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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Edited by: F. E. Caroleo, O. Demidova, E. Marelli et al.
Zlotnik A. A., Lomonosov T. A.
Doklady Mathematics. 2018. Vol. 98. No. 2.
Melnik D. V., Ananyin O. I.
In bk.: Populating No Man's Land. Economic Concepts of Ownership under Communism.. Lexington Books, 2018. P. 231-260.
Bruegel blog. no code. Bruegel, 2018
Student Research Contest Winners
Undergraduate Program in Economics Research PapersJoint HSE NES Program in Economics Research PapersUndergraduate Program in Economics and Statistics Research PapersCareer LabAlumni in Academia
Balance Econometric Model of Economy of the Republic of Kazakhstan
Thesis advisor: Nikolay Pilnik
Animal Testing in Cosmetic Industry as the Factor of Consumption Rejection
Thesis advisor: Marina A. Shabanova
Measuring Twitter Sentiment Impact on Stock Prices of a Company
Thesis advisor: Sergey M. Menshikov
Deposit Interest Rates as a Predictor of Bank Default: the Case of Russia
Thesis advisor: Maria Semenova
Evaluation of Effectiveness of Mergers and Acquisitions in the Oil Industry
Thesis advisor: Andrey I. Stolyarov
Brand Loyalty in the Denim Jeans Market in Times of Economic Crisis
Comparing Great Textbooks in Economics by Marshall, Tugan-Baranovsky and Schmoller
Thesis advisor: Vladimir S. Avtonomov
Russia and CIS Companies Bankruptcy Prediction for Specific Economic Sectors
Thesis advisor: Elena Y. Makeeva
Determinants of M&A Performance for High-Tech Companies in Developed Capital Markets
Thesis advisor: Irina Skvortsova
Data Quality Analysis for Ratings Provided by Russian Rating Agencies
Thesis advisor: Victor A Lapshin
The Determinants of the Capital Structure of IT Companies
Thesis advisor: Elena Y. Makeeva
The Influence of the Political Uncertainty on the Stock Market Returns of British Companies after Leaving from European Union
Thesis advisor: Elena Fedorova
Art as an Investment
Thesis advisor: Alexandra Galanova
Influence of World Oil Prices and Exchange Rate on RTS Index
Thesis advisor: Grigory Kantorovich
Social Activity of а Company and its Advertising as Factors of Consumer Choice in the Fast Food Market
Corruption as Public Procurement Determinant in Russian Regions
Thesis advisor: Andrey Tkachenko
Changes in Consumer Behaviour on the Tourism Market during the Crisis
Thesis advisor: Svetlana Mareeva
Macroeconomic Forecasting Using Data of Different Frequency
Thesis advisor: Oxana A. Malakhovskaya
Financial Behavior of the Middle Income Group: Regional Specifics
Thesis advisor: Ekaterina Dmitrievna Slobodenyuk
Elena KarnoukhovaInfluence of the Ownership Structure on the Performance of Innovative Companies in the USA
In recent decades, innovative companies became one of the major driver of economy worldwide. According to surveys, nearly 70% of the world's most innovative companies in 2017 are U.S. firms. However, academic studies mostly focused on innovativeness of a firm, measuring through R&D spending, patent citation, and have neglected the role of capital structure, ownership structure, and the corporate governance. In this article we analyze the difference between technological and non-technological companies with an attempt to find out a reason of success of fast-growth corporations. This research uses Generalized Least Square model on a sample of 12565 firm-year observations during 2004-2015 period, to justify an assumption that various types of investor have different effects on firm performance of innovative companies. The research reveals the distinction between type of investor and investor`s strategy. By focusing on the ownership concentration we find an evidence that not all types of blockholders improve firm value. In general, our findings suggest that owners with potential business relationship with firms decrease firm value, and passive independent institutions enhance firm performance in virtue of active monitoring and long-term investment horizons. The results further suggest that board composition and CEO characteristics are essential for corporate firm performance of innovative companies. The findings are robust to alternative models and variable selection.
