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Of all publications in the section: 3 560
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Working paper
Vernikov A. V. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2007. No. 02.
The Working Paper examines peculiarities of the Russian model of corporate governance and control in the banking sector. The study relies upon theoretical as well as applied research of corporate governance in Russian commercial banks featuring different forms of ownership. We focus on real interests of all stakeholders, namely bank and stock market regulators, bank owners, investors, top managers and other insiders. The Anglo-American concept of corporate governance, based on agency theory and implying outside investors’ control over banks through stock market, is found to bear limited relevance. We suggest some ways of overcoming the gap between formal institutions of governance and the real life.
Added: Apr 2, 2013
Working paper
Vernikov A. V. Munich Personal RePEc Archive. University Library of Munich, 2008. No. 10028.

The Working Paper examines the peculiarities of the Russian model of corporate governance and control in the banking sector. The study relies upon theoretical as well as applied research of corporate governance in Russian commercial banks featuring different forms of ownership. We focus on real interests of all stakeholders, namely bank and stock market regulators, bank owners, investors, top managers and other insiders. The Anglo-American concept of corporate governance, based on agency theory and implying outside investors’ control over banks through stock market, is found to bear limited relevance. We suggest some ways of overcoming the gap between formal institutions of governance and the real life.

Added: Sep 3, 2012
Working paper
Sprenger C., Lazareva O. BASIC RESEARCH PROGRAM WORKING PAPERS. WP BRP 160/EC/2017. НИУ ВШЭ, 2017
This paper investigates how corporate governance of unlisted firms in an emerging market economy affects financing constraints, measured by the sensitivity of investment to cash flow. We develop two original corporate governance indices based on a large-scale survey of Russian enterprises – one for shareholder protection and one for transparency. We estimate standard investment regressions where the cash flow variable is interacted with our corporate governance indices and variables capturing the ownership structure. The central result is that better shareholder protection diminishes the cash flow sensitivity of investment, particularly in firms with an outside controlling owner and in firms with low managerial ownership. In contrast, more transparency exacerbates financing constraints in some cases. We address the problem of the endogeneity of corporate governance by using fixed-effects regressions and a novel instrumental variable based on particular legal provisions for corporate governance in Russia depending on the number of shareholders.
Added: Nov 28, 2017
Working paper
Chekhovskaya S. A. Law. LAW. Высшая школа экономики, 2015. No. WP BRP 58/LAW/2015.
This paper aims to add to literature on the connection between corporate governance and corporate law development. “Corporate governance” came into vogue in the 1970s in the United States. It had become the subject of debate worldwide by scholars, regulators, investors etc. This paper considers the nature and extent of corporate law`s contribution to the development of corporate governance and vice versa. In recent years, Russia and most continental countries (Germany, France, Italy) have enacted significant corporate law reforms. In Europe these reforms aim to strengthen the mechanisms of internal governance, empower shareholders, enhance disclosure requirements, and toughen public enforcement, which are the most effective tools for countering abuses by dominant shareholders. It is widely discussed among legal professionals in Russia that there is now an urgent need for a comprehensive review and modernization of corporate law and governance. However, in the last two years the Russian Civil Code and Federal Law “On Joint Stock Companies” have been changed deeply. Under the new Civil Code, all legal entities (both commercial and non-commercial) are divided into corporate and unitary entities.
Added: Dec 28, 2015
Working paper
Lazareva O., Rachinsky A., Stepanov S. CEFIR / NES Working Paper. Центр экономических и финансовых исследований и разработок в российской экономической школе, Российская экономическая школа, 2008. No. 119.
Added: Nov 25, 2013
Working paper
Gurkov I. B. Management. MAN. Высшая школа экономики, 2014. No. 20.
The paper provides a summary of the existing typologies of corporate parenting styles and  discovers the missing elements in the theoretical constructs. New theoretical constructs fill the  gaps. The paper presents a new typology of corporate parenting style by combining “adding  value to subsidiaries by their corporate parent(s)” and “extracting value from subsidiaries by  their corporate parent(s).” The four-type typology of corporate styles outlines the different levels  of value addition and value extraction and various degree of reciprocity of both processes. This  paper determines the most important factors that affect the selection of corporate parenting  styles. It postulates that the multinational corporation should simultaneously exhibit different  parenting styles towards their subsidiaries and should be ready to swiftly amend their parenting  styles to reflect the changes in a subsidiary’s strategy and its motives for corporate ownership.   
