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News
October 8, 2026
HSE Experts Take Part in 23rd Annual Meeting of Valdai Discussion Club
The 23rd Annual Meeting of the Valdai Discussion Club was held from September 28 to October 1, 2026 under the theme ‘Responsibility for the Future: Limits of the Possible, or Limitless Possibilities?’ The forum brought together 120 experts from 40 countries, including representatives of China, the United States, India, Brazil, the United Kingdom, Germany, Egypt, Iran, and Japan.
October 7, 2026
‘Our Team Consists of True Leaders in Their Respective Academic Disciplines
The HSE International Centre of Decision Choice and Analysis studies a wide range of methods for analysing decision-making and possible scenarios for the development of natural, socio-economic, and political phenomena using various mathematical models. The application of advanced mathematical methods to forecasting helps to prevent negative outcomes and avoid erroneous decisions. The HSE News Service spoke to the centre’s director, Prof. Fuad Aleskerov, about its work.
October 6, 2026
International N5 Symposium ‘Neural Networks and Nonlinearity in Nizhny Novgorod Brings Together Scientists from Russia and Serbia
The International N5 Symposium ‘Neural Networks and Nonlinearity in Nizhny Novgorod’ was held at the Nizhny Novgorod House of Scientists from September 23 to 26. The event was organised by HSE University–Nizhny Novgorod and the Nizhny Novgorod House of Scientists, with the participation of Sberbank and the Institute of Physics