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The Influence Of Financial Constraints And Attitude Towards Risk In Corporate Investment Decisions
NRU Higher School of Economics
,
2014.
No. WP BRP 36/FE/2014.
Kuzmicheva E. E.
This paper presents evidence of the combined effect of financial constraints and attitudes towards risk in corporate investment. Using panel data on public companies functioning in developed countries, the author shows that demand uncertainty provokes a firm with limited resources to invest sub-optimally, compared to an unconstrained company. Also, with a given level of financial constraints, risk-taking companies tend to decrease investment to a lesser extent in comparison with risk-averse companies. To show this, an index of financial constraints has been constructed, and the optimal threshold values of the index and the risk aversion coefficient have been found.
Ustyuzhanin V., / Series Econometrics "arxiv". 2026.
This paper proposes Covariate-Balanced Weighted Stacked Difference-in-Differences (CBWSDID), a design-based extension of weighted stacked DID for settings in which untreated trends may be conditionally rather than unconditionally parallel. The estimator separates within-subexperiment design adjustment from across-subexperiment aggregation: matching or weighting improves treated-control comparability within each stacked subexperiment, while the corrective stacked weights of Wing et ...
Added: April 3, 2026
Vorchik A., / Social Science Research Network. Серия SSRN Working Paper Series "SSRN Working Paper Series". 2026.
This article is devoted to the phenomenon of intrinsic motivation, to understand which two models are proposed. We study how positive/negative intrinsic motivation to work (experienced utility) affects worker's individual labour supply (model I) and the amount of effort they exert (model II). In model I, we use intrinsic motivation to explain the positive/negative slope ...
Added: March 15, 2026
Vorchik A., Мамышев М. А., / Series Social Science Research Network "Social Science Research Network". 2025.
In this paper, we develop a formal mathematical model aimed to explain the Dunning-Kruger effect that beginners systematically overestimate their own competence in various fields of knowledge and activity. We argue that the Dunning-Kruger effect arises from the emotional nature of confidence combined with unknown unknowns that it simply can not take into account due ...
Added: February 11, 2026
Musaev A. U., Vorchik A., / Series Social Science Research Network "Social Science Research Network". 2026.
This paper attempts to model the evolutionary theory of modernization and democratization. The model reflects the key provisions of R. Inglehart and C. Welzel's theory and provides a microfoundation for the adaptation of subjective values to the objective importances of the survival factors and the structure of the labour markets from the perspective of evolutionary ...
Added: February 10, 2026
Antsygina A., Teteryatnikova M., Tremewan J. C. et al., / Series "SSRN Working Paper Series". 2025.
Many competitive environments allow for a third party to be indirectly involved by supporting one or both sides in the conflict. Such support can come from trade partners, colleagues, or allies, who can in turn benefit from a supported party's success. We use theory and an experiment to investigate how support relationships develop endogenously in ...
Added: January 31, 2026
Akhmedova A., / Series "SSRN Working Paper Series". 2026.
The study explores a psychological phenomenon of inaction inertia-avoiding action after missing a more favourable opportunity. Unlike action inertia (e.g.,sunk costs effect), inaction inertia has been less studied, particularly in economic contexts. Considering the reference dependent nature of the phenomenon, I build on the work of Kőszegi and Rabin (2006) to examine how past experiences ...
Added: January 23, 2026
Kuchumova (Paramonova) Y. A., Ozhegova A., Зорина К. С., / Series SSRN "Available at SSRN 6108727". 2026.
Simplified tax regimes with explicit eligibility thresholds are a common tool which reduces tax burden but distorts firms’ behavior, creating local bunching just below the threshold. However, we show that when firms have access to business splitting their responses extend far beyond the local margin. Our model demonstrates that splitting reduces local bunching but amplifies ...
Added: January 21, 2026
Kuchumova (Paramonova) Y. A., Кумачева С. Ш., / Series SSRN "Available at SSRN 5312100". 2025.
