Investment Management and Financial Innovations (open-access)

ISSN 1810-4967 (print), 1812-9358 (online)
Publisher LLC “Consulting Publishing Company “Business Perspectives”
Issued from September 2004
Investment Management and Financial Innovations (open-access)

Starting January, 2017, Journal supports Open Access.

The journal covers all aspects of investment activity management on both global and local levels, strategy and methods of investment purposes achievement, investment process participants, investment tools, monetary systems, financial markets, and financial innovations. It publishes articles, which are focused on financial management issues, financial innovations, modern trends and tendencies of investment activity management both on macro- and micro-levels. The journal is published quarterly in Ukraine.

Key topics:

  • financial and investment markets;
  • government policy and regulation;
  • information and market efficiency;
  • financial forecasting and simulation;
  • financial institutions: investment companies, investment funds, investment banks, hedge funds, private pension funds;
  • objects of real and financial investing;
  • financial instruments and derivatives;
  • efficiency of investment projects;
  • econometric and statistic methods in project management;
  • alternative investments;
  • ratings and rating agencies.

Subject Area – Business, Management and Accounting. Subject Category – Business, Management and Accounting (miscellaneous).

Subject Area – Economics, Econometrics and Finance. Subject Category – Economics and Econometrics; Finance.

Publisher

LLC “СPС “Business Perspectives”
Hryhorii Skovoroda lane, 10, Sumy 40022, Ukraine
phone/fax: +38-0542-775771

Submission guidelines

Please send a soft copy of your paper as an MS Word .doc file (all versions accepted) and filled Cover letter form to the following e-mail:
Editorial Assistant -

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Open Access Statement

Journal is committed to full open access for scholarly publications. All articles are available to all users immediately upon publication of the issue.
Benefits of the open access are:increased citation and usage;rapid publication; faster impact with permissive licenses; copyright retention by the author.
Authors can choose either of Creative Commons licenses (CC-BY 4.0 or CC-BY-NC 4.0). Find detailed information in the Copyright section.

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Editors

Natalya (Natasha) V. Delcoure

Dean, Professor of Finance, College of Business Administration, Texas A&M University-Kingsville, USA.
ResearcherID: B-3800-2018

Volodymyr Ponomarenko

Doctor of Economics, Professor, Corresponding Member of National Academy of Educational Sciences of Ukraine, Academic of Engineering Academy of Sciences of Ukraine, Rector of Simon Kuznets Kharkiv National University of Economics, Ukraine.

Kenichiro Miyamura

Professor of Finance, the Chairperson of the Accounting and Finance department, Faculty of Business Administration, Toyo University, Tokyo, Japan.

Advising Editors

Robert Brooks

Professor, Department of Econometrics and Business Statistics, Faculty of Business and Economics, Monash University, Australia.

Svetlozar (Zari) Rachev

Professor, Department of Mathematics & Statistics, Texas Tech University, USA.
Google Scholar Citations

Frank Skinner

Professor of Corporate Finance, Head of the Department of Economics and Finance, Brunel University London, UK.
Google Scholar Citations

Editorial Board

Erdal Atukeren

Ph.D., Professor, Business School Lausanne, Switzerland.

Galina Azarenkova

Doctor of Economics, Professor, Head of the Department of Finance, Banking and Insurance, Kharkiv Educational and Scientific Institute of SHEI “Banking University”, Ukraine.
ResearcherID: M-5272-2015

Benzion Barlev

Ph.D., Lev Academic Center and John Berg Professor Emeritus of Accounting, Jerusalem School of Business Administration, The Hebrew University of Jerusalem, Israel.

Earl Benson

Professor of Finance, Department of Finance and Marketing, Western Washington University, USA.

Agyenim Boateng

Professor of Finance and Banking, Department of Law, Economics, Accounting & Risk, Glasgow Caledonian University, United Kingdom.

Ghassen Bouslama

Associate Professor of Finance, NEOMA Business School, France.

K.C. Chen

Ph.D., Chartered Financial Analyst, Theodore F. Brix Endowed Chair in Finance, Department of Finance and Business Law, California State University, Fresno, USA.
ResearcherID: B-5438-2018

Mihir Dash

Associate Professor, Alliance School of Business, Alliance University, Bangalore, India.

David C. Distad

Ph.D., CFA, University of California at Berkeley; Investments Consultant, Distad & Associates, USA.

Ahmad Etebari

Ph.D., Professor of Finance and Co-Chair of the Atkins Strategic Investment Center at the University of New Hampshire’s Peter T. Paul College, Durham, USA.

Frank J. Fabozzi

Professor of Finance, EDHEC Business School and Senior Scientific Adviser at EDHEC-Risk Institute, France.
http://www.frankfabozzi.com

Pablo Fernandez

Ph.D., Professor of Financial Management, PricewaterhouseCoopers Chair of Corporate Finance, IESE Business School, University of Navarra, Spain.
Google Scholar Citations

Manfred Frühwirth

Dr., Associate Professor, Department of Finance, Accounting and Statistics, Institute for Finance, Banking and Insurance, Vienna University of Economics and Business; Academic Director – Professional MBA Finance, Austria.

