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This work is a new direction in the authors’ previous study on applying the market multipliers in assessing the value of oil and gas companies. The work is based on the findings of statistical studies of multipliers calculated for the industry, as well as their volatility over a 12-year period — from 2006 to 2017 inclusively, as exemplified by 46 companies from nine sectors of the economy of the Russian Federation. The analysis of the risk measures Value-at-Risk (hereinafter VaR) and Expected Shortfall (hereinafter ES) was conducted by means of volatility calculated in different ways. In particular, the multiplier volatility was introduced by V. B. Minasyan. It was established that for all nine sectors of the Russian economy, calculated with conventional stock volatility statistics (when possible), risk valuation measures VaR and ES led to lower calculated risk values compared to those calculated using multiplier volatility. The results of the study are of interest to evaluators, investors and other interested parties, as it allows to analyze the general behavior of the stock value in Russian companies and to compare the change in indicators of various economic sectors in terms of multiplier technology.

On the example of oil and gas companies, the author considers the problem of using the method of market multipliers in assessing the value of companies in the Russian Federation. We study the possibility and correctness of the application of industry multipliers and multipliers of companies-analogues to the evaluation of the value of a particular company. One of the classical methods of stock valuation is a comparative method implemented in the form of a multiplier valuation method. As a multiplier value used to evaluate a particular company, it is often used the expected value of the industry multiplier or the company of an analogue or their value at a particular moment. However, the multipliers themselves exhibit volatility in time and space (in the transition from one company to another, even within one industry). Naturally, the question arises about the risk of assessment that is about the model risk. This paper is based on the findings of statistical studies of industry multipliers and their volatility in the Russian Federation. The author introduced the concept of the multiplicatory volatility of shares and proposed a formula for its evaluation. We also analyzed the risk measures of VaR and ES calculated with volatilities calculated in different ways. Estimates of the risk measures VaR and ES obtained using conventional statistical estimates of the volatility of shares (when possible) led to smaller estimated values of risk compared to those obtained using the multiplier of volatility. It is important to note that the proposed version of the calculation of risk measures VaR and ES with the use of multiplier volatility can also be used in relation to nonpublic companies.

This paper presents the study multiplier effects of government regulation of industrial development of the macro-region by the example of the Russian Arctic (Russian Arctic), made in the process of writing a doctoral dissertation Lapochkin LV on «Industrial policy of the Arctic zone of Russia: theoretical and methodological basis» and its discussion in the St. Petersburg State University of Economics. The novelty of the study is: first, in the view of the Russian Arctic as a macro-region; secondly, forming a conceptual model of a multiplier based on the criterion of national economic efficiency and system constraints, reflecting the direction of the structural industrial policy with regard to the development of non-oil economy; in the third, the formulation of multiplier effects in the fields and methods of exposure. The purpose of this article is to analyze the multiplier effects of government regulation of industrial development of the macro-region of the Arctic, as a basis for the construction of the multiplier model.

The method of social accounting matrices has been adapted for Khabarovsk Krai’s economic system. Evaluation of matrices for 2007–2010 is given. The proportions of income distribution and use in terms of the region’s institutional sectors are studied. An analysis is made of interaction between the regional economy and external counterparts. Multipliers of exogenous demand and federal government transfers are evaluated. It is shown that the change in the pattern of the regional economy interaction with external counterparts has led to a decreased level of balance between domestic demand and gross output, and to redistribution of the multiplier effects outside the region