In recent years, an emerging body of empirical research has shown that tax audits, in addition to recovering unpaid taxes (direct effect), increase future tax compliance (indirect or dynamic effect). This literature also suggests that updating expectations induced by audit experience plays an important role in explaining this indirect effect. However, exactly how taxpayers form ...
Added: January 21, 2026
Kuchumova (Paramonova) Y. A., / Series SSRN "Available at SSRN 5277500". 2025.
While the emerging empirical literature shows that collateral tax sanctions (CTSs) - such as driver’s license suspensions or passport denials - appear to be effective instruments to enforce tax debt collection, there are still few theoretical arguments to explain why. In this paper, I model enforcement of tax debt collection and provide a new rationale for why it could ...
Added: January 21, 2026
Dobrynskaya V. V., Tomtosov A., Речмедина С., / NRU HSE. Series WP BRP 60/FE/2017 "SERIES: FINANCIAL ECONOMICS". 2025.
We study the application of factor investing in the market for real estate (REITs). The analysis of traditional factor strategies, such as momentum, value, size and profitability, reveals their unstable and atypical behavior in comparison to the equity market, however, there is a strong momentum effect in the factor strategies. We propose a new dynamic ...
Added: January 21, 2026
Besstremyannaya G., Bakshuk M., / ЦЭМИ РАН. Серия 48 заседание "Сборник трудов Шаталинской школы-семинара". 2026.
В данной статье рассматривается реакция российских предприятий обрабатывающей промышленности на ужесточение экономических санкций с акцентом на период после 2022 года. Хотя санкции в целом негативно сказываются на экономическом росте и эффективности деятельности компаний, есть некоторые свидетельства того, что они также могут подталкивать компании к инновациям, а негативный эффект преодолевается при помощи адаптации компании. Исследование заполняет ...
Added: December 31, 2025
Besstremyannaya G., Новикова В., / ЦЭМИ РАН. Серия 48 заседание "Сборник трудов Шаталинской школы-семинара". 2026.
Защита прав интеллектуальной собственности является движущей
силой для формирования стимулов инновационной активности
предприятий. Законодательное закрепление правил пользования
результатами интеллектуальной деятельности и обеспечение их соблюдения
позволяет поддерживать баланс интересов создателей и пользователей
интеллектуальной
собственности.
Целью
проанализировать недостаточно изученную для регионов России связь
между экономическим ростом и защитой прав интеллектуальной
собственности с использованием двухшаговой регрессии. Результаты
моделирования оказались неоднозначными, однако, было доказано наличие
значимой связи между защитой прав интеллектуальной ...
Added: December 31, 2025
Gusev D., Sviridova O. A., Shidlovskii I. et al., Journal of Applied and Industrial Mathematics (перевод журналов "Сибирский журнал индустриальной математики" и "Дискретный анализ и исследование операций") 2025 Vol. 19 No. 1 P. 40–50
In today’s inventory management, there is a need to optimize new models in order to select the best solution to ensure order fulfillment. These models must take into account various uncertainties, as well as the concept of time value of money. At the same time, it is important to note that in practice, appropriate solutions ...
Added: December 11, 2025
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
Shchiptsova A., Obersteiner M., / Series General Economics "arxiv.org". 2025.
The addition of phosphorus, in the form of mineral fertilizer, becomes necessary in most agricultural soils in order to achieve consistent high yield levels of intensive farming and maintain soil fertility. Recent consolidation of phosphate fertilizer industry has transformed fragmented trade into a single integrated global network, where a small group of large-scale companies dominates ...
Added: November 21, 2025
Brodetskiy G., Шидловский И. Г., Гусев Д. А. et al., Дискретный анализ и исследование операций 2025 № 1
В задачах управления запасами сегодня возникает необходимость оптимизации новых модифицированных моделей для выбора наилучших решений по обеспечению поставок заказов. Особенностью таких моделей является требование учета различных неопределенностей и концепции временной ценности денег. При этом в формате таких задач надо учитывать что зачастую соответствующие решения на практике являются именно многокритериальными. Это обусловливается особенностями цепей поставок.