Kostas Giannopoulos

Professor of Finance, Neapolis University, Cyprus.
ResearcherID: A-1760-2014
Google Scholar Citations

Fazil Gokgoz

Ph.D., Professor, Vice Dean and Chair of Quantitative Methods Division of Faculty of Political Sciences, Ankara University, Turkey.
ResearcherID: D-3095-2018

Liang Guo

Department of Accounting and Finance, College of Business & Public Administration, California State University, San Bernardino, USA.
ResearcherID: F-9316-2017

John A. Haslem

Ph.D., Professor Emeritus of Finance, Robert H. Smith School of Business, University of Maryland, USA.

Nathalie Hilmi

Professor of Finance and Macroeconomics, International University of Monaco, International Atomic Energy Agency, Scientific Center of Monaco, Monaco.

Robert M. Hull

Professor, Clarence King Endowed Chair in Finance, Washburn University, USA.
ResearcherID: E-2082-2012
Google Scholar Citations

A. Can Inci

Ph.D., Full Professor of Finance, College of Business, Bryant University, Rhode Island, USA.
ResearcherID: B-5471-2018

Danling Jiang

Associate Professor of Finance, College of Business, State University of New York at Stony Brook, USA.
ResearcherID: K-4424-2013
Google Scholar Citations

Olga Kneysler

Doctor of Economics, Professor, Head of the Department for Economic Entities Finance and Insurance, Ternopil National Economic University, Ukraine.
Google Scholar Citations

Maxim Korneyev

Ph.D., Associate Professor, University of Customs and Finance, Dnipro, Ukraine.
ResearcherID: B-7032-2018

Yulia Kovalenko

Doctor of Economic Sciences, Professor, Department of Financial Markets, University of the State Fiscal Service of Ukraine, Ukraine.

Edward Lawrence

Full Professor of Finance, College of Business Administration, University of Missouri, USA.

Da-Hsiang Donald Lien

Ph.D., Richard S. Liu Distinguished Chair in Business Department of Economics, College of Business, University of Texas at San Antonio, USA.

Otto Loistl

Professor Emeritus,Vienna University of Economics and Business, Austria.

Cornelis A. Los

Semi-retired Professor of Economics and Finance, Lecturer in Finance, Paul Merage School of Business, University of California at Irvine, USA.
ResearcherID: B-5116-2018
Google Scholar Citations

Stelios N. Markoulis

Dr., Adjunct Lecturer University of Cyprus, Visiting Lecturer Cyprus International Institute of Management, Honorary Visiting Research Fellow Cass Business School, London, UK.
ResearcherID: B-5002-2018
Google Scholar Citations

John J. McConnell

Burton D. Morgan Distinguished Chair of Private Enterprise (Finance), Purdue University, USA.
Google Scholar Citations

Marco Micocci

Full Professor of Financial Mathematics and Actuarial Science, University of Cagliari, Italy.
Google Scholar Citations

J. Austin Murphy

Full Professor of Finance, Oakland University, USA.
ResearcherID: D-3801-2018

Amina Mussina

Doctor of Economic Sciences, Professor of Finance Department, Kazakh University of Economics, Finance and International Trade; Director, Center for Social and Economic Research, Astana, Republic of Kazakhstan.

João Pinto

Professor of Finance, Católica Porto Business School; Vice-President, Catholic University of Portugal-Porto, Portugal.
ResearcherID: B-5565-2018

Petr Polak

Ph.D., Associate Professor in Finance, Faculty of Business, Economics and Policy Studies, University of Brunei Darussalam, Brunei.
Google Scholar Citations

Sunil S. Poshakwale

Ph.D., Professor of International Finance, Finance and Accounting, Cranfield School of Management, Cranfield University, UK.

Atul Rai

Ph.D., Associate Professor and Jones Faculty Fellow in Corporate Governance, School of Accountancy Barton, School of Business, Wichita State University, USA.
Google Scholar Citations

Nidal Rashid Sabri

Professor and Dean of College of Economics, Birzeit University, Palestine.
Google Scholar Citations

Asma Salman

Ph.D. CFM, Associate Professor, Department Chair of Accounting and Finance, College of Business Administration, American University in the Emirates, U.A.E.
ResearcherID: C-9619-2018
Google Scholar Citations

Vrajlal K. Sapovadia

Dr., Executive Director of Shanti Business School, Ahmedabad, India.
ResearcherID: C-6067-2018
Google Scholar Citations

Hany A. Shawky

Dr., Professor of Finance and Economics, University at Albany, State University of New York, USA.

Inna Shkolnyk

Dr., Professor, Head of Department of Finance, Banking and Insurance, Sumy State University, Ukraine.
Google Scholar Citations

Kishore Tandon

Professor, Bert Wasserman Department of Economics and Finance, Zicklin School of Business, Baruch College (CUNY), USA.

George F. Tannous

Ph.D., George S. Dembroski Investment Scholar, Professor of Finance, Edwards School of Business, University of Saskatchewan, Saskatoon, Saskatchewan, Canada.
Google Scholar Citations

Andrey Ukhov

Ph.D., Assistant Professor of Finance, School of Hotel Administration, Cornell University, Ithaca, NY, USA.

Shakir Ullah

Dr., Professor & International Research Coordinator, Stratford University, Virginia, USA; Chair of Stratford University’s Institutional Review Board (IRB); Adjunct Assistant Professor, University of Maryland University College, Maryland, USA; Ph.D. Advisor, Georgetown University, Washington D.C., USA.
Google Scholar Citations

Erik P.M. Vermeulen

Professor of Business and Financial Law, Tilburg University and Tilburg Law and Economics Center (TILEC), the Netherlands.

