Finance

Разработка и внедрение автоматизированной системы торговли на рынке Форекс на основе динамической стратегии и пользовательских технических индикаторов Huynh Cong Tu

In the rapidly evolving Fintech domain, automated trading systems play an increasing role in optimizing investments and risk management in financial markets, especially in foreign exchange (Forex). This paper presents the design, implementation, and evaluation of a novel Expert Advisor (EA) named PicoDyna on the MetaTrader 4 platform using MQL4. PicoDyna is built upon a trend-following strategy combined with adaptive components: it leverages multiple technical indicators (RSI, CCI, EMA, and Coral) and a dynamic martingale-like position sizing mechanism (LotExponent) with a volatility-based order spacing (dynamic PipStep). Advanced risk management features, including trailing stops, time-based exits, and equity drawdown protection, are integrated to enhance the system’s robustness. We evaluate PicoDyna with one-year historical backtests on two distinct instruments (EUR/USD and XAU/USD) on H1 timeframe. The results demonstrate stable performance, with a high win rate and profit factor >1.8 on both instruments, and effective drawdown control (max <17%). The EA exhibits adaptability to different market conditions, yielding consistent gains in trending markets while limiting losses during sideways or volatile periods. This study contributes a modular EA framework that can adapt to market volatility and provides a basis for further research in applying AI and machine learning to automated trading.

Эмпирическое исследование стратегии моментума на российском рынке акций Kabanov I.A. , Kumacheva S.Sh.

This paper examines the application of the momentum investing strategy, originally proposed by Jegadeesh and Titman [2], adapted to the Russian stock market. The study's relevance stems from the lack of methodology of behavioral finance strategies in emerging markets, especially the Russian market, which has specific macroeconomic and institutional characteristics. The research is based on historical closing prices of the 50 largest companies listed on the Moscow Exchange, covering the period from 2015 to 2020. The methodological approach is based on constructing equity portfolios by combining different combinations of formation and holding periods, as well as evaluating the impact of introducing a time lag between these stages in order to mitigate market microstructure effects. The results provide strong evidence for the existence of a persistent positive return premium among stocks with strong historical momentum, particularly when the formation period is 6 months and the holding period ranges from 3 to 6 months. The statistical significance of these findings is confirmed through cross-validation using out-of-sample time intervals. These findings support the existence of persistent behavioral patterns in the price movements of Russian stocks, which are driven by delayed market reactions to news events. The practical importance of this study lies in demonstrating the feasibility of using momentum-based strategies in active portfolio management for the Russian market and in providing empirically supported recommendations for selecting optimal strategy parameters.

Модель прогнозирования изменения стоимости бизнеса при управлении финансами в контексте гармонизации экономической и экологической составляющих развития компании Sidorov A.V. , Kunin V.A.

In the context of the growing ESG-oriented economy and increasing demands for corporate environmental responsibility, there is a clear need to transform traditional approaches to corporate financial management. One of the most widely used tools in value-based management is the Economic Value Added (EVA) metric, which reflects a company's ability to generate profit in excess of the cost of capital employed. However, the classical EVA model does not account for the influence of environmental factors. The subject of this study is the integration of environmental sustainability factors into the value-based approach to corporate financial management. The purpose of the research is to develop a methodology for calculating EVA that incorporates the impact of environmental factors on the key components of the company’s financial model. The relevance of the study lies in the need to adapt corporate performance assessment systems to the realities of sustainable development, the rise in environmental accountability requirements, and the shift in investment priorities toward ESG-focused strategies. The object of the study comprises the three core components of EVA: Net Operating Profit After Tax (NOPAT), Weighted Average Cost of Capital (WACC), and Invested Capital (IC). As a result of the research, a modified EVA formula was developed that includes adjustments driven by environmental factors: profit changes due to emissions reduction, amortization of environmental infrastructure investments, revenue and margin shifts stemming from reputational effects, and the impact of a company’s environmental profile on the cost of equity and debt capital. A unified system of notation was introduced, along with analytical expressions enabling the quantitative assessment of ecological initiatives' contribution to EVA. The practical significance of the results lies in the applicability of the proposed model for evaluating investment decisions, forming ESG-aligned financial strategies, and integrating sustainable development into corporate value management systems.

Management

Управление внешнеэкономической деятельностью в условиях санкционного давления на российскую экономику Degtereva V.A., Makarova O.N., Kuzenkova E.S. , Kostin A.A.

