First Deputy Dean
Deputy Dean for Research
Deputy Dean for International Cooperation
Deputy Dean for Student Affairs
119049, Moscow, 26 Shabolovka St.
Building 3 Room 3305
Phone: (495) 628-83-68
Founded in 1992, the HSE Faculty of Economics is the university’s oldest faculty. In the years since it was founded, it has gained a reputation as Russia’s leader in terms of higher economic education.
A fundamental education in modern economic theory and mathematics is combined with the study of applied disciplines, such as taxation, budget policies and processes, financial management and other related fields.
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Konakov V., Kozhina A., Menozzi S.
ESAIM: Probability and Statistics. 2017. Vol. 21. P. 88-112.
Mirkin B. G., Amorim R., Makarenkov V. et al.
Pattern Recognition. 2017. Vol. 67. P. 62-72.
Podinovskaya O. V., Vladislav V. Podinovski.
European Journal of Operational Research. 2017. Vol. 258. P. 983-992.
Gonchar K. R., Bessonova E.
Economic Systems. 2017. Vol. 41. No. 1. P. 26-40.
Havranek T., Rusnak M., Sokolova A.
European Economic Review. 2017. Vol. 95. No. June. P. 142-167.
John V.C. Nye, Maksym Bryukhanov, Sergiy Polyachenko.
Personality and Individual Differences. 2017. Vol. 112, 1 July 2017. P. 62-66.
Pekarski S. E.
International Journal of Central Banking. 2017. Vol. 13. No. 1. P. 191-223.
Semenova M., Andrievskaya I.
Personality and Individual Differences. 2017. Vol. 104. P. 155-165.
Kazun A., Yakovlev A. A.
Journal of Eurasian Studies. 2017. Vol. 8. No. 1. P. 60-71.
Stepanov S., Suvorov A.
Journal of Economic Behavior and Organization. 2017. No. 133. P. 87-107.
Golikova V., Kuznetsov B. V.
Post-Soviet Affairs. 2017. Vol. 33. No. 1. P. 49-62.
Nye J. V., Bruhanov M., Kochergina E. V. et al.
Economics and Human Biology. 2017. Vol. 24. P. 43-60.
Kravtsova M., Oshchepkov A. Y., Welzel C.
Journal of Cross-Cultural Psychology. 2017. Vol. 48. No. 2. P. 225-242.
Student Research Contest Winners
Undergraduate Program in Economics Research Papers
Joint HSE NES Program in Economics Research Papers
Alumni in Academia
The Impact of Exchange Rate Change on Exporters Behavior
This paper examines firm export behavior under exchange rate changes depending on import share in its total costs. Export and import real effective exchange rates for more than 80 industries are created on the basis of Russian State Customs Declarations for 2008-2011. Using estimator which allows to control for fixed effects and error clustering the paper finds that firms with high import shares in total firm costs weaker adjust volume of export in total firm revenues in response to exchange rate change. Firm productivity is found to have positive influence on firm export share. Robustness checks with different approaches to estimation confirm results of the main estimation.
Construction of the Optimal Portfolio from Russian Assets
This paper presents the first comprehensive empirical study on the optimal investment portfolio construction in the Russian market. I construct ten optimal portfolios for the period 2007-2016 from stocks, bonds and Exchange Traded Funds traded on the Moscow Exchange. I consider the liquid, inexpensive, alive, long-existing assets with no zero historical quotes. Only the assets available to ordinary Russian investors with the wealth of at least 100 000 rubles are included in the analysis. The research is based on the Modern Portfolio Theory, and the Sharpe ratio is the base performance measure. This core model has several extensions to validate the results. The most important extension consists in the introduction of the realized returns. The ex ante optimal portfolios constructed in this paper outperform the MICEX index even after the transaction costs are added. The ex post portfolios outperform the market mostly when the latter rises. Both ex post and ex ante portfolios generally outperform the naive strategy and confirm the improvement of the performance when the ETFs are added.
Имя и Фамилия: Pavel Bacherikov
Руководитель: Oleg Shibanov
Название: Does It Pay to Pay Your Fund Manager? New Evidence on Side-by-side Management and U.S. Alternative Mutual Funds.
