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Of all publications in the section: 1 171
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Working paper
Polyachenko S. S., Nye J. V., Bruhanov M. Economics/EC. WP BRP. Высшая школа экономики, 2014. No. WP BRP 78/EC/2014.
Using a large sample drawn from families in the Moscow and Moscow region which are part of the Russian RMLS longitudinal survey we observe clear links between measured 2D:4D digit ratios and a variety of life outcome measures, even with the inclusion of multiple controls. Contributing to existing empirical findings, we found statistically significant empirical associations of 2D:4D with higher educational attainment, occupational outcomes, knowledge of foreign language, smoking, engaging in sport activities and with some aspects of respondent's self-esteem. In general, the character of detected empirical associations are different for women and men, as it was documented in our previous studies.
Added: Dec 12, 2014
Working paper
Bruhanov M., Nye J. V., Polyachenko S. S. Economics/EC. WP BRP. Высшая школа экономики, 2016
Is in utero exposure to testosterone (T), measured by the second to fourth digit ratio (2D:4D), associated with lifetime educational attainment? A growing body of work finds exposure to prenatal T to be associated with aggression, physical fitness, performance in computer science, and type of occupation. However, there has not yet been substantial research its relationship with lifetime educational outcomes. Using a large sample drawn from families in Moscow and in the Moscow region from the Russian Longitudinal Measurement Survey (RLMS), we observe clear links between measured 2D:4D and the levels of education obtained by men. Statistically significant positive associations between higher 2D:4D (lower prenatal T) and higher levels of education were found, using difference in means analysis and generalized ordered logit (gologit) regressions. These findings were also robust to using a different subsample. Weaker findings were seen for women. Since many of the earlier findings have shown the benefits of higher prenatal T for achievement, the current finding of a negative effect of prenatal T on educational attainment raises interesting issues about the ambiguous effects of prenatal T and the degree to which the traits it promotes interact with different tasks and social contexts.
Added: Jun 2, 2016
Working paper
Semenova M. Financial Economics. WP BRP. National Research University Higher School of Economics, 2018. No. 64/FE/2018.
This paper discusses whether being smart makes depositors less prone to get involved in a panic bank run. We conduct a series of experiments with undergraduate and graduate students from Moscow and Saint-Petersburg, modelling the a-la Diamond-Dybvig deposit market with liquidity shocks, changing macroeconomic conditions and risk-based investment technologies. Our results suggest that withdrawing on time is profitable, as the average returns of depositor investments are higher, especially if the other depositors in the bank also withdraw on time. Smarter depositors – those having better academic achievements – choose the strategy of avoiding early withdrawals more frequently: each additional grade point (out of ten) adds 9 p.p. to the share of rounds where a depositor withdraws on time. This result adds to the evidence that financial literacy – even measured in a very simple way – may prevent a coordination failure in the deposit market. Our results also suggest that panic withdrawals are more probable in markets with poorer economic conditions (liquidity shocks, less profitable or less liquid investments, costly financial information), but depositors show weak sensitivity to the risks of bank investments. Depositors of medium-sized banks withdraw on time more frequently compared to those in small or large banks.
Added: Jan 29, 2018
Working paper
De Palma A., Papageourgiou Y., Thisse J. et al. Centre for Economic Policy Research Discussion Paper Series. ISSN 0265-8003. Centre for Economic Policy Research, 2018. No. DP13181.
We provide a bare-bones framework that uncovers the circumstances which lead either to the emergence of equally-spaced and equally-sized central places or to a hierarchy of central places. We show how these patterns reflect the preferences of agents and the efficiency of transportation and communication technologies. Under one class of agents, the economy is characterized by a uniform distribution or by a periodic distribution of central places having the same size. Under two asymmetric classes of agents, the interaction between agents may give rise to a hierarchy of settlements with one or several primate cities.
Added: Nov 12, 2018
Working paper
Kuzminov Y. I., Yudkevich M. M. Научные доклады Института институциональных исследований. WP10. Высшая школа экономики, 2007. No. 01.