Joseph Doung Vu

Associate Professor of Finance, Department of Finance, DePaul University, USA.

Robert A. Weigand

Ph.D., Professor of Finance and Brenneman Professor of Business Strategy, Washburn University School of Business, USA.

Guneratne B Wickremasinghe

Ph.D., Senior Lecturer, School of Accounting & Finance, Faculty of Business and Law, Victoria University, Melbourne, Victoria, Australia.

Piotr Wisniewski

Associate Professor of Corporate Finance, Warsaw School of Economics, Poland.

Nicholas Wonder

Associate Professor of Finance, Department of Finance and Marketing, College of Business and Economics, Western Washington University, USA.

Congsheng Wu

Ph.D., Professor of Finance, University of Bridgeport, USA.

Oleg Yaremenko

Doctor of Economics, Professor, Senior Research Fellow of the State Organization “Institute for Economics and Forecasting, Ukrainian National Academy of Sciences”, V. N. Karazin Kharkiv National University, Ukraine.

Burhan Fatih Yavas

Chair, Department of Accounting, Finance & Economics, California State University, Dominguez Hills (CSUDH), USA.
ResearcherID: B-6528-2018
Google Scholar Citations

Rami Zeitun

Ph.D., Assistant Professor of Finance, College of Business and Economics, University of Qatar, Qatar.
Google Scholar Citations

Fedir Zhuravka

Doctor of Economics, Professor, Department of International Economics, Sumy State University, Sumy, Ukraine.
Google Scholar Citations

Guidelines for Editors and Reviewers

The Editorial Board consists of international experts in their respective fields. All members of the Board occupy high positions in educational and research institutions. The roles of the Editorial Board members are the following:

  • provide expertise in definite research field;
  • review submitted papers;
  • advise on journal policy and scope and participate in the journal development;
  • propose subject definition and conference choice for special issues. Also, editorial members may be guest editors of special issue;
  • promote the journal at conferences, seminars, workshops, and relevant public events
  • attract new potential authors;

Guest editors play a vital role in ensuring the quality of special content publications, such as Special Issues. Guest editors overlook the process, from proposal to publication.

The Editorial Board is reviewed every two years, which means exclusion of inactive members and addition of the new ones.

We appreciate applications from the editorial candidates. To submit an application, please send an e-mail to an editorial assistant of the selected journal and attach a file with your CV (containing the current place of work, occupation, education, the scope of your scientific interest, types of activity, list of publications, list of the journals in which you occupy the positions of an editor or a reviewer, e-mail for contact and a link to personal page at you university).

Duties of editors

We strongly recommend that Editors get acquainted with and follow COPE Code of Conduct and Best Practice Guidelines for Journal Editors.

The editors of the journal are responsible for deciding which of the articles submitted to the journal will be published. The editor may confer with the members of the Editorial Board in making this decision.

Fair play. The editors evaluate manuscripts without regard to the nature of the authors or the host institution including race, gender, religious belief, ethnic origin, citizenship, or political philosophy of the authors.

Confidentiality. The editors, members of the Editorial Boards, and any editorial staff must not disclose any information about a submitted manuscript to anyone except the authors of the paper, reviewers, potential reviewers, and the publisher, for appropriate reasons.

Disclosure. Unpublished materials disclosed in a submitted paper should not be used in the own research of the editors or the members of the Editorial Board without the express written consent of the author.

Duties of reviewers

We strongly recommend that all reviewers get acquainted with and follow COPE Ethical Guidelines for Peer Reviewers.

Confidentiality. Information regarding submitted manuscripts should be kept confidential during and after review process. Also, reviewers should not reveal any details about reviewing manuscript to anybody.

Standards of objectivity. Reviewers should be objective while conducting reviews. All the comments and recommendations should be supported with relevant arguments.

Disclosure. Unpublished materials disclosed in a submitted manuscript must not be used in a reviewer's own research without the express written consent of the author. Privileged information or ideas obtained through peer review must be kept confidential and not used for personal advantage.

Peer Review

Peer review plays a vital and critical role in the publication of scholarly articles through assessment of validity, quality and originality of submitted articles. It is considered to be the most effective and valid form of research evaluation to help select the highest quality articles for publication. Authors can receive the information regarding the peer-review stage of their manuscripts through editorial assistants.

Review process

Editorial staff transfers all submitted manuscripts to one of the Editors for initial evaluation in order to establish if the manuscript meets the editorial criteria. Initial evaluation includes assessment if the manuscript is suitable for the journal or special issue, authors’ qualification and background, and plagiarism levels. Papers that don’t meet these criteria, as well as obviously poor manuscripts, will be rejected without sending for further external review.

If the papers provide potential interest for readers and present importance to the scientists in the relevant field of the journal’s scope, Editors suggest external peer-reviewers (selection of peer-reviewers is based on expertise, reputation, specific recommendations and our own previous experience of a reviewer's characteristics). Alternatively, editorial staff will send manuscripts to qualified Editorial Board members or reviewers from our database.

All manuscripts are “double-blind” peer-reviewed, which means that reviewers do not possess any information about the authors’ identities and vice versa. If one of the editors submits the manuscript for publication in the journal, editorial staff transfers this manuscript to another Editor or one of the Editorial Board members without disclosing any information about the author.

