The stronger the level of economic integration between countries, the greater the need to study the formation patterns of the stock market reaction to the financial information signals. This concerns the Ukrainian stock market, which is now in its infancy, and which reaction to financial information signals is sometimes ambiguous. The research aims to identify the formation patterns of return and volatility indicators of the Ukrainian stock market reaction to the US financial information signals. To assess the direct nature of (...) US financial information signals effect on the PFTS stock index, the GARCH econometric modeling toolkit was applied. The research information base is the PFTS stock index and the Federal Reserve System financial information signals at the discount rate for 2000–2019. The fetch is divided into intervals corresponded to the ascent and decline phases of the financial cycle. It was found that an unforeseen increase in the discount rate at the financial cycle decline phase by 25 basis points decreases the PFTS stock index return, on average by 2.9%. Besides, the hypothesis about the general change stabilizing effect in the discount rate on the Ukrainian stock market volatility at the financial cycle growth phase was confirmed. Nevertheless, for investors, the most essential is the regulator’s monetary signals in the discount rate at the financial cycle decline phases rather than at the ascent phases because there is a more significant increase in the volatility level. (shrink)

Авторами розглянуто вплив провідних світових кредитних рейтингових агентств на фінансову безпеку емітентів цінних паперів. Обґрунтовано перформативний характер діяльності кредитних рейтингових агентств з позицій моделі «Les economies de la grandeur» нового соціологічного французького інституціоналізму, що дає змогу розв’язати протиріччя щодо сильної опозиції стосовно їх функціонування з одночасним збереженням діючої системи нормативного використання кредитних рейтингів.

The Ukrainian PFTS stock index volatility reaction as a whole and its constituent economic sectors (“Basic Materials”, “Financials”, “Industrials”, “Oil & Gas”, “Telecommunications”, “Utilities”) to seven non-monetary US information signals (“Consumer price index”, “Personal spending”, “Unemployment rate”, “Gross domestic product”, “Industrial production”, “Consumer confidence”, “Housing starts”) was carried out for the period 2000–2017 on the basis of closing stock quotations in the trading day format. To assess the “surprise” component direct influence nature of the USA selected non-monetary information signals on (...) the PFTS stock index, an AR-GARCH econometric modelling device was used. The results achieved clearly indicate the presence of some PFTS stock index economic sectors heterogeneous reaction to the United States individual non-monetary information signals announcement. For example, such economic sectors as “Basic Materials”, “Financials”, and “Oil & Gas” volatility response to the US non-monetary information signal “Consumer price index” “surprise” components the opposite of the overall PFTS stock index reaction. It can also be concluded that the United States non-monetary information signals influence on the Ukrainian stock market volatility depends not only on the financial cycle phase and data frequency, but also on the PFTS stock index economic sector. (shrink)

The study aims at determining the role and significance of such moral emotions as nobility, gratitude, admiration for the socially significant behavior of a person in society. That involves identifying a close relationship between those emotions and personality’s social behavior and that they can be one of the main incentives for socially significant behavior – theoretical basis. The importance of ethical emotions with positive valence when making decisions with their implementation in society determines the research’s theoretical and methodological basis. Those (...) are studied in the cognitive dimension of human social activity, considering their subjective experience and objectification. The authors determined that ethical emotions with positive valence, pleasant emotions stimulate a person to experience them again and behave socially desirable as such behavior allows reliving those emotions and self-actualizing. Emotions with a positive valence are most desirable for a person and are the essential behavior incentives in society. A person can act actively to achieve them, to experience them repeatedly, which is the basis of motivation for socially desirable and meaningful behavior. From exclusively subjective experiences, those emotions move into objectification, i.e., those motivated to act in conditions of a definite or indefinite social continuum. In due time, these socially crucial actions acquire normative content, sometimes even a form, since they serve as a model for others. Moral emotions with positive valence, empathy, rule-making, high culture, and responsibility to oneself and others form a good way of a person’s self-realization through positive social behavior. Furthermore, moral emotions with positive valence are the most important incentive for such behavior. (shrink)

Розглянуто теоретико-методологічні основи прогнозування валютних курсів на ринку Forex. Визначено особливості діяльності на ринку Forex та його переваги і недоліки серед інших валютних ринків. Розкрито сутність прогнозування в цілому та основні проблеми у прогнозуванні. Розглянуто основні методи прогнозування валютних курсів на ринку Forex та ступінь їх використання.