In areas of creative activity where the evaluation of efforts and results requires major expenditures, the intrinsic motivation of agents is an important factor of efficiency, whereas stringent monitoring fails to counteract opportunistic behavior. University professors are a case in point. The lack of comprehensive control and detailed regulation of professorial work that traditionally characterizes the university milieu creates an atmosphere of academic freedom that is propitious to intrinsic motivation. Academic freedom lies at the basis of the convention regulating the behavior of university administration and professors. It gives rise to an equilibrium state in which professors engage in both teaching and research, yet this equilibrium is not evolutionary stable in itself: as a rule, it is maintained by academic standards. New conditions of financing that are imposed on both the professoriate and the university administration lead to the destruction of this equilibrium and the emergence of new behavioral patterns at universities. Their characteristics depend both on external conditions (on the education market as a whole) and on internal ones (the university’s policy and the university academic environment).
Added: Mar 16, 2013
Working paper
Avram S., Popova D., Rastrigina O. EUROMOD Working Paper Series. EM. Institute for Social and Economic Research, University of Essex, 2016. No. 7/16.
The distributional impact of policy changes is usually considered in terms of equivalised household income, assuming that each individual within the household is being affected in the same way, as a result of complete income pooling. The aim of this paper is to extend this approach by introducing a gender perspective in the analysis of policy effects. We use EUROMOD, the tax-benefit microsimulation model for the EU, to estimate the effects of changes in tax-benefit policies over the period 2008-2014 separately for men and women. The paper consists of two parts. First, we apply the standard approach based on the equal income sharing assumption but focus on lone parent families – a specific household type which makes gendered policy effects easier to observe. This analysis is performed for 18 EU countries: Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Spain, France, Italy, Latvia, Luxembourg, Hungary, the Netherlands, Poland, Romania, Finland and Sweden. Second, we estimate the policy effects for men and women in couples. To obtain gender specific effects, we redefine income at the individual level by allocating income components to each adult within the household according to a set of assumptions. We present three alternative scenarios of intra-household income sharing. All scenarios assume that all individual incomes (e.g. earnings, individual benefits) are retained by their recipients, while common incomes (e.g. family benefits, housing allowances) are distributed following three different sets of sharing rules, which are defined in relation to the primary and the secondary earner status. We compare the outcomes of men and women in these three scenarios and in the baseline which assumes equal income sharing. This analysis is performed for six countries which differ in terms of the degree of defamilialisation their welfare regimes provide: Belgium, the Czech Republic, Spain, France, Romania and Finland.
Added: Oct 13, 2016
Working paper
Grigoryev D. PSYCHOLOGY. WP BRP. Издательский дом НИУ ВШЭ, 2016. No. 58.
This  article  presents  the  results  of  a  study  on  the  relationship  of  acculturation  profiles  of Russian-speaking immigrants in Belgium, the duration of their stay in the host country, and their  level  of  socio-economic  adaptation.  The  data  obtained  is  the  result  of  a  socio-psychological survey of Russian-speaking immigrants in Belgium and was processed using latent  profile  analysis  (LPA).  It  was  obtained  from three  groups  of  immigrants  with relevant  acculturation  profiles:  integration,  assimilation  and  separation.  It  was  found  that orientation toward the host society (assimilation and integration) has a positive association with a high level of socio-economic adaptation among immigrants, but the level of socio-economic adaptation for the group of immigrants with an assimilation profile is higher than that  for  the  group  of  immigrants  with  an  integration  profile.  Also,  the level  of  socio-economic adaptation is higher for immigrants who have stayed in the host country for more than 5 years.
