Konstantin Kostin
@unecon.ru
Prof. Dr. Habil.
Saint-Petersburg State University of Economics
RESEARCH, TEACHING, or OTHER INTERESTS
General Economics, Econometrics and Finance, Business and International Management, Marketing, Finance
Scopus Publications
Scholar Citations
Scholar h-index
Scholar i10-index
Scopus Publications
Maksim A. Solomatin, Marko Radovic, Alexander A. Petrunin, Demid A. Kirilenko, Alexey S. Varezhnikov, Georges Dubourg, Mikhail Yu. Vasilkov, Alexey M. Bainyashev, Andrea Nesterovic, Ilia Kiselev,et al.
Elsevier BV
Konstantin B. Kostin, Philippe Runge, and Leyla E. Mamedova
MDPI AG
This study empirically analyzes return data from select energy companies in developed and emerging markets using the Fama-French three- and five-factor asset-pricing models in crisis settings. It researches whether these models are suitable to produce meaningful return data in challenging economic circumstances. We use panel data covering 12 of the largest globally-operating energy companies from Russia, China, the US, the EU, and Saudi Arabia, covering a period between 2000 and 2022. The results undermine the general notion that the usage of available multi-factor asset-pricing models automatically yields meaningful data in all economic situations. The study reiterates the need to reconsider the assumption that the addition of more company-specific factors to regression models automatically yields better results. This study contributes to the existing literature by broadening this research area. It is the first study to specifically analyze the performance of companies from the energy sector in a crisis like the COVID-19 pandemic with the help of the Fama-French three- and five-factor models.
Igor Anatolyevich Maksimtsev, Konstantin Borisovich Kostin, and Anastasia Arturovna Berezovskaya
MDPI AG
The global changes which are affecting countries at the moment act as a ‘censor’ of modern energy relations and energy market development strategies in general. The development of the energy market is no longer considered in terms of its efficiency but more in terms of its survivability under the influence of external environmental factors and its ability to maintain an acceptable level of energy safety. In order to fully balance a country’s internal interests and increase its competitiveness in the global energy market, the importance of the problem of choosing a development strategy—following the path of energy independence or cooperative development—is becoming evident. The purpose of this paper is to identify an effective energy strategy for a country under the influence of contemporary challenges. The object of the study is the Russian energy market and the energy companies as its key players. In this context, it examines the situations where Russia and other energy market players are unequally affected by external environmental factors. Particular emphasis is placed on the possibility of overcoming the negative impact of environmental factors during the implementation of measures aimed at ensuring energy safety, achieving a better environmental situation in the country by reducing CO2 emissions, and strengthening the country’s position in the global energy market by changing its own energy development strategy. The dependence of the financial outcome of the energy complex companies of the Russian Federation on the factors of the external and internal environment was determined as the main direction of the study. The financial outcome of the Russian energy complex companies in this article serves as a landmark indicator of energy market development. The working hypothesis of the research is the authors’ claim that it is necessary for modern energy companies in Russia, as important participants in the energy market of the country, to transform their strategy in the direction of deepening cooperation under the influence of external and internal environmental factors. The methodological and theoretical framework of this study consists of classical and modern economic science, covering the analysis of energy market dynamics and structure, as well as the theories aimed at selecting the most effective strategies under the influence of external and internal environmental factors. The study is based on the works of domestic and foreign scientists devoted to the issues of competitiveness, strategic planning, and sustainable development in the context of total digitalization. Within the framework of the conducted research, we used methods of system and factor analysis; statistical research methods, in particular the analysis of dynamic changes, as well as correlation and regression analysis; and methods of comparison, analogy, and generalization. An important source of data on the financial result of companies in the Russian energy sector was the materials of the Federal State Statistics Service of the Russian Federation. As a result of this paper, a notable influence of external and internal environmental factors is determined. Among the most significant factors, digitalization is identified as a development trend. It also represents a driver of improvement in Russia’s energy market, both in terms of improving its competitiveness and environmental safety and in terms of strengthening the country’s leadership position in the global energy market. In addition to the findings, this article provides a theoretical contribution and recommendations for the development of theoretical ideas concerning the choice of an effective strategy for the development of Russia’s energy market. Future research directions are also considered, and the implications of the presented analysis for further research are discussed.
Konstantin B. Kostin, Ralf Fendel, and Friedrich Wild
MDPI AG
Examining and comparing the FinTech investment environments of major economies has untapped potential when it comes to comparing their innovativeness in the financial sector. Therefore, this paper examines the development of FinTech companies from Germany and Russia by investigating funding circumstances and by analyzing equity investments. The goal of the article is to analyze the growth and development of equity funding in FinTech companies in both countries. The underlying hypothesis for this investigation is the applicability of an exponential growth model for the examined funding rounds. The analysis shows that the German market has more FinTech start-ups pursuing equity funding rounds. From Pre-Seed to Series D funding, the considered investment market is about 18 times larger in Germany than it is in Russia. The German market shows strong evidence of exponentially increasing investment tickets based on the behavior of the total data set. This is further supported by testing exponential and linear models on the averages for the investment stages. In this analysis, the exponential model shows a significantly better fit than its linear counterpart. The analysis of the Russian market is not supportive of the hypothesis, as substantial evidence of the superiority of a linear model over an exponential model could be found. This, combined with comparatively compact average funding sizes, signals a more immature equity investment market in Russia.
