• A
  • A
  • A
  • АБВ
  • АБВ
  • АБВ
  • A
  • A
  • A
  • A
  • A
Обычная версия сайта
  • RU
  • EN
  • HSE University
  • Publications
  • Articles
  • Иерархические копулы в моделировании рисков инвестиционного портфеля
  • RU
  • EN
Расширенный поиск
Высшая школа экономики
Национальный исследовательский университет
Priority areas
  • business informatics
  • economics
  • engineering science
  • humanitarian
  • IT and mathematics
  • law
  • management
  • mathematics
  • sociology
  • state and public administration
by year
  • 2027
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
  • 2007
  • 2006
  • 2005
  • 2004
  • 2003
  • 2002
  • 2001
  • 2000
  • 1999
  • 1998
  • 1997
  • 1996
  • 1995
  • 1994
  • 1993
  • 1992
  • 1991
  • 1990
  • 1989
  • 1988
  • 1987
  • 1986
  • 1985
  • 1984
  • 1983
  • 1982
  • 1981
  • 1980
  • 1979
  • 1978
  • 1977
  • 1976
  • 1975
  • 1974
  • 1973
  • 1972
  • 1971
  • 1970
  • 1969
  • 1968
  • 1967
  • 1966
  • 1965
  • 1964
  • 1963
  • 1958
  • More
Subject
News
May 22, 2026
HSE Graduates AI Project Wins at TECH & AI Awards
Daria Davydova, graduate of the HSE Graduate School of Business and Head of the AI Implementation Unit at the Artificial Intelligence Department of Alfa-Bank, received a prize at the TECH & AI Awards. She was awarded for the best AI solution for optimising business processes. The winners were determined as part of the VII Russian Summit and Awards on Digital Transformation (CDO/CDTO Summit & Awards).
May 20, 2026
HSE University Opens First Representative Office of Satellite Laboratory in Brazil
HSE University-St Petersburg opened a representative office of the Satellite Laboratory on Social Entrepreneurship at the University of Campinas in Brazil. The platform is going to unite research and educational projects in the spheres of sustainable development, communications and social innovations.
May 18, 2026
The 'Second Shift' Is Not Why Women Avoid News
Women are more likely than men to avoid political and economic news, but the reasons for this behaviour are linked less to structural inequality or family-related stress than to personal attitudes and the emotional perception of news content. This conclusion was reached by HSE researchers after analysing data from a large-scale survey of more than 10,000 residents across 61 regions of Russia. The study findings have been published in Woman in Russian Society.

 

Have you spotted a typo?
Highlight it, click Ctrl+Enter and send us a message. Thank you for your help!

Publications
  • Books
  • Articles
  • Chapters of books
  • Working papers
  • Report a publication
  • Research at HSE

?

Иерархические копулы в моделировании рисков инвестиционного портфеля

Прикладная эконометрика. 2014. Т. 35. № 3. С. 18–38.
Penikas H. I.
Paper is devoted to comparison of various copula models application to investment portfolio risk measurement. Elliptical, Archimedean and hierarchical copulas are considered in the research. The analysis undertaken has shown that hierarchical Clayton model enables to evaluate investment portfolio risks more precisely given the criteria of risk measures such as expected shortfall (ES) and Value-at-Risk (VaR). Statistically justified approach to hierarchical copula definition is also proposed.
Research target: Economics and Management
Language: Russian
Text on another site
Keywords: рисккопулаriskcopularisk measureмера рискаexpected shortfallvalue-at-riskожидаемое превышение границы потерь рискаграница потерь риска
Publication based on the results of:
Mathematical models, algorithms and software for data mining in the text and the structural form (2014)
Similar publications
ИТ-отрасль в 2025 году: обзор деловых тенденций
Lola I. S., Asoskov D., [б.и.], 2026.
Центр конъюнктурных исследований Института статистических исследований и экономики знаний НИУ ВШЭ представляет информационный обзор, характеризующий деловые тенденции, сложившиеся в отрасли информационных технологий (ИТ-отрасль) в 2025 г. Работа базируется на результатах ежегодного специализированного конъюнктурного мониторинга деловой и цифровой активности около 700 организаций, оказывающих информационно-технологические услуги (код по ОКВЭД 2 – 62, 63). Мониторинг проводился АНО ИИЦ «Статистика России» по заказу ...
Added: May 20, 2026
Индекс экономического настроения (ИЭН ВШЭ) в I квартале 2026 года
Lola I. S., Ostapkovich G. V., Asoskov D. et al., ИСИЭЗ НИУ ВШЭ, 2026.