Визначено специфіку постмодерністського споживача продуктів культури у процесі досвіду споживання та можливостей для бізнесу. Встановлено, що постмодерністського споживача доцільно розглядати як вільну особистість із фрагментованою ідентичністю, яка створює цінність та отримує досвід, а також здатна залучати ресурси та навички для конкретних ситуацій споживання продуктів культури. Обґрунтовано важливість застосування концепції пережитого досвіду, щоб підкреслити ключову роль споживача у спільному із суб’єктом підприємництва формуванні цінності будь-якого досвіду споживання продуктів культури. Обґрунтовано, що досвід споживання має місце не лише до, під час і після (...) споживання продукту культури, але також може розглядатися в контексті великої кількості мікродослідів, що поєднують спільне та/або послідовне використання віртуальних та реальних пристроїв. (shrink)

The need for innovative development of healthcare institutions is determined by the necessity to increase the efficiency of organizational processes based on the formation of new models of cooperation, which will make it possible to get access to new technologies and knowledge. The goal of the study is to determine the parameters of the impact of innovative open cooperation strategy and the strategy of innovative closed cooperation of healthcare institutions on the effectiveness of their organizational structure in the context of (...) dissemination and the use of knowledge. Simulation modeling was applied to generate the most effective organizational management structure in the context of innovative cooperation and knowledge exchange within the organizational processes “Inside-out” and “Inside-in”. It is substantiated that the strategies of innovative cooperation “Open Innovation/Closed Innovation” have a significant impact on the organizational structure of management of healthcare institutions in terms of the “degree of centralization” (Dci), “degree of mediation” (Dii), and “degree of centralization of powers” (Dpi). The values of the selected criteria range from 25,52% to 61,50% in the case of Dii, and from 34,53% to 52,63% in the case of Dci, which indicates a higher efficiency of organizational knowledge exchange processes in healthcare institutions, which adhere to the Open Innovation strategy of innovative cooperation. Therefore, there are significant differences in the effectiveness of the management’s organizational structure depending on the degree of openness of innovative cooperation of healthcare institutions. The strategy of innovative openness allows increasing the number and quality of connections in the context of knowledge exchange between the subjects (actors, agents) of the organizational structure (in a broad sense, considering internal and external levels of externality) of healthcare institutions, regardless of the distance between them and the level of similarity. (shrink)

The paper provides a new approach to determining the financial standing of Ukrainian banks in the long and short terms. Using the European assessing indices and the national ones, a new ranking system is created. The authors ranked 20 biggest Ukrainian banks by assets and grouped them into corresponding financial groups.

The article investigates the main characteristics of the financial stability of Ukrainian banks, their risk profile, structure of assets, liabilities, income, expenses based on the monthly reporting data for 2004-2020 (number of observations – 3 813). The Kohonen self-organizing map (SOM) toolkit is used to form homogeneous groups of banks based on a large number of financial indicators. The selected toolkit provides a convenient visualization of the results. Each bank occupies a specific place on the SOM. The close location of (...) banks on the map indicates that these banks have many common characteristics. This study is called the method of structural and functional groups of banks. The study formed stable groups of banks with the same characteristics of business models and risk profile. The formation of consecutive maps for each reporting period allows to obtain the characteristics of each bank separately and the banking system as a whole. The trajectory of an individual bank’s activity during the observation period characterizes the development of its business strategy. The migration of a large number of banks between groups reflects the objective changes in the conditions of banking. Increasing groups of high-risk banks indicate systemic problems. The results show that after a significant reduction in the banking system of Ukraine in 2014-2016, the business models of banks have changed significantly. The resource base relies on unstable sources of current funds with no set term of use. In the assets of banks, a significant portion is invested in government securities – government bonds. Bank loan portfolios have declined and have a higher proportion of non-performing assets (NPL). Many banks have increased currency risk. Concerns are raised about the state of large state-owned banks that hold a separate high-risk group. Thus, the conducted research allows to distinguish groups of banks with specific characteristics of business models and to observe changes of risk profile inherent to these groups. For each structural-functional group, changes in the values of financial indicators are investigated and migration between groups is studied. The proposed methodology is useful for studying both macro and macro levels. (shrink)

A method of identifying banks’ business models and studying the features of their risk profile, considering the system of indicators featuring the structure of assets, liabilities, income, expenses, and other qualitative indicators based on monthly statistical reporting. Kohonen's self-organizing maps (SOM) are used to process large data sets, revealing objects’ hidden features by forming homogeneous groups according to similar values of a large system of indicators. The choice of the system of indicators that play the most significant role in describing (...) the business models of modern banks is substantiated. The proposed method makes it possible to group banks with homogeneous characteristics into so-called structural-functional groups and studies the change in the characteristics of groups of banks over time to compare their behavior during periods of active development of the system and during a crisis. That approach is useful for studying the banking system at the macro level, as it provides a quantitative measure of its financial stability. The more banks are in groups with negative values of parameters, increased risks, and unprofitable performance, the worse the general state of the system. The method also allows studying the features of each structural and functional group and the business models’ features at the meso-level. The number and composition of banks inherent in any group change dynamically, which characterizes the features of the relevant business model in a particular period. The averages of each group reflect the objective changes in the banking system structure. In addition, the SOM trajectory can be built for each individual bank determining the development of its strategy, features of a particular business model, and risk profile. At the micro-level, it allows comparing the features of individual banks within the SFGB and models ways to improve efficiency and financial stability by forecast values for SOM. An extensive system of indicators used to form structural and functional groups of banks allows to quickly respond to changes in the banking system, identify areas of increased risk and explore the adequacy and effectiveness of banks’ business models. (shrink)