After the manuscripts have been reviewed, Editors receive a Referee Report with point-by-point evaluation and comments. Based on the suitability of selected reviewers, adequacy of reviewer comments and overall scientific quality of the paper, Editors make one of the following decisions:

  • Publish unaltered
  • Consider after minor changes
  • Consider after major changes
  • Reject without further consideration

If the authors are required to revise the paper, they ought to provide revised manuscript along with Response to the Reviewers. All authors can receive Referee Report on demand without revealing the identity of the reviewer and appeal against editorial decisions by response to the referees with authors’ arguments and explanations. Articles may or may not be sent to reviewers after author revision, dependent on whether the reviewer requested to see the revised version and the wishes of the Editor.

Expectations from reviewers

During the peer-review process, report preparation, and after refereeing we expect from Editorial Board members and reviewers to:

  • respond in a reasonable time-frame, especially if reviewer can not perform the review, including intentional delay;
  • declare if they are not experts in the field the paper is relevant to;
  • declare any potentially conflicting or competing interests (which may, for example, be personal, financial, intellectual, professional, political or religious) and seek advice from the Editorial Board in this case;
  • decline to review if they feel unable to provide a fair and unbiased review or they are involved with any of the work in the manuscript or its reporting;
  • to provide honest and fair assessment of the strengths and weaknesses of the research and the manuscript;
  • send completed report form along with the reviewed manuscript;
  • be specific in their criticisms, and provide evidence with appropriate references to substantiate general statements to help editors in their evaluation and decision;
  • suggest additional research if it helps strengthen or extend the work;
  • ensure their comments and recommendations for the editor are consistent with their report for the authors;
  • any suggestions and comments must be based on valid academic or technological reasons;
  • continue to keep details of the manuscript and its review confidential during and after reviewing;

Conflicts of Interest

Conflicts of interest comprise those which may not be fully apparent and which may influence the judgment of author, reviewers, and editors. They have been described as those which, when revealed later, would make a reasonable reader feel misled or deceived. They may be personal, commercial, ideological, academic, or financial.

When authors submit a manuscript of any type or format they are responsible for disclosing all financial and personal relationships that might bias or be seen to bias their work. This includes declaration of all sources of funding. All authors that publish in our journals are obliged to declare conflicts of interest if there are any. Declared conflicts of interest will be considered by the editor and Conflict of Interest Statement will appear in our journals at the end of the published article.

Reviewers should not consider manuscripts in which they have conflicts of interest resulting from competitive, collaborative, or other relationships or connections with any of the authors, companies, or institutions connected to the papers. Reviewers should be objective and constructive, declare all potential conflicting interest, seeking advice from the editors if they are unsure whether something constitutes a relevant interest; do not allow their reviews to be influenced by the origins of a manuscript, by the nationality, religious or political beliefs, gender or other characteristics of the author, which could be implied in the manuscript.

If the founders decide to publish as authors or co-authors, they are required to include the Conflict of Interest Statement in the Publication Agreement. This statement will be also included in their published paper.

Editors who make final decisions about manuscripts should not make editorial and publication decisions if they have conflicts of interest related to articles under consideration. Editorial staff must not use information received through working with manuscripts for private gain. Guest editors should follow these same procedures.

Research Misconduct Policies

Plagiarism

LLC "CPC "Business Perspectives" uses Similarity Check service and all manuscripts that are being sent for an external peer review, are screened for originality with iThenticate software. By submitting their manuscripts to our journals authors are agreeing to any necessary originality checks the manuscript may have to undergo during the publication process.
Plagiarism implies the use another author's work without permission or acknowledgement. Plagiarism may have different forms from copying word by word to rewriting. While defining plagiarism the following definitions are taken into account:

Literal copying
Copying the work word by word, in general or in parts, without permission or acknowledgement of the source. Literal copying is clearly plagiarism and is easily detected by plagiarism software.

Substantial copying
Replicating substantial part of the work without permission and confirmation of the source. In determining what is "substantial", both the quantity and the quality of the copied content are relevant.
Quality is measured by relative value of copied text comparing to the whole text. Where the essence of the work was copied, even not very big part of it, plagiarism is identified.

Paraphrasing
Copying may be made without literal replicating, used in the original work. This type of copying is known as paraphrasing and it may be the most difficult type of plagiarism to reveal.
Plagiarism in all its forms is unacceptable and will lead to immediate rejection of the paper along with possible sanctions against authors.

Allegations about authorship of contributions

It is important that all authors are declared in the list of authors and are declared in the Cover letter form, sent along with a submitted paper.

To be considered the author, a person should be responsible for particular research aspect or preparation for work or make particular contribution to the concept, project, fulfillment, or research explanation, and it must be confirmed in the final work form.

Insignificant contribution may not be considered as an authorship. A person who provides insignificant contribution or appropriate data or other type of help may be considered as "contributor" by author/co-authors, and may be declared in the paper in acknowledgement section.

According to our policy, author/co-authors of submitted paper must fill in the Cover letter form to identify all participants, as well as confirm their consent to publish the paper.

Duplicate submission

Authors must present papers which are unique and must not be submitted to any other journal (except for some unusual circumstances and only with reviewer's approval). Sometimes authors may ignore this requirement, submitting the same document to several journals or submitting several documents on the basis of one and the same research. As in plagiarism duplicate submission may take different forms: literal copying, partial, but substantial copying or even paraphrased copying of the research. The publisher sticks to the policy which forbids publication of multiple papers on the basis of a single research. Infringement of this policy will result in immediate rejection along with possible sanctions against authors.

