Behavior of economic subjects in models of the financial cycle depending on the type of activity

The study put forward two hypotheses. Hypothesis No. 1 on the relationship between the information space of the financial market and information efficiency has been verified on the basis of the typological grouping of the information space of the financial market. To build a typological grouping of companies, the task of forming qualitatively homogeneous groups for the “Mining and quarrying” and “Transportation and storage” industries in the information space was solved. The calculation of the percentage of companies on the basis of availability and objectivity of information. Indicators of average profitability and risk for 2017 were calculated for each group of companies. Calculated indicators are subject to comparison in the sectoral context, and also compared with the information efficiency hypothesis, anomalies in certain groups were revealed. Hypothesis № 2 about the interrelation of financial phases and types of behavior of economic entities in the information space of the financial market was tested. The obtained distributions of issuing companies by groups based on hypothesis №1 are correlated with the obtained distribution of the same companies by phases of the financial cycle. The model of a financial cycle of the company is checked, taking into account the distortion of financial statements With the help of a modified financial cycle model, the liquidity index and profitability index of each issuer in question were calculated. MICEX emitting companies are grouped according to the phases of the financial cycle, according to the values of the calculated indicators. Each resulting group is given a characteristic of financial condition. The correspondence of the phase of financial state with the type of behavior of economic subjects in the information space has been established. Thus, a new distribution of the studied companies in both industries in the information space of the financial market has been obtained. A comparison of the classification sections based on hypothesis number 1 and hypothesis № 2 is compared. It was revealed that the majority of companies found themselves in typological groups of the information space of the financial market, into which they were previously distributed depending on risk and return indicators. Hypothesis № 2 confirmed.