The concept of sustainable development considers environmental, social and economic issues in general. And the goals of resource conservation and socio-economic development do not contradict each other, but contribute to mutual reinforcement. The purpose of this study is to build and test an economic and mathematical model for the formation of strategies for the behavior of an economic entity with an increase in the impact of negative environmental factors. The proposed strategies and their models are based on the income-expenditure balance (...) equation, which takes into account both quantitative and qualitative characteristics. The constructed models are considered in the state space. The research methodology is based on building models in the form of linear combinations of functions of a homogeneous external impact and various spatial combinations of economic sources (sinks). The study makes it possible to assess the dependence of the amount of resources used for life support on the chosen adaptive strategy. Within the framework of the proposed model, it was found that the criterion for the effectiveness of the applied strategy can be an indicator of satisfaction with the state, the preservation of which, simultaneously with the preservation of the size of resources used, corresponds to the direction of optimization. This approach is consistent with the concept of sustainable development. (shrink)

The paper is a brief outline of Vuk-Pavlović’s life, his scholarly career and his philosophy. A short account of Vuk-Pavlović’s critique of the theory of knowledge and its interpretation as a meta-empirical issue is given, as well as some aspects of his philosophy of values, providing a framework for his entire philosophical system. Since he has remained one of the most influential Croatian authors when it comes to philosophical considerations of pedagogical problems, the main focus is on his (...) philosophy of education. (shrink)

Critics of the computational connectionism of the last decade suggest that it shares undesirable features with earlier empiricist or associationist approaches, and with behaviourist theories of learning. To assess the accuracy of this charge the works of earlier writers are examined for the presence of such features, and brief accounts of those found are given for Herbert Spencer, William James and the learning theorists Thorndike, Pavlov and Hull. The idea that cognition depends on associative connections among large networks of neurons (...) is indeed one with precedents, although the implications of this for psychological issues have been interpreted variously — not all versions of connectionism are alike. (shrink)

This volume aims to develop a philosophical diagnostic of the present, focussing on contemporary technoscience. psychoanalysis submits contemporary technoscientific discourse to a symptomatic reading, analysing it with evenly-poised attention and from an oblique perspective. Psychoanalysis is not primarily interested in protons, genes or galaxies, but rather in the ways in which they are disclosed and discussed, focussing on the symptomatic terms, the metaphors and paradoxes at work in technoscientific discourse. This monograph presents a psychoanalytical assessment of technoscience. The first four (...) chapters provide a short introduction into the psychoanalysis of technoscience, its basic concepts and methods, as developed Sigmund Freud, Carl Gustav Jung, Gaston Bachelard and Jacques Lacan. In subsequent chapters, this approach is fleshed out with the help of case histories (palaeoanthropology, classical conditioning and virology). Psychoanalysis reveals that, rather than by disinterested curiosity, technoscience is driven by desire, resistance and the will to control. Moreover, the focus is on primal scenes, such as Dubois’ quixotic quest for the missing link and Pavlov’s discovery of the conditioned reflex. In addition, psychoanalysis opts for triangulation: understanding technoscientific research by comparing it to “different scenes”: to genres of the imagination, notably novels, so that, in this volume, the discovery of a Homo erectus skull by Dubois is compared to missing link novels by Jules Verne and Jack London (dating from the same period), Pavlov’s discovery of the conditioned reflex is compared with B.F. Skinner’s novel Walden Two and virology as a research field is considered through the lens of viral fiction. (shrink)

I argue that rather than dismiss Foucault’s first book, Mental Illness and Personality, as an “apologetic exposition of Pavlov’s reflexology,” we ought see it as a valuable source documenting Foucault’s change of attitude towards psychology and the history of science in the early 1950s. I argue that there are two distinguishable strands that make up the text. The ‘frame’ of the book—the introduction, first chapter of the second part and conclusion of the book—is expressive of a critical attitude towards psychology, (...) and indicative of rather sophisticated conception of the history of science as a critical history aimed at bringing into view the unscientific forces that shape scientific labor. The ‘main body’ of the text—the first part and the second chapter of the second part—by contrast, reads as the history of the steady dialectical progress of the psychological sciences towards an ever more accurate understanding of mental illness. It is thus indicative to a naïve approach to psychology and to its history. The tension between the two strands of the book thus documents the starting point of Foucault’s then shifting attitudes toward the psychological sciences and the history of science, and the set of questions and sources that lead him to problematize his understanding of and approach to the latter. (shrink)