Абстракт: The paper investigates the impact of simultaneous management of hedge funds and U.S. alternative mutual funds (a practice known as side-by-side management) on the risk-adjusted performance of the latter. Using a unique dataset, resulted from merging Lipper and Morningstar’s hedge fund databases with CRSP and Morningstar’s on-shore mutual fund databases, and subsequent matching with corresponding mandatory SEC filings, I find that mutual funds, managed side-by-side with hedge funds by individual fund managers, significantly outperform their unaffiliated peers by 1.6 to 2.76 pp. annually. Moreover, the positive effect persists even after the abolishment of side-by-side affiliation, suggesting that the detrimental impact of managers' favoritism is of no concern for mutual fund investors. Besides, there is also evidence that mutual funds with higher inflows are more likely to continue being side-by-side affiliated, whereas those operating within larger families (in terms of total net assets) are less likely to continue as side-by-side managed.
Name: Anastasiia Bochkovskaia
Thesis Advisor: Shlomo Weber
Topic: The Impact of Languages’ Grammatical Structure on Regional Economic Development
Abstract: There are more than 7,000 living languages in the world. Starting from Edward Sapir and Benjamin Lee Whorf, scholars were determined to explore the ways in which numerous differences in languages influence thinking and habits of their speakers. Vocabulary, speech rate, the direction in which the language is written were listed as potential sources of behavioral distinctions among nations. In addition to these dissimilarities, languages vary grammatically in terms of the word order they employ. In this paper, I explore the link between this language feature and regional economic development. I argue that different behavioral patterns emerge, leading nations to different economic outcomes, depending on whether a language has a preferred word order, and which of the three components – subject (S), object (O), or verb (V) – it puts in the first place in a sentence. I find that countries which speak languages with no dominant order exhibit higher levels of GDP per capita, although for official languages, SVO or SOV order is more preferable. This result is consistent with recent psycholinguistic findings. Finally, I conduct a robustness check using another proxy for the economic development – nighttime lights visible from space obtained from the Defense Meteorological Satellite Program’s Operational Linescan System (DMSP-OLS). However, after controlling for the historical relatedness of languages, results become statistically insignificant.
Руководител: Ksenia Panidi
Название: If I Were You: Self-Other Differences in Risk Taking
Абстракт: People who aren’t directly affected by the outcome of their actions take many social and economic decisions. Such decisions do usually involve some level of risk and uncertainty that hinders decision-making. The milestone here is that subjects’ decisions on behalf of stakeholders do not necessarily match the ones taken for self. The experimental estimation of reasons behind self-other discrepancies in risk taking is the core issue of this paper. Here I show that on average risk-averse people take higher risks when managing someone else’s money, while risk-seeking subject’s behavior remains unclear. Risk attitudes differences between beneficiary conditions could be explained by loss and inequity aversion. Decreased loss aversion partially accounts for rise in risk-taking in loss domain. Moreover, the majority of participants are also motivated by fairness considerations. Sensitivity to differences in wealth compensate the effect self-other bias has on risk aversion – inequity aversion makes people less risk seeking when managing someone else’s money. Overall, results demonstrate that beneficiary has strong effect on risk attitudes. Moreover, loss and inequity aversion influence the differences in risky behavior on behalf of other. I anticipate this study as a starting point for further research on self-other bias.
Имя: Nadezda Kotova
Руководитель: Andrei Savochkin
Название: Preferences for Fair Wage Distribution
Abstract: What is the effect of workers' beliefs about fairness on the contracts structure and internal organization of the firm? This study considers agents who perceive the difference in outcomes to be unfair if it comes from pure luck and not their effort. I propose a way to incorporate such agents' concerns into a microeconomics model of the principal-agent type. I consider a setup with one principal and two agents, who are allowed to be heterogeneous in their tolerance towards unfairness. Then I derive the optimal contract and optimal allocation of tasks, which are different in their noisiness. The results show that the principal's surplus is higher when the more tolerant agent works on the task with less noise in the output. I also find that if the difference in the agents' tolerance is large, the more tolerant agent receives higher wage and prefers to work in pairs versus working alone.
