Research seminar “Empirical Researches of Corporate Finance”

24/04/25 at 12:00, online the School of Finance will hold a preliminary discussion (pre-defense) of Wu Yanfei's candidate dissertation on the topic: "The impact of Digital Transformation and ESG on Corporate Performance in China".

Academic specialty: 5.2.4 Finance

April 24, 12:00, the School of Finance is going to host a preliminary discussion (pre-defence) of Wu Yanfei's PhD thesis on ‘The Impact of Digital Transformation and ESG on Corporate Performance in China’.

Academic specialty: 5.2.4 Finance

Academic supervisor: Doctor of Economics Science, Tenured Professor, HSE University, Irina Ivashkovskaya.

Reviewers:

Elena Moiseevna Rogova, Professor, GSOM SPbU.

Yury Dranev, Doctor of Sciences, Professor at HSE University.

Alexander Karminsky, Doctor of Sciences, Tenured Professor at HSE University.

Madina Karamysheva, PhD, Associate Professor, HSE University.

Viсtoria Cherkasova, PhD, Associate Professor, HSE University.

The pre-defense will be held online.
Zoom link: https://zoom.us/j/91709455316?pwd=xmjQai20VCFpJ08fGxi8bgfcwoSjQq.1
Conference ID: 917 0945 5316
Access Code: 458312
Working language: English

The full text of the dissertation and the abstract are available upon request to df@hse.ru.

01/04/2025 16:00 online Research Seminar «Empirical Research in Corporate Finance»

Yanfei Wu Doctoral Student of the HSE Doctoral School of Economics. Academic Supervisor: Irina Ivashkovskaya

Theme: Synergistic Effect of Digital and ESG Transformation on Corporate Performance

Abstract: Amid rapid technological advancements and escalating environmental challenges, emerging economies face pressures to balance economic transformation with environmental responsibility. In response, Chinese enterprises have actively implemented digital transformation (DT) and green transition strategies to address these challenges. However, whether these twin transitions are mutually supportive or conflict in certain dimensions remains an open question. This dissertation investigates the synergies between DT and Environmental, Social, and Governance (ESG) practices on corporate performance, focusing on Chinese enterprises. Empirical results reveal that DT negatively impacts financial performance and green innovation in Chinese firms, with financing constraints acting as a critical mediating mechanism. ESG practices, on the other hand, mitigate these challenges by enhancing corporate reputation, optimizing resource allocation, alleviating financial pressures, and aligning short-term priorities with long-term sustainability goals. This research introduces the concept of the “crowding-out effect,” where DT investments divert resources away from green innovation, and highlights the dual role of ESG as both an external regulatory mechanism and an internal governance tool in moderating this conflict. Furthermore, this study develops a quantitative framework for the novel concept of “New Quality Productivity” (NQP), illustrating how DT and ESG not only address each other’s challenges but also enhance their mutual efficiency and quality, driving sustainable, innovation-driven productivity. Lastly, the dissertation explores the potential of artificial intelligence (AI) to enhance ESG performance and examines the moderating role of external supervision in this relationship, providing new insights from how this digital frontier can advance sustainable development. This research offers a comprehensive framework for understanding the interplay between technological advancements and sustainability, delivering actionable insights for enterprises and policymakers to promote sustainable growth and innovation.

Working language: English

Zoom link: https://zoom.us/j/98418675653?pwd=me851LHeRowFeHNaKAc4h2BkBhosUt.1
Conference ID: 984 1867 5653
Access Code: 929414

01/04/2025 14:30 online Research Seminar «Empirical Research in Corporate Finance» 

Aleksei Gorodilov, PhD graduate of the HSE Doctoral School of Economics. Academic Supervisor: Vladimir Sokolov

Theme: The Relationship between Bank Capital, Liquidity Creation and Interest Rate Risk of Commercials Banks in Russia

