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

119049 Moscow, Russia
11 Pokrovskiy boulevard, room S629

Phone:

+7 (495) 772-95-90*27447, *27947, *27190
+7 (495) 916-88-08 (Master’s Programme Corporate Finance)

- Email: df@hse.ru

finance@hse.ru 

Administration
Irina Ivashkovskaya
Head of the School – Irina Ivashkovskaya

Head of Corporate Finance Research Center, Dr., tenured professor

Uliana Nepryakhina
Manager – Uliana Nepryakhina

+7 495-772-95-90 (add. 27190)

Olesya Galyanina
Senior Administrator – Olesya Galyanina

+7 495-772-95-90 (add. 27447)

Tatyana Lipatova
Administrator – Tatyana Lipatova

+7 495-772-95-90 (add. 27947)

Irina Skobeleva
Administrator – Irina Skobeleva

+7 495-772-95-90 (add. 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

Palgrave Macmillan, 2024.

Article
Resilience Index Development for Digital Ecosystems and Its Implementation: The Case of Russian Companies

Grishunin S., Ivashkovskaya I., Brendeleva N. et al.

Journal of Corporate Finance Research. 2025. Vol. 19. No. 1. P. 25-40.

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: Opportunities and Risks in AI for Business Development. Prt. 636. Springer, 2025. P. 385-399.

Working paper
A New Approach to Identifying Political Connections: Evidence from the Russian Banking Sector

Kozlov N., Semenova M.

Financial Economics. WP HSE. HSE University, 2025. No. 1/FE/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 a blended format and consists of online and offline lectures and classes.