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School of Finance Faculty of Economic Sciences HSE University
119049
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
Doctor of Sciences in Finance, Tenured Professor, Head of the Corporate Finance Center
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
Edited by: A. M. Karminsky, Mikhail Stolbov.
Palgrave Macmillan, 2024.
Svetlana Grigorieva, Narmin Isaeva, Aliya Azizova et al.
Journal of Corporate Finance Research. 2026. Vol. 20. No. 1. P. 75-85.
Dobrynina Polina, Grishunin S.
In bk.: The 12th International Conference on Information Technology and Quantitative Management (ITQM 2025). Netherlands: ScienceDirect, 2025. P. 166-174.
Dobrynskaya V. V., Tomtosov A., Речмедина С.
SERIES: FINANCIAL ECONOMICS. WP BRP 60/FE/2017. НИУ ВШЭ, 2025
The article by Professor of the School of Finance Irina Ivashkovskaya and Associate Professor of the School of Finance Artem Anilov has been published in Finance Research Letters
In the article, the authors show that CEO compensation, together with managerial overconfidence, influences corporate payout policy. For example, compensation in the form of company stock reduces dividend payouts in firms with overconfident CEOs, whereas compensation in the form of inside debt increases payouts in such firms. However, these results do not hold for companies in innovative industries or those with weak corporate governance. These findings support theoretical models that predicted a negative impact of high convex compensation for overconfident CEOs on shareholder welfare.
Read the full text at https://www.sciencedirect.com/science/article/pii/S154461232501219X