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Peter S Chumakov

Plekhanov Russian university of economics, Department "Finance And Prices", Faculty Member

National Research University “Higher School of Economics” (HSE), Moscow, Russia, Higher School of Project Management, Guest lecturer

Russian Presidential Academy of National Economy and Public Administration, Higher school of finance and management, Faculty Member

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I graduated from Plekhanov Russian University of Economics (Moscow, Russia) in 1995 with an excellent diploma in Finance.

In 2000 I received my Ph.D. in Plekhanov Russian University of Economics, successfully defended my dissertation on "Models of Russian banks' financial stability enhancement".
In 2008-2012 I was an associate professor in Plekhanov Russian University of Economics in the financial management department.

In 1994-1996 I worked in several commercial and investment banks in Moscow, in 1996-1998 in the international audit company "PriceWaterhouse" (now PwC), in 2000-2001 in Vnesheconombank of USSR (VEB).

Since 2005 until July 2017 I was the owner, the CEO and the CFO of ILSKIY STROITEL, LLC (IS, LLC) – a construction materials producer in Krasnodar region of Russia.

I am an associate professor in Plekhanov Russian University of Economics (Moscow, Russia) since January 2019.
Also I am a lecturer for MBA courses in Russian Presidential Academy of National Economy and Public Service (RANEPA), Moscow and in Higher School of Economics (HSE), Moscow since 2017.

I am giving lectures abroad in English since 2013.

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Lars Laestadius

Kenneth Andrasko

Evgeny A. Shvarts

Davide Pettenella

Università degli Studi di Padova

vanderley porfirio-da-silva

EMBRAPA - Empresa Brasileira de Pesquisa Agropecuária

Zassoursky Ivan

Interests

Uploads

Conference Presentations by Peter S Chumakov

How to find financial reserves in a company

How to find financial reserves in a company, 2020

In this video I am explaining the job I usually do as an independent expert in order to find fina... more

STARTING UP A PRODUCTION PROJECT IN RUSSIA

The goal of this article is to provide a brief overview of how to start and run a production proj... more The goal of this article is to provide a brief overview of how to start and run a production project in Russia. The article is based on the history of a real production company that belongs to the author. The weak Russian ruble should encourage foreign companies to start producing their goods in Russia. The success of such a project will highly depend on the choice of production place and local management skills to cope with the specifics of Russian business environment.

Papers by Peter S Chumakov

Reforestation on abandoned agricultural lands in Russia - business prospects and climatic effect

by Peter S Chumakov and Mikhail Petrovich Chumakov

Reforestation on abandoned agricultural lands in Russia - business prospects and climatic effect, 2024

In this study, a real plot of abandoned agricultural land overgrown with forest in Russia has bee... more In this study, a real plot of abandoned agricultural land overgrown with forest in Russia has been surveyed. The amount of future CO 2 sequestration by this forest for the next 20 years has been calculated by means of a mathematical model. The unprofitability of the 20-years climatic reforestation project on this land has been proved, based on the current price of carbon units in Russia and China, because Russia cannot enter the European carbon units' market. To improve profitability, it was proposed to combine the reforestation with timber harvesting, charcoal, natural fertilisers and forage production. Thus, the wood cut for maintenance is used partially for sale, partially for production of charcoal and partially left as a fertiliser on the cleared stripes, where meadow plants will be replaced with alfalfa, using technologies of zero soil treatment. The economic feasibility study has been performed based on the real capital and current expenses of the combined reforestation project. The positive Net Present Value and a very high Internal Rate of Return of the joint project, calculated by the methods of financial mathematics have indicated its economic viability and attractiveness for investors.

Disposal of a Production Project in Russia

Starting and running a business in Russia is significantly different from the same process Europe... more Starting and running a business in Russia is significantly different from the same process Europe or the United States: it is much more difficult to dispose of a business than to start it, especially for unquoted companies. The inconvenience of liquidating direct investments is a serious barrier for foreign investors who are interested in the production sector of the Russian economy. In this article I would like to highlight the main challenges for the company&#39;s owners while disposing of a project and to share my practical experience of solving them in a production company in Russia. Firstly, I consider spotting the optimal time for such disposal depending on the company&#39;s strategy. Secondly, I show how to develop the plan for complete or partial exit from the project and to find a buyer. Then, I analyze the methods of calculating the fair price of a business project in Russia and the ways of convincing the buyer. I also describe the local specifics of the due diligence of the project for sale and the methods of maintaining confidentiality when preparing the transaction. Finally, I consider various ways of finalizing the deal from the legal and tax points of view. This article gives an entrepreneur the instruments to develop the exit strategy from a project in order to secure his direct investments in Russia.