Foreign Economic Activity Management (FEA) is the process of planning, organizing, coordinating and controlling foreign economic operations carried out by government agencies, private organizations and individuals. It is aimed at expanding the market for goods or raw materials by selling them abroad or purchasing goods, raw materials and equipment abroad. The management of foreign economic activity includes various types of activities such as export, import, industrial cooperation, currency and financial and credit transactions, investment cooperation and other forms of interaction with foreign partners. As practice shows, in countries with a high level of industrial development, it is often noticed that the export of finished goods occupies a significant part of their foreign trade turnover, which indicates a higher level of their industrialization.It is worth noting that the management of foreign economic activity and competition management are closely interrelated and include processes related to the purchase and sale of goods, the formation of an assortment, the study of demand and the search for customers. Competition management is aimed at ensuring the competitiveness of the enterprise in the foreign market and the fight against monopolies and administrative barriers. Thus, effective management and development of foreign economic activity in the context of sanctions pressure on the Russian economy is a key task of the state.

Проблемы управления строительными комплексами и обеспечения их устойчивого развития Pupentsova S.V. , Milich Vojislav

The concept of sustainable development emerged as a result of global crises and challenges brought about by the rapid development of mankind, as well as a response to the growing concern of professionals about climate change and the depletion of natural resources. The construction industry is one of the key sectors of the Russian economy necessary for the functioning of society. However, given the global challenges, the management of construction complexes has become an integral part of the sustainable development strategy. Sustainable development of the construction sector implies a balanced combination of economic, social and environmental aspects, which requires construction project managers to implement new approaches and technologies. The conducted research is based on the use of general scientific methods of system analysis, with the use of additional methods of systematization and scientific abstraction. The article uses methods of statistical data processing, with the construction of the dynamics of indicators. This article is devoted to the study of key problems arising in the process of managing construction complexes in Russia and ensuring their sustainable development. The paper considers aspects of effective functioning of construction organizations in the context of economic and social changes, provides an overview of current trends and practices of resource management, human resources and infrastructure. The paper also analyzes the practices of construction projects aimed at establishing and maintaining the foundations of sustainable development in the construction industry. It is shown that sustainable development of the construction sector requires a comprehensive approach, including the interaction of all stakeholders: authorities, business representatives, academia and the public. Only joint efforts of all participants of the construction process can achieve a balance between economic development, social justice and environmental protection.

Подход к управлению предпринимательскими рисками в контексте устойчивого развития организации Kunin V.A. , Yulgushev А.M.

The mechanisms for identifying and assessing business risks have been studied and formalized. The goals, objectives, management impacts, criteria and methods for implementing these processes have been defined. The risk identification mechanism identifies and specifies methods for identifying the opinions of stakeholders and risk precursors. The risk assessment mechanism specifies and specifies methods aimed at assessing the consequences of increasing the probability of risk activation and the amount of damage it causes, as well as methods for analyzing dependencies and interactions of control tools and sources of dominant factors. The risk certification stage has been improved through the integration of visual dashboards and interactive control elements based on refined mechanisms for identifying and assessing business risks. Specific risks of sustainable development are identified and methods for their assessment are proposed. An approach to assessing the risk of reducing public attention to the problems of sustainable development is proposed based on the Bass diffusion model. An algorithm for managing business risks aimed at achieving sustainable development goals is proposed. The proposed algorithm is based on the integrated application of the identified management methods, proposed management impacts and the necessary information base.

Влияние цифровизации на изменение парадигмы управления компанией: от клиентоориентированности к клиентоцентричности Kalyuzhnova N.Ya., Koshurnikova Y.E. , Shirokolobova G.V.

The article is devoted to the study of the influence of digitalization on the company's management processes in the business sphere. The tourism industry is taken as an example, which most clearly demonstrates new, previously inaccessible opportunities in customer service. Modern digitalization trends are associated with the introduction of artificial intelligence technologies, mobile applications for decision-making based on big data, which are becoming an important factor in increasing the efficiency and competitiveness of a business and represent its omnichannel nature. Omnichannel nature allows you to significantly improve the quality of services provided and optimize the operating activities of companies, significantly increase the number of tourists and profit for the tourism business. Digitalization serves as the technological basis for omnichannel nature. The material for the analysis of management practices in the context of digitalization is data on the tourism industry in the USA, EU and Russia on the main areas of digitalization and their use in small and medium businesses. The generalization of the data allows us to draw a conclusion about the prospects for the development of digital technologies and their impact on management approaches. The hypothesis of the study is that currently, under the influence of digitalization, not only the technical basis of interaction between companies and clients is changing, but a deep transformation of the management paradigm is taking place - from customer focus to customer centricity. The article shows the essence of this transformation, the forms of its manifestation, as well as the reasons that prevent a change in the management paradigm.

