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Subject. The article considers the phenomenon of clustering in the initial public offering (IPO) market. Objectives. The aim is to perform a critical analysis of literature on the IPO market behavior and determine the optimal moment of company's listing on stock exchange. Methods. The study draws on analytical methods of information gathering and processing, as well as the comparative analysis. Results. The paper summarizes results of works by researchers on the IPO markets clustering, defines criteria for successful listing on stock exchange, unveils a number of factors affecting the market dynamics. It also determines possible ways and indicators to predict the onset of the "hot" market for initial public offerings. Conclusions. Macroeconomic factors and investor sentiment explain the clustering of IPO markets. Given that the waves in this market are of short-term nature, the macroeconomic performance is an inaccurate indicator, when predicting the onset of waves of initial public offerings, as opposed to investor sentiment. Indicators, like the reversal of the stock market from recession to growth, positive market dynamics for three months, and a period of low imputed volatility may serve as indicators of the imminent onset of a wave of initial public offerings. A successful IPO of a company operating in a particular industry may lead to an increase in the number of transactions of similar companies from this industry, provided that the stock market continues to show a positive trend during the period, which is necessary to get ready for an IPO.

Subject. The article is devoted to the study of the specific features of banks’ IPO preparation and execution. Objectives. The focus is on the critical analysis of special aspects related to IPO of credit institutions. Methods. The study includes analytical methods for collecting and processing of information, as well as the comparative analysis. Results. I highlight the main characteristics of banks’ economic model, summarize the results of researchers' work on the analysis of factors influencing the profitability of credit institutions, analyze methods for evaluating companies for IPO purposes, identify main approaches to the assessment of bank value, and define the most appropriate methods to evaluate banks for IPO purposes. Conclusions. In general, the process of preparation and execution of banking IPOs is similar to IPO execution by other companies. However, the nature of economic activity of banks determines specific methods for assessing the value of banks for IPO purposes. Currently, there is no single preferred method for valuing banks, while there are certain aspects of the use of general methods to determine the value of credit institutions. For the valuation of companies for IPO, mainly comparative and income methods are used. For the valuation of banks, it is preferable to use the comparative method based on P/E and P/B multiples. As for the income method, it is recommended to use discounted cash flow valuation based on FCFE calculation, as well as the dividend discount model.

The article covers four periods of institutionalization of extremism and terrorism in Tatarstan (from inter-ethnic conflict at the end of 1980-s, across radicalization of Tatar ethno-political movement and legitimacy crises at the beginning of 1990s and birth of football fans' extremism in 2000s to the conflict between quasi-religious terrorism and FSB in 2010s). The author elicits eight sources of quasi-religious extremism and terrorism. For the purpose of analysis of social roots of these negative phenomena there was conducted a youth opinion poll. The poll shows the prevalence of condemnation of any extremism. The rejection of extremism is not equivalent to social passivity. In the youth environment, we can see the relevance of social activism, rejection of humility with lack of rights and prevalence of legitimate and democratic channels to combat injustice. Religious extremism, in spite of clamorous actions, has not become popular with young people, as it has a too thin mobilization base. At the same time, another form of extremismethnic and linguistic radicalism, resulting from awkward policy of the authorities of the Republic of Tatarstan in the sphere of educationbegan to grow on both sides (among the Tatars and Russians). Because of this, a very significant segment of the youth considers inter-ethnic relations in the republic tense and even conflict. Young people rarely see the manifestations of interethnic and interreligious intolerance in real life, unlike the Internet, where one third of respondents encounter them frequently and even constantly, and 4.1% of the respondents have a favorable reaction to such "encounters", which seems very dangerous. The article proposes ten ways to counter extremism and terrorism in the Republic of Tatarstan.

Subject. The article considers the phenomenon of clustering in the initial public offering (IPO) market. Objectives. The aim is to perform a critical analysis of literature on the IPO market behavior and determine the optimal moment of company's listing on stock exchange. Methods. The study draws on analytical methods of information gathering and processing, as well as the comparative analysis. Results. The paper summarizes results of works by researchers on the IPO markets clustering, defines criteria for successful listing on stock exchange, unveils a number of factors affecting the market dynamics. It also determines possible ways and indicators to predict the onset of the hot issue market for initial public offerings. Conclusions. Macroeconomic factors and investor sentiment explain the clustering of IPO markets. Given that the waves in this market are of short-term nature, the macroeconomic performance is an inaccurate indicator, when predicting the onset of waves of initial public offerings, as opposed to investor sentiment. Indicators, like the reversal of the stock market from recession to growth, positive market dynamics for three months, and a period of low imputed volatility may serve as indicators of the imminent onset of a wave of initial public offerings. A successful IPO of a company operating in a particular industry may lead to an increase in the number of transactions of similar companies from this industry, provided that the stock market continues to show a positive trend during the period, which is necessary to get ready for an IPO.