Added: May 29, 2014
Working paper
Krasnopolskaya I. Sociology. SOC. Высшая школа экономики, 2014
This paper is devoted to identifying and analyzing the role of corporate volunteering in functioning as the infrastructure of volunteer activity in Russia and the influence of employee civil engagement. Four main functions of third-sector infrastructure are used in this article: motivation and mobilization, organization and support of civil activity, education and socialization, representation and interests protection, as well as net construction and communications. The theoretical background of the research methods lie in the institutional treatment of corporate social responsibility. The role of corporate volunteering in employee civic engagement based on a comparison of the employees who participate in volunteering events and those who do not is examined in detail. Based on the results of binary logistic regression analysis, we conclude that employee participation in corporate volunteering positively influences their civil engagement outside the corporation and satisfaction with various aspects of one’s life. Corporate volunteers (n=399) are statistically more likely to report civil engagement and personal happiness and satisfaction than employees who do not take part in corporate volunteering events (n=402). Corporate volunteering is positively related with current and future civil engagement, including monetary donations.   
Added: Oct 21, 2014
Working paper
Kravtsova Maria, Oshchepkov A. Y., Welzel C. Sociology. SOC. Высшая школа экономики, 2014. No. 34.
Using World Values Survey data from dozens of countries around the world, this article analyzes the relationship between postmaterialist values and attitudes towards bribery in a multi-level framework. This is an inherently interesting and under-researched topic because the various propensities attributed to postmaterialism lead to conflicting expectations about how these values affect attitudes towards bribery. On one hand, the alleged tendency of postmaterialists towards impartiality should lead them to condemn bribery. On the other hand, condemning bribery is a social desirability issue and postmaterialists are known to be less susceptible to desirability pressures and more relaxed about norm deviations. From this point of view, postmaterialists might react more tolerant to bribery. Reflecting these conflicting expectations, we obtain an ambivalent result, evident in an inverted U-shaped relationship: as we move from pure materialism to mixed positions, people tend to justify bribery more but then moving from mixed positions to pure postmaterialism, people become again more dismissive of bribery. What is more, the demographic prevalence of postmaterialists in a country moderates these values’ effect on bribery: where postmaterialists are more prevalent, the disapproving effect on bribery outweighs the approving effect. This finding contributes to a better understanding of the pronounced negative correlation between corruption and postmaterialism at the country level and has some important implications.
Added: Jan 24, 2014
Working paper
Vasileva V. M., Vorobyev A. Political Science. PS. Высшая школа экономики, 2014
Assuming that there is a “missing factor” in the modern corruption studies, authors develop  a  new  conceptual  approach  to  the  study  of  corruption  and  effectiveness  of  anti-corruption  regulations  in  the  public service. This  “missing factor” is  a  “corruption  market”, particularly, its  size, type and nature. Conflict of interest regulations aim at controlling key channels of corruption  behavior, and corruption market in its turn determines prevailing channels of existing corruption  behavior. Misidentification of corruption market’s type is the main reason for the failure of anti- corruption policies, no matter how new and effective models are imported.   Corruption market’s size is defined as the number and average price of corruption deal. The  nature of corruption market depends on the side, capable of setting the final price of corruption deal.  Resulting from institutional characteristics of public administration, corruption markets are either  seller’s or buyer’s markets. Seller’s corruption markets are sensible to ethic regulations of public  service,  and  the  only  effective  way  of  tackling  buyer’s  corruption  markets  are  “cut-red-tape”  reforms and introduction of compliance-based regulation of conflict of interest. Type of corruption  market  encompasses  3  dimensions:  quality  of  institutions,  scope  of  regulations  and  degree  of  regulations.  Basing  on  the  introduced  model,  authors  identify  and  analyze  8  types  of  existing  corruption  markets.  Each  type  of  corruption  market  has  its  own  transformational  dynamics  and,  consequently, own opportunities for anti-corruption policies.   A  new  conceptual  model  of  corruption  market  evolution  is  introduced  in  the  article.  Transformations  of  corruption  markets  depend  on  several  factors.  The  key  factors  are  personalization  of  political  regime,  “new  public  management”  reforms  of  public  administration,  populist policies and creation of rentier states, and set up of the Welfare State. 
Added: Dec 12, 2014
Working paper
Rassadovskaia A. V., Andrey V. Aistov. Economics/EC. WP BRP. Высшая школа экономики, 2014. No. WP BRP 57/EC/2014.
