The Determinants of Expected Returns on Higher Education in Russia: A Human Capital Theory Approach
This paper evaluates the determinants of the value of investment in higher education (absolute expected returns from higher education) among students of Russian universities, accounting for variations in the socio‐economic development of different Russian regions. Based on the longitudinal study, ‘Trajectories in Education and Careers’, it shows that the average salary in a region is positively related to the individual estimates of expected salaries after graduation. In general, the results correspond to human capital theory, and confirm the rationality of students’ salary expectations. The expected salary shortly after graduation from university is positively related to the academic achievement demonstrated in the university entrance exam (the Unified State Exam, or USE), full‐time study and prior work experience. Male students expect to receive higher salaries compared to female students. Students who study for free expect lower salaries compared to those students who cover their tuition costs. Indirect influence (through USE results) of the characteristics of students’ schools and of their parents’ education on expected salary was found. In addition, we discovered a direct and indirect relationship between family income and expected salaries after university graduation.
Based on the data of cohort longitudinal study “Educational and Career Trajectories”, factors affecting absolute and relative expected returns on education (ROE) are investigated.Surveys of Moscow students show that academic performance assessed by Unified State Exam (USE) scores is an important predictor of students’ salary expectations. Besides, expected ROE also correlates positively with college selectivity. Students in private colleges expect to be paid lower than those in state universities. Social and cultural capital of the family (parental education, number of books at home) may influence salary expectations indirectly, through academic performance. Students from wealthier families expect to have a higher ROE than their disadvantaged peers, and so do boys as compared to girls. Students working part-time expect to be paid higher than non-working students after graduation but anticipate a lower return on investment in relative terms. Citation: Prakhov I. (2017) Determinanty ozhidaemoy otdachi ot vysshego obrazovaniya v Moskve [Determinants of Expected Return on Higher Education in Moscow]. Voprosy obrazovaniya / Educational Studies. Moscow, no1, pp. 25-57.
Students' internet usage attracts the attention of many researchers in different countries. Differences in internet penetration in diverse countries lead us to ask about the interaction of medium and culture in this process. In this paper we present an analysis based on a sample of 825 students from 18 Russian universities and discuss findings on particularities of students' ICT usage. On the background of the findings of the study, based on data collected in 2008-2009 year during a project "A сross-cultural study of the new learning culture formation in Germany and Russia", we discuss the problem of plagiarism in Russia, the availability of ICT features in Russian universities and an evaluation of the attractiveness of different categories of ICT usage and gender specifics in the use of ICT.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.
The paper studies a problem of optimal insurer’s choice of a risk-sharing policy in a dynamic risk model, so-called Cramer-Lundberg process, over infinite time interval. Additional constraints are imposed on residual risks of insureds: on mean value or with probability one. An optimal control problem of minimizing a functional of the form of variation coefficient is solved. We show that: in the first case the optimum is achieved at stop loss insurance policies, in the second case the optimal insurance is a combination of stop loss and deductible policies. It is proved that the obtained results can be easily applied to problems with other optimization criteria: maximization of long-run utility and minimization of probability of a deviation from mean trajectory.