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HSE University
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School of Finance
Faculty of Economic Sciences
School of Finance
Contacts

School of Finance              Faculty of Economic Sciences   HSE University 

119049 Moscow, Russia
11 Pokrovsky Bulvar, S629

School of Finance: df@hse.ru      +7 (495) 772-95-90 *27447, *27190, *27947

Master’s Programmes:  Corporate Finance,           Master of Business Analytics

 

Irina Ivashkovskaya
Head of the School of Finance – Irina Ivashkovskaya

Doctor of Sciences in Finance, Tenured Professor, Head of Corporate Finance Center

Uliana Nepryakhina
Manager – Uliana Nepryakhina

+7 495-772-95-90 *27190

Olesya Galyanina
Senior Administrator – Olesya Galyanina

+7 495-772-95-90 *27447

Tatyana Lipatova
Administrator – Tatyana Lipatova

+7 495-772-95-90 *27947

Irina Skobeleva
Administrator – Irina Skobeleva

+7 495-772-95-90 *27946

About the School

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.

HSE is the first Russian university in the global ranking "QS - World University Rankings by subject", 2022 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 & Management Studies, 2022

Publications
Book
Systemic Financial Risk: An Emerging Market Perspective

Edited by: A. M. Karminsky, Mikhail Stolbov.

Palgrave Macmillan, 2024.

Article
Production and endogenous preferences
In press

Dergunov I.

Journal of Economic Dynamics and Control. 2026. Vol. 188.

Book chapter
Beyond Claims: CSR Reports, ESG Initiatives, and the Consequences of Impressions Management; Empirical Analysis

Badr I., Rawnaa Ibrahim, Hussainey K.

In bk.: Opportunities and Risks in AI for Business Development. Vol. 2: 546. Bk. Opportunities and Risks in AI for Business Development. Prt. 636. Springer, 2025. P. 385-399.

Working paper
Momentum Factor or Factor Momentum in REITs Market?

Dobrynskaya V. V., Tomtosov A., Речмедина С.

SERIES: FINANCIAL ECONOMICS. WP BRP 60/FE/2017. НИУ ВШЭ, 2025

All publications

Financial Economics

2022/2023
Academic Year
ENG
Instruction in English
6
ECTS credits
Delivered by:
School of Finance
Type:
Elective course
When:
3 year, 1, 2 module

Instructors

Verem, Irina Y.

Verem, Irina Y.

Dobrynskaya, Victoria V.

Dobrynskaya, Victoria V.

Pirogov, Nikita

Pirogov, Nikita

Course Syllabus

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Abstract

This is an introductory course in Finance which covers the basic principles of financial markets and asset pricing. We will discuss different financial instruments and how to use them for investment or hedging purposes. We will proceed to the basics of asset valuation. The starting point will be the present value formula. We will then talk about fixed-income securities, their valuation and the term structure of interest rates. The course will then move to stocks, starting with portfolio theory and then deriving the relation between risk and return. We will study the main asset-pricing models: the CAPM and the APT. We will talk about empirical multifactor models and various risk factors. Then, we will turn to derivatives, their replication and valuation based on no-arbitrage principle, and the use of them for hedging purposes. Finally, we will talk about cryptocurrencies and non-fungible tokens as alternative investment assets and their valuation. The course has the following pre-requisites: Probability theory and statistics, Financial markets and instruments.