The efficiency of social reforms in different countries mostly depends on the extent to which they can be accepted by the population. However, even if problems are similar, the reasons may differ, which can make it difficult to apply existing laws of one state to another. Bribery is a typical problem for developing countries as shown in the Corruption Perception Index (calculated by Transparency International) and recent research (Levin and Satarov, 2000) (Ilzetzki, 2011). Corruption can have roots in socialist regimes as in recently established political stability instable economic situation may lead to growth in crime. The main challenge within the scope of this project is to identify the relation between corruption perception and levels of trust in society and to distinguish the differences in factors affecting these characteristics. The research reveals that distrust matters a lot for the problem in Russia and suggests further examination of the dynamics of trust between post Soviet countries and European countries.
Added: Apr 11, 2014
Working paper
Sümeyra A., Podkolzina E., Schoors K. Working Papers of Faculty of Economics and Business Administration. 19/961. Ghent University, Belgium, 2019
Added: Apr 17, 2019
Working paper
Veselov F., Fedosova A. V. Science, Technology and Innovation. WP BRP. Высшая школа экономики, 2015. No. 49/STI/2015.
The paper is devoted to the issue of smart power system cost-benefit analysis. The innovative character of smart grids is defined and related obstacles for traditional cost-benefit assessment are revealed, primarily referred to external effects evaluation. Brief systematization of existing methods of smart grids assessment is provided and their weak points are defined. A new Smart Grid cost-benefit assessment approach is presented, basing on the elaborated comprehensive system of smart power system effects. The approach is tested for the system effects of smart power system implementation in the Russian Unified Energy System, quantitative results are presented.
Added: Nov 10, 2015
Working paper
Dranev Y., Nurdinova Y., Redkin V. et al. SSRN Working Paper Series. Social Science Research Network, 2012. No. 2107736.
The choice of appropriate model for estimation of cost of equity in emerging markets is still a very challenging problem. Market inefficiency, limited opportunities for diversification, as well as liquidity issues inspire researches to look for risk characteristics beyond the usual mean variance framework of the classical capital asset pricing model. Various models were developed for the past several decades proposing new ways of risk assessment, however, controversial empirical evidence of these models requires careful consideration. We tested empirically how different risk parameters, including those entropy based, explain the rate of return on Russian equities. We compare different models to choose the best suiting one for each period of economic cycle.
Added: Nov 16, 2012
Working paper
Yakovlev A. A., Balaeva O., Tkachenko A. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2016
Public procurement procedures prescribed by legislation not only enhance transparency and competition but also entail certain transaction costs for both customers and suppliers. These costs are important to the efficiency of the procurement system. However, very few previous studies have focused on estimating procurement costs. This paper proposes a methodology for public procurement cost evaluation. We show how procurement costs can be calculated using a formalized survey of public customers. This methodology was tested with a representative group of public customers operating in one region of the Russian Federation. We formulate the policy implications of our study as they relate to the improvement of public procurement regulations and argue that this methodological approach can be applied in other developing and transitioning economies.
Added: Jan 27, 2017
Working paper
Dower P., Egor Malkov, Leonid Polischuk et al. Economics. EC. Высшая школа экономики, 2015. No. WP BRP 107/EC/2015.
Private ownership confers numerous benefits, including stronger performance incentives, better use of privately owned assets, and improved access to finance. We argue that privately owned land could be both an asset and a liability, and overall net benefits of land ownership are contingent on the quality of surrounding institutions. We present a simple model and empirical evidence based on the Business Environment and Enterprise Performance Survey (BEEPS) in Russia, which clearly demonstrates such conditionality in the case of land ownership by Russian industrial firms. Consistently with earlier literature, land ownership facilitates firms’ access to finance (the “de Soto effect”), but at the same time entails additional risks and obstacles to doing business. When the quality of property rights protection and other key institutions is poor, land ownership could have an adverse effect on firms’ performance.
Added: Oct 28, 2014
Working paper
Porshnev A., Lakshina V. V., Редькин И. Е. Financial Economics. FE. Высшая школа экономики, 2016. No. WP BRP 54/FE/2016.
