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119049
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
Head of Corporate Finance Research Center, Dr., tenured professor
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
Grishunin S., Ivashkovskaya I., Brendeleva N. et al.
Journal of Corporate Finance Research. 2025. Vol. 19. No. 1. P. 25-40.
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.
Financial Economics. WP HSE. HSE University, 2025. No. 1/FE/2025.
Professor of the School of Finance Fedorova E.A co-authored the article, which was published in Journal of Economic Behavior & Organization
Professor of the School of Finance Fedorova E. A. co-authored the article "Strength of words: Donald Trump's tweets, sanctions and Russia's ruble", which was published in the Journal of Economic Behavior & Organization.
Abstract
We empirically test if the US President Donald Trump's rhetoric towards Russia (represented by his Russia-related tweets) affects ruble's exchange rate. Using three-stepped empirical framework, we find that escalation of negative sentiment of Trump's Russia-related tweets leads to ruble's depreciation (4–10%) in short-term periods (around 3 days). Though these episodes tend to coincide with imposition or announcement of US sanctions, we demonstrate that US sanctions that were not accompanied by negative tweets of Donald Trump, have not caused ruble's depreciation. This highlights the role of emotional factors in economic decision-making behavior.
Article