Abstract: Monetary authorities worldwide, including in Russia, implement regulatory measures to balance financial stability and economic growth. Banks play a crucial role in transmitting monetary policy effects, influencing the cost of money, and facilitating liquidity creation. This study examines the relationship between bank capital, liquidity creation, and interest rate risk in the banking book (IRRBB) within the Russian banking system – an area that remains underexplored. Using detailed data on Russian banks, we refine the methodology of Berger and Bouwman (2009) to construct liquidity creation measures that account for both the category and maturity of balance sheet items. Additionally, we propose a novel approach to decompose net interest margin (NIM), allowing us to estimate expected and unexpected changes in NIM as a measure of IRRBB.Our findings reveal a negative and statistically significant relationship between the total capital ratio and liquidity creation, suggesting that higher capital requirements constrain the liquidity banks provide to the economy. This effect is primarily driven by the asset side of the balance sheet and persists across different economic periods. Moreover, both expected and unexpected IRRBB positively influence liquidity creation, particularly during periods of rising interest rates, with banks adjusting their asset structures rather than liabilities.This study contributes to the literature on liquidity creation and financial stability by providing new insights into how regulatory capital and IRRBB shape liquidity creation in an emerging market. The findings highlight the trade-offs central banks face when setting capital requirements while ensuring adequate liquidity to support economic activity.

Working language: English

Zoom link: https://zoom.us/j/98418675653?pwd=me851LHeRowFeHNaKAc4h2BkBhosUt.1
Conference ID: 984 1867 5653
Access Code: 929414

11/03/2025 16:00 online Research Seminar «Empirical Research in Corporate Finance». 

1) Nikita Lysenok, Lecturer, Doctoral Student of the Department of Financial Market Infrastructure

Theme: Модели прогнозирования динамики фондового рынка: от классических подходов к нейронным сетям.

Abstract: В условиях современной политической и экономической турбулентности вопрос устойчивости глобальной финансовой системы и фондовых рынков приобретает все большую актуальность. Цель данного исследования – проследить эволюцию моделей прогнозирования динамики фондового рынка с 1960 по 2025 гг. и выявить наиболее эффективную модель прогнозирования в условиях растущей волатильности финансовых рынков и глобализации экономики. В рамках проведенного исследования был использован многоступенчатый подход, включающий более 300 релевантных исследований. В результате было выделено 5 ключевых этапов исследований моделей прогнозирования динамики фондового рынка: пилотный  «национально-ориентированные исследования (США)» с 1960 по 1979гг., «англосаксонский» - с 1980 по 1999гг., этап «развитые рынки» с 2000 по 2009, этап «развивающиеся рынки» с 2010 по 2019гг и «Усиление влияния стран БРИКС» с 2020 по 2025 гг. В работе были рассмотрены 16 ключевых моделей прогнозирования динамики фондового рынка с учетом влияния экономических, технологических факторов и глобальных изменений. Среди традиционных моделей были выделены модели CAPM (модель ценообразования капитальных активов), модель Фамы и Френча, APT (Теория арбитражного ценообразования) на этапе национально-ориентированных исследований (США) и англосаксонском этапе. На современном этапе «Усиление влияния стран БРИКС», наибольший интерес представляет модель GRU (Gated recurrent units), как наиболее точная модель прогнозирования динамики фондового рынка, использующая передовые методы глубокого обучения с использованием нейронных сетей, учитывающая как краткосрочные, так и долгосрочные зависимости показателей в модели. Данное исследование имеет теоретическую и практическую значимость, так как предоставляет комплексную основу для понимания сложных взаимодействий между различными моделями прогнозирования и динамикой фондового рынка. Практическая значимость заключается в разработке моделей для эффективных стратегий прогнозирования динамики фондового рынка, которые могут быть применены для принятия инвестиционных решений и управления рисками в условиях глобальной экономики

2) Marina V. Polyakova, Associate Professor of The School of Finance.

Theme: Анализ детерминант эффективности российских страховых компаний.

Abstract: Исследование посвящено анализу характера влияния ряда внутренних и внешних факторов на эффективность лидеров российского страхового рынка. В исследование вошли две группы страховых компаний по страхованию иному, чем страхование жизни – «столичные» с головным офисом в Москве или Санкт-Петербурге и «региональные», с головными офисами, расположенными в региональных центрах. Для этих групп были построены модели статистической взаимосвязи между значением рентабельности активов и значениями ряда показателей, традиционно принимаемых во внимание при изучении проблем управления прибыльностью страхового бизнеса.  Целью исследования является описание возможных механизмов управления ROA с учетом региональной специфики.

