Corporate Segment Research Articles

Alternative ways of resolving corporate disputes in the Republic of Kazakhstan and in the USA. Comparative analysis

The article provides a comparative analysis of the tools of alternative ways of resolving corporate disputes (ADR) in the Republic of Kazakhstan and the USA. The purpose of this study is to identify key differences and similarities in the approaches of the two countries to the use of mediation, arbitration and other ADR mechanisms in the corporate sphere. In this regard, legislative sources, mechanisms and practices of ADR application in both jurisdictions were studied. The main methods considered in the study include an empirical comparison of mediation and arbitration, with an emphasis on the specifics of their regulation and implementation in each country. The results of the study allow us to conclude that the ADR system in the United States is deeply integrated into corporate processes and is widely used to resolve corporate disputes. In Kazakhstan, on the contrary, ADR in the corporate segment is not developing as dynamically as in the States. However, it is successfully advancing through government initiatives and the introduction of international standards. The main conclusions of the study can emphasize the importance of government support and increasing confidence in ADR in Kazakhstan, as well as the success of long-term application of these methods in the United States. A comparative analysis in the study showed that Kazakhstan can extract positive aspects from the American experience to further improve its system of alternative corporate dispute resolution.

The Parameter Optimization of Support Vector Machine with Genetic Algorithm in Risk Early Warning Models

Machine Learning algorithms are widely used by lenders in risk early warning models. With Machine Learning, the risk levels of individual and corporate customers are determined at the account and customer level. Lenders want to manage risk by evaluating the payment performance of customer or account with the help of Machine Learning algorithms. Banks, which have an important place among lenders, develop risk early warning models with the help of learning algorithms using customer information. In the development process of risk early warning models, while banks generally use customer information and credit bureau information for the individual segment, they use financial, non-financial and behaviour-based information for the corporate segment. In this study, it is planned to develop a risk early model for customers in corporate service segment. For the customers of corporate service segment, Balance Sheet and Income Statement items were used and the financial ratios were calculated for risk early warning models. In the development of risk early warning models, Mutual Information method was used as a novel feature selection approach and Support Vector Machine method (linear function, radial basis function and sigmoid function) was used as a supervised learning approach. By changing the neighbourhood metric (k), important patterns were discovered with the Mutual Information method in feature selection process. The optimal C and gamma parameters for Support Vector Machine models have been tried to be determined with the Genetic Algorithm, which is among the Meta-Heuristic algorithms. In order to find the optimal metrics in this study, the metric values for all parameters of the SVM model (function specific) have been kept quite wide. In this dataset of corporate service customers, the small neighbourhood metric has been found to have a significant impact on model learning and performance.

ЗАЛУЧЕННЯ ІНОЗЕМНИХ ІНВЕСТИЦІЙ В ЕКОНОМІКУ УКРАЇНИ: ТЕНДЕНЦІЇ, ПРОБЛЕМИ ТА ПЕРСПЕКТИВИ ПОВОЄННОГО ВІДНОВЛЕННЯ

The global environment for international business and cross-border investment remains challenging in 2023. Although the economic obstacles that shaped investment trends in 2022 have subsided somewhat, they have not disappeared. Commodity prices, which spiked during the war in Ukraine, have come down, but the war continues and geopolitical tensions remain high. Recenupheavals in the financial sector in some developed countries are adding to investor uncertainty. The purpose of the study is to identify trends, diagnose problems, and develop promising directions for attracting foreign investment to the economy of Ukraine. In order to solve the set goal, the following scientific tasks were solved in the course of the study: the dynamics of the inflow of foreign investments and the structure of FDI into the national economy were analyzed by regional characteristics and by types of economic activity; the deterioration of the investment attractiveness of the national economy due to the reduction of the stock of FDI of Ukraine and the decrease of the index of investment attractiveness is substantiated; identified the strengths and weaknesses, opportunities and threats of attracting foreign investments to the economy of Ukraine based on the results of the SWOT analysis. In order to solve the set goal, the research determined FDI trends in the national economy and made conclusions about "investment shocks" associated with the global financial crisis of 2008, the start of the war in Donbas, COVID-19 and the full-scale war in Ukraine. This conclusion was reached by comparing the dynamics of the Investment Attractiveness Index of Ukraine with the flow of FDI into Ukraine, the trends of which were synchronized. For greater thoroughness of the research, the main foreign investors in the corporate segment were identified by the authors as companies (brands) that already had facilities in Ukraine at the time of the full-scale war and corporations that announced their intention to reinvest funds in Ukraine to support their assets. The authors substantiated the strengths and weaknesses, opportunities and threats of attracting foreign investments to the economy of Ukraine based on the results of a SWOT analysis.