Методы диагностики и развития цифровых компетенций сотрудников в ходе цифровой трансформации предприятия Trofimova E.V.

The article is devoted to the analysis of methods for diagnosing and improving the level of digital competencies of employees during the digital transformation of enterprises. The leading conceptual schemes for increasing the level of enterprise maturity are considered, the advantages and disadvantages are identified in relation to educational and professional spheres. The article emphasizes the importance of digital technologies in today's society, reveals the scientific originality of the proposed approach to combining digital skills in educational and qualification programs. It is assumed that the findings will have a positive impact on the development of personnel's digital skills, contributing to the achievement of a high level of readiness of specialists for the requirements of the dynamically developing labor market. The scientific novelty lies in the study of current models of digital competencies in combination with well-known theories and experience of practical diagnostics and further progress in this area. The author compared several models, such as DigComp, JISC and TPACK, and studied the main aspects that can deepen the perception of digital skills in light of educational and professional standards. The study contains the author's view on the inclusion of digital competencies in the education system and the company's HR policy, opening up prospects for subsequent research and applied developments. The practical significance of the results is expressed in their usefulness for educational institutions, corporations and enterprises in building strategies for improving digital competencies. The proposed recommendations will help to create flexible curricula aimed at eliminating the deficit of knowledge and skills of employees. This approach will ensure the growth of the general digital literacy of employees, strengthening their positions in the labor market and achieving success in implementing large-scale digital reforms in any industry.

Систематизация цифровых технологий и их роль в повышении эффективности деятельности транспортной компании Dmitrieva V.D. , Litvinova N.A.

Current political and economic conditions, including sanctions and changes in international trade, have heightened the importance of transportation logistics and necessitate the adaptation of existing supply chains to new realities. In this context, digital transformation plays a key role in adapting and optimizing logistics operations, as well as in reducing costs. It also significantly impacts the efficiency of cargo transportation processes, particularly in the multimodal logistics sector. The implementation of Industry 4/0 digital technologies – such as artificial intelligence, the Interne of Things, blockchain and Big Data – enhances the transparency and manageability of supply chains, while also improving the speed and safety of transportation. However, logistics companies face a number of challenges during the integration of these technologies, including compatibility issues between information systems, data fragmentation and high investment costs. The aim of this study is to develop a classification of digital technologies for their effective application in cargo transportation processes within multimodal logistics. The object of the research is the cargo transportation business process in multimodal logistics, while the subject is the assessment of the impact of digital technologies on improving transportation efficiency. The study proposes an original classification framework that covers the key stages of logistics processes and enables the identification of the most effective digital solutions for specific conditions. Based on the analysis of successful case studies from Russian and international companies, the paper offers recommendations for process optimization and overcoming existing challenges, thereby contributing to a significant increase in efficiency and a reduction in operational costs.

Economics

Исследование возможностей и угроз международного экономического партнерства в условиях санкционного давления Negreeva V.V., Minchenko L.V., Шелег Ю.А. , Vasilyeva Y.D.

The relevance of this study is conditioned by the fact that the current conditions associated with increasing geopolitical instability have led to the fact that international economic partnership becomes a key factor in ensuring the economic security of the country. The study of opportunities is the identification of favorable opportunities in the investigated problem related to threats to international economic partnership. The Russian Federation, facing sanctions pressure, changes in the structure of world trade and the need for technological modernization, is forced to revise the strategy of foreign economic interaction taking into account new opportunities. Opportunities for international economic partnership are a variety of opportunities for socio-economic development by benefiting from the international division of labor. The formation of new areas of international cooperation that meet national interests and contribute to sustainable economic development is of particular importance. The purpose of this paper is to analyze the current trends in the development of international economic partnership of the Russian Federation and to develop recommendations for their improvement in order to ensure economic security. The object of the study is the international economic partnership of the Russian Federation. The subject of research in this paper is the directions of development of this partnership in the context of ensuring economic security of the country. Economic sanctions and their impact on the international partnership. International climate agreements and their impact on trade and investment. Development of renewable energy and new forms of energy cooperation. The following measures have been proposed to improve and develop international economic partnership: development of digital trade through the unification of electronic customs procedures, for example, the introduction of the WTO Trade Facilitation Agreement; localization of supply chains with diversification of partners.