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Regular version of the site
Of all publications in the section: 312
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Article
Суринов А. Е. Экономический журнал Высшей школы экономики. 2000. Т. 4. № 3. С. 333-348.
Added: Oct 31, 2012
Article
Виленский А. В. Экономический журнал Высшей школы экономики. 2004. Т. 8. № 2. С. 246-256.
Added: Oct 30, 2012
Article
Бусыгин В. П. Экономический журнал Высшей школы экономики. 2004. Т. 8. № 4. С. 588-605.
Added: Oct 30, 2012
Article
Смирнов А. Д. Экономический журнал Высшей школы экономики. 2012. Т. 16. № 4. С. 444-463.
Added: Jan 25, 2013
Article
Ощепков А. Ю. Экономический журнал Высшей школы экономики. 2010. Т. 14. № 4. С. 468-491.

Estimating mincer-type wage equations on the micro-data of Occupational Wages Survey, 2007 we first receive estimates for returns to higher education for all regions-subjects of Russian Federation. Our results show that interregional differentces in returns are very large in Russia. Returns to higher education received from the estimation of basic mincerian equation lie in the range from 32 to 140% (from the average wage of workers with secondary education), and the country level of return equals to 65%. Variation in estimates based on an augmented wage equation (which additionally includes industries and ownership) is much lower, but it still remains quite substantial: estimates differ from about 60 to 150%, and the country level of return equals to 90%. In this regard, the standard approach producing one estimate of return to education for the whole country seems to be a serious simplification, and an answer to the question what is the level of return to education in Russia is no more trivial.

отдача от образования,   РЕГИОНЫ,   РОССИЯ,   Return to Education,   Regions,   Russia

Added: Oct 13, 2012
Article
Лукьянова А. Л. Экономический журнал Высшей школы экономики. 2010. Т. 14. № 3. С. 326-348.

The paper uses meta-analysis to investigate the evolution of returns to education in Russia during the economic transition. We present the evidence of strong increase in returns to education in the 1990s. The returns to education peaked at 8% per additional year of schooling in the early 2000s. Since the mid-2000s the positive trend has been reversed. We find that the estimated returns are sensitive to sample design, specification and estimation methods. On average the estimated returns are higher if one uses imputed (instead of actual) years of education and estimates earnings equation with the OLS. Among covariates, the form of ownership and settlement type (urban/ rural) has the largest effect on the estimated returns to education. Regional variables have significant impact on the estimated returns only being included into the earnings equation at the oblast (province) level.

 

Added: Oct 13, 2012
Article
Бессонов В. А. Экономический журнал Высшей школы экономики. 2000. Т. 4. № 2. С. 184-219.
Added: Oct 31, 2012
Article
ван Арк Б., О’Махони М., Тиммер М. Экономический журнал Высшей школы экономики. 2009. Т. 13. № 1. С. 35-58.
Added: Jan 28, 2013
Article
Аистов А. В. Экономический журнал Высшей школы экономики. 2009. Т. 13. № 3. С. 452-481.
Added: Sep 10, 2012
Article
Ясин Е. Г. Экономический журнал Высшей школы экономики. 1998. Т. 2. № 3. С. 303-307.
Added: Nov 5, 2012
Article
Алескеров Ф. Т., Благовещенский Н., Сатаров Г. А. и др. Экономический журнал Высшей школы экономики. 2003. Т. 7. № 4. С. 496-512.
Added: Oct 30, 2012
Article
Засимова Л. С., Лукиных О. А. Экономический журнал Высшей школы экономики. 2009. Т. 13. № 4. С. 549-574.
Added: Oct 15, 2012
Article
Лапшин В. А., Каушанский В. Я., Курбангалеев М. З. Экономический журнал Высшей школы экономики. 2015. Т. 19. № 1. С. 9-29.
Added: Feb 6, 2015
Article
Ласкин М. Б., Русаков О. В., Джаксумбаева О. И. Экономический журнал Высшей школы экономики. 2016. № 2. С. 268-284.
Added: Oct 13, 2017
Article
Макаров И. А., Соколова А. К. Экономический журнал Высшей школы экономики. 2014. Т. 18. № 3.

According to current international climate change regime countries are responsible for greenhouse gas emissions, which result from economic activities within national borders, including emissions from producing goods for exports. At the same time imports of carbon intensive goods are not regulated by international agreements.

In this paper carbon emissions embodied in exports and imports of Russia were calculated with the use of inter-country input-output tables from WIOD database. It was revealed that Russia is the second largest exporter of emissions embodied in trade and the large portion of these emissions is directed to developed countries. The reasons for high carbon intensity of Russia’s exports are obsolete technologies (in comparison to developed economies) and the structure of commodity trade: Russian exports primarily fossil fuels and energy-intensive goods and imports products with relatively low energy intensity.