Working language: Russian

Zoom link: https://zoom.us/j/93147436344?pwd=PRkOppU6ujZmuhm7Y1DWPUAMQbnUpD.1   
Conference ID: 931 4743 6344
Access Code: 001090

18/02/2025  16:00 online Research Seminar «Empirical Research in Corporate Finance». 

Konstantin Popov, Senior Lecturer of the School of Finance

Theme: Совет директоров, CEO и финансовая эффективность компании в условиях ESG-трансформации.

Abstract: Корпоративное управление, как одна из составляющих корпоративной финансовой архитектуры, в значительной мере определяет риски, стратегические приоритеты и эффективность использования ресурсов для повышения стоимости компании. Новые вызовы, с которыми сталкиваются российские компании, требуют нового подхода к формированию системы корпоративного управления. В частности, несмотря на беспрецедентные санкции и масштабную перестройку российской экономики, для российских компаний остается актуальной тема трансформации на основе принципов ESG (Environmental, Social, Governance), предусматривающих выстраивание бизнес-процессов, инвестиционных программ и политики финансирования с учетом интересов широкого круга стейкхолдеров. При этом для существующих исследований влияния характеристик корпоративного управления на эффективность компаний в условиях ESG-трансформации характерен ряд лакун, включая фокус на ограниченном спектре характеристик совета директоров и СЕО, а также на развитых рынках США и Европы, выводы для которых ограниченно применимы для России с учетом ее специфики – концентрации собственности, высокого уровня власти СЕО и т.д. Исследование, проведенное Константином Поповым, стажером-исследователем научно-учебной лаборатории корпоративных финансов, направлено на преодоление данных лакун. Для этого проанализированы характеристики человеческого капитала советов директоров российских компаний, а также – впервые для российской выборки – широкий спектр характеристик членов комитетов совета директоров по аудиту, по стратегии и по устойчивому развитию. Выявлены эффекты этих характеристик как для финансовых показателей эффективности, так и для ESG-трансформации российских компаний, оцененной с использованием российских и международных рейтингов. Кроме того, выявлен корректирующий эффект власти СЕО, ослабляющий как положительные, так и негативные эффекты характеристик комитетов совета директоров. Полученные результаты вносят вклад в развитие ресурсной (resource-based view) и стейкхолдерской теорий (stakeholder theory) корпоративного управления, а их практическая значимость обусловлена возможностью применения инвесторами и аналитиками при оценке качества корпоративного управления в российских компаниях. Информационная база и методология исследования применялись при реализации стратегического проекта «Социальная политика устойчивого развития и инклюзивного экономического роста», реализуемого НИУ ВШЭ в рамках программы стратегического академического лидерства «Приоритет-2030».

Zoom link: https://zoom.us/j/96506562412?pwd=au42hsqYaieWvrRj1Tne64JbbRkaWz.1
Conference ID: 965 0656 2412
Access Code: 585690

06/11/2024 15:00 online Research Seminar «Empirical Research in Corporate Finance». 

Sergey V. Kurochkin, Associate Professor of the Department of Financial Market Infrastructure

Theme: Классификация форм кривой бескупонной доходности на основе дифференциальных инвариантов и анализ динамики формы G-кривой Московской биржи.

Abstract: Кривая доходностей графически отображает зависимость процентной ставки от срочности. Форма кривой косвенно отражает заложенные рынком ожидания относительно будущей траектории процентной ставки. Обычно анализ формы кривой доходности осуществляется эвристически — через спреды между ставками на различные сроки либо визуально. В докладе даётся строгое определение понятию формы кривой доходности в терминах топологических инвариантов дифференцируемых отображений. В рамках модели Нельсона–Зигеля в качестве базовой показано, что в общем положении (т.е. за исключением множества лебеговой меры ноль в пространстве параметров) возможны ровно шесть форм кривой. На данных о кривой бескупонной доходности Московской биржи анализируется статистика переходов из одного типа в другой. В частности, переход из нормального возрастающего вида в инвертированный всегда происходит через горб, а обратный переход — через впадину, что указывает на важную роль среднесрочных ставок в трансформации кривой.