Citation manipulation

Submitted manuscripts that are found to include citations whose primary purpose is to increase the number of citations to a given author's work, or to articles published in a particular journal, will result in immediate rejection along with possible sanctions against authors.

Data falsification

If the falsified or fabricated data of experimental results (this also includes manipulation of images) will be found in the submitted paper, it will result in an immediate rejection along with possible sanctions against authors.

Sanctions
The following sanctions may be imposed in case of infringement of abovementioned policies:

  • Immediate rejection of the manuscript.
  •  Immediate rejection of every other manuscript submitted to any journal published by LLC "CPC "Business Perspectives".
  • Publication embargo against all authors of the manuscript (prohibition for any new submissions to any journal published by LLC "CPC "Business Perspectives"). The term of the embargo may vary, but the minimum is 24 months.
  • Prohibition against all of the authors from serving on the Editorial Board of any journal published by LLC "CPC "Business Perspectives".

Correction and Retraction Policy

All Business Perspectives journals have the same policy regarding corrections and retractions. We differentiate between addenda, errata, corrigenda, and retractions.

Addenda
If significant information was unintentionally omitted by authors from the original publication, the original article can be amended through an Addendum reporting these previously omitted results. The Addendum will be published, with page numbers added, in the current issue of the journal. A hyperlink to the Addendum will also be added to the original publication.

Errata
An erratum will be used if a significant error has been introduced by us during the production of the journal article, including errors of omission such as failure to make factual proof corrections requested by authors within the deadline provided by the journal and within journal policy. A significant error is considered to be the one that affects the scholarly record, the scientific integrity of the article, the reputation of the authors, or of the journal. All errata are linked to the version of the article that they correct.

Corrigenda
A corrigendum is a notification of a significant error made by the authors of the article. All corrigenda are approved by the editors of the journal. All corrigenda are linked to the version of the article that they correct.

Retractions
Retraction will be issued by an editor upon several conditions: severe plagiarism, multiple publications, data fabrication, unreliable or faulty findings, and other harmful practices. In this case, Retraction notice will be published. This notice will include the title and authors of the article, the reason for the retraction and who is retracting the article. It will be published online with a link to the online version of the article. It will be published in the next print issue and included in the table of contents of that issue. Before publishing the notice of retraction, a signed statement by the authors should be sent to the editorial office.

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LLC "CPC "Business Perspectives" uses Similarity Check service and all manuscripts that are being sent for an external peer review, are screened for originality with iThenticate software. By submitting their manuscripts to our journals authors are agreeing to any necessary originality checks the manuscript may have to undergo during the publication process.

Plagiarism implies the use another author's work without permission or acknowledgement. Plagiarism may have different forms from copying word by word to rewriting. While defining plagiarism the following definitions are taken into account:

Literal copying
Copying the work word by word, in general or in parts, without permission or acknowledgement of the source. Literal copying is clearly plagiarism and is easily detected by plagiarism software.

Substantial copying
Replicating substantial part of the work without permission and confirmation of the source. In determining what is "substantial", both the quantity and the quality of the copied content are relevant. Quality is measured by relative value of copied text comparing to the whole text. Where the essence of the work was copied, even not very big part of it, plagiarism is identified.

Paraphrasing
Copying may be made without literal replicating, used in the original work. This type of copying is known as paraphrasing and it may be the most difficult type of plagiarism to reveal.
Plagiarism in all its forms is unacceptable and will lead to immediate rejection of the paper along with possible sanctions against authors.

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The journal “Investment Management and Financial Innovations” ISSN (print) 1810-4967, ISSN (online) 1812-9358 was founded by LLC “CPC “Business Perspectives” (Sumy, Ukraine) in 2004 and registered by Ministry of Justice of Ukraine (No. КВ 9032 from August 05, 2004). The journal publishes quarterly in English, Sumy, Ukraine.

Since January 2017, the journal is open-access. The journal is committed to full open access for scholarly publications. All articles are available to all users immediately upon publication of the issue.

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To contact the Editorial office:
phone/fax: +38 (0542) 221707
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This section contains information about articles which are already reviewed, accepted and waiting for publication in next issues of the journal.

The Fama and French three-factor model in developing markets: evidence from the Chinese markets

Man Li, Business School, University of Western Australia, Australia,
Michael Dempsey, Professor, Faculty of Finance and Banking, Ton Duc Thang University, Ho Chi Minh City, Vietnam

Abstract. We study the Fama and French three-factor (FF-3F) model in relation to a developing market. To this end, we consider Chinese stock markets over the period 1995–2008, which is to say, over a period when these markets are recognized as “developing” markets influenced by speculative activity. We find that the model appears to be working as a form of “principal component analysis” for the determinants of stock price formation with book-to-market (B/M) as the “variable of choice” on account of that it captures the earnings-to-price (E/P), cash-flow-to-price (C/P) and sales-to-price (S/P) variables while remaining largely uncorrelated with firm size (whereas E/P, C/P and S/P are themselves positively correlated with firm size). The variables, however, are unrelated to risk as represented by market exposure, volatility, or leverage.