Directors' Reputation Concerns and Decision-Making in Corporations
This paper studies the effects of the board of directors’ reputation concerns on corporate decision-making. I show that in the absence of any conflict of interest between the manager and shareholders, board’s reputation concerns may harm the firm value through the board’s reluctance to reverse bad projects. However, if the manager’s interests are significantly misaligned with the shareholders’ ones, the reputation concerns may have both positive and negative effects. The negative effect arises from the manager exploiting the board’s unwillingness to reverse bad projects. The positive effect is that the board’s reputation concerns may discipline the manager through demanding a credible proof of the project’s quality from him. I show that the negative effect is more likely to prevail when the board’s reputation concerns are high and the manager’s misalignment is particularly strong. In such a case, the board’s commitment to not interfere in the initial decision-making, while keeping the right to reverse projects at a later stage, increases the firm value by eliminating the impact of reputation.
Name: Ivan Mozharov
Supervisor: Sergey Stepanov, PhD
Title: Venture Capitalist Reputation and Portfolio Company Operating Performance
This paper studies the relationship between Venture Capitalists (VCs) reputation measures and a portfolio company’s operating performance. Extending previous studies focused on Return on Assets (ROA) as an operating performance measure, I study ROA drivers: profitability and revenue generation. Using three measures of reputation, I found that reputable VCs are positively associated with a portfolio company’s profitability and revenue generation in the pre- and post-IPO periods. Importantly, I demonstrate that reputable VCs bring value to their portfolio companies by relatively more relying on profitability over revenue generation than less reputable VCs in the pre-IPO period. Positive association of VC reputation with operating performance measures and reliance on profitability over revenue generation stays significant after controlling for VCs’ industry selection skills and self-selection bias, which appeared to be non-significant in my sample. My findings shed more light on a multidimensional impact of value-added activities across reputable and non-reputable VCs and help entrepreneurs better understand value propositions of each VC in a syndicate.
1) Roman Reshetnev
2) Oleg Shibanov
3) "Interaction between US and BRICS' Stock Markets: Does the Collapse of Stock Indices in 2015 Cause the Change of Mutual Influence?"
4)This paper explores the interaction between the US, Chinese and other BRICS’ stock markets during the last two decades and the last two years in particular. A majority of previous studies did not identify any substantial increase of the influence of emerging stock markets on US’s ones. However, the collapse of stock indices in 2015 and overall negative effects of growth deterioration in China made me think about possible turnaround point in such a relationship. I conduct the research applying such methods as Granger-causality test, Quandt-Andrews breakpoint test and regression analysis. According to my results, refocusing influence is not observed between the US and China: trading results in China do not significantly affect returns of the US’s indices. The results for other BRICS countries generally turned out to be hard to interpret. Concluding the paper, I point out that the influence of China on developed markets could still grow decently in the near future, backed by its increasing integration into the global financial markets.
To Shoot or Not to Shoot? Modeling Incentives of Agents in Gun-Free Zones
This is a work on the topic of gun-free zones and their influence on social welfare and public safety, particularly concerned about the US situation. The game-theoretical approach is taken to model the interaction between the law-abiding citizen inside the institution (referred as Student) and potential shooters (referred as Criminal) under both shall-carry laws and gun-free zone implementation on campus, with Social Planner to decide on which option to choose between these two based on social welfare. The results showed the probability of attack on Students to increase with the shift from shall-carry laws to gun-free zone. Almost under no circumstances is that beneficial for Planner to implement the gun-free zone, particularly, in mixed-strategy equilibrium, the one most resembling the real-world situation, it's strictly beneficial for society to guarantee licensed individuals the right to carry weapons for self-protection. Policies affecting the Criminal’s costs in case of an armed attack are found the best to be chosen to both decrease the probability of attack and increase social welfare, while the ones targeting availability of firearms in general seem to produce the opposite effect.
Goals as Reference Points: a Behavioural Model of Crowdfunding
It is well-known that humans and animals experience an increase of motivation while approaching their goal (Kuppuswamy, Barry, 2015). The funding dynamics of reward-based crowdfunding projects is a convincing evidence for this phenomenon. Thus, according to Kickstarter official statistics, backers (i.e. investors) tend to support a project a lot at its launch and right before its finish, whereas in the middle of a project there is a significant decrease of the number of pledges. In this paper I try to explain this U-shape pattern through presenting a behavioral model of crowdfunding with backers perceiving monetary project goal as a reference point and experiencing emotional loss in case the goal is not reached.