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119049
11 Pokrovskiy boulevard, room S625
Phone:
+7 (495) 7729590 *27190, *27189, *28714
Email: finance@hse.ru
Head of Corporate Finance Research Center, Dr., tenured professor
The HSE School of Finance is the leading Russian competence center in the field of corporate finance, business valuation, banking, stock market, risk management and insurance, accounting and audit.
Our university is the only one in Russia in the global ranking "QS - World University Rankings by subject", 2021 in the subject area of Accounting and Finance. Moreover, the university is the 1-st in the rating "THE World University Rankings by subject" in the subject area of Business & Economics, 2021
In press
Dobrynskaya V. V., Кишилова Ю. О.
Research in International Business and Finance. 2021.
Pomazanov M. V., Arkhipov A., Karminsky A. M.
Eurasian Economic Review. 2021. No. 11. P. 469-487.
Risk Assessment and Financial Regulation in Emerging Markets' Banking: Trends and Prospects
Edited by: A. M. Karminsky.
Springer, 2021.
Mikova E., Teplova T., Munir Q.
Emerging Markets Finance and Trade. 2020. Vol. 56. No. 1. P. 126-148.
Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?
Ivashkovskaya I., Grigorieva S.
Switzerland: Springer, 2020.
2019 IEEE 21st Conference on Business Informatics (CBI)
Karminsky A. M., Dyachkova N.
Vol. 1: 21st IEEE Conference on Business Informatics. M.: IEEE, 2019.
Abdrakhmanova G., Demyanova A., Dranev Y. et al.
M.: National Research University Higher School of Economics, 2019.
Khrustova L., Fedorova E., Musienko S. O.
Journal of Siberian Federal University. Series: Humanities & Social Sciences. 2019. Vol. 12. No. 12. P. 2155-2169.
Karminsky A. M., Rybalka A.
Procedia Computer Science. 2019. Vol. 162. P. 496-502.
Schoors K., Semenova M., Zubanov A.
Journal of Financial Stability. 2019. Vol. 43. P. 25-39.
In bk.: Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?. Switzerland: Springer, 2020. Ch. 9. P. 223-239.
In press
Ivashkovskaya I., Scherbakov D., Yakovenko P.
In bk.: Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?. Switzerland: Springer, 2020. Ch. 10.
In bk.: Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?. Switzerland: Springer, 2020. Ch. 2. P. 33-61.
Working Papers. SSRN, 2019
Kuchin I., Baranovskii G., Dranev Y. et al.
Science, Technology and Innovation. WP BRP. Высшая школа экономики, 2019. No. 101.
Working Papers. SSRN, 2019
Olga Guseva PhD Thesis Pre-Defence
On May 17 (Tuesday) at 16:00 online within the framework of the research seminar "Empirical Researches of Corporate Finance" will be held the pre-defence of the School of Finance lecturer Olga Guseva PhD thesis.
Dissertation topic: "Grant and Equity Financing of High-Tech Small and Medium Enterprises in Russia"
Scientific advisor: A. Stepanova, PhD, Associate Professor
Reviewers:
Svetlana Grigorieva, PhD, Associate Professor,
Maria Kokoreva, PhD, Associate Professor,
Elena Makeeva, PhD, Associate Professor.
Abstract:
This dissertation investigates the relationship between financing and performance of high-tech SMEs in Russia, with a particular focus on equity and grant financing from government institutions.
Using the sample of 416 Skolkovo startups from space and nuclear clusters we showed that the effect of equity financing of Russian SMEs depends on the source. Government-related organizations negatively influence startup performance, while the impact of private venture capital is industry-specific. For the effect of grant financing, we used data about 2060 high-tech companies that participated in programs organized by FASIE. Our study confirms the importance of government grant financing for a startup’s survival and access to external funding in Russia as in the emerging market with institutional voids. However, we found no evidence of grant contribution to financial and operational performance for more experienced high-tech firms.
This research provides insights for public authorities into designing an effective system for development of SMEs and for entrepreneurs looking for support to enhance the firm's performance.
Summary
Language: English
To obtain a Zoom link, please contact df@hse.ru from the HSE corporate mail.
PhD thesis