Zoom link: https://zoom.us/j/94152183827?pwd=BmVGjJOlMsbqnR6QdKpEMQuBYyrTHo.1
Conference ID: 941 5218 3827
Access Code: 222167

25/03/2024 16:00 online Research Seminar «Empirical Research in Corporate Finance»

Victoria Rodina, Senior Lecturer of the Department of Financial Market Infrastructure

Theme: Optimal solution for immunizing arbitrarily scheduled multiple liabilities

Abstract: Immunization, a control tool for interest rate dependent changes in the value of an asset portfolio given a similar dependency for a target liability portfolio, is central to portfolio management. A vast body of academic literature describes various immunization models either for the case of a single liability payout or assuming a specific change in the yield curve, or both. This paper is the first to propose an immunization solution for the case of multiple liability payouts assuming arbitrary changes in the yield curve. For the case of multiple liability payouts, we generalize M-Absolute, which is a risk measure proposed by Nawalkha и Chambers (1996), and estimate the proximity of payment streams with EMD (the Wasserstein distance) which is a well-known tool in machine learning. In line with Fong and Vasicek (1984), it is shown that portfolio’s interest rate risk is constrained to a product of two factors with one factor, EMD between asset and liability streams, being only dependent on the portfolio structure and the other factor, the sup-norm of the function of interest rate shocks, being solely determined by changes in the yield curve. We also show the unimprovability of the estimate and obtain, in an explicit form, a computational procedure for the optimal immunizing portfolio. The results are practically applicable as exemplified by the immunization of an annuity-type security with a portfolio of government bonds.

Working language: Russian

Zoom link: https://zoom.us/j/92391762969?pwd=RzhGUllNalFBaHNxZEFEOFdBTzJPdz09

Conference ID: 923 9176 2969

Access Code: 779141

21/10/2023 17:00 online Research Seminar «Empirical Research in Corporate Finance»

Veronika Vinogradova, PhD, Senior Lecturer of the School of Finance

Topic: «The upside-down world of value capture. Do companies in technology sector follow the principles of profitable growth?»

Working language: English.

Zoom Link: https://zoom.us/j/97190057075?pwd=cmNxcXl4K3B5V0wxTlV4VWkvZW5nUT09

Conference ID: 971 9005 7075

Access Code: 786250

28/03/2023 16:00 online Research Seminar «Empirical Research in Corporate Finance»

Gorelaya Natalia, PhD, Associate Professor of the School of Finance

Topic: Study of BaaS Model Influence on the Banks' Indicators: Case of Russia

Working language: Russian

Makeeva Elena, PhD, Associate Professor of the School of Finance

Topic: The Influence of Board Characteristics on ESG performance and Firm Value of Russian Non-financial Companies

Working language: Russian

Fokina Ella, PhD, Senior  Lecturer of the School of Finance

Topic: Discovering Efficient Investment Strategies Using M&A Prediction Model and Returns Analysis

Working language: English.

Zoom Link: https://zoom.us/j/95286986177?pwd=WDlhOTJjQ1JwUFFHNzRHOUpUN3N2UT09 

Conference ID: 952 8698 6177

Access Code: 921203

13/12/2022 16:00 online Research Seminar «Empirical Research in Corporate Finance»

1.  Konstantin Popov - Research Intern of Corporate Finance Center, National Research University Higher School of Economics, School of Finance PhD Student.
Topic: «Board Characteristics and ESG Performance: CEO's Moderating Role»

2. Milica Simonovic – School of Finance PhD Student
Topic: «Board Structure and Disclosure of Intellectual Capital- An Empirical Study in Knowledge-Based Economies»

Zoom Link: https://zoom.us/j/95590574043?pwd=SThNQyttN3ZuZ3VPYkRibHFYL1Yydz09

Conference ID: 955 9057 4043

Access Code: 095849

22/11/2022 16:00 online Research Seminar «Empirical Research in Corporate Finance»

1.  Mariia Evdokimova, Lecturer of the School of Finance: «The impact of COVID-19 pandemic on IT companies’ innovation activity in the USA»

2. Evgenia Mikova, PhD, Senior  Lecturer of the School of Finance: «Factor investing in emerging markets»

3. Kristina Galenskaya, Senior Lecturer of the Department of Financial Market Infrastructure: «Complex Interplay of Eastern Bloc SMEs Trade Credit Determinants: Changes due to the Global Financial Crisis»