Центр конъюнктурных исследований Института статистических исследований и экономики знаний Национального исследовательского университета «Высшая школа экономики» подготовил информационно-аналитический материал, характеризующий экономические настроения российских предпринимателей и потребителей в I кв. 2026 г. - «Индекс экономического настроения (ИЭН ВШЭ)». Информационная база мониторинга содержит накопленную за 1998-2026 гг. категориальную статистику «балансов мнений», базирующуюся на ответах респондентов. Такая «мягкая» качественная статистика ...
Added: May 20, 2026
Developing a financial sustainability Index (FSI) for export-oriented manufacturing firms: A panel-based early warning framework
Кумар В., MSW Management 2026 Vol. 36 No. 1s P. 1746–1753
This study explores how profitability, export efficiency, and cost functionality correlated with the financial sustainability index (FSI) for Indian manufacturing companies and the development of the early warning system. The study was conducted on 50 Indian manufacturing companies those participate in the export business, whose data has been collected for the nine quarters from 2023 ...
Added: May 19, 2026
The crowd is your ace: Playing FMCG’s internationalization game
Tekic A., Nguen C. M., Business Horizons 2026 Article In Press, Journal Pre-proof
Fast-moving consumer goods (FMCG) firms face intense pressure to internationalize, yet the traditional playbook—lengthy R&D cycles, costly market research, and standardized campaigns—often struggles to deliver local relevance at speed. This article argues that crowdsourcing—digitally mediated, large-scale consumer participation—can complement established internationalization tools by mobilizing local knowledge and community endorsement to mitigate key aspects of the ...
Added: May 19, 2026
Business Creativity and Circular Economy
Ulanov V. L., Springer, 2026.
This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, ...
Added: May 19, 2026
The effect of agglomeration and transport on labour productivity in Saint Petersburg metropolitan area
Semerikova E. V., Салов А. И., The Journal of the New Economic Association 2026 Vol. 1 No. 70 P. 221–237
In this paper, we assess the extent of agglomeration externalities that mirror on labour productivity gains while accounting for the direct and indirect effects of transportation exposure. To this end we combine data on the local average wage and employment with comprehensive information on the public transportation and road networks of the Saint Petersburg Metropolitan Area, one of the ...
Added: May 19, 2026
Impact of the crises on household consumption patterns: An analysis of Russian regions
Voytenkov V., Emerging Markets Review 2026 No. 101482 P. 1–37
This paper examines the effects of the 2008, 2014, and 2020 crises on household consumption patterns in Russian regions. The micro-level analysis is conducted using quarterly data from Rosstat's Household Budget Survey. Dependent variables are expenditure on food at home, out-of-home, alcohol, non-food items, services. Explanatory variables are household characteristics and dummy variables that capture ...
Added: May 18, 2026
Airport resilience to large-scale events: the case of Pulkovo Airport
Lodiagin B., Nazarova V., Rincon C. J., URBAN, PLANNING AND TRANSPORT RESEARCH 2026 Vol. 14 No. 1
This study applies an established social cost–benefit analysis (CBA), combined with sequential shock scenarios (COVID-19 and the post-2022 sanctions) and Monte Carlo sensitivity analysis, to evaluate the welfare robustness and recovery dynamics of the Pulkovo Airport PPP renovation project (St. Petersburg, Russia). Using traffic, operations, and cargo forecasts through 2040, we compare a pre-shock baseline ...
Added: May 17, 2026
Совершенствование методов оптимизации при многих критериях и адаптации выбора к предпочтениям ЛПР
Brodetskiy G., Gerami V., Shidlovskii I. et al., Транспорт: наука, техника, управление 2026 № 3 С. 3–8
В статье предложен специальный метод модификации процедур многокритериальной оптимизации. Он позволяет расширить набор критериев выбора, чтобы учитывать предпочтения лица, принимающего решения (ЛПР) как раз в моделях транспортного обеспечения работы цепей поставок. Реализуется изменение наклона направляющей для линий уровня критерия выбора в пространстве значений частных критериев (с нацеливанием выбора на утопическую точку). Разработаны и представлены требуемые ...
Added: May 17, 2026
Влияет ли финансовое состояние компаний на прогностическую точность DCF-модели?
Федоров Н. С., Финансовый журнал 2025 Т. 17 № 6 С. 99–112
The DCF model is one of the most commonly used models in valuing companies for investment deci sions. Nevertheless, estimating the accuracy of this model remains an important research question. This article presents an assessment of the accuracy of DCF model specifications based on analyzing the variance of fair share prices of companies listed on ...
