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The article discusses the concept and the choice of sources of financing for the investment activi-ties of aviation companies. The choice of financing instruments for aviation companies, as well as the optimal capital structure, is an important and necessary stage for conducting effective activities aimed at achieving the financial stability of the airline company. Especially the problem of choosing sources of financing becomes relevant in the context of the spread of COVID-19. The object of the article is to study the modeling of investment attractiveness on the example of airlines. Based on the research of in-vestment attractiveness in airlines, recommendations were formulated in the field of investment project evaluation. Scientific and practical significance of the work is that Aviation is one of the fastest grow-ing sectors in the world, combining technology, innovation, entrepreneurship, economic development, infrastructure support, demographic growth, and contribution to globalization. Progress in this sector is impressive in its speed and diversity in nature. Based on the analysis of the investment activity of the Kazakh company, it was revealed that outdated methods of evaluating the effectiveness of investment projects are used and it was proposed to use quantitative risk analysis and break-even assessment of the airline's investment projects for this purpose. In accordance with the research subject, the methods of scientific knowledge, induction, deduction, comparison, statistics, comparability, financial analysis, mathematical modeling, analysis and forecasting were used.

The purpose of the publication is to closer define the essence, role and peculiarities of investment funds and companies. The analysis of researches on the subject of the article identified the lack of clearness concerning the issues of essential differences between the investment fund and the company. The article considers the definition of the studied concepts according to dictionaries and practical examples of the operating investment companies and funds. The peculiarities of the latter and types of specialization of investment funds are specified. There is a fundamental difference between these economic entities, which is that the investment company is a commercial organization with minimal restrictions and maximum freedoms for the implementation of investment and related activities for profit. An investment fund is either a specialized part of such a company or is a public institution with the presence of restrictions that are stipulated by the policy of its founders. It is proved that an investment company can often be both a holding company with a wide range of related activities, harmoniously combined with investment: insurance, consulting, brokerage, banking, credit and depository activities, accounting, etc. In some countries, legal restrictions do not allow a successful combination of investment and other activities, for example, insurance. It is determined that the evolution of investment activities in the global stock market causes a gradual loss of competitiveness of mutual investment funds. Instead, ETF funds have long taken their place. In the global financial market there is a limited number of investment companies – founders of major ETF funds with a significant level of competitiveness, which makes problematic and (or) inappropriate entry into the market of new funds. In addition to accumulating temporarily free funds and professional management of investment resources, the important role of investment companies and funds is the formation of the infrastructure of complementary pension provision.

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The article reflects the results of scientific research of alternative approaches to the interpretation of the definition of investment services. The advantages and disadvantages of the target, production, product, process, instrumental, infrastructural, resource and opportunistic approaches to understanding the essence of the concept of “investment service” are identified and systematized. An improved definition of the concept of an investment service is the result of the choice of an investment idea, analysis of investment information and the use of investment technologies by investment firms in order to realize the financial interests of clients - individual and institutional investors, taking into account their investment profile (expected investment return, maximum losses, risk tolerance and the duration of the investment horizon). The proposed author's approach to the interpretation of the concept of an investment service takes into account the totality of such attributive features as complementarity, substitutionality, analyticity, manufacturability, personification, riskiness and timing. It was found that the providers of investment financial services are investment firms - legal and non-legal entities that on an ongoing basis provide at least one type of investment services to third parties and / or carry out at least one type of investment activity. The recipients of investment services are clients of investment companies - individual and institutional investors. The circle of financial interests of investors was determined, including: increase and mobilization of additional financial resources; accumulation of savings; formation of an optimal investment portfolio in terms of profitability, risk, liquidity, etc .; reducing the negative impact of information asymmetry on investment choice; reduction of transaction costs of investment operations; expanding the list of investment alternatives and deepening the diversification of investment assets; redistribution of risks associated with the provision of investment services. It is established that the definition of an investment service is derived from the generic concept of a financial service. However, if the concept of a financial service is always associated with cash flow, then in the case of the provision of investment services, cash flow is conditioned by the formation and use of investment capital.

The issue of market risks management in investment companies is being updated and gaining importance in recent years, due to frequent crises and shocks in the financial markets. The application of the normative and comparative method in work analyzes the exposure of investment companies business to market risks. The paper points out the importance of determining market risks, as well as the types of market risks to which investment companies are exposed, and the importance of introducing new solutions adopted in the European legislation. The application of the proposed solutions based on qualitative and quantitative measures should enable both investment companies surviving on the capital market and providing adequate legal protection to investors. Therefore, the paper emphasizes the need for identifying and early recognition of market risks in investment companies, proposing appropriate measures, assessments and models for managing market risks in the investment companies.