Cointegration between the European Union and the selected global markets following Sovereign Debt Crisis

Anna Golab, School of Business and Law, Edith Cowan University, Australia
Ferry Jie, School of Business and Law, Edith Cowan University, Australia
Robert Powell, School of Business and Law, Edith Cowan University, Australia
Anna Zamojska, Department of Econometrics, Faculty of Management, University of Gdansk, Poland

Abstract. The purpose of this paper is to provide an analytical analysis of cointegration between Europe and the other significant trading partners, namely US, China, Japan and Australia for the period from 1st January 2010 to 30th December 2016. This captures the impact of the Sovereign European Debt crisis and the Greek crisis. We adopted a range of parametric techniques including Johansen cointegration analysis, Vector Error Correction Model and Granger Causality.
The results of the crisis Granger causality test during the European Sovereign Crisis implies the highest influence to be that of the US and Japan stock market over the other four markets. Overall we found that the Asia – Pacific region plus the US stay closely related to each other, while European countries influence all the studied markets except each other. For the post-crisissub-period, the Granger causality is slightly different. It is observable that the UK and Germany are influencing all the markets. This is probably due to the recent Brexit referendum outcome and potential consequences not only for the EU but for the rest of the world too. Overall the Granger outcome is showing dependence between Europe and other global markets, but there is no European interdependence during the sovereign debt crisis period. We may conclude that there is a separation of Asian markets from the European markets and even though cointegration exists, the relationship is rather weak.

Macroeconomic announcements and stock returns in US portfolios formed on operating profitability and investment

Constantinos Alexiou, Cranfield University, UK
Sofoklis Vogiazas, Black See Trade and Development Bank, Greece
Abid Taqvi, Cranfield University, UK

Abstract. We explore the reaction of US stock-portfolio returns to macroeconomic announcements spanning the period from April 1998 to May 2017. Using daily returns of 25 portfolios formed on operating profit and investment, we investigate the extent to which potential asymmetries permeate the stock portfolios following macroeconomic announcements. The three methodological approaches utilized in this study suggest that the ISM non-manufacturing index, employees on non-farm payrolls, retail sales, personal consumption expenditure and initial jobless claims have a significant impact on portfolio returns. Also, portfolios consisting of companies with higher operating profitability and investment level are found to be less responsive to announcements. As the particular area has received little currency over the years, our contribution is of great significance because it provides insights into the reaction of returns in value-weighted portfolios to announcements on certain macro-indicators. At the same time, the study informs portfolio managers of the implications of macroeconomic news which drive economic expectations and can reverberate through the expected returns in US stock portfolios.

IFRS adoption and investor perceptions of earnings quality: evidence from Korea

Heejeong Shin, Ph.D, Ewha school of business, Ewha Womans University, Republic of Korea
Su-In Kim, Ph.D, Researcher, Ewha School of Business Management Research Center, Republic of Korea
Sangmi Kim, Ph.D student, Ewha school of business, Ewha Womans University, Republic of Korea

Abstract. This study examines the consequences of International Financial Reporting Standards (IFRS) adoption in terms of the investor perception of earnings quality in the Korean stock market. Building on evidence from Ecker et al. (2006) suggesting that return-based earnings quality (“E-loading”), as captured by the sensitivity of stock returns to accounting information risk, accurately represents investor perceptions of earnings information risk, we examine whether E-loading is different between the pre- and post-IFRS adoption periods. Using KSE-listed firms from 2006 to 2014, we find the evidence that the extent of stock return sensitivity to information risk embedded in financial statements is greater in the period of post-IFRS adoption than in pre-IFRS adoption. This finding indicates that even though accounting-based earnings quality improves after the adoption of IFRS, investors perceive earnings information after the adoption of IFRS as riskier than before. In addition, the difference in investor perception is more pronounced for firms with low accruals quality as captured by discretionary accruals, indicating that the effect of IFRS adoption on return-based earnings quality is distinctive from that on accounting-based earnings quality. Our paper contributes to the literature on IFRS by exploring the effect of IFRS adoption through a new perspective on earnings quality in capital market.

Spectral study of options based on CEV model with multidimensional volatility

Ivan Burtnyak, Ph.D. (Economics), Associate Professor, Department of Economic Cybernetics, Vasyl Stefanyk Precarpathian National University, Ivano-Frankivsk, Ukraine
Anna Malytska, Ph.D. (Physics and Mathematics), Associate Professor, Department of Mathematical and Functional Analysis, Vasyl Stefanyk Precarpathian National University, Ivano-Frankivsk, Ukraine

Abstract. This article studies the derivatives pricing using a method of spectral analysis, a theory of singular and regular perturbations.Using a risk-neutral assessment, we obtain the Cauchy problem, which allows us to calculate the approximate price of derivative assets and their volatility based on the diffusion equation with fast and slow variables of nonlocal volatility, and we obtain a model with multidimensional stochastic volatility.Applying a spectral theory of self-adjoint operators in Hilbert space and a theory of singular and regular perturbations, an analytic formula for approximate asset prices is established, which is described by the CEV model with stochastic volatility dependent on l-fast variables and r-slowly variables, l≥1,r≥1, l∈N,r∈N, and a local variable. Applying the Sturm-Liouville theory, Fredholm's alternatives, as well as the analysis of singular and regular perturbations at different time scales, we obtained explicit formulas for derivatives price approximations. To obtain explicit formulas, we need to solve 2l Poisson equations.