Innovativeness of business models in B2C and B2B online education segments in the USA

Aim. To conduct a comprehensive analysis of the structural and functional composition of innovative business models in the B2C and B2B online education sectors, and to identify the unique elements and factors that determine the success and novelty of these models. Objectives. To identify key development trends and current trends in online education, especially in the B2C and B2B segments; to identify and compare innovative elements of business models in the pre-university and corporate segments based on the analysis of online education project websites; to assess the degree of novelty of business models using the method of frequency analysis of business model elements based on data obtained from online sources.Methods. The study is based on the industry approach to identifying unique business models, analyzing the structuring of business models according to A. Osterwalder and I. Piñe, and assessing the innovativeness of business model elements based on frequency analysis. A comparative analysis of the two segments was performed in order to understand their specific requirements and characteristics, and to identify opportunities for cross-pollination of successful practices and strategies, which can contribute to the creation of new innovative approaches in online education. Data were collected from online education project sites and aggregated using SimilarWeb tool to assess site traffic.Results. The authors found that business models in the B2B segment show a higher level of innovativeness compared to B2C. The main elements of innovativeness are personalization of learning, integration with corporate systems, and development of specialized courses. The components contributing to innovativeness are identified, and recommendations for managing the structural components of business models in each of the segments are offered.Conclusions. The study indicates the importance of innovation in online education business models and the need to adapt them to the changing needs of learners and organizations. Ways to improve business models, including the integration of new technologies and the development of customized educational products for different market segments, are suggested.

Implementation of credit risk management basel principles (Evaluation Study of an Indonesian Commercial Bank)

The study evaluated the implementation of credit risk management at Bank PQR based on the Basel Principles regarding Management of Credit Risk due to increasing Low-Quality Credit in the last six months. It adopted a case study approach at Bank PQR, one of Indonesia's commercial banks, in the Corporate Segment with total credit reaching 62% of the Bank PQR credit portfolio using a qualitative descriptive method by conducting document analysis and interviews to collect data. The study sample consists of 30 credit-granting proposals of Bank PQR. First, it evaluated the suitability of the Basel Principles with the regulation of the Financial Services Authority, then analyze Bank PQR document, conduct an interview and last evaluated implementation of credit risk management by providing a score of three if suitable and implemented well, two if suitable and not implemented well and one if not suitable. The result shows the implementation is not by the Basel Principles with a final score of 2.58 out of 3, and the main weakness being the inadequacy of the credit risk environment’s development. It recommends the Bank PQR to improve its credit risk environment, such as compliance with regulations, employee training, and implementing good internal controls.

Модель бізнесу ощадних банків Скандинавії

The segment of savings banks occupies a prominent place in the banking systems of European countries. Savings banks have survived systemic crises, institutional transformations, and consolidation, maintaining high depositor confidence thanks to a restrained appetite for risks. The relevance of researching the experience of savings banks in Scandinavia is due to a long history, a special type of corporate structure and business model in attracting and deploying resources. Although the activity of foreign savings banks in the modern market environment remains outside the attention of domestic researchers, in Ukraine household savings form the basis of the resource base of many banks, which requires a special approach of the regulator. According to the results of the study, it was found that savings banks achieve the effect of economies of scale due to the centralization of certain functions. At the same time, they are moving away from the historical business model, which is embodied in a change in legal status, an increasing focus on profit, the development of the corporate segment, digitization of operations, access to other local markets, conducting international operations, participation in the capital of foreign financial institutions, mergers and acquisitions, which lead to an increase in the scale of business. The emergence and development of savings banks in Scandinavia is a reaction to the growth of citizens\\\\\\\' well-being (as an offer of savings) and at the same time - a desire to improve it. The security of the banks\\\\\\\' business was certainly helped by a conservative attitude towards accepting credit risk. An important factor of trust in banks was and remains a low corruption risk in the Scandinavian countries. It was concluded that the creation of associations of savings banks and joint platforms deserves attention for use in Ukraine, as it ensures business efficiency even for small institutions.