Added: Feb 29, 2016
Working paper
Sergey L. Barinov, Petr K. International Relations. IR. Издательский дом НИУ ВШЭ, 2014
Euroregions is an important and quite popular mechanism of cross-border cooperation. Character of institutions development differs essentially between three groups of states, which use this mechanism: old members of the European Union; new members of the European Union (entered the EU after 2003); CIS members. This comparative research is concerned with the main circumstances of euroregions development in three areas noted above. The analyses show the fundamental differences between three Euroregion cases: Oresund, Pskov-Livonia and Dnieper. Those differences are noticeable in legislative basic, financing, cooperation issues, and even in four basic Euroregions principles realizing. Meanwhile we see that after fifteen years of copying the Euroregions in post-soviet countries the positive shifts occur in CIS members’ government perception and in the decision making process.
Added: Oct 11, 2014
Working paper
Chulok A., Suslov D., Moiseichev E. Y. Science, Technology and Innovation. WP BRP. Высшая школа экономики, 2015. No. 34.
Last several decades have shown a steady broadening of national security issues’ spectrum along with an increase in the strictness of international competition driven by advances in high tech-nologies and other factors. National security agenda is nowadays comprised not only of defense issues per se, but also includes economic, social, cultural and other aspects. All this is strongly influenced by the technological trends and the very possession of critical technologies has be-come a pressing national security issue. Thus, we are witnessing a gradual convergence of na-tional security and technological agendas. Advocating a proactive approach to tackling national security risks of a technological nature, the authors make an attempt to outline the contemporary innovative methodology of assessing, harnessing and counteracting such risks. Their key rec-ommendation lies in the appeal for joining the forces of theorists and practitioners in the field of both national security and science, technology and innovation (STI) policy to overcome the cor-responding challenges.
Added: Mar 25, 2015
Working paper
Novatorov E. V. SSRN Working Paper Series. Social Science Research Network, 2012. No. 2133237.
The objectives of the study were (a) to identify the reasons and concerns of those public administrators and marketing scholars who do not accept the usefulness of marketing in the public sector; (b) to deconstruct, comprehend, interpret, and critically appraise the current conceptualization of public sector marketing from the viewpoint of negativists identified in step (a); and (c) to reconstruct, redefine, reinterpret, and reoperationalize the current controversial conceptualization of public sector marketing into a new conceptualization in the context of park and recreation services. The critical theory approach to the study primary used non-empirical procedures data collection and analytic procedures which included investigative research, negative case analysis, and theoretical triangulation. These procedures were supplemented with empirical data collected from in-depth interviews with five scholars and with three parks and recreation managers. Results of the non-empirical procedures revealed the biased selective nature of the current conceptualization of public park and recreation marketing and the existence of alternative conceptualizations which have been ignored. The existing and alternative models were discussed with scholars and park and recreation managers. Support was found for the alternative models. From these data an alternative conceptualization of public park and recreation marketing was developed and named the concept of administered marketing. Implications for park and recreation managers are discussed. Directions for future research into the administratively managed park and recreation marketing concept are suggested.
Added: Sep 21, 2012
Working paper
Карась А., Pyle W., Schoors K. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2012. No. 03.
The empirical literature assessing the connection between land rights, access to  finance and investment activity has focused largely on actors that, for multiple reasons, might face difficulties accessing credit. Communities of small-scale farmers or poor urban households in developing countries, that is, may not be the best place to look for evidence as to whether more secure land rights are sufficient to facilitate borrowing by providing borrowers with a collateralizable asset. We explore this relationship in a setting in which fi  nancial market frictions are apt to be less severe – i.e., among large, urban, industrial enterprises. Exploiting policy-induced variation across Russian regions, we use recently-collected survey data to show that private rights to land do indeed facilitate access to external financing and promote investment. This finding is supplemented by additional survey evidence that points to private land serving as an important source of collateral.
Added: Dec 15, 2012
Working paper
Caroleo F. E., Coppola G., Semerikova E. V. Annals of CRISEI 2018. ISBN: 978-88-98279-07-4. University of Naples Parthenope, 2018
Added: Jul 10, 2019
Working paper
Takeyama A., Constantinou N., Vinogradov D. IMES Discussion Paper Series. Institute for Monetary and Economic Studies, Bank of Japan, 2012. No. 2012-E-14.
