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News
June 3, 2026
Pocket Money, Personal Interest, and Family Practices: What Shapes Students Economic Literacy?
University students' economic literacy depends not only on their field of study but also on their interest in economics, the learning environment, and family financial practices. For example, students who received pocket money irregularly tend to perform better on economic literacy tests than their peers who received financial support on a regular basis. These findings come from a study conducted by HSE University involving more than 1,100 students from five Russian universities. The findings have been published in Cakrawala Pendidikan.
June 3, 2026
Creative Work as a Remedy for Burnout
The creative, supportive atmosphere and innovative methods at the Centre for Sociocultural Research make it appealing to early-career scholars. Over years of working at HSE University, they grow into researchers and lecturers recognised both in Russia and abroad. Chief Research Fellow Zarina Lepshokova and Leading Research Fellow Ekaterina Bushina spoke about their journey at the centre and at HSE, their research, and the role of mentors in their academic success.
June 2, 2026
HSE Study Reveals Imbalance in the Generative AI Market
Researchers at HSE University analysed how effectively the global generative artificial intelligence market converts investment into real revenue, concluding that AI is currently developing faster than it is paying off. The results have been published in the journal Foresight and STI Governance.

 

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Банкротство страховых компаний как инструмент олигополизации страхового рынка России

С. 187–196.
Tarasova J., Городянко Е. В.

There is a small number of empirical studies on financial instability (the trend towards bankruptcy) of Russian insurance companies. The aim of the study is to prove two hypotheses. The first is the market share of the insurance company is the opposite of its propensity to bankruptcy; the second is to the Russian insurance market there is a tendency to oligopolization. In our study, methods with a limited set of criteria and multicriteria methods, including those based on multidimensional discriminant analysis, will be used. The basis for the study are 102 insurance companies with varying degrees of market power. The problem under investigation lies in the fact that insolvent insurers have a negative impact on the insurance market in Russia. On the other hand, a significant reduction in the number of insurers leads to the oligopolization of the insurance services market.

Language: Russian
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Keywords: Э. Альтманmergers and acquisitions (M&A)слияния и поглощения (M&A)банкротство страховых компанийbankruptcy of insurance companiesoligopolizationAltmanBiverолигополизацияБивер