STUDYING THE CHANGING COMPETENCIES OF GREATER PARIS (TO THE 100TH ANNIVERSARY OF A.E. SLUKA)

The article deals with the study of Greater Paris in the context of changing paradigm of the development of a large city under the transnationalization of world economy and the process of globalization. The contribution of A.E. Sluka, Professor of the Moscow University, Honorary Member of the Russian Geographical Society, who created a “dynamic” portrait of the French capital of the second half of the twentieth - early twenty-first centuries on the basis of the synthetic approaches and revealed the main features of its socio-economic geography, is evaluated. The article analyzes shifts in the functional structure of the metropolis during the transition to the “international city” model as a result of the implementation of the decentralization and dein-dustrialization policy. The scientist’s ideas on studying the competencies of the city as a corporate center and in the context of practices of the largest agglomerations of the world are being developed. GIS technologies are applied to describe the specific features of Greater Paris as a location of the country’s largest TNCs and the acceptor of branches of foreign companies. The multidisciplinary nature of large national business is revealed, which contributes to the development of interfirm cooperation and serves as an additional resource for the competitiveness of the city. The sectoral structure of foreign corporate segment of its economy is dominated by companies in the material sphere of production (mechanical engineering, chemical and food industries), while the geographical structure is dominated by the US TNCs. There is a consolidated placement of local and foreign companies mainly in three functionally different clusters (within the historical core, the Defense district and Paris-Saclay). Based on the materials of international statistics and ratings of cities, the modern place of Greater Paris among the “world capitals” is considered applying the comparative geographical method. Most ratings include it in the top-5 cities of the planet and characterize it as a multifunctional center of global importance, permanently expanding the scope of its competencies. Being inferior in absolute value of the main economic resources, innovative and environmental indicators, it is ahead of many largest agglomerations of the world in terms of the scope of economic and political influence, information exchange and cultural interaction, as well as the quality of life; it is well-known by specific creative industries. When analyzing the image of the French capital on the basis of sociological surveys, the stability of its “global attractiveness” is noted due to the resources of symbolic capital, which plays an increasingly important role in the information society.

LONDON AS A CENTER OF ATTRACTION FOR FOREIGN TRANSNATIONAL CORPORATIONS

The assessment of the role of large cities as hubs of foreign TNCs is of particular importance in economic geography in the context of the formation of global business network structures. Based on the Forbes Global 2000 rating data, the range of presence of the world’s largest foreign TNCs’ affiliates in the London agglomeration, their industrial and geographic structure, and the pattern of location were assessed. As a result of the analysis, the historical stages of the formation of foreign corporate segment of the city’s economy were identified. London is highly attractive for foreign corporations, in their numbers it competes equally with New York and the world’s “gateway cities”. The maximum number of foreign TNCs’ affiliates was recorded in the sphere of financial and professional services, and, to a lesser extent, in mechanical engineering, chemical and mining industries. A relatively narrow geography of corporate links is revealed with a clear dominance of US companies. A pronounced “centric” model of foreign TNCs’ affiliates’ location is argued with two key clusters - in the City and Westminster areas.