Wealth evidence from M&A in the GCC region during the last decade

Ullas Rao, Heriot Watt University Dubai Campus, United Arab Emirates
Kuldeep Kumar, Bond University, Australia
Vaishali Chheda, Heriot Watt University Dubai Campus, United Arab Emirates

Abstract. In the backdrop of continued slump in global crude-oil price led by an impending realization to accelerate the process of economic diversification, corporations in the GCC region have been exploring the possibility of unlocking synergies and reaping the benefits accruing from economies of scale by resorting to M&A. In this paper, we examine the wealth evidence accruing from the mergers and acquisitions (M&A) activity in the gulf cooperation council (GCC) region. M&A as a strategic phenomenon has witnessed significant traction within emerging market economies including the member nations of GCC accounting for some of the biggest deals in most recent times. This paper seeks to investigate the above phenomenon by employing standard event study approach and a cross sectional regression. The study is based on sample of 209 transactions over a span of 10 years between 2005-2015 in GCC region. In this paper, we seek to examine the implications of M&A activity on the status of shareholders by chronicling all the events taken place during the last decade in the GCC region. With the momentum of M&A favouring the corporations in the region, the present study seeks to present the wealth evidence from the perspective of acquiring corporations. In the process, the influence exhibited by key variables comprising of methods of payment and the deal size is also examined to lend further credence surrounding the key research findings.

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Structure of the Paper and Manuscript Submission Guidelines

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Make sure that the manuscript presents an academic value, significance of research, as well as that its originality and practical significance are well described; the manuscript makes a contribution to earlier researches concerning the topic.

The author should attentively read the manuscript submission guidelines. These guidelines are not so rigid that even the slightest deviation from them will result in the refusal of the manuscript. However, we ask the authors to do their best to meet them, as it will provide the quality of their materials and will make it easier for the editorial staff to set the manuscript for publication.

Please define the type of the manuscript of four possible variants and adhere to both the general guidelines and the recommendations, which are specific for the type of the chosen manuscript.

The following types of manuscripts can be submitted to the journal:

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The manuscript should be sent to the editorial staff of the journal via e-mail together with the filled and signed Cover letter form. Please, try hard to send a paper with good level of English. Well-written manuscripts will let editors and reviewers concentrate on their academic value.

Structure of the Paper

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The structure of research paper should consist of the following sections (it does not exclude the presence of additional subsections) and comply with the international standard АIMRaD (Abstract, Introduction, Methods, Results, and Discussion).

Theoretical paper – АIТвRaD (Abstract, Introduction, Theoretical Basis, Results, and Discussion).

Review paper – Abstract, Introduction, Literature review, generalization of the main statements and Discussion.

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Title
The title of the paper should fully reflect the topic of the research and its content. It must be short and concrete (not more than 15 words). Besides it should catch the reader’s interest and it should be written using the scientific style. It is appropriate to point the object of research or concretize it using the colon or the brackets. It is not recommended to use contractions, but if used, then only for the commonly known ones.

Author (authors)
Here the name (first name and last name) of the author (authors) (Byline?) must be written. Those authors who use the patronymic or middle name should write only the first. The authors whose names are written in the Cyrillic alphabet must transliterate them correctly. Those who need the transliteration can use the websites http://translit.kh.ua/?passport or http://translit.net/.
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If there are several authors, they make a decision themselves concerning the order of their mentioning in the title of the paper (recommended variant – depending on the contribution to the research). The list of authors includes only those persons who have really taken part in the research and agreed to bear full responsibility for its content. Research funding or taking part in paying the article processing charge is not a prerequisite for being included in the list of co-authors. While forming the list of the authors, a special attention should be paid to the COPE (Committee on Publication Ethics) principles.

In order to bring the academic degrees, academic ranks and occupations, which are used in some emerging economies or the developing countries, in line with the international standards, the corresponding table should be used ENGLISH EQUIVALENTS FOR ACADEMIC RANKS, DEGREES AND JOB TITLES.

Abstract
It should be written using the following algorithm: first two or three sentences indicate the relevance of the topic; the aim and object of the study; the methodology (methods) of the study (for theoretical studies – its theoretical basis) are described; the obtained results and their practical value are characterized. At the same time, every statement must follow logically from the previous one. In the abstract for a research paper, it is recommended to use the numerical results. In the abstract of a review paper, the author can only point the issues discussed, without presenting the results. While writing the abstract, it is necessary to use the active voice instead of the passive voice, and such words as “thus”, “for instance”, “as a result”, etc. In the abstract, the author should not refer to any researches or other sources of information. The abstract should be written without subsections and without subtitles, i.e., is not structured. The text should be concise and original. It is not appropriate to use the sentences in the Abstract from the text of the paper. At the same time, the material which is absent in the paper cannot be presented in the Abstract. In the Abstract, the author should not refer to any sources, use tables and figures. The number of words must be in average 150-250.

Кeywords
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JEL Classification
If earlier the author was not aware of this classification system, he/she should attentively look through it in order to have a common understanding of all the areas defined in it http://www.aeaweb.org/jel/jel_class_system.php. The codes, indicated by the author should clearly reflect the research area. The author is welcome to use the codes from two or three areas, if they are covered in the research.

Introduction
Both scientific issues and the relevance of the research should be substantiated and explained in the introduction. Also a problem statement should be pointed out. The introduction should not be long, the author should avoid using tables and figures.