Added: May 15, 2026
Предсказательная точность целевых цен акций: сравнение прогнозов аналитиков и машинного обучения
Федоров Н. С., Финансы и бизнес 2025 Т. 21 № 3 С. 34–50
Currently, the role of artificial intelligence is increasingly playing a significant role in various fields, including the increasing role of machine learning in finance. On the other hand, company valuation remains an important part of research due to its difficulty in correctly predicting the accuracy of target stock prices. This study provides an analysis of ...
Added: May 15, 2026
Быть или mā-быть? Особенности употребления копулы vidow в шугнанском языке
Главатских С. С., В кн.: Двадцать вторая Конференция по типологии и грамматике для молодых исследователей. Тезисы докладов (Санкт-Петербург, 27–29 ноября 2025 г.).: СПб.: ИЛИ РАН, 2025. С. 28–31.
В фокусе этого исследования находится особый тип копулы шугнанского языка — выраженные формы глагола vidow ‘быть’, которые встречаются только в узком круге контекстов, объединённых ирреальной семантикой. Контексты использования vidow можно классифицировать следующим образом: целевые клаузы, оптативные клаузы с показателями lāk, di nay, aga nay, дезидеративные клаузы с предикатом fortow ‘хотеться’, модальные конструкции с boyad ‘деонт. ...
Added: December 10, 2025
Being Innovative or Being on the Safe Side - Managing the Risk of Failure
Meissner D., Salati Marcondes de Moraes G. H., Brandão Fischer B. et al., / NRU Higher School of Economics. Series WP BRP "Science, Technology and Innovation". 2025. No. WP BRP /STI/2025.
Innovation has long been at the center of debates in economics, management, and organizational studies. However, innovation is never free of uncertainty and risk. Every act of innovation implies a departure from established paths and a willingness to embrace the unknown. From the beginning it's never clear if there is an audience which appreciates the ...
Added: November 28, 2025
Возможности современных интеллектуальных систем в управлении производственными и профессиональными рисками
Бояров Е. Н., Абрамова С. В., Шитов Э. Н. et al., В кн.: Приморские зори - 2024: Международные научные чтения: сборник научных трудов, Владивосток, 18–20 апреля 2024 года.: Владивосток: Дальневосточный федеральный университет, 2024. С. 166–170.
В статье проведен анализ необходимости и эффективности применения современных средств, в частности искусственного интеллекта и больших данных, в процессах моделирования управления производственными и профессиональными рисками. Рассматривается, каким образом интеграция передовых технологических решений способствует повышению точности прогнозирования потенциальных рисков, а также обеспечивает оптимизацию ресурсов и процессов управления рисками в организациях. Освещаются основные этапы построения моделей управления ...
Added: September 24, 2025
Инвестиции как риск: правовые аспекты
Lapteva A., Законодательство 2025 № 6 С. 11–17
The purpose of this article is to research the problems associated with the risky nature of investments. The author analyzes the concept of "risk" and its features in relation to investment activities. In particular, it is suggested the definition if the investment risk as the possibility of both favorable and unfavorable property consequences, as a result ...
Added: August 8, 2025
Исполнение обязательства ненадлежащему лицу (часть 1)
Петрановский И. А., Вестник экономического правосудия Российской Федерации 2025 № 4 С. 127–154
Статья посвящена проблеме распределения риска исполнения ненадлежащему лицу, когда должник исполняет свое обязательство не кредитору, а третьему лицу, выдающему себя за кредитора. Прежде всего исследуются сложные случаи распределения соответствующего риска, когда ни должник, ни кредитор «не виноваты» в том, что должник исполняет третьему лицу, обладающему статусом видимого кредитора, а также когда и должник, и кредитор в ...
Added: April 14, 2025
Mind the gap: unveiling the advantages and challenges of artificial intelligence in the healthcare ecosystem
Curiello S., Iannuzzi E., Meissner D. et al., European Journal of Innovation Management 2025 Vol. 28 No. 5 P. 1790–1833
Purpose This work provides an overview of academic articles on the application of artificial intelligence (AI) in healthcare. It delves into the innovation process, encompassing a two-stage trajectory of exploration and development followed by dissemination and adoption. To illuminate the transition from the first to the second stage, we use prospect theory (PT) to offer insights ...