Авторами разработан ...
Added: March 25, 2025
Evdokimova M., Stepanova A. N., / NRU Higher School of Economics. Series EC "Economics". 2023. No. 265/EC/2023.
This paper aims to investigate correlates and determinants of propensity to innovate, measured as innovative cognitive style according to Kirton (1976), and its impact on GPA. Determinants were chosen based on Schweizer’s (2006) novelty generation model. It is sensation seeking, creativity, risk-taking, and proactivity. The data were collected from 203 students of the Higher School ...
Added: November 15, 2023
Roshchina Y., Roshchin S., Rozhkova K., / NRU Higher School of Economics. Series SOC "Sociology". 2021. No. 99.
Vaccination is the main tool available to handle the COVID-19 pandemic globally. Though no vaccine is proven to be 100% effective, vaccination secures against getting seriously ill and dying from the disease. Russia announced the development of its first domestic vaccine back in August 2020 and launched the nationwide immunization campaign at the beginning of ...
Added: December 21, 2021
Kosov M., Азимут научных исследований: экономика и управление 2017 Т. 6 № 4 (21) С. 120–123
Object of research are the criteria and methods of efficiency assessment that are used during development of investment projects. An object of a research are legal base, scientific literature and results of practical activities. Special attention is paid to classification of investment projects by various criteria. The analysis of methods of assessment of investment projects ...
Added: August 14, 2021
Nazarova V., Федорова А. А., Вестник Московского университета. Серия 6: Экономика 2020 № 2 С. 78–105
The aim of this study is to assess the impact of audit reports issuance on the value of public corporations’ shares on the Russian stock market. The practical significance and relevance are due to the increasing role of audit in the financial market and the lack of such studies in the domestic literature. The study ...
Added: October 31, 2020
Karlova N., Пузанова Е., Богачева И., Банк России 2020 С. 1–31
В статье представлены результаты опроса промышленных предприятий, проведенного в 2019 году. Около половины опрошенных предприятий указали на недостаточный уровень инвестиций в 2016-2018 годах. Инвестиционное поведение компаний в тот период отличалось относительно низкой чувствительностью к кредитным ставкам. Основным источником финансирования инвестиций оставались собственные средства предприятий, недостаток которых был одним из ключевых ограничений для роста инвестиционных вложений. ...
Added: October 28, 2020
Юргелас М. В., Иванова Т. В., Бизнес. Общество. Власть 2020 № 2-3 (36-37) С. 126–138
В настоящей работе ставится цель на основании различных методик мониторинга глобальных и российских технологических трендов проанализировать движение прорывных технологий по циклу зрелости Гартнера в сопоставлении с решениями российского государства относительно ключевых направлений национального экономического развития. Особое внимание уделено международному аспекту развития технологий в мире, подвергшемуся изменениям в связи с корона-кризисом, а также анализу текущего опыта ...
Added: October 26, 2020
Zhukova A., Lakshina V. V., Leonova L., Information (Switzerland) 2020 Vol. 11 No. 5 P. 252
In conditions of the stock market instability the art assets could be considered as an attractive investment. The fine art market is very heterogeneous which is featured by uniqueness of the goods, specific costs and risks, various peculiarities of functioning, different effects and, hence, needs special treatment. However, due to the diversity of the fine ...
Added: May 7, 2020
Zhukova A., Lakshina V. V., Leonova L., , in: AHCS Proceedings of the Fourth Workshop on Computer Modelling in Decision Making (CMDM 2019)Vol. 2.: Atlantis Press, 2019. P. 67–72.
The instability of the stock market spurs investors to seek alternative ways of allocating financial resources. In this case, art assets could be considered as an attractive investment. Due to the uniqueness, specific costs, and risks inherent to the artworks, the fine art market is very heterogeneous and needs special treatment. In this article, we investigate attractiveness of the fine art ...
Added: April 14, 2020