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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 the School of Finance Associate Professor Victoria Dobrynskaya was Published in "International Review of Financial Analysis" Journal
We congratulate Victoria Dobrynskaya, the associate professor of School of Finance, with publication of her paper "Is downside risk priced in cryptocurrency market?" in a leading international peer-reviewed journal «International Review of Financial Analysis».
The paper considers multifactor pricing models for cryptocurrencies and proposes a new factor - downside market risk, which has a high explanatory power for predicting returns in a wide sample of about 2000 biggest cryptocurrencies traded in 2014-2021. Cryptocurrencies which have a greater exposure to the downside risk yield higher returns systematically, and the downside risk premium in the cryptocurrency market is significantly higher than in traditional asset markets.