This paper develops a framework to estimate the probability of default (PD) implied in listed stock options. The underlying option pricing model measures PD as the intensity of a jump diffusion process, in which the underlying stock price jumps to zero at default. We adopt a two-stage calibration algorithm to obtain the precise estimator of PD. In the calibration procedure, we improve the fitness of the option pricing model via the implementation of the time inhomogeneous term structure model in the option pricing model. Since the term structure model perfectly fits the actual term structure, we resolve the estimation bias caused by the poor fitness of the time homogeneous term structure model. It is demonstrated that the PD estimator from listed stock options can provide meaningful insights on the pricing of credit derivatives like credit default swap.
Added: Jun 27, 2018
Working paper
Gimpelson V. E., Kapeliushnikov R. Discussion Paper. IZA DP. Institute for the Study of Labor, 2017. No. 11126.
This paper deals with age and educational dimensions of the labour supply in Russia and explores two time periods: from 2000 to 2015 (retrospective), and the next 15 years (prospective). For our analysis we exploit the micro-census (2015) data and all LFS waves covering the retrospective period. Combining demographic projections with expected employment rates and data on educational achievement we forecast the employment composition up to 2030. If recent past changes in both age and education have contributed to economic growth, their effect is likely to be negative in the next 15 years. These two dimensions are directly associated with such challenges as ageing and over-education of the labour force. Russia is not unique here, but it is more exposed to both dimensions than are many other countries due to its demographic and educational developments. The paper concludes with several tentative policies that could ease, although not cure, the problem.
Added: Nov 18, 2017
Working paper
Rodionova L., Kopnova E. Economics. EC. Высшая школа экономики, 2015. No. 117.
A comparative analysis of the age impact on happiness in Russia and European countries was conducted. The European Social Survey data in 2012 for 29 countries were used. On the basis of an ordered logistic regression, a U-shape relationship between age and happiness was obtained for some of the analysed countries. By using cluster analysis, the countries were divided into 3 groups, in which the age effect varies greatly. In the counties of group 1 (for example, Iceland and Norway) happiness did not change at any age or increase smoothly in old age. Group 2 (Germany and France) had a clear U-shaped age-happiness form. Russia and some counties of former Soviet Union: Ukraine, Lithuania and Estonia were analysed in group 3, where the level of happiness decreased significantly in old age (over 60). In some countries (Belgium, Switzerland, Cyprus, Denmark, Finland, Israel, Italy, Sweden) all people were happy, regardless of age and the assumption of age-happiness U-shape relation was not found. The socio-economic determinants of happiness were also analysed in different age groups. Income satisfaction and subjective health were the more significant characteristics.
Added: Dec 24, 2015
Working paper
Vernikov A. V. SSRN Working Paper Series. Social Science Research Network, 2015. No. 2600738.
The paper suggests a classification of Russian commercial banks for the purposes of empirical analysis. While most of the literature on comparative bank performance in transition identifies three broad categories of banks (state, domestic private and foreign), in the Russian case it may be proper to consider separately the core state-controlled banks that jointly account for over 40 percent of total assets. Among all foreign-controlled banks we identify foreign subsidiary banks whose parents are financial institutions and whose core business in Russia is commercial banking. This paper complements previous papers on Russian bank data (Schoors, 2000; Karas and Schoors, 2005; 2010; Vernikov, 2007; 2009; 2012; 2014). We attach a list of state-controlled banks and foreign subsidiary banks that have been active during the period up to 2014.
Added: May 1, 2015
Working paper
Lapshin V. A., Kurbangaleev M. Z. Financial Economics. FE. Высшая школа экономики, 2012. No. 13/FE/2012.