Choosing a Country for International Business. Comparison of Russia and Usa_

Чумаков П.С. Выбор страны для международного бизнеса. Сравнение России и США Департамент финансов... more

Choosing a country for international business. Comparison of Russia and USA

RESEARCH RESULT. ECONOMIC RESEARCH, 2020

In the XXI century an entrepreneur has much wider choice of a country and region to start the bu... more In the XXI century an entrepreneur has much wider choice of a country and region to start the business than previously. Such factors of choice as proximity of the commodity markets, cheap access to raw materials and to cheap or qualified workforce, are outrivaled by the market size, the quality of business environment (convenience of doing business) and the tax environment of a particular country or region.
In this article the main parts of business environment and tax of Russian Federation and the United States of America environment are analyzed in comparison. The business environment is considered as a combination of relations with regulatory authorities, the level of corruption, business ethics, the legal system, the quality of work force, the depth and frequency of financial reporting. Tax system is analyzed from a corporation point of view in terms of the major taxes, paid by the corporations in both countries: corporate income tax (CIT), value-added tax (VAT), sales taxes and payroll taxes.
The business environment in terms that we defined it is clearly more business-friendly in the US, but Russia has some advantages over the US in corporate taxation, such as lower CIT rate and special tax regimes. However, the other considered taxes burden makes Russia much less competitive for starting and running a business.

Insufficient Protection of Land Users' Rights in Russia

International Journal of Civil and Trade Law, 2019

In this article the land relationships in the contemporary Russia are considered from the point o... more In this article the land relationships in the contemporary Russia are considered from the point of view of a production company in Krasnodar region of Russia, which acquired the leasing rights for a land plot from a municipal authority and was deprived of these rights due to the Russian Land Registry and Court system drawbacks. Firstly, the analysis of the rights and responsibilities given to landlords and tenants by Russian law is done in comparison with the actual process of applying for the lease. Secondly, the risks of the third-party claims not eliminated by the state registration of the lease are considered. Then the drawbacks of Russian laws and Russian court system are examined on the example of the litigation between the company and the municipal authority, given the support of the professional bodies, the mass media and the higher levels of the State power. Finally, it is shown how the victory in terms of law and justice appeared to be the defeat in terms of business for the company, and how it affected the business climate in Russia. Some solutions for the Land Registry improvement, increase of local authorities» responsibility and legal proceedings acceleration in Russia are suggested.

Financial Management Without a Manager Финансовый менеджмент без менеджера

World Economy: Security Problems, 2019

Businesses of all scales should hire only those specialists whose job makes a real value. This ar... more Businesses of all scales should hire only those
specialists whose job makes a real value. This article argues the
role of a financial manager in a small business. My own business
experience shows that such companiescan be competitive
by means of assigning financial duties to another member of
staff instead of hiring a full-time financial specialist.

Actual Necessity of Balanced Development of Banking System

The article published in "Finansist" magazine reviews the massive process of license withdrawal f... more

Rows of Bankruptcy

This article in "Expert" magazine analyzes different methods of bank rating that were popular in ... more

Cromonov’s Rating is not Optimal

This article published in a special project "Russian financial institutes" of "Securities market"... more

Rating in the Assessment of Banks' Reality

The article argues different rating instruments in the assessment of the financial stability of R... more

Gamlet’s Question for Small Banks

The article in "Banking in Moscow" magazine analyses the prospects of small commercial banks in R... more

Thesis Chapters by Peter S Chumakov

autoreferat PSChumakov.pdf

This is the autoreferat of my Ph.D. dissertation "Models of Russian banks financial stability enh... more

How to find financial reserves in a company

How to find financial reserves in a company, 2020

In this video I am explaining the job I usually do as an independent expert in order to find fina... more

STARTING UP A PRODUCTION PROJECT IN RUSSIA

The goal of this article is to provide a brief overview of how to start and run a production proj... more The goal of this article is to provide a brief overview of how to start and run a production project in Russia. The article is based on the history of a real production company that belongs to the author. The weak Russian ruble should encourage foreign companies to start producing their goods in Russia. The success of such a project will highly depend on the choice of production place and local management skills to cope with the specifics of Russian business environment.

Reforestation on abandoned agricultural lands in Russia - business prospects and climatic effect

by Peter S Chumakov and Mikhail Petrovich Chumakov

Reforestation on abandoned agricultural lands in Russia - business prospects and climatic effect, 2024

In this study, a real plot of abandoned agricultural land overgrown with forest in Russia has bee... more In this study, a real plot of abandoned agricultural land overgrown with forest in Russia has been surveyed. The amount of future CO 2 sequestration by this forest for the next 20 years has been calculated by means of a mathematical model. The unprofitability of the 20-years climatic reforestation project on this land has been proved, based on the current price of carbon units in Russia and China, because Russia cannot enter the European carbon units' market. To improve profitability, it was proposed to combine the reforestation with timber harvesting, charcoal, natural fertilisers and forage production. Thus, the wood cut for maintenance is used partially for sale, partially for production of charcoal and partially left as a fertiliser on the cleared stripes, where meadow plants will be replaced with alfalfa, using technologies of zero soil treatment. The economic feasibility study has been performed based on the real capital and current expenses of the combined reforestation project. The positive Net Present Value and a very high Internal Rate of Return of the joint project, calculated by the methods of financial mathematics have indicated its economic viability and attractiveness for investors.