Konstantin B. Kostin, Philippe Runge, and Michel Charifzadeh
MDPI AG
This study empirically analyzes and compares return data from developed and emerging market data based on the Fama French five-factor model and compares it to previous results from the Fama French three-factor model by Kostin, Runge and Adams (2021). It researches whether the addition of the profitability and investment pattern factors show superior results in the assessment of emerging markets during the COVID-19 pandemic compared to developed markets. We use panel data covering eight indices of developed and emerging countries as well as a selection of eight companies from these markets, covering a period from 2000 to 2020. Our findings suggest that emerging markets do not generally outperform developed markets. The results underscore the need to reconsider the assumption that adding more factors to regression models automatically yields results that are more reliable. Our study contributes to the extant literature by broadening this research area. It is the first study to compare the performance of the Fama French three-factor model and the Fama French five-factor model in the cost of equity calculation for developed and emerging countries during the COVID-19 pandemic and other crisis events of the past two decades.
Larisa I. Nekhvyadovich, Konstantin B. Kostin, and Vladimir V. Mironov
Springer International Publishing
Yury Boldyrev, Sergey Chernogorskiy, Konstantin Shvetsov, Anatoly Zherelo, and Konstantin Kostin
MDPI AG
This work touches upon the tasks of describing regional socio-economic development. The nature of the considered problem indicates the fact that the only relevant tool here is mathematical modeling. In this paper, the application of mathematical modeling is considered for the problem of managing regional development. The results of calculations based on the regional dynamic model that passes through the hierarchy of instabilities (the correspondence of the same stationary points of the model to different parameters) are presented. These instabilities lead to increasingly complex structures.
A. V. Ermolenko, A. A. Shevelev, M. A. Vikulova, D. S. Kovaleva, K. B. Kostin, E. A. Yakovlev, and I. N. Burmistrov
Springer Science and Business Media LLC
Vladimir K. Sokolov, K. B. Kostin, K. L. Khohlov, and M. Y. Kukin
SPIE
The visual model of a modified adaptive acousto-optic interference canceller is designed using the software Simulink 4.0 on the basis of the algorithm presented in the paper. The effectiveness of the sinusoidal, impulse and noise interference cancellation is investigated by means of the model.
K. B. Kostin and Vladimir K. Sokolov
SPIE
The analysis of operation of modified adaptive acousto-optic interference canceller is discussed. Based on the analysis, the mathematical model and algorithm of operation of the canceller is developed.
I. V. Grekhov, L. S. Kostina, T. S. Argunova, E. I. Belyakova, N. M. Shmidt, K. B. Kostin, E. D. Kim, and S. Ch. Kim
Pleiades Publishing Ltd
Igor V. Grekhov, Tatiana S. Agrunova, Lioudmila S. Kostina, Natalia M. Shmidt, Helmut Föll, and Konstantin B. Kostin
Springer Science and Business Media LLC
ABSTRACTBonding of silicon surfaces in aqueous solution of compounds containing III and IV impurities was performed for the first time. It was observed that the presence of aluminum at the bonding interface improved structural quality of the interface. This phenomenon is explained by the increase of the contact area due to Al-OH group sandwiched between the water molecules adsorbed at hydrophilic wafer surfaces at the first bonding stage. The incorporation of Al produces a p-type layer and the I/V characteristics of the resultant np+n diodes is shown not to be influenced by the presence of the bonding interface. The technique developed could be advantageous for the design of multi-layer large area semiconductor devices.
Tatiana S. Agrunova, Igor V. Grekhov, Lioudmila S. Kostina, Alexander G. Tur'yanskii, Igor V. Pirshin, Ilya R. Prudnikov, and Konstantin B. Kostin
Springer Science and Business Media LLC
ABSTRACTSiC Lely platelets and SiC epilayers on large area SiC substrates were directly bonded to non-oxidized grooved surface silicon wafers in order to obtain structures prospective for the design of power bipolar devices with wide band-gap emitter junctions. The reported capabilities of grooved interfaces to reduce elastic strain and intrinsic sources of an interfacial potential barrier were utilized. The influence of surface morphology on the structural perfection of the bonded samples was studied in detail by X-ray and AFM techniques. As compared to traditional bonding technology, experimental data showed an easier smooth-to-grooved surface bonding accomplished in the formation of the boundary with better continuity and strength. For 2 in. diameter SiC wafers with root mean square height of roughness σ=16 Å and lateral coherence length L=1.8 μm bonding continuity not smaller than 90% was reached, while the crystals with σ=30 Å, L=5 μm failed to bond to Si even under an external force.
E.D. Kim, S.C. Kim, I.V. Grekhov, T.S. Argunova, E.I. Beliakova, L.S. Kostina, N.M. Shmidt, and K.B. Kostin
Institution of Engineering and Technology (IET)
A simple method for power semiconductor devices with pn junctions is suggested, using the silicon direct bonding technology with simultaneous p-layer formation at the bonding region by attaching two wafers in an aqueous Al-nitrate solution. The resulting high structural quality is explained by the formation of Al-O-Si bonds in addition to Si-O-Si bonds as well as by the mass transport phenomena stimulated by diffusion of Si and Al atoms at the bonding interface.