Literature Review
Literature review provides an analysis and generalization of relevant works (papers, monographs, reports, theses, etc.), which describe the essence of the problem and/or give an understanding on the previous efforts to solve it. The Literature Review should comply with the aim of the research (“fitness for purpose”) and represent the results of critical analysis of the analytical base for testing the research hypothesis.
Literature review must not be limited only by works, which were published in the country where the author lives and works (the problem should be studied globally). Particularly it concerns the authors from non-English speaking countries (they are recommended to thoroughly analyze the works published in English).
If appropriate, normative legal acts are also analyzed.
Only those sources are given and analyzed in the paper, which really are valuable for the author’s research. The author cannot just make long lists of authors and their works, which are related to the investigated issues. The author cannot take the pieces of review text from other works with reference to other authors and include their works in the list of references. When citing, the author is obliged to observe ethical and moral principles.
While making literature review, the author can use own publications and refer to them, but only in order to describe the problem, but not to increase the citation level.
It is recommended to finish the literature review with the presentation of unsolved issues, identification of contradictions in the results and findings of the previous researches, justification of the need to continue the studies in this area and choice of the specific topic (direction) of this study.
In the literature review and throughout the text of the paper as a whole, references to the sources are made in compliance with Reference list and citation style guide or refer to APA formatting and style guide (American Psychological Association).

Aims
The aim describes main results in a short and concrete manner (in one sentence), the achievement of which is the purpose of the research. Here can also be mentioned several intermediate problems, the solution of which will ensure that the aim is achieved. The aim should not replicate the title of the manuscript.

Methods
The methods (methodology) of the study are indicated in this section (commonly known), which author uses in the research, and/or the methodology offered by the author himself is described in a short and concrete manner. If methods and procedures offered are used in other works, the author should refer to the original sources.
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Results
Here empirical or theoretical data obtained in the process of the research are given. It is recommended to use figures, tables, graphs, schemes. The interpretation of the obtained results is not made in this section. Also there should not be presented the results, which were earlier obtained by the authors or other scientists.

Discussion
Here the interpretation of the results obtained during the research is made. A comparison is made with the results obtained by other researchers.

Conclusion
In this section the main ideas of the manuscript are presented, the obtained results and their novelty are demonstrated. The possibility of practical use of the obtained results should be outlined and the directions for further scientific research should be offered.

Acknowledgements
In this subsection, the relevant scientific programs, grants, scholarships, contracts are indicated.
The author can also mention the persons or organizations, which helped him in conducting the research (access to information, organization of the survey, interview, etc.) and preparation of the paper (advice at the stage of writing, critical remarks, help in calculations, etc.).

References
The list of references must be made in the alphabetical order. While indicating the source, which was analyzed in the source language (not in English), it should be indicated first in the source language, then the transliteration should be made in brackets. It is recommended that it should be done with the transliteration for English-speaking systems (it is better to use transliteration of the system British Standards Institution.
Download “Business Perspectives” Reference list and citation style guide or refer to APA formatting and style guide.
Transliteration from Ukrainian can be made with the help of Ukrainian transliteration and the website http://translit.kh.ua/?passport, from Russian – with the help of Russian transliteration, from several other languages, which use the Cyrillic alphabet, with the help of the website http://translit.net/.

Supplementary Materials
The supplementary materials are the big size figures, tables, graphs, schemes, photographs, etc., which are referred to throughout the text of the paper.

Paper Submission Guidelines
The number of words in the paper may vary from 4000 to 6000 (for short communication paper – from 1000 to 2000).Considering the issue concerning the calculation of the number of words in the paper, the information about the authors, title, abstract and keywords, list of references and appendices should not be included. The number of sources, in the list of references, should not exceed 50. Supplementary materials should not exceed 5 pages. Note, that the paper should be submitted in the format Microsoft Word or compatible (.DOC, .DOCX).
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Publishing process

Submission process
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Review process
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Copyright

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Open-access articles
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Editorial Board members and reviewers constantly work on increasing the efficiency of manuscripts evaluation and selection of the papers that present extreme importance to the scientific field. In this respect, there are factors that result in a rejection of a significant share of papers submitted for publication. The reasons for rejection can be different. Main reasons are listed in Peer Review and Research Misconduct Policies.

LLC “CPC “Business Perspectives” emphasizes that in no case place of work or country of residence of the scientist, his racial or religious affiliation can be the reason for rejection.

In this respect, we ask the authors to pay attention to necessity of observing publication ethics principles. Submitted manuscripts should be relevant in content and comply with the aim, tasks and specialization of the journal.

The language of the manuscript should be professional, and the format should comply with the standards given. Weak English and incompliance with the format standards will not obligatorily lead to rejection, but can delay paper acceptance until the author makes the amendments. The acceptance rate for the journal is calculated as a number of manuscripts accepted for publication compared with total number of manuscripts submitted in one year.

This rate demonstrates gradual and steady decrease. By now, it is 31%.

To have a clear vision about period of consideration and process of review of your paper, authors can always contact the editorial assistant. Period of paper consideration is not fixed and can be changed depending on different factors, but our employees will keep you informed about the status of the publishing process.

The average time it takes to make a publication decision after receipt of submitted manuscript is 82 days.

Number of articles published in “Investment Management and Financial Innovations”:

2004 – 40
2005 – 50
2006 – 48
2007 – 41
2008 – 55
2009 – 80
2010 – 53
2011 – 56
2012 – 54
2013 – 72
2014 – 71
2015 – 99
2016 – 118

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15 volumes and 85 issues