In this paper we develop a joint non-parametric approach to the problem of the decomposition of bond yields and CDS spreads. The proposed approach is essentially an infinite-dimensional modification of the Heath-Jarrow-Morton framework and is general enough to capture even very non-trivial shapes of the yield and hazard-rate curves. The approach allows us to jointly estimate entire term structures of yields, hazard rates, and liquidity premiums, no matter what shapes they take. We apply the developed methodology to data on major Eurozone sovereign borrowers and consider the most recent period of the Eurozone debt crisis. Our data set includes instruments with maturities from 6 months to 30 years. As a result, we found several interesting interaction effects between those components in terms of term structure. Treating the bond-CDS basis as a measure of the cross-market liquidity spread, we find that cross-market liquidity evolves in a rather non-trivial and pronounced manner. As the credit quality of the reference entity deteriorates, the liquidity of the CDS market dries up, starting from longer terms.
Added: Mar 18, 2013
Working paper
Kolosnitsyna M., Khorkina N., Volkov A. Public and Social Policy. WP BRP Series. НИУ ВШЭ, 2017. No. WP BRP 11/PSP/2017.
In economic theory, alcohol consumption is considered as an addictive and sometimes irrational behaviour. Such behaviour often leads to undesirable external effects: increasing crime rates, traffic and occupational accidents, fires, and domestic violence. That is why most countries facing high levels of alcohol intake apply special measures to reduce consumption and, as a result, the external effects. Recently, the same measures have also been put in place in Russia, including price rises and time restrictions on retail alcohol sales. This paper investigates the influence of these measures on crime indicators. The empirical study is based on an econometric analysis of panel data from Russian regions, 2003-2015. The results confirm the effectiveness of time restrictions on alcohol sales with regard to juvenile and adult crime. However, the increase of vodka prices due to increasing excise tax reduces juvenile crime but does not influence crime rates among adults.
Added: Oct 19, 2017
Working paper
Subochev A., Zakhlebin I. V. Математические методы анализа решений в экономике, бизнесе и политике. WP7. Издательский дом ВШЭ, 2014. No. 6.
The Competitive Industrial Performance index (developed by experts of the UNIDO) is designed as a measure of national competitiveness. Index is an aggregate of eight observable variables, representing different dimensions of competitive industrial performance. Instead of using a cardinal aggregation function, what CIP’s authors do, it is proposed to apply ordinal ranking methods borrowed from social choice: either direct ranking methods based on the majority relation (e.g. the Copeland rule, the Markovian method) or a multistage procedure of selection and exclusion of the best alternatives, as determined by a majority relation-based social choice solution concept (tournament solution), such as the uncovered set and the minimal externally stable set. The same method of binary comparisons based on the majority rule is used to analyse rank correlations. It is demonstrated that the ranking is robust but some of the new aggregate rankings represent the set of criteria better than the original ranking based on the CIP.
Added: Sep 25, 2014
Working paper
Vinogradov D. AWI Discussion Paper Series. DP600. Heidelberg University, 2007. No. 442.
The paper examines the effects of ambiguity in regulation on the equilibrium  allocation. Under ambiguous bailout policy, agents’ suffer from a lack of information with regards to the insolvency resolution method, which would be chosen by the regulator if a financial institution fails. In this case, beliefs of bankers regarding whether an insolvent bank is liquidated, may differ from those of depositors. The beliefs may be asymmetric even if bankers and depositors possess absolutely symmetric information about the policy of the regulator. It is shown that such asymmetry in beliefs can generate an allocative inefficiency of the bank based economy.
Added: Jun 27, 2018
Working paper
Sandomirskaia M. Economics. EC. Высшая школа экономики, 2014. No. 70.
We examine the novel concept for repeated noncooperative games with bounded rationality: ``Nash-2'' equilibrium, called also ``threatening-proof profile'' in (Iskakov~M., Iskakov A., 2012). It is weaker than Nash equilibrium and equilibrium in secure strategies: a player takes into account not only current strategies but also the next-stage responses of the partners to her deviation from the current situation that reduces her relevant choice set. We provide a condition for Nash-2 existence, criteria for a strategy profile to be the Nash-2 equilibrium in strictly competitive games, apply this concept to Bertrand and Hotelling game and interpret the results as tacit collusion.
Added: Oct 21, 2014