Considering investment decisions on a particular business in the country (including the investment company), the actual issue is the level of its investment efficiency, taking into account the alternative and the level of devaluation of the national currency or inflation. The aim of the work is to determine the minimum allowable level of investment efficiency of Ukrainian business, taking into account the alternatives and features of the national currency, failure to achieve which makes Ukrainian business investment-inexpedient in the long run. A method for determining such minimum allowable level of investment efficiency is proposed, which involves calculating the amount of average annual growth of the stock index selected as the best investment alternative, the average annual dividend on such stock index, and the average annual devaluation of the national currency against the currency of such stock index. It is determined that the level of devaluation of the national currency in Ukraine against the US dollar exceeded the official inflation rate, which is why the above method took into account the average annual rate of depreciation of the national currency. The best alternative for financial investment is the US stock index S & P-500 and, consequently, investment in shares of corporations that are part of this index. Taking into account the specifics of the national currency and investment alternatives for Ukraine, the minimum level of investment efficiency of capital use by economic entities is set at 26.68 %.This interest rate (namely: 26.68 %) should be used to assess the feasibility of investment projects in Ukraine in order to calculate the classic indicators: net present value (NPV), internal rate of return (IRR), profitability index (PI), present term payback (DPB). In addition, the size of return on assets and return on equity at Ukrainian enterprises must be at least 26.68 %. It is determined that the average enterprise in Ukraine does not meet the conditions for achieving the minimum required level of return on assets and return on equity of 26.68 %. Only a few businesses in the country meet this condition, and most of them - only in terms of return on equity. In order to preserve and increase the capital of investors, Ukrainian investment companies should, in most cases, invest in the shares of the world's leading corporations, which are part of the US stock index S & P-500, rather than in the enterprises of their country. The high level of inflation in the country is identified as an important factor that negatively affects the efficiency of the business in Ukraine and, especially, the activities of industrial enterprises with a significant production cycle. In addition to the depreciation of the assets of economic entities, inflation causes the phenomenon of paying the tax from a relatively zero level of efficiency. Taking into account such taxation in Ukraine, the minimum allowable level of investment efficiency of business is 29.64 %. Conditionally zero level of business efficiency is achieved when the return on assets of the entity is equal to the average annual rate of depreciation of the national currency. The higher the inflation rate in the country, the more taxes are paid at a relatively zero level of efficiency, and the higher the value of the minimum allowable level of investment efficiency of the business in proportion to the income tax rate and the average annual devaluation of the national currency. The presence of a high level of inflation in the country and an income tax creates conditions for the outflow of investment capital to other countries. [ABSTRACT FROM AUTHOR]

We examine whether firms that imitate peer companies' strategies (copycats) profit from such behavior and how their success may cause competitive harm to disclosing companies. We identify copycat companies by tracking the digital footprints of investment companies that view disclosures on the SEC EDGAR Web site. We find that copycat companies are able to identify profitable trades that outperform other trades disclosed by the copycatted companies by 5.5% annually. Such stock‐screening skills are related to investment sophistication and research intensity. Furthermore, copycats inflict greater damage on the performance of disclosing companies when they possess superior copycat skills, when disclosed trading strategies take longer to complete, and when disclosed stock holdings are characterized by high information asymmetry. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to describe the position of mediators in the Croatian stock market as well as to point out the need of repositioning due to essential changes caused by the EU acceptance and new development possibilities. Different social, political and economic changes and developments in Croatia reflected on the capital market, its institutions, players, dynamics, size and strengths. Through the Zagreb Stock Exchange, and the Varaždin Equity Market which gradually turned in to the Varaždin Stock Exchange, and later became a part of the Zagreb Stock Exchange, all positive and negative field lines are reflected as well as their results. The paper starts with describing the position and function of the capital market as an integral part of the overall financial market. Many players saw the developed capital market as a chance for a rapid progress of the Croatian economy, as well as catching up to more developed democratic economies. The following part describes the role of mediators and brokerage companies as significant factors in the Equity market. The third part is focused on the condition of the Croatian capital market development, with a special review of an essential change in the legislation, following the Croatian acceptance in the EU, by which brokerage companies transitioned into investment companies, substantially changing the role of mediators in the equity market. The brokerage company repositioning strategy from the role of “wholesale” agents into investment companies is described in the fourth part. The paper is completed by showcasing the business methods of conventional investment companies which exist on the still undeveloped Croatian market, without significant influence on the overall Croatian economic progress.

Network data envelopment analysis (NDEA) is one of the most important branches of data envelopment analysis (DEA) that is employed in order to performance measurement of decision making units (DMUs) with internal or network structures. In this study, the window network data envelop- ment analysis (WNDEA) model will be proposed, that is capable to be used in the presence of panel data. Additionally, the proposed model is applied to evaluate the dynamic efficiency of 5 investment companies in Tehran stock exchange during the period from 2013 to 2017. Experimental results show that the proposed window network DEA model is effiective and employing this model increases the reliability of the results. [ABSTRACT FROM AUTHOR]