In book

XVII Апрельская международная научная конференция по проблемам развития экономики и общества: в 4 кн.
XVII Апрельская международная научная конференция по проблемам развития экономики и общества: в 4 кн.
Кн. 1. , М.: Издательский дом НИУ ВШЭ, 2017.
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Effect of target firms’ ESG rating on bid premiums in M&A deals
Ndubuisi Ezenwa, Grigorieva S., SN Business & Economics 2025 Vol. 5 Article 210
Факторы окружающей среды, социального развития и корпоративного управления (ESG) трансформируют ландшафт слияний и поглощений (M&A), однако какие из них действительно создают стоимость сделки? По мере того как вопросы устойчивого развития приобретают глобальное значение, влияние ESG-рейтингов на сделки M&A, в частности на размер премии в сделках, остается областью, представляющей значительный академический и практический интерес. Данное исследование, ...
Added: March 15, 2026
Новые юридические технологии для сделок слияний и поглощений в России: миграция бизнеса и капитала с разрешения правительства
Kasatkina A., Maksimov D. M., В кн.: Российские корпорации на пути к антихрупкости. Финансовая архитектура компаний.: М.: Издательский дом НИУ ВШЭ, 2025. Гл. 10 С. 224–251.
The introduction of large-scale sanctions in 2022–2023 marked a turning point in the legal regulation of mergers and acquisitions (M&A) in the Russian market. The forms and methods of structuring M&A deals, their legal framework, and judicial practice have been fundamentally divided into ‘before’ and ‘after.’ In this context, ‘after’ means that all previously established legal ...
Added: June 20, 2025
Discovering efficient techniques to enhance M&A prediction modelling methods
Georgiy Elizariyev, Karminsky A. M., Ella Khromova, Procedia Computer Science 2022 Vol. 214 P. 817–824
Over the last two decades global economy and financial markets have seen many crises with an increasing frequency. Many of them were either unexpected or their effects were unpredictable. Therefore, a lot of conventional and popular investment opportunities have shortened or became less attractive for either private or institutional investors leaving a room for new ...
Added: March 9, 2023
Гудвилл и окупаемость инвестиций в M&A: итоги отчетности 2010-2020 гг. (тенденции и выводы)
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This article is a continuation of the material presented in No. 5 2020 of the journal «Izvestia of the St. Petersburg State University of Economics» and contains the results of our study of the recognition and goodwill impairment by several the largest Russian companies. We have identified that up to 75 companies from the 500 largest companies in ...
Added: August 18, 2022
Гудвилл и окупаемость инвестиций в M&A: итоги отчетности 2010-2020 гг. (методы анализа и текущее состояние)
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The Russian M&A market was generally stable in 2010-2020 with a downward trend in the total volume, but an increase in the number of transactions. M&A transactions usually imply payments for potential synergies and new strategies, which often lead to a specific intangible asset recognized on the balance sheet, i.e. goodwill. The article discusses possible approaches to the ...
Added: August 18, 2022
АНАЛИЗ КЛЮЧЕВЫХ ФАКТОРОВ БАНКРОТСТВА РОССИЙСКИХ СТРАХОВЩИКОВ
Еремина К. С., Tarasova J., Финансы 2021 № 9 С. 44–49
The number of risks and their severity are increasing annually. In order to take control and protect the population from the impact of risks on their lives, there is an insurance market. Since the insurance industry performs functions that are significant for the development of the country's economy, it is important to consider the issue ...
Added: October 25, 2021
Valuing synergies in strategic mergers and acquisitions using the real options approach
Lukianova A., Nikulin E., Vedernikov A., Investment Management and Financial Innovations 2017 Vol. 4 No. 1 P. 236–247
The purpose of the current paper is to elaborate the model for assessing cumulative synergetic effect in M&A (Mergers and Acquisitions) deals on the basis of a real options approach. The majority of papers on the synergetic effects of M&A deals typically focus on a particular type of synergy, while the current paper proposes a model that ...
Added: November 25, 2020
EVALUATION OF SYNERGISTIC EFFECTS IN M&A DEALS IN THE CONSTRUCTION INDUSTRY
Nazarova V., Кошелев К., Finance Research Letters 2020 Vol. 36 P. 101454
The article focuses on models that can assess the efficiency of mergers and acquisitions (M&A) deals by evaluating their synergistic effect. Such studies are much needed in the modern society, which is demonstrated by the current state of the market and various integration processes, which produce quite different results. We analyze M&A deals in developed ...
Added: October 31, 2020
Impact of Intellectual Capital on Mergers and Acquisitions: Evidence from Developed and Emerging Capital Markets
Skvortsova I., Sidelnikova A., Journal of Corporate Finance Research 2020 Vol. 14 No. 2 P. 35–57
Added: September 24, 2020
Perspectives of Macrofinance Regulation of Banking M&A in the Context of the International Reform of Banking Regulation
Eduard Dzhagityan, / Series SSRN Working Paper Series "SSRN Working Paper Series". 2018.
Mergers and acquisitions (M&A) in the banking industry pose serious threat to the post-crisis recovery amid the increasing interconnectedness of credit institutions. Yet M&A remain one of the least manageable contributors to minimization of systemic risk, should post-M&A process run short of objectives and synergy. Financial markets externalities and adverse scenarios of macro-level dynamics put ...
Added: September 20, 2020
The Effect of Ex Post Risks on Post-M&A Performance Efficiency