АНАЛИЗ ПОКАЗАТЕЛЕЙ РАЗВИТИЯ ДОБРОВОЛЬНОГО МЕДИЦИНСКОГО СТРАХОВАНИЯ И ПРОГРАММ СТРАХОВАНИЯ ЛЕКАРСТВЕННОГО ОБЕСПЕЧЕНИЯ

The purpose of the study is to determine the direction of development of the voluntary medical insurance market and pharmaceutical insurance for the population of Russia. The materials of the study were the data of the statistical reporting form of insurers (reporting of the Bank of Russia); statistical indicators and information about individual subjects of the insurance business; the register of licenses issued to insurance companies, Insurance Rules, data on the population of the Federal State Statistics Service. The method of content analysis, the method of analysis of time series, methods of analysis, synthesis and generalization of information were used. It is revealed that the voluntary medical insurance market in 2022 is characterized by the following trends: a decrease in the volume of insurance premiums, a stable number of insurance contracts, the growth of the corporate segment, a decrease in the amount of payments, a decrease in the number of insurers working in the field of health insurance, high monopolization of the market. A significant increase in the share of corporate voluntary medical insurance shows not only the unwillingness and/or inability of individuals to purchase insurance policy, but also the alertness of insurance companies to this insurance sector in times of turbulence. The top 10 (by the amount of insurance premiums) companies operating in the field of voluntary medical insurance have been identified. Drug insurance in the form of a separate program is offered by 6 companies from the top 10 offer a separate drug insurance program; all 6 companies apply a franchise, the level of which ranges from 10% to 100%; 2 companies include the provision of biologically active additives and medical products, 1 company offers the provision of specialized nutrition products. The basic tariff rates for drug insurance programs are significantly higher than those for medical care insurance.

THE INFLUENCE OF THE MARKETING MIX ON THE LENDING STRATEGY OF THE COMMERCIAL & CORPORATE SEGMENT AT PT BANK ABC

This study aims to determine the effect of the Marketing Mix on the Commercial & Corporate Segment Credit Strategy at PT Bank ABC. The results showed that the price, product and process variables partially influenced the decision to take credit at PT Bank ABC. Place, promotion, people and physical environment variables partially have no effect on the decision to take credit at PT Bank ABC. All independent variables Product, Price, Place, Promotion, People, Process and Physical Environment simultaneously influence the decision to take credit at PT Bank ABC. In terms of price variables that affect the debtor's decision to take credit at Bank ABC, Banks can carry out appropriate pricing strategies to be charged to debtors after going through various considerations by the Bank. In terms of product variables that affect the debtor's decision to take credit at Bank ABC, the Bank can develop new credit products according to current market needs and always conduct regular product development and evaluation so that it can stay abreast of business developments in the market. In terms of process variables that affect the debtor's decision to take credit at Bank ABC, the Bank can carry out strategies from the debtor's side and the bank's internal side.

Can artificial intelligence simplify the screening of muscle mass loss?

BackgroundSarcopenia is a risk factor for morbidity and preventable mortality in old age, with consequent high costs for the national health system. Its diagnosis requires costly radiological examinations, such as the DEXA, which complicate screening in medical centers with a high prevalence of sarcopenia. ObjectivesDeveloping a nearly zero-cost screening tool to emulate the performance of DEXA in identifying patients with muscle mass loss. This can crucially help the early diagnosis of sarcopenia at large-scale, contributing to reduce its prevalence and related complications with timely treatments. MethodsWe exploit cross-sectional data for about 14,500 patients and 38 non-laboratory variables from successive NHANES over 7 years (1999–2006). Data are analyzed through a state-of-the-art artificial intelligence approach based on decision trees. ResultsA reduced number of anthropometric parameters allows to predict the outcome of DEXA with AUC between 0.92 and 0.94. The most complex model derived in this paper exploits 6 variables, related to the circumference of key corporal segments and to the evaluation of body fat. It achieves an optimal trade-off sensitivity of 0.89 and a specificity of 0.82. Restricting exclusively to variables related to lower limb, we obtain an even simpler tool with only slightly lower accuracy (AUC 0.88–0.90). ConclusionsAnthropometric data seem to contain the entire informative content of a more complex set of non-laboratory variables, including anamnestic and/or morbidity factors. Compared to previously published screening tools for muscle mass loss, the newly developed models are less complex and achieve a better accuracy. The new results might suggest a possible inversion of the standard diagnostic algorithm of sarcopenia. We conjecture a new diagnostic scheme, which requires a dedicated clinical validation that goes beyond the scope of the present study.