In our paper, we analyze the possibility of improving the prediction of stock market indicators by adding information about public mood derived from Twitter posts. To estimate public mood, we analyzed the frequencies of 175 emotional markers — words, emoticons, acronyms and abbreviations — in more than two billion tweets collected via Twitter API over the period from 13.02.2013 to 22.04.2015. We found that, from 17 emotional markers frequencies with established Granger causality, six provide additional information for the baseline ARMAX-GARCH model according to Bayesian information criteria for the in-sample period of 421 days, and two emotional markers improve directional accuracy and a decrease in the mean-squared error of the model. Our analysis reveals several groups of emotional markers, such as general and specific, direct and indirect, which relate differently to the dynamics of returns
Added: May 12, 2016
Working paper
Kokoreva M. S., Stepanova A. N., Повх К. С. Basic research program. WP BRP. National Research University Higher School of Economics, 2017. No. 62/FE/2017.
This paper analyzes why high-tech firms are less likely to have debt in their capital structure. The share of zero-leverage firms increased in the US in the Software & Services, Hardware Equipment and the Pharmaceutical & Biotechnical industries which are treated as high-tech firms in our research. We divide the sample of US-based firms from the RUSSELL 3000 index for the period from 2004 to 2015 into two groups, one of them includes only high-tech firms, another contains all other firms from the sample. Traditional determinants of corporate structure such as size, age, asset tangibility, profitability and market-to-book ratio cannot fully explain why high-tech firms choose a zero-debt policy. We found that high-tech firms are more financially constrained than non-high-tech firms. The managerial entrenchment hypothesis could not predict zero-leverage for high-tech firms, but it can partially predict the debt conservatism of non-high-tech firms. The evidence shows that the excess cash hypothesis explains why unconstrained high-tech firms have zero-leverage but does not explain it for non-high-tech firms. Finally, we did not find a significant influence of the financial flexibility hypothesis for the decision of unconstrained high-tech firms to be unlevered, while for their non-high-tech counterparts this hypothesis fits.
Added: Oct 27, 2017
Working paper
Larionov A. Public and Social Policy. WP BRP Series. НИУ ВШЭ, 2017. No. WP BRP 10/PSP/2017.
This research explores the utility of using strategic indicators to track the performance of the Bank of Russia. This approach is used in international practice and has demonstrated its positive effect. Nowadays, the Bank of Russia has introduced one key indicator, the size of inflation, which has proven to be highly effective in terms of policy implications. This article argues that this approach could be extended to other strategic areas like banking regulation, financial regulation, and oversight of the national payment system, and offers ideas on improving the approach for a given target purpose. Second, the article demonstrates the potential utility of such an extension by focusing on financial stability. An empirical model of banking stability is developed based on factors originating in both the external and internal environment of the Bank of Russia. The results of the model suggest that a number of factors contribute to stability, which in turn suggests that the strategic indicators approach can play a useful role in this area
Added: Sep 1, 2017
Working paper
Braverman A., Finkelberg M. V., Nakajima H. math. arxive. Cornell University, 2016
We study Coulomb branches of unframed and framed quiver gauge theories of type ADE. In the unframed case they are isomorphic to the moduli space of based rational maps from ℂP1 to the flag variety. In the framed case they are slices in the affine Grassmannian and their generalization. In the appendix, written jointly with Joel Kamnitzer, Ryosuke Kodera, Ben Webster, and Alex Weekes, we identify the quantized Coulomb branch with the truncated shifted Yangian.
Added: Apr 21, 2016
Working paper
Finkelberg M. V., Braverman A. math. arxive. Cornell University, 2018
These are (somewhat informal) lectures notes for the CIME summer school "Geometric Representation Theory and Gauge Theory" in June 2018. In these notes we review the results and constructions of a series of our joint papers with H.Nakajima where a mathematical definition of Coulomb branches of 3d N=4 quantum gauge theories (of cotangent type) is given. We also discuss some further constructions (such as categories of line operators in the corresponding topologically twisted theories) and briefly discuss a connection to local geometric Langlands correspondence.
Added: Dec 3, 2018
Working paper
Finkelberg M. V., Goncharov E. math. arxive. Cornell University, 2019
We compute the Coulomb branch of a multiloop quiver gauge theory for the quiver with a single vertex, r loops, one-dimensional framing, and dim V = 2. We identify it with a Slodowy slice in the nilpotent cone of the symplectic Lie algebra of rank r. Hence it possesses a symplectic resolution with 2r fixed points with respect to a Hamiltonian torus action. We also idenfity its flavor deformation with a base change of the full Slodowy slice.
Added: Jun 9, 2019