Eduard Dzhagityan, / Series SSRN Working Paper Series "SSRN Working Paper Series". 2018.
This article undertakes an empirical analysis of M&A-related risks based on evidence from eight listed U.S. bank holding companies over the period 2000-10. The research model is designed as an inter-domain risk matrix encompassing idiosyncratic and systematic risks underlying horizontal and conglomerate M&A. Risk impact is measured by critical performance metrics at corporate and environmental ...
Added: September 20, 2020
Эконометрическая оценка влияния финансового положения компании-покупателя на эффективность сделок M&A (на примере фармацевтической отрасли)
Shtefan M. A., Шубина В. И., Вестник Московского университета. Серия 6: Экономика 2020 № 1 С. 62–80
This article provides the assessment of the impact of the buyer company’s financial position on the M&A effectiveness on the base of the pharmaceutical industry. We have estimated this correlation using OLS method and data for the period from 2005 to 2017. As a result, the hypothesis about the dependence of the M&A efficiency from ...
Added: May 6, 2020
The Effect of an Acquirer’s Life Cycle Stage on the Performance of M&As: Evidence from Mega and Non-Mega Deals in the US
Grigorieva S., Egorova Angelina, Journal of Corporate Finance Research 2019 Vol. 13 No. 3 P. 7–18
A substantial body of academic literature continues to investigate whether M&A deals create or destroy shareholder value and what are the main determinants of M&A performance, but the results are still inconclusive. In this paper, we investigate the impact of corporate life cycle on M&A performance from the perspective of acquiring firms. We shed additional light on the ...
Added: October 31, 2019
Corporate Diversification-Performance Puzzle in BRIC
Grigorieva S., , in: Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?.: Switzerland: Springer, 2020. Ch. 9 P. 223–239.
Researchers have long tried to define the impact of corporate diversification on firm value. Academic papers mainly concentrate on the effects of corporate diversification in mature markets while its consequences in emerging capital markets are less explored. This article presents the results of an empirical analysis of corporate diversification strategies of a sample of companies ...
Added: October 31, 2019
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This chapter contributes to the literature on M&A performance by examining the impact of M&A deals on company value over the long-run in developed and emerging economies. Examining a sample of 153 and 125 deals from Western European and emerging capital markets respectively, 2002-2013, and employing economic profit as a performance measure,we find that transactions ...
Added: October 31, 2019
How M&A Deals Influence Corporate Performance in Developed and Emerging Capital Markets: A Review of Empirical Results in the Literature
Grigorieva S., , in: Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?.: Switzerland: Springer, 2020. Ch. 2 P. 33–61.
This chapter surveys the recent trends in the literature on the performance of M&A deals in developed and emerging capital markets. This literature is voluminous, diverse and challenging. We focus on the transactions within one country – domestic M&As – in particular focusing on the methods that the researchers use to estimate whether M&A deals ...
Added: October 31, 2019
Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?
Ivashkovskaya I., Grigorieva S., Switzerland: Springer, 2020.
The industrial development of emerging markets has been a powerful driver for mergers and acquisitions. The contributions collected in this book assess major M&A deals in the largest emerging capital markets (Brazil, Russia, India, China) and their role in shareholder value creation in the markets’ specific business environments. In addition, the book explores various dimensions ...
Added: October 31, 2019
Perspectives of macrofinance regulation of banking consolidations in the context of the international reform of banking regulation
Dzhagityan E. P., , in: XIX Апрельская международная научная конференция по проблемам развития экономики и общества, Москва, 10–13 апреля 2018 г.: М.: Издательский дом НИУ ВШЭ, 2018. P. 1–18.
This article looks into the conceptual framework of regulation of the M&A processes that involve banks. Banking M&A still pose a serious threat to the post-crisis recovery and at the same time they remain one of the factors that can easily exacerbate systemic risks, which is also attributable to poor post-M&A synergy. Inconsistency in the ...
Added: April 3, 2019
Assessment of the Impact of Transactions M&A on Innovative Indicators of the Company
Borodin A. I., Yakovenko I., Kiseleva N. et al., International Journal of Mechanical Engineering and Technology 2019 No. 10(2) P. 1085–1101
M&A on expenses R&D the method the difference of differences (DID – Difference-in-Difference) which founder Meyer B is considered is applied to assessment of the impact of transactions. [1995]. The ideas of this method comparison of the companies with various characteristics of expenses R&D before and after the transaction M&A lies. However, at simple comparison ...
Added: March 1, 2019
The impact of fintech M&A on stock returns
Dranev Y., Frolova K., Ochirova E., Research in International Business and Finance 2019 Vol. 48 P. 353–364
Technological development and digitalization plays a crucial role in financial sector by allowing firms to create value in a rapidly changing environment. The acquisitions of firms related to financial technologies are one of the ways to obtain vital knowledge. In order to identify the fintech companies we are looking at firms that are involved in business activities in both ...
Added: February 14, 2019
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