On the EFMA took part - Ivashkovskaya I.V.,Professor, Head of Academic Department of Finance, Head of Corporate Finance Research Centre, National research university - Higher School of Economics and Skvortsova I.V., Research fellow, Corporate Finance Research Centre, National research university - Higher School of Economics with the following report: "Is corporate diversification a viable strategy in falling or rising economies? The case of Chinese and Russian firms".

Abstract
We analyze the effects of product diversification in emerging economies depending on the national economy dynamics. In contrast to prior research, we concentrate on the risk effect of diversification measuring performance by residual income spread. For a sample of 145 Chinese and Russian firms for the period of 2010-2014, we identify that the effect of corporate diversification on firm performance is the reverse of the dynamics of the institutional environment: if the national economy is falling product diversification creates value while the potential of diversification strategy is limited is the national economy is growing.

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