Zoom https://us06web.zoom.us/j/83309663604?pwd=V3l6Q3gyREgwc2RzZXljQUN6c3JCUT09

Conference ID: 833 0966 3604

Access code: 287591

17/11/2022 16:00 online Research Seminar «Empirical Research in Corporate Finance»

Yulia Ovanesova, PhD, Senior  Lecturer of the School of Finance: «Determinants of Real Estate Companies Valuation After IPO and Specifics of Placement»

Zoom https://us06web.zoom.us/j/81596037006?pwd=Y0pOVCswdzlQK0hIaWI3M3lIRFc5Zz09

Conference ID: 815 9603 7006

Access code: 789748

17/05/2022 16:00 online Research Seminar «Empirical Research in Corporate Finance»

Olga Guseva, Lecturer of the School of Finance, Ph.D. thesis pre-defence: «Grant and Equity Financing of High-Tech Small and Medium Enterprises in Russia» 

Scientific adviser: Anastasia Stepanova

To obtain a Zoom link, please contact df@hse.ru from the HSE corporate mail.

29/03/2022 16:00 online Research Seminar «Empirical Research in Corporate Finance»

Ella Khromova, Lecturer of the School of Finance: «Prediction synergy of credit ratings and probability of default models».

Zoom

Conference ID: 860 2082 4430

Access code: 578429

Webinar (in case of Zoom issues)

22/03/2022 16:00 online Research Seminar «Empirical Research in Corporate Finance»

1. Maria Kokoreva, Associate Professor of the School of Finance: overview of planned publications.

2. Viсtoria Cherkasova, Associate Professor of the School of Finance: «Dependence of innovative activity of companies on their religious and cultural differences»

Zoom  

Conference ID: 894 0743 2522

Access code: 126325

Webinar (in case of Zoom issues)

06/12/2021 16:00 online Research Seminar «Empirical Research in Corporate Finance»

1. Kristina Galenskaya, Senior Lecturer of the Department of Financial Market Infrastructure: «Real and Pseudo Enter To the Bond Market in Russia. In Search of the Determinants»

2. Tatyana Malofeeva, Senior Lecturer of the School of Finance: «Impact of Intellectual Capital Disclosure on the Company's Performance in Different Industries»

Zoom: https://us02web.zoom.us/j/82662141651?pwd=WU5pUFpjR2x3TUdNck5CZm1meVROZz09

23/11/2021 15:00 online Research Seminar «Empirical Research in Corporate Finance»

1. Veronika Vinogradova, Senior  Lecturer of the School of Finance: «Value Creation in Strategic Acquisitions for Growth: Empirical Analysis of Value Drivers»

2. Yulia Ovanesova, Senior  Lecturer of the School of Finance: «CEOs Characteristics and Company Performance in Retail Industry in Western Europe»

Zoom: https://us02web.zoom.us/j/87856185836?pwd=UU1Jb1F5T210OWdyNTR3TGFnRThOdz09

18/11/2021 16:00 online Research Seminar «Empirical Research in Corporate Finance»

1.Aglaia Kokurina, Senior  Lecturer of the School of Finance: «The trends in audit and assurance of non-financial reports»

2.Mariia Evdokimova, Lecturer of the School of Finance: «Students’ survey: propensity to innovate»

Zoom: https://us02web.zoom.us/j/82429248072?pwd=RG9nQXU1bDRpNnQwVEc5em1HT2ZOUT09

09/11/2021 14:00 online Research Seminar «Empirical Research in Corporate Finance»
1. Sergey Kurochkin, PhD, Associate Professor of the Department of Financial Markets Infrastructure: «Dynamic Stability Properties of the Treynor–Black Model»

2. Ilya Sorokin, Senior Lecturer of the Department of Financial Markets Infrastructure: «The Evaluation of the Effectiveness of High-Dividend Strategies in World Markets»

3. Sergey Volodin, PhD, Associate Professor of the Department of Financial Markets Infrastructure: «The Impact of the News on the Value and Trading Volume of the USA Pharmaceutical Companies Stocks»

Zoom: https://us02web.zoom.us/j/84619024319?pwd=QWZFTTg3eUlySldpNnc3cStLZTloZz09

June

30/06/21 19:00 Research Seminar "Empirical Research in Corporate Finance"

