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Information Asymmetry, Short-termism and Firm Survival: Evidence from Russia
Финансы и бизнес. 2020. Vol. 16. No. 3. P. 79–99.
Makarova V. A., Dalal A.
This paper describes how and to what extent managerial short-termism caused by information asymmetry influences company’s survival. We provide evidence from Russian market, enhancing previous research by defining short-termism phenomenon with the combination of econometric, behavioural and financial analyses. The model showed that an excess of profitability and cash balance increase the risk of default. Moreover, our findings confirm the importance of R&D investments for company's endogenous growth and their role as a signal of agent’s interest in sustainability and long-termism.
Kravtsova M., Musaev A. U., Welzel C., / Series "SSRN Working Paper Series". 2026.
Elaborating on Welzel et al.'s "Cool Water Theory," our study zooms into the more limited (albeit still varied) framework conditions of Russia's huge territory. Within Russia's confines, we examine how the combination of moderately cool seasons with steady rain (i.e., Cool Water) affects sub-national areas' contemporary societal progress in two modernization indicators: material prosperity in ...
Added: June 3, 2026
Синяков А. А., Зверева В., Шелованова Т. И., / Центральный банк Российской Федерации. Серия 132 / 2024 "Серия докладов об экономических исследованиях". 2024. № 132.
At the end of 2023, Russia updated its Strategy for Improving Financial Literacy and Developing Financial Culture Until 2030. Unlike the previous strategy, the current strategic goals include not only financial literacy but also financial culture. ‘Culture’ is normative and socially preferred behaviour. The updated strategy brings into focus the relationship between financial literacy and responsible financial behaviour. To explore this relationship, the authors rely on data from the All-Russian Survey of Consumer Finance (2020 and 2022). Socially ...
Added: June 1, 2026
Vorchik A., / SSRN. Серия Social Science Research Network "Social Science Research Network". 2026.
This work is devoted to a theoretical explanation of the Easterlin paradox, according to which long-term economic growth does not make average level of people's happiness increasing. By happiness, we mean the intensity of emotions people experience while comparing their new income with its expected value, or the target income with its original value. In the first case, ...
Added: May 31, 2026
Ismailova E., Финансы и бизнес 2026 Т. 22 № 1 С. 37–61
In recent years, there has been a growing body of research examining how environmental, social, and governance (ESG) indicators affect the terms of mergers and acquisitions (M&A). A particularly relevant issue is the relationship between a company’s ESG profile and the acquisition premium — a markup over the target firm's market value. This review summarizes ...
Added: April 24, 2026
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
Lavrenchuk E. N., Plyusnina L. M., Мышкина У. А., Пермь: ОТ и ДО, 2025.
В учебном пособии дается характеристика риск-менеджмента и подходы к управлению рисками. Представлены российские и зарубежные подходы к управлению рисками, а также рассмотрена возможность увязки методов управленческого учета и "менеджериальных" методов воздействия на величину рисков и финансовые результаты деятельности предприятия. Пособие содержит практическую часть для изучения предложенных материалов. ...
Added: March 21, 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
Jin T., Wu Y., Lu M. et al., Chinese Management Studies 2026 Vol. 20 No. 3 P. 561–590
Purpose
This study, based on the information asymmetry theory, aims to examine the impact of ESG on managerial perception of uncertainty, analyzing its mechanisms, influencing factor and economic implications.
Design/methodology/approach
This study uses panel data from Chinese A-share listed companies for the period 2010–2021 and tests the hypotheses using the ordinary least squares model.
Findings
The results of this study ...
Added: January 15, 2026
Jin T., Wang J., Wu Y., Research in International Business and Finance 2026 Vol. 81 Article 103205
Leveraging information asymmetry theory, this study investigates whether rhetorical nationalism in corporate disclosures diminishes firm-specific price informativeness. Analyzing Chinese A-share data from 2010 to 2022, we develop a text-based index of rhetorical nationalism and find that firms employing stronger rhetoric exhibit greater stock price synchronicity. Forward-looking evidence supports an information environment channel: heightened rhetoric is ...
Added: January 15, 2026
Avdasheva S. B., Вопросы экономики 2026 № 1 С. 146–157
The article reviews the book “Institutions of unsustainable success” by Irina Filippova, Ivan Shabalov and Andrei Shastitko. It is devoted to the explanation of the emergence and development of transaction governance in the production of large-diameter pipe (LDP) production in Russia in early 2000s. The specific feature of the sector is the dependence of the ...
Added: January 14, 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
Grigorii Kuzmin, Alexei Boulatov, HSE Economic Journal 2024 Vol. 28 No. 4 P. 615–646
This paper empirically estimates information asymmetry in cryptocurrency markets using the Probability of Informed Trading (PIN) and Adjusted PIN metrics . These markets, characterized by a high proportion of algorithmic trading and large volumes of high-frequency data, present a promising environment for analyzing informed trading behavior. We introduce a modified estimation procedure for Adjusted PIN, ...
Added: April 20, 2025
Pshichenko D., Бюллетень науки и практики 2024 Vol. 10 No. 10 P. 244–251
Added: March 10, 2025
Pshichenko D., International Journal of Humanities and Natural Sciences 2024 Vol. 8-3(95) P. 180–185
This study explores the application of artificial intelligence (AI) and machine learning (ML) models for big data analysis in project management. By leveraging specific ML algorithms such as decision trees, random forests, support vector machines, neural networks, kmeans clustering, gradient boosting, and natural language processing, project management practices are significantly enhanced. These technologies improve decision-making, ...
Added: March 10, 2025
Белаш В. А., Сохранных С. А., Plaksin M. A., В кн.: Интеллектуальные информационные системы: теория и практика. Сборник научных статей по материалам V Международной конференции (Курск, 19–21 ноября 2024 года).: Курск: Курский государственный университет, 2024. С. 46–50.
The article discusses the prospects for implementing generative artificial intelligence in project management systems to improve the efficiency of risk identification and planning. Using the example of using the j-method with publicly available chatbots in conducting an expert assessment, it demonstrates how modern technologies can optimize the processes of analysis and forecasting, using Crawford's methods ...
Added: February 17, 2025