оказывающий влияние на показатели развития предприятия. Целью магистерской диссертации является выявление влияния инвестиционной деятельности на развитие предприятия. В качестве источников информации использовались учебно-методическая и научно-исследовательская литература, нормативно-правовые акты и данные о деятельности рассматриваемых предприятий. В ходе написания магистерской диссертации был разработан и апробирован алгоритм предпроектного анализа инвестиционной деятельности предприятия. Разработанный алгоритм предпроектного анализа содержит ряд последовательно выполняемых операций, которые позволяют всесторонне оценить деятельность предприятия, влияющих на неё факторов, и в результате правильно определить направление инвестиционной деятельности предприятия. В результате апробации разработанного алгоритма были предложены практические рекомендации для выбора направления инвестирования предприятия, нацеленного на развитие предприятия. / Currently, one of the main factors for the development of an enterprise and the preservation (or improvement) of its position in the market is its competitiveness. It is important to determine in which direction of the enterprise it is advisable to invest, to determine the expected result of the investment activity, which influences the indicators of the development of the enterprise. The purpose of the master's thesis is to identify the impact of investment activities on the development of the enterprise. The sources of information were educational materials and research literature, normative legal acts and data on the activities of the enterprises in question. In the course of writing the master's thesis, an algorithm for pre-project analysis of the enterprise’s investment activity was developed and tested. The developed algorithm of the pre-project analysis contains a number of sequentially performed operations that allow a comprehensive assessment of the activities of the enterprise, factors affecting it, and as a result correctly determine the direction of the investment activity of the enterprise. As a result of approbation of the developed algorithm, practical recommendations were proposed for choosing the direction of investment of an enterprise aimed at the development of an enterprise.

The doctoral thesis deals with the management of regions construction investments. The aim of the doctoral thesis is to monitor the efficiency of the regions of the Czech Republic, which is pursue by gross domestic product indicator and investment activities that are held in the regions. Investment activity is observed in detailed breakdowns on the projects of civil engineering and transport infrastructure. Very important source of construction activity in recent years have become the European funds. Therefore the thesis observe the dependence of the projects on EU financial support. The main outcome of this doctoral thesis is to identify a possible link between the performance of individual regions of the Czech Republic and investment activities occurring here.