O. Guseva, Ph.D. thesis pre-defense. Dissertation topic: "Formal and Informal Forms of Support as Success Drivers of Technology Startups in Russia"

Scientific adviser: A. Stepanova 

Join a Zoom meeting

https://zoom.us/j/91221241865?pwd=b29SeU4wL0E1SjBrYXNhNjczekU4UT09

Conference ID: 912 2124 1865

To obtain an access code, please contact Ulyana Viktorovna Nepryakhina from the HSE corporate mail: unepryahina@hse.ru

22/06/21 16:00 Research Seminar "Empirical Research in Corporate Finance"

1-year postgraduate student Vadim Anpilogov with the report «Influence of CEO Behavioral Characteristics on the Innovation Policy of a Commercial Bank», prepared under the guidance of I. Ivashkovskaya.

1-year postgraduate student Konstantin Popov, the topic of the report «Corporate Governance Features as a Determinant of ESG Practices and Financial Performance of Russian Companies», scientific adviser - E.Makeeva.

Link to zoom conference:

https://zoom.us/j/99843310520

08/06/21 16:00 Research Seminar "Empirical Research in Corporate Finance"

1-year postgraduate student Milica Simonovic with the report «Determinants of Intellectual Capital Disclosure - A Structured Literature Review», prepared under the guidance of I. Ivashkovskaya.

2-year postgraduate student Denis Korablev, the topic of the report «Board Capital, CEO Power and Corporate Performance: Emerging Economy Context», scientific adviser - I. Ivashkovskaya.

Link to zoom conference:
https://zoom.us/j/94017615680

01/06/21 16:00 Research Seminar "Empirical Research in Corporate Finance"

2-year postgraduate student Stanislav Bondarenko with the report "CEO Cultural Background and its Impact on Firms Financial Policy", prepared under the guidance of M. Kokoreva

2-year postgraduate student Alexey Kharlamov with a report “How Do International Institutions and Boards of Directors Overcome Difficulties in Sustainable Investing in Emerging Markets? The Evidence from Russia”, prepared under the guidance of I. Ivashkovskaya.

Link to zoom conference:
https://zoom.us/j/93667664681

May

20/05/21 16:00 Research seminar «Empirical Researches of Corporate Finance»

HSE Associate Professor Anastasia Stepanova and HSE Lecturer Olga Ivantsova, report: «Do Institutional Investors Look at ESG and Corporate Governance When Investing in Banks?»

Link to Zoom:

https://zoom.us/j/96758982319
 

March

16/03/21 Research Seminar "Empirical Research in Corporate Finance"

- Kokoreva M.S., Ph.D., Associate Professor, School of Finance, National Research University Higher School of Economics, report "Why Companies Are So Different?"

- Kuzubov S.A., Doctor of Economics, Associate Professor, School of Finance, National Research University Higher School of Economics, the report "Economic Effects of Goodwill Accounting Methods"

- Malyshev P.Yu., Ph.D., Associate Professor, School of Finance, National Research University Higher School of Economics, report "The Impact of Financial Sector Concentration on the Cost of Retail Financial Products in Russia"

03/03/21 16:00 Research Seminar "Empirical Research in Corporate Finance"

- Grigorieva S.A., Ph.D., Associate Professor, School of Finance, National Research University Higher School of Economics, report "The Impact of CEO Overconfidence on the Effectiveness of M&A Transactions in the USA"

- Dobrynskaya V.V., Candidate of Economic Sciences, Associate Professor at the HSE School of Finance, Ph.D. in Finance, London School of Economics and Political Science report, the report "Is downside risk priced in the cryptocurrency market?"

- Polyakova MV, Ph.D., Associate Professor, School of Finance, National Research University Higher School of Economics, the report "Empirical analysis of the relationship between reinsurance policy and financial results of insurance companies. Experience of Russia."