Disposal of a Production Project in Russia

Starting and running a business in Russia is significantly different from the same process Europe... more Starting and running a business in Russia is significantly different from the same process Europe or the United States: it is much more difficult to dispose of a business than to start it, especially for unquoted companies. The inconvenience of liquidating direct investments is a serious barrier for foreign investors who are interested in the production sector of the Russian economy. In this article I would like to highlight the main challenges for the company&#39;s owners while disposing of a project and to share my practical experience of solving them in a production company in Russia. Firstly, I consider spotting the optimal time for such disposal depending on the company&#39;s strategy. Secondly, I show how to develop the plan for complete or partial exit from the project and to find a buyer. Then, I analyze the methods of calculating the fair price of a business project in Russia and the ways of convincing the buyer. I also describe the local specifics of the due diligence of the project for sale and the methods of maintaining confidentiality when preparing the transaction. Finally, I consider various ways of finalizing the deal from the legal and tax points of view. This article gives an entrepreneur the instruments to develop the exit strategy from a project in order to secure his direct investments in Russia.

Choosing a Country for International Business. Comparison of Russia and Usa_

Чумаков П.С. Выбор страны для международного бизнеса. Сравнение России и США Департамент финансов... more

Choosing a country for international business. Comparison of Russia and USA

RESEARCH RESULT. ECONOMIC RESEARCH, 2020

In the XXI century an entrepreneur has much wider choice of a country and region to start the bu... more In the XXI century an entrepreneur has much wider choice of a country and region to start the business than previously. Such factors of choice as proximity of the commodity markets, cheap access to raw materials and to cheap or qualified workforce, are outrivaled by the market size, the quality of business environment (convenience of doing business) and the tax environment of a particular country or region.
In this article the main parts of business environment and tax of Russian Federation and the United States of America environment are analyzed in comparison. The business environment is considered as a combination of relations with regulatory authorities, the level of corruption, business ethics, the legal system, the quality of work force, the depth and frequency of financial reporting. Tax system is analyzed from a corporation point of view in terms of the major taxes, paid by the corporations in both countries: corporate income tax (CIT), value-added tax (VAT), sales taxes and payroll taxes.
The business environment in terms that we defined it is clearly more business-friendly in the US, but Russia has some advantages over the US in corporate taxation, such as lower CIT rate and special tax regimes. However, the other considered taxes burden makes Russia much less competitive for starting and running a business.

Insufficient Protection of Land Users' Rights in Russia

International Journal of Civil and Trade Law, 2019

In this article the land relationships in the contemporary Russia are considered from the point o... more In this article the land relationships in the contemporary Russia are considered from the point of view of a production company in Krasnodar region of Russia, which acquired the leasing rights for a land plot from a municipal authority and was deprived of these rights due to the Russian Land Registry and Court system drawbacks. Firstly, the analysis of the rights and responsibilities given to landlords and tenants by Russian law is done in comparison with the actual process of applying for the lease. Secondly, the risks of the third-party claims not eliminated by the state registration of the lease are considered. Then the drawbacks of Russian laws and Russian court system are examined on the example of the litigation between the company and the municipal authority, given the support of the professional bodies, the mass media and the higher levels of the State power. Finally, it is shown how the victory in terms of law and justice appeared to be the defeat in terms of business for the company, and how it affected the business climate in Russia. Some solutions for the Land Registry improvement, increase of local authorities» responsibility and legal proceedings acceleration in Russia are suggested.

Financial Management Without a Manager Финансовый менеджмент без менеджера

World Economy: Security Problems, 2019

Businesses of all scales should hire only those specialists whose job makes a real value. This ar... more Businesses of all scales should hire only those
specialists whose job makes a real value. This article argues the
role of a financial manager in a small business. My own business
experience shows that such companiescan be competitive
by means of assigning financial duties to another member of
staff instead of hiring a full-time financial specialist.

Actual Necessity of Balanced Development of Banking System

The article published in "Finansist" magazine reviews the massive process of license withdrawal f... more

Rows of Bankruptcy

This article in "Expert" magazine analyzes different methods of bank rating that were popular in ... more

Cromonov’s Rating is not Optimal

This article published in a special project "Russian financial institutes" of "Securities market"... more

Rating in the Assessment of Banks' Reality

The article argues different rating instruments in the assessment of the financial stability of R... more

Gamlet’s Question for Small Banks

The article in "Banking in Moscow" magazine analyses the prospects of small commercial banks in R... more

autoreferat PSChumakov.pdf

This is the autoreferat of my Ph.D. dissertation "Models of Russian banks financial stability enh... more