Introduction of Quantitative Scale for Fasciculations in ALS Patients (P8-8.014)

<h3>Objective:</h3> Develop a scale regarding the location and frequency of fasciculations in ALS patients. <h3>Background:</h3> Amyotrophic lateral sclerosis (ALS) is a neurodegenerative disease with different diagnostic challenges. Fasciculations are one of the signs of lower motor neuron impairment. It is currently uncertain whether their extent and duration are associated with relevant clinical or demographic characteristics of ALS patients. Nowadays there is no clinical scale to grade them. <h3>Design/Methods:</h3> Eleven corporal segments are evaluated: face-tongue, neck-thorax, back, proximal upper right and left limb, distal upper right and left limb, proximal lower right and left limb, distal lower right and left limb. We proposed a score according to the following parameters: 0: absence, 1: isolated contraction, 2: multiple non-continuous contractions, 3: continuous contractions; with a possible total score ranging from 0 to 33 points. We performed a physical exam and filmed 30-seconds videos in 11 consecutive ALS patients (probable or definite diagnosis according to El Escorial criteria) that had fasciculations at the moment of their regular medical consultation during July 2022. The videos were scored by the developers of the scale (ALB and GER) and later sent to five neurology residents and five neurologists to independently rate them. <h3>Results:</h3> The final score obtained by the creators of the scale was 15. Interobserver variability was analyzed: 30% scored 17 points, 30% 16 points, 10% 19 points, 10% 15 points, 10% 12 points and 10% 11 points. In only two videos all of the observers agreed on the points and marked “absence of fasciculations”. The highest rate of variability was seen between options “2: multiple non-continuous contractions” and “3: continuous contractions”. <h3>Conclusions:</h3> Even though we observed a marked interobserver variability, this study proposes an easily appliable measurement method for fasciculations. A larger study would confirm if this scale has an acceptable variability rate. <b>Disclosure:</b> Dr. Palacios has nothing to disclose. Julieta Casen has nothing to disclose. Cecilia Quarraccino has nothing to disclose. Gabriel Rodriguez has nothing to disclose.

ОСОБЕННОСТИ УПРАВЛЕНИЯ В2В ПРОДАЖАМИ В СОВРЕМЕННОЙ КОРПОРАТИВНОЙ ПРАКТИКЕ

The article discusses the features of the planning, organizing and conducting B2B sales based on marketing the enterprise products in bulk to other enterprises that later resell products with or without changing their characteristics. It is emphasized that such sales system is a set of actions for the sale of goods and services in the corporate segment. The existing classification of B2B sales is presented: transactional and consulting; dealer, distributor, corporate and retail. There are definitions of the parameters that have the greatest impact on their volumes (industry, product, sales channels). New market trends were studied and such factors as: complication of the specifics of sales, decrease in customer confidence in sellers, increase in the length of the transaction cycle were noted. It is concluded that B2B sales are a more complex product than sales to individuals. The result in them depends on the sellers meeting two conditions – providing customers with high-quality content about the advantages and benefits of the product, as well as improving the efficiency of the entire sales process, which directly depends on the choice of the structure for the sales department, improving the quality of management, the level of professional training of sales managers, the availability of an effective CRM system, the use of effective motivational mechanisms, etc. In this regard, popular sales techniques have been studied (SPIN, solution sale, value-added sale, strategic sale, selling fox). Special attention in the article is paid to the algorithm for building an effective B2B sales management system, which requires individual customization and adaptation of each company. Ideally, such activity should be considered in the context of a separate business process focused on creating key shared values of the seller with customers. The importance of solving such a problem for the corporate business of the 21st century, understanding its significance and further in-depth study with access to specific practice is noted.

Heuristics in the corporate credit process : A behavioural analysis of risk managers and credit officers

We investigate and compare the cognitive thinking of two key actors involved in the corporate lending process: business-side credit officers and risk analysts. We investigated four different heuristics – risk aversion, overconfidence, overoptimism and representativeness bias – through a questionnaire survey based on a previous experiment by psychologists. The eight banks included in the study are among the 12 largest banks in Hungary in terms of balance sheet total, and they are also active in the financing of the large corporate segment. The respondents are relationship managers and risk analysts working in the large corporate segment. The research is exploratory and comparative and uses qualitative research methods. Based on this research, we confirmed in a banking context that the decisions of relationship managers and risk analysts are characterised by cognitive biases. One of the limitations of the research is that the decision-making process was examined in fictitious situations rather than through a real credit assessment process. The research is novel because cognitive biases have not been studied in a bank lending context specifically for credit officers and risk analysts. The results are useful for optimising decision-making processes in banks.