Link to zoom conference:
https://zoom.us/j/95766459255

December

16/12/20 Research Seminar "Empirical Research in Corporate Finance"

- Ochirova E.S., Ph.D. student, pre-defense of the dissertation topic: "Evaluation of the efficiency of mergers and acquisitions for public companies in order to acquire technology and knowledge" / "The efficiency evaluation of technology mergers and acquisitions of public companies"

14/12/20 Research Seminar "Empirical Research in Corporate Finance"

- Galanova A.V., Ph.D., Associate Professor of the Basic Department of Financial Markets Infrastructure, internal candidate, report: "Influence of Social Networks on the Clothing Companies' Stock Prices"

- Mazhara E.N., Ph.D., Associate Professor of the Department of Finance and Credit, Financial University under the Government of the Russian Federation (Ufa branch), the report: "Effective management of investment processes in the modern economy to build an organizational and economic mechanism"

- Semerina Yu.V., Doctor of Economics, Professor of the Department of Finance and Taxation of the Saratov State Technical University named after Y. Gagarin, the report: "Application of the strategy of sliding along the yield curve in the Russian exchange market of short-term bonds" / "The use of riding the yield curve strategy in the Russian short-term bond market"

November

23/11/20 Research Seminar "Empirical Research in Corporate Finance"

- Mikova ES, Senior Lecturer at the School of Finance, Ph.D., the report: “Risk premiums in the foreign exchange market when optimizing an investment portfolio by the factors of carry-trade, momentum factor, and cost factor.” “Puzzling Premiums on FX Markets: Carry Trade, Momentum, and Value Alone and Strategy Diversification "

- Ovanesova Y.S., a lecturer at the School of Finance, Ph.D. - report: "Different Characteristics of Chief Executive Officers Influence on Companies Business Indicators"

17/11/20 Joint research seminar "Empirical research on Corporate Finance" and "Empirical research on banking»

- Khromova E. P. (scientific supervisor: Doctor of Economics, Professor Karminsky Alexander Markovich ) - "Prediction synergy of banks' credit risk models"

June

Research seminar "Empirical studies of Corporate Finance"

- Polina Khmeleva, Intern at the laboratory of Corporate Finance, report: "Does Corporate Governance matter for Strategic Firm Performance? Evidence from Emerging and Developed European Markets".

- Anastasia Subbotkina, Intern at the Corporate Finance laboratory, report: "The impact of family ownership on the efficiency of Russian companies".

May

 Research seminar "Empirical studies of Corporate Finance»

- Irina Skvortsova, lecturer at the School of Finance, higher school of Economics, PhD,"How does intellectual capital affect the effectiveness of mergers and acquisitions in developed and emerging capital markets?".

- Ochirova Elena Sergeevna, postgraduate student, 3 years, trainee-researcher of Institute for statistical studies and economics of knowledge foresight centre, Laboratory for science and technology, expert of the Institute for statistical studies and     Economics of knowledge, department of quantitative modeling, scientific supervisor associate Professor School of Finance, leading researcher, head of the Institute for statistical studies and еconomics of knowledge, Department of quantitative modeling  J. I. Tanev,  PhD , "The efficiency of technological M&As: the empirical view"

February

 Research seminar "Empirical studies of Corporate Finance»

- Elena Makeeva, associate Professor at the HSE School of Finance, PhD, "The impact of CEO speech on predicting financial fraud"

 Research seminar "Empirical studies of Corporate Finance"

- Anastasia Stepanova, associate Professor at the HSE School of Finance, PhD, "Why companies are so different? Alternative view on firms' financial design".

- Lapshin, Victor A., associate Professor, School of Finance, HSE, candidate of physico-mathematical Sciences "Nonparametric methods of curve estimation of zero coupon yields in the problem of immunization of bond portfolios"

March
 

Research seminar "Empirical studies of Corporate Finance"

- Kuzubov, Sergey Anatolievich, associate Professor, School of Finance, NRU HSE, doctor of Economics, "Transparency of corporate reporting, its impact on the market value of Russian companies"

- Natalia Gorelaya, associate Professor at the HSE School of Finance, Ph. D. in Economics, "The impact of new proportional regulation requirements on the stability and credit pricing of Russian banks: financial leverage"

 Research seminar "Empirical studies of Corporate Finance"

- Marina Polyakova, associate Professor of THE HSE School of Finance, PhD, " Modeling the statistical relationship between technical efficiency and net assets of a company"

- Andrey Stolyarov, associate Professor of the basic Department of financial markets infrastructure, Ph. D. in Economics, "Analysis of the Russian high-yield bond market"