Because of large amount of net exports of carbon intensive goods the current approach to emissions accounting does not suit interests of Russia. On the one hand, Russia, as well as other large net emissions exporters, is interested in the revision of allocation of responsibility between producers and consumers of carbon intensive products. On the other hand, current technological backwardness makes Russia vulnerable to the policy of “carbon protectionism”, which can be implemented by its trade partners.

Added: Sep 25, 2014
Article
Берзон Н. И., Володин С. Н. Экономический журнал Высшей школы экономики. 2010. Т. 14. № 3. С. 311-325.

One of the fundamental concepts of financial theory is to find compromise between risk and return. In the traditional approach to ratio of risk and return - higher yield faces a higher risk. It does not take into consideration the timeframe of investments. Purpose of this article is to analyze the risk-profitability ratio of financial instruments depending on the investment period in developed and emerging markets. The analysis showed that the prolongation of the investment period reduces the risk indicators, and the yield remains almost constant. At long time periods shares indicate higher returns with lower risk.

 

Added: Oct 13, 2012
Article
Григорьева С. А., Абузов Р. М. Экономический журнал Высшей школы экономики. 2015. Т. 19. № 2. С. 199-217.

The performance of mergers and acquisitions (M&A) is one of the key issues in corporate finance. We contribute to existing literature by examining the performance of M&A deals based on the economic profit model and comparing the results with ones obtained by means of traditional methods – accounting studies. Applying economic profit as an indicator of M&A performance allows us, in contrast to existing studies, to assess the impact of mergers and acquisitions on value of European companies in the long-run. Our study is based on the sample of 153 M&A deals initiated by companies from developed capital markets of Western Europe. Analyzing one of the latest periods, 2000-2011 years, we prove that the performance of combined firms improves subsequent to mergers and acquisitions. We find positive industry-adjusted differences between the post-acquisition and the pre-acquisition performance measures. The difference equals to significant 3.3% for EBITDA/Sales ratio and 3.1% for EBITDA/BVAssets ratio. The economic profit approach demonstrates similar results. Economic profit has increased due to M&A deals by $7.5 million. The obtained results indicate that companies in developed capital markets of Western Europe are able to achieve planned synergies and integrate successfully improving the operating performance and creating value of the combined firms. 

Added: Jul 17, 2015
Article
Шугаль Н. Б. Экономический журнал Высшей школы экономики. 2011. Т. 15. № 1. С. 88-110.
The article refers to the analysis of proportions, which characterize the distribution of macroeconomic financial resources (primary incomes, earnings from abroad и loans) by final use elements in 1996-2008. The estimates of respective flows are based on the model developed in Shugal' and Ershov's article [17]. That model descrybes quantitatively interrelations between the elements of value added and final product. Within the bounds of macroeconomic scenario analysis this article illustrates the use of the model results for estimating marginal effects. These effects reflect the influence of change in financial resources structure on final expenditures and savings structure. Also it is suggested to estimate the deflators of value added elements with the help of the mentioned proportions.
Added: Sep 4, 2012
Article
Ясин Е. Г. Экономический журнал Высшей школы экономики. 2010. Т. 14. № 1. С. 3-11.
Added: Oct 13, 2012
Article
Бешенов С. В., Лапшин В. А. Экономический журнал Высшей школы экономики. 2019. Т. 23. № 1. С. 9-31.

The paper considers the parametric hedging of non-parallel shifts in the yield curve. In order to determine capital requirements and stress testing, Basel committee recommends taking into account the risk of non-parallel interest rate shifts. (Basel Committee on Banking Supervision, 2016). As of April 2017, only one Russian bank took this risk into account in calculating interest rate risk, and one was developing a methodology (Central bank of Russia, 2017). We use several term structure models for hedging non-parallel interest rate shifts. The study uses a 5-year span of Russian bond market data. We use VaR and MAE to assess the effectiveness of hedging approaches.

The novelty of the work lies in the application of different term structure models, most of which have not previously been used for parametric hedging. We also present an original methodology for assessing the effectiveness of hedging. For the first time a study is conducted on the Russian bond market.

Cross-validation shows that the Nelson-Siegel (and also its shortened version), Svensson and Cox-Ingersoll-Ross models within the parametric hedging problem give better results than the generally accepted Fisher-Weil duration model. The results of this work have practical significance for fixed income managers.

Added: Feb 28, 2019
Article
Ясин Е. Г. Экономический журнал Высшей школы экономики. 2002. Т. 6. № 2. С. 151-192.
Added: Oct 31, 2012