The Human Genome Project is regarded by many as one of the major scientific achievements in recent science history, a large-scale endeavour that is changing the way in which biomedical research is done and expected, moreover, to yield considerable benefit for society. Thus, since the completion of the human genome sequencing effort, a debate has emerged over the question whether this effort merits to be awarded a Nobel Prize and if so, who should be the one to receive it, as (...) no more than three individuals can be selected. In this article, the HGP is taken as a case study to consider the ethical question to what extent it is still possible, in an era of big science, of large-scale consortia and global team work, to acknowledge and reward individual contributions to important breakthroughs in biomedical fields. Is it still viable to single out individuals for their decisive contributions in order to reward them in a fair and convincing way? Whereas the concept of the Nobel prize as such seems to reflect an archetypical view of scientists as solitary researchers who, at a certain point in their careers, make their one decisive discovery, this vision has proven to be problematic from the very outset. Already during the first decade of the Nobel era, Ivan Pavlov was denied the Prize several times before finally receiving it, on the basis of the argument that he had been active as a research manager rather than as a researcher himself. The question then is whether, in the case of the HGP, a research effort that involved the contributions of hundreds or even thousands of researchers worldwide, it is still possible to “individualise” the Prize? The “HGP Nobel Prize problem” is regarded as an exemplary issue in current research ethics, highlighting a number of quandaries and trends involved in contemporary life science research practices more broadly. (shrink)

(English, then french abstract) : -/- Fantasy, Discourse, Ideology – Transmission Beyond Propaganda. -/- Propaganda is everywhere, not only in commercials or politics. It is aimed at faraway strangers as well as nearby friends and relations. Propaganda in fact relies on a certain type of psychic structure, one that is tuned to receive it and disseminate it. This structure is a result of an unconscious subjective identification which is therefore not open to change through either cognition, argumentation or reasoning. Propaganda’s (...) form and content are best explained by an unconscious subjectivity rather than by Pavlov’s theory. The social dimension of this subjectivity may be defined by what we refer to as our ‘Analysis of Subjective Logics’ (a legacy of Lacan’s theory of the Four Discourses, which is deficient in some respects). We will first explore the various facets of the ‘Fantasy to Propagate’ by means of a word by word analysis, and will then go on to describe the connexions between Fantasy, Discourse and Ideology. We will show how a clever manipulator triggers an echo in the psyche of his victims, knitting together different and sometimes even contradictory fantasies in an unsteady synthesis he manages to maintain through patient repetition. As for psychoanalysis, it is not only possible but also highly desirable to practise it in the absence of all propaganda : among analysts, on condition that the precept of authority be outwitted, and within each analysis, by undoing the analysand’s sensitivity to suggestion. Psychoanalysis indeed does not only address the individual’s symptoms and their unravelling, but also, more ambitiously, aims to heal civilization of its discontents. This would entitle us to speak in terms of a genuine form of ‘propaganda prevention.’ -/- ---------------------- -/- Fantasme, Discours, Idéologie - D’une transmission qui ne serait pas propagande -/- La propagande se rencontre partout, pas seulement en publicité ou en politique. Avant d’être verticale et adressée aux lointains inconnus, elle est horizontale et s’adresse aux connaissances proches. C’est qu’elle repose en fait sur une structure psychique apte à la recevoir et à la répercuter, structure qui résulte de l’identification subjective, inconsciente donc non modifiable par la cognition, l’argumentation, la raison. Plutôt que par Pavlov, la forme et le contenu de la propagande s’expliquent par la subjectivité inconsciente. Celle-ci se laisse décrire dans le champ social par notre « Analyse des Logiques Subjectives » (héritière critique de la théorie des Quatre Discours de Lacan, insuffisante à maints égards). Nous passerons de l’analyse des facettes du « fantasme de propager » (par le détail des expressions qui en constituent les réalisations) à la description des rapports entre Fantasme, Discours et Idéologie : comment les habiles suscitent un écho dans le psychisme de leurs victimes en fédérant des fantasmes divers –voire opposés– dans une synthèse instable, mais que sa patiente répétition a pour effet de maintenir. En psychanalyse, transmettre sans propagande est non seulement possible mais souhaitable : horizontalement chez les analystes, à condition d’y déjouer l’argument d’autorité, et verticalement dans chaque analyse, en défaisant chez l’analysant les réseaux de suggestibilité. Car la psychanalyse, loin de se borner à la simple disparition des symptômes individuels, a pour vocation plus ambitieuse de contribuer à déconstruire le « malaise dans la civilisation ». On serait alors en droit de parler d’un authentique « prévention de la propagande ». (shrink)