Sequential Voting Models
Thesis advisor: Daniel Karabekyan
Factors of Consumer Demand for Healthy Food Delivery
Thesis advisor: Vladimir Vladimirovich Karacharovskiy
Using of Information fromTwitter for Market Abuse Detection
The Research of the Capital Structure of BRICS Countries
Socio-economical Factors of Sports Clubs Profitability
Thesis advisor: Konstantin Lvovich Polyakov
Online Crowdfunding Projects Performance Prediction
Thesis advisor: Ivan Stankevich
Factors Which Influence Russian Bond Yields in the Primary Market
Thesis advisor: Sergey Volodin
The Impact of Adoption of IFRS on the Management of Profit Performance
Thesis advisor: Tatyana Nikolaevna Malofeeva
Factors of Consumers’ Demand on the Online-Shopping Services (the Case of Computer and Laptop Market)
Economic Equilibriums in the Presence of Informal Institutions
Thesis advisor: Mark I. Levin
Specifics of Russian Bonds Pricing
Thesis advisor: Tamara Viktorovna Teplova
Dynamic Inefficiency of Financial Repression Policy
Thesis advisor: Olga Norkina
The Role of Digital Piracy in Video Game Industry on the Stock Market
Thesis advisor: Victoria V. Dobrynskaya
Social and Ecological Responsibility of Business as a Consumer Choice Factor (the Case of Meat Products' Market)
Route Assignment in Transportation Networks. A Сomparison of User Equilibrium and System Optimum
Market, Professional and Amateur Ratings of Cinema Products: the Problem of Consistency
Consumption of Culture: the Role of Socio-economic Factors
Thesis advisor: Vasiliy Alexandrovich Anikin
Forecasting Performance of Hybrid ARIMA-ANN and VAR-ANN Models on Macroeconomic Data
Gender (and other) Diversity in Corporate Boards and Firm Performance
Thesis advisor: Anastasia N. Stepanova
Ruble Overnight Indexed Swap curve building
Thesis advisor: Sergey V. Kurochkin
Revealing Individual Preferences with Bayesian Hierarchical Multinomial Logit Model
Thesis advisor: Boris Demeshev
The Influence of International Trade on Human Well-being in Russian Regions
Thesis advisor: Levent Celik
Valuation of the Effectiveness of M&A Deals in Telecommunication Industry
Probability of Default Modeling for Russian Non-Financial Companies
Thesis advisor: Elena Makushina
Mega-events Prefer Autocracies: Evidence from the Olympic Games
Thesis advisor: Konstantin Sonin
Digital Piracy in Russia: the Influence of New Legislation on Music Industry
Thesis advisor: Andrey Bremzen
The Fox News Effect Revisited: Reverse Effect of Biased Media Persuasion
Thesis advisor: Enikolopov Ruben Sergeevich
Are Professional Athletes Overpaid? The Case of National Basketball Association
Thesis advisor: Gyunesh Gokmen
Do Stock Market Valuations Predict Future Returns or Corporate Earnings in Emerging Market Economies With High GDP Growth?
Thesis advisor: Patrik Kelli
Experts' reputation concerns and information sharing.
Thesis advisor: Sergey Stepanov
Optimal Alcohol Policy
Thesis advisor: Yevgeny Yakovlev
Till Lawsuit Do Us Part: Variations in Child Support Legislation and Labor Force Participation
Thesis advisor: Andrea Matranga
Anti-Imperialism as a Political Strategy
Local Demographic Transition and Distant Region Development. Case of Russian Monasteries
Can Overvalued Factor Strategies Predict Returns?
Thesis advisor: Shibanov Oleg Konstantinovich
Was The Federal Reserve More Passive at The Zero Lower Bound?
Thesis advisor: Duglas Campbell
Study of the Interrelation Between Innovation Development and Quality of Life
Thesis advisor: Marina Arkhipova
Analysis of the Relationship Between Foreign Investment and Macroeconomic and Stock Market Indicators
Thesis advisor: Tatiana Sokolova
Statistical Research of Esports Industry
Thesis advisor: Viacheslav Sirotin
Statistical Analysis of the Employment in Russia
Thesis advisor: Ekaterina Astafyeva
The Factors of Participation in Job Related Training for Older Workers
Thesis advisor: ergey Roshchin
Statistical Analysis of Infant Mortality
Thesis advisor: Elena Kopnova
Population Behaviour in the Credit Market in Russia
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.