Added: March 26, 2025
Метод оптимального управления активами с пошаговыми Coditional Value at Risk (CVaR) ограничениями при известных параметрах векторов доходностей
Golubin A. Y., Гридин В. Н., Смирнов Д. С. et al., Автоматика и телемеханика 2024 № 12 С. 89–102
Предметом исследования является многошаговая задача инвестирования с Conditional Value at Risk (CVaR) ограничениями на приращения процесса риска, с заданным порогом капитала для банкротства, разрешением коротких продаж и нормальной моделью суммарного дохода. Целью является нахождение метода оптимального управления активами для целевого функционала равного среднему значению финального капитала инвестора. В результате исследования показано, что оптимальный инвестиционный портфель ...
Added: December 18, 2024
Влияние удовлетворенности условиями труда на здоровье работников
Rodionova T., Прикладная эконометрика 2024 Т. 76 № 4 С. 70–95
The study investigates the effect of satisfaction with working conditions on health of the Russian working population, disaggregated by gender and age groups. The author uses a copula-based recursive system of binary equations. It allows to account for the endogeneity of working conditions satisfaction and to consider different partial distributions of random errors and their ...
Added: December 9, 2024
Оптимальная стратегия закупок сырья, минимизирующая ценовые риски предприятия
Maron A., Марон М. А., Казьмина А. А., Бизнес-информатика 2024 Т. 18 № 2 С. 67–77
This article is devoted to the problem of theoretical and information support for decision-making in strategic management of raw material procurement processes. The study is timely, because there is currently significant volatility in prices for raw materials. This poses very difficult challenges for managers. Finding solutions is one of the most important areas of business ...
Added: October 4, 2024
Comparing experience- and description-based economic preferences across 11 countries
Anlló H., Bavard S., Benmarrakchi F. et al., Nature Human Behaviour 2024 Vol. 6 No. 8 P. 1554–1567
Recent evidence indicates that reward value encoding in humans is highly context dependent, leading to suboptimal decisions in some cases, but whether this computational constraint on valuation is a shared feature of human cognition remains unknown. Here we studied the behaviour of n = 561 individuals from 11 countries of markedly different socioeconomic and cultural makeup. Our findings ...
Added: July 17, 2024
Whose Calculations? Which Rationalities? Рациональность правительности и иррациональность рисков в концепции Мишеля Фуко
Белов М. Д., Социология власти 2024 Т. 36 № 1 С. 29–43
This article is devoted to the consideration of rationality as one of the key characteristics of Michel Foucault’s concept of governmentality and related contradictions both inside and outside Foucauldian theory. Using risk theory, the author explores the possibility of the existence of multiple rationality in governmentality and offers a solution to the contradiction within Foucauldian ...
Added: June 16, 2024
Navigating Emergencies: A Theoretical Model of Civic Engagement and Wellbeing during Emergencies
Blitstein-Mishor E., Vigoda-Gadot E., Mizrahi S., Sustainability 2023 No. 15(19) Article 14118
The intensity and impact of emergencies on communities and societies are on the rise. They call for better preparedness, responses, and coping strategies by all those who are involved, especially citizens and the government. This paper introduces the concept of emergency-oriented civic engagement (EOCE), which includes citizens’ attitudes and behaviors aimed at influencing the community ...
Added: March 10, 2024
On risk and market sentiments driving financial share price dynamics
Lampart M., Lampartová A., Orlando G., Nonlinear Dynamics 2023 Vol. 111 No. 17 P. 16585–16604
The goal is to investigate the dynamics of banks’ share prices and related financials that lead to potential disruptions to credit and the economy. We adopt a classic macroeconomic equilibrium model with households, banks, and non-financial companies and explain both market valuations and endogenous debt constraints in terms of risk. Heterogeneous market dynamics ranging from ...
Added: February 16, 2024
  • About
  • About
  • Key Figures & Facts
  • Sustainability at HSE University
  • Faculties & Departments
  • International Partnerships
  • Faculty & Staff
  • HSE Buildings
  • HSE University for Persons with Disabilities
  • Public Enquiries
  • Studies
  • Admissions
  • Programme Catalogue
  • Undergraduate
  • Graduate
  • Exchange Programmes
  • Summer University
  • Summer Schools
  • Semester in Moscow
  • Business Internship
  • Research
  • International Laboratories
  • Research Centres
  • Research Projects
  • Monitoring Studies
  • Conferences & Seminars
  • Academic Jobs
  • Yasin (April) International Academic Conference on Economic and Social Development
  • Media & Resources
  • Publications by staff
  • HSE Journals
  • Publishing House
  • iq.hse.ru: commentary by HSE experts
  • Library
  • Economic & Social Data Archive
  • Video
  • HSE Repository of Socio-Economic Information
  • HSE1993–2026
  • Contacts
  • Copyright
  • Privacy Policy
  • Site Map
Edit