Prospects for the application of ESG principles in the Russian corporate segment

The purpose of this study is to analyze the prospects for using ESG principles in the management of Russian companies. The author presented the main components of the ESG principles, namely environmental, social and managerial. The essence of each of the components was described, and the importance of the development of all components was established due to the relationship between them. An important place in the work is given to the analysis of the development of the Sustainability Sector within the Moscow Exchange, which includes securities of organizations associated with the application of ESG principles. The author examined the Responsibility and Openness index, which includes 24 companies, and the Sustainable Development Vector index, which includes 21 companies. Based on the available data, the securities included in the Sustainable Development Sector were studied, information was obtained on their maturity and direction of activity. To obtain more accurate data, the structure of investors in "green" and "social" bonds was studied, depending on their position in the financial market. It was found that the most active investors in the green bond market are banking organizations, which, earlier than others, began to show interest in this sector. in addition, there was a high interest on the part of investors — individuals. The author studied the industries in which one or another component of the ESG principles was singled out as the leading one, after which it was revealed that at the moment the leading domestic organizations direct most of the available resources to the implementation of the environmental component.

An approach to building a financial model for the purposes of planning resource products of the corporate segment in commercial banks

Subject. The paper considers planning of resource products in the corporate business segment of a commercial bank. Objectives. The aim is to develop a model for planning financial results generated by attracted time deposit accounts and demand accounts of the corporate business segment in a commercial bank. Methods. I employ mathematical, statistical, and econometric methods and applied programming methods (SARIMA model for planning the profile of resource products of corporate clients, taking into account seasonality; the Ward's method for clustering corporate clients to create a pattern of financial behavior; SQL language for building uniquely designed models of resource product planning). Results. I identified the main drivers, algorithms and pricing principles of resource products. On their basis, I developed my own models for planning financial results from attracting time deposit accounts and demand accounts of the corporate business segment in a commercial bank. The uniquely designed planning models were tested on the basis of the medium-sized corporate business segment of one of the largest Russian commercial banks. Conclusions. The use of proprietary models enables to increase the accuracy of financial planning. The definition of a corporate client as the main driver contributes to the construction of a customer-oriented corporate customer service system, develops an incentive system, and allows to create additional incentives to increase cross-sales of banking products.

СТРАТЕГИИ ESG И СОЦИАЛИЗАЦИЯ ДЕЯТЕЛЬНОСТИ КОМПАНИЙ В СОВРЕМЕННЫХ УСЛОВИЯХ (ЗАРУБЕЖНЫЙ ОПЫТ)

The subject of the study is the process of socialization of the business sector in a market economy. The aim of the paper is to analyze the implementation of the criteria for responsible governance at the corporate level within the framework of the ESG requirements as a factor in mitigating the negative consequences of unregulated economic globalization. The scientific novelty lies in the analysis of the components of the socialization of the corporate segment, which are being implemented, among other things, on the basis of strengthening state regulation of the country in which the company is located, which involves the implementation of social justice in wages, diversity, and inclusiveness, ensuring the health of the team, as well as the requirement of a "reversal" management of companies towards greater attention to the team itself, taking care not only of a favorable climate in the team but also the living conditions of families working in the company. This trend reflects the fact that in recent years, the issues of social responsibility of business within a market economic system in the context of progressive economic globalization are practically subordinated to the ideas of obtaining commercial benefits and income. The recommendations of UN experts in terms of achieving sustainable development by 2030 allowed paying attention to corporate responsibility in terms of the socialization of labor relations while focusing on increasing the responsibility of the state itself as an institution for ensuring the sustainability of the social development of society. The research methods are general scientific methods of analysis and synthesis, a systematic approach, as well as a comparative comparison.

Карты размещения зарубежных ТНК как вклад в географию глобальных городов США

The dynamic course of the transnationalization of the world economy necessitates the formation of a new direction of geography and cartography—corporate, and the active process of large business filialization aims to study and display the location of not so much corporate headquarters as networks of their divisions intersecting in global cities. The article presents a conceptual scheme of the study of the localization of foreign TNCs in global US cities, reveals the stages of its implementation, outlines the main results and experience of mapping the phenomenon. In total, 28 global cities of the country of different ranks and more than 4.6 thousand foreign branches of TNCs were involved in the analysis. The main source of factual information is the data of the Forbes 2000 rating and the websites of individual corporations. Based on the analysis of the data obtained using a set of methods, the scale of the presence, as well as the features of the sectoral and geographical structure of foreign TNCs in global US cities are estimated and visualized; specific models of their placement in individual agglomerations are illustrated (for example, New York, Houston and San Francisco). The map system allows a deeper understanding of the phenomenon and well reflects the increased attractiveness of global cities of the alpha group, the presence of a “division of labor” between US centers for attracting foreign companies of different functional profiles, the relative similarity of the spatial structure of foreign companies, the effectiveness of the mechanism of geographical proximity, the specifics of the priorities of TNCs when placed in the intra-agglomeration space. The presented developments can contribute to the development of the corporate segment of research in geo-urban studies and be useful for large businesses in the selection of counterparties and branch placement sites; to adjust documents and programs to attract foreign investment and create “poles of growth”, “zones of accelerated economic growth”; for the authorities of large cities in terms of ensuring the reception of foreign business.

ПРОФЕССИОНАЛЬНАЯ ДЕЯТЕЛЬНОСТЬ НА РОССИЙСКОМ РЫНКЕ ЦЕННЫХ БУМАГ: ОСНОВНЫЕ ТЕНДЕНЦИИ

In the modern economy, a special role in the system of financing the reproduction process is played by financial organizations that carry out professional activities in the securities market. Capital flows on a national scale through many channels, but the most adaptive of them is the stock market, which is the Central link of the modern market economy. This is an extremely complex infrastructure, where many financial intermediaries operate a variety of financial instruments and perform a wide range of functions for servicing and managing economic processes. The course of development of this segment is largely determined by the development directions and performance of professional participants. Professional activity in the stock market is strictly controlled by the government, since even a minor event, technical error or unofficial information that has spread can lead to a sharp change in the market situation, to jumps in market prices (rates) of securities. This creates conditions for unfair actions in the stock market. It is in order to protect bona fide market participants and the entire economy of the country from such phenomena that the state, by exercising control over the activities of participants, regulates the financial market and the securities market, which is an important part of it. In our research, we use methods of comparison and graphical analysis for the main types of professional mediation activities. As a result of the analysis, it was determined that the current stage of regulating the activities of professional participants has positive results, as evidenced by the growth of investment activity of citizens using brokerage services and trust management in the corporate segment of the securities market. The relevance of the use of trust management of funds is due to the fact that this direction will create conditions for repayment, profitability and risk reduction for investors

Low effectiveness of methotrexate in the management of localised scleroderma (morphea) based on an ultrasound activity score.

The effectiveness of methotrexate (MTX), a first-line treatment for localised scleroderma (morphea), has not been assessed using colour Doppler ultrasonography (CDU). We aimed to ultrasonographically monitor disease activity in patients with morphea treated with MTX, assessing its effectiveness using an Ultrasound Morphea Activity Score (US-MAS). A retrospective cohort of 22 patients was studied between July 2014 and July 2019. The morphea of each patient, treated with MTX, was confirmed by histology and all patients had at least two CDU examinations. The US-MAS is based on published ultrasound signs of disease activity validated by histology. A weight-adjusted average MTX dose (mg/kg/wk) was used to standardize dosage, weight, and time between CDU examinations. The difference in US-MAS between two CDU examinations was determined. Statistical analyses included Wilcoxon and Fisher exact tests, the Spearman correlation coefficient, and risk ratios with 95% confidence intervals. To create two groups, we determined the median of the sample as the cut-off point for MTX dose (0.265mg/kg/week). Significance was set at p≤0.05; Results: In all cases, CDU examinations showed subclinical signs of activity beyond the visible lesional borders, either in the same or adjacent corporal segments. A negative correlation was found between the change in US-MAS and MTX dose (Spearman coefficient, -0.45; p = 0.035). The group dosed at ≥0.265mg/kg/wk showed a non-significant change in US-MAS (2-point decrease). No case became inactive. MTX is a treatment with a low effectiveness for morphea, causing only slight decreases in ultrasound activity at higher doses.