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Regular version of the site

119049 Moscow, Russia
11 Pokrovskiy boulevard, room S625


+7 (495) 7729590 *27190, *27189, *28714

Email: finance@hse.ru

Head of the School Irina Ivashkovskaya

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

Senior administrator Uliana Nepryakhina
LEGO - The Toy of Smart Investors
In press

Dobrynskaya V. V., Кишилова Ю. О.

Research in International Business and Finance. 2021.

Puzzling Premiums on FX Markets: Carry Trade, Momentum, and Value Alone and Strategy Diversification

Mikova E., Teplova T., Munir Q.

Emerging Markets Finance and Trade. 2020. Vol. 56. No. 1. P. 126-148.

2019 IEEE 21st Conference on Business Informatics (CBI)

Karminsky A. M., Dyachkova N.

Vol. 1: 21st IEEE Conference on Business Informatics. M.: IEEE, 2019.

Digital Economy : Pocket Data Book

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.

Depositor discipline during crisis: Flight to familiarity or trust in local authorities?

Schoors K., Semenova M., Zubanov A.

Journal of Financial Stability. 2019. Vol. 43. P. 25-39.

Book chapter
Corporate Diversification-Performance Puzzle in BRIC

Grigorieva S.

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.

Book chapter
Corporate international diversification and performance – an economic profit viewpoint: evidence from BRIC companies
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.

Book chapter
How M&A Deals Influence Corporate Performance in Developed and Emerging Capital Markets: A Review of Empirical Results in the Literature

Grigorieva S.

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 paper
Does green bonds placement create value for firms?

Kuchin I., Baranovskii G., Dranev Y. et al.

Science, Technology and Innovation. WP BRP. Высшая школа экономики, 2019. No. 101.

Summarizing Section E. Financial Institutions, Markets and Payment Systems

Authors of various research papers presented their topics where discussants provided feedback - 20th April International Academic Conference on Economic and Social Development

20th April International Academic Conference on Economic and Social Development

National Research University Higher School of Economics Moscow, Russia.

Wednesday, April 10 | 10:00–11:30am | Room 319a, М-11.

Section E. Financial Institutions, Markets and Payment Systems

Moderators: A. Karminsky (HSE University) and V. Solodkov (HSE University)


Authors of various research papers presented their topics where discussants provided feedback to the end of each session and authors responded to the feedback. A simultaneous interpretation in Russian and English languages was provided during the first two sessions (E-05 and E-06). However, Sessions E-06 and E-07 were entirely conducted in Russian language. Topics were categorized by four sessions and each session included four papers except session E-06 which had three papers.

Sessions were started by the opening remarks on the Section E and presentations were started with session E-05 “Banks as Financial Intermediaries”. Dr. Makinen from Bank of Finland initiated the presentations with a topic on “Learning from the electronic crisis: Evidence from the Russian banking sector”. Dr. Makinen stressed on prior learning from crises in Russian banking and emphasized its unique institutional setting as extant research has been passive on this topic from Russian banking. Following the presentation of Dr. Makinen a paper “Do high deposit interest rates signal bank default? Evidence from the Russian retail deposit market” authored by M. Semenova and M. Bondarenko from Higher School of Economics. Dr. Semenova presented the research. Their main assumption of the paper was the additional raise of banks’ funds through inflated deposit interest rates before leaving the market. They used unique data on Russian bank deposit interest rates for deposits of different maturities in 2015–2016 combined with data about bank fundamentals coming from their financial statements. Their results suggested that if a bank offers too generous interest rates for deposits for 180-365 days then this can be a signal of a significantly higher probability of license withdrawal in 3 quarters.

Third presentation on the topic “The impact of mortgage securitization on bank performance: estimation of the average Exposure effect” was by S. Khasyanova from Higher School of Economics which was co-authored by M. Samsonov (Deposit Insurance Agency). Ms. Khasyanova highlighted the investigation of mortgage securitization market development from Russian perspective and provided the aim of their research as analysis and estimation of the average effect of mortgage securitization on the performance of Russian banks which performed transactions in the period of 2012 to 2018. Authors employed Propensity Score Matching Index to test their research questions and found concluded that the only significant advantage of the mortgage securitization for Russian originators (besides the growth in the share of liquid assets) is the possibility of increasing the target volume of a loan portfolio. Ms. Khasyanova mentioned that the research design is in progress and further development is needed in the paper. Following this sessions N. Alimukhamedova (WIUT) presented the research on “Explaining simultaneous borrowing and saving”. The research question was “What are the determinants of formal and informal savings?”. Author presented the research methodology and provided a contribution to literature. Findings of the research question are yet to be available.

At the end of Session E-05 Discussant O. Solntsev (CMASF) provided detailed feedback to authors.

In Session E-06 three topics were presented in the category of Financial Systemic Risks. Authors of first presentation L. Solanko (BOFIT), Z. Fungacova (BOFIT) and W. Laurent (EM Strasbourg Business School) presented the paper on “Politics and banking in an electoral autocracy”. Ms. Z. Fungacova presented the topic. The objective of their paper was to extend the literature on banks and elections by investigating whether lending by all banks increases before elections in electoral autocracies, leading to a different interplay between politics and banking in these regimes. Within this parameter they consider the case of Russia in the last two decades and their key finding was that all Russian banks tend to lend more before presidential elections. In second presentation of this session authors A. Vasilyeva and A. Morgunov from Higher School of Economics presented the topic “Building probability of a default model during the life of financial asset”. Authors explored the probability of default model for Russian companies as they said such model is passive or absent in the market. By concluding the presentation Ms. A. Vasileya mentioned that their research will analyze the possibility of introducing the model obtained for assessing Probability of Default at a lifetime according to IFRS standards by Russian banks, identifying its advantages and disadvantages when used in relation to this standard.

In a final presentation of this session authors M. Shchepeleva (HSE University) and M. Stolbov (MGIMO) talked about "Systemic risk, economic policy uncertainty and Firm bankruptcies: A causal analysis". Author investigate the causal relationships between systemic risk, economic policy uncertainty and firm bankruptcies in a sample of 15 advanced and major emerging market economies for January 2008 – June 2018. They find few causal relationships between SRISK and bankruptcies in the linear setting.

Discussant O. Borzykh (Sberbank) provided a productive feedback to authors to the end of session and authors were provided an opportunity to respond to the feedback where authors warmly welcomed the feedback and agreed to revise their papers accordingly.

Sessions E-07 “Banking and Financial Risks” Session E-08 “Financial Market” were conducted in Russian language.

This report was generated by Muddassar Malik.