Introduction. It is of topical importance today to study the ratio between the returns and risk of the Ukrainian stock market depending on the duration of the investment period. The relevant analysis should be conducted with regard to the markets of European post-socialist countries that have common features of development. Purpose. The purpose of the research is to define the influence of time factors on the returns and risk of financial assets through the numbers of stock indices (Ukrainian PFTS index, Polish stock index WIG, Czech stock index PX), the analysis of volatility of Ukrainian and European stock markets and the identification of patterns of their development. Methods. To conduct the research, the authors use the analysis of dynamic series, statistical, structural analysis, comparative analysis and correlation-and-regression analysis. Results. In the article, a comparative analysis of the volatility of the Ukrainian and European stock markets was conducted based on statistical research of temporal changes of stock indices. Their common development trends and differences, which can be explained by the peculiarity and specificity of the Ukrainian stock market, are revealed. The results of the analysis show that, with the increasing investment time horizon, the spread between maximum and minimum income returns is reduced, and the minimal income return itself becomes extremely positive. As the research shows, the peculiarity of the Ukrainian stock market is its significantly higher income return, which, however, is accompanied by a much higher risk, especially during the seven to nine year investment period. Conclusion. The Ukrainian stock market involves high risks, which does not make it attractive for conservative investors. However, it is considered to be a very attractive investment destination for risky investors, especially for a medium-term period of 7-12 years, since they may expect returns several times higher than at Polish and Czech markets under investigation.
The search for alternative sources, such as the use of crowdfunding, becomes reasonable under the conditions of funding shortage. International experience study, peculiarities of crowdfunding usage and the development of scientific and methodological approaches of its adaptation to Ukrainian realities are relevant to research. The objective of the article is to generalize theoretical aspects and to study the experience of practical implementation of the co-financing principles in Ukraine and in the world, to identify the factors that influence the development and efficiency of the crowdfunding services. The article deals with the issues of introducing an innovative method of fundraising; it is crowdfunding, which allows carrying out co-financing of various projects that mainly have a social orientation. Studies show that in most cases, the Crowdfunding funding schemes are used in creative activities, social projects, educational projects, projects aimed at the implementation of innovative information technologies, environmental projects, sports projects, business projects, and political projects. The meaningful notion of the crowdfunding and its classification features are investigated and specified, its strengths and weaknesses are analyzed. The international experience of the crowdfunding platforms operation is considered. Analysis of statistics on the development of crowdfunding shows a significant increase in its popularity over recent years, due to the high availability of this funding scheme, and makes it possible to involve a wide range of small investors who are interested in the end result.The promising directions of crowdfunding services development in Ukraine are determined. Particular attention is paid to the analysis of the possibilities of use of crowdfunding in the social sphere. The study shows that crowdfunding has a significant potential for development in Ukraine and should become an alternative to traditional sources of funding, especially in the social field.
The development of the state's economy is inconceivable without the revitalization of investment processes in the field of financial investment, which are based on operations in the stock market. Simultaneously, the financial investment is characterized by speculative risk, which involves the possibility of obtaining both income and losses from the tradable securities. Such risk creates volatility of financial markets, an indicator of which is the dynamics of changes in stock indices that reflect the value of share capital of the largest enterprises and financial institutions of the state. The analysis of the results of recent scientific work carried out in the paper has shown a significant interest among the world's leading financial scientists to the issue of assessing the volatility of stock markets, which becomes of particular relevance subject to the investment time horizon. The study revealed a strong linear direct correlation between the indices of the Kazakhstan Stock Exchange (KASE) and the Ukraine Stock Exchange (PFTS). The analysis of the impact of the investment time horizon on the indicators of return and volatility was carried out for the Kazakh and Ukrainian stock markets. As a result, it was determined that the stock markets of both countries are characterized by a significant level of volatility, which is offset by high return and tends to decrease with increasing investment horizon. Analysis of the return and risk ratio using the Sharpe Ratio demonstrated an increase in investment attractiveness with increasing investment horizon.
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