11. Dilyara R. Abdrakhmanova

Developing an Integrated Securities Quality Index with Due Accounting for Shareholder Demands

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Dilyara R. Abdrakhmanova

Postgraduate Student of Kazan Federal University

Kremlevskaya Str. 18, Kazan’, Russian Federation, 420008

The present study develops methodological approaches to securities quality assessment with due accounting for shareholders’ demands and the gnoseological potential of the neo-institutional paradigm.
Aim. The study aims to analyze methodological approaches to object quality assessment with due accounting for the level of customer satisfaction, and to propose tools for calculating the securities quality index.
Tasks. Using a similarity measure, the authors develop composite securities quality indices with due accounting for the specific aspects of the functioning of subjects in a knowledgebased economy; they substantiate the selection of the comparative base in light of the study’s working hypothesis; they propose tools for designing a securities market in accordance with informal rules of forming a measure of similarity of securities quality, as well as the demands of shareholders as consumers.
Methods. In accordance with the working hypothesis, this study uses the methodological principles of the neo-institutional paradigm, along with certain analytical tools derived from the theories like the economics of quality, securities markets, investments, qualimetry, and general systems theory. Research methods used include general scientific methods and microeconomic modeling methods in accordance with the principles of neoclassical economics, as well as the comparative method, which involves a comparative study of space-time interactions.
Results. Using a similarity measure, the authors develop composite securities quality indices with due accounting for the specific aspects of the functioning of securities market subjects in the context of a knowledge-based economy. Specific types of composite quality indices are introduced.
Conclusion. This study presents a methodological approach to securities quality assessment using an investor’s decision-making model with due accounting for the nexus between the securities quality parameters and the comparative base parameters. The developed methodological approach can be used subject to certain constraints: (a) acknowledging the achievability of the maximum level of quality, (b) the symmetry of the similarity measure with regard to the quality parameters, (c) the comparative base parameters, and (d) the variability of securities quality. Liquidity, turnover, profitability, security, and risk are viewed as securities quality parameters, each with its own characteristics; the comparative base may be represented by similar parameters of shareholder (consumer) demands, a hypothetical securities sample formed by selecting the best quality parameters from the multitude of securities offered on the market, or the best securities sample from a group of analogs. The institution of securities quality assessment can be interpreted as a combination of formal and informal institutions pertaining to quality, as described in investors’ decision-making models.

Keywords: securities quality index, composite quality index, shareholder satisfaction, institution of securities quality, investor’s decisionmaking model

Citation: Abdrakhmanova D. R. Razrabotka integral’nogo pokazatelya kachestva tsennoy bumagi s uchetom zaprosov aktsionerov [Developing an Integrated Securities Quality Index with Due Accounting for Shareholder Demands]. Ekonomika i Upravlenie, 2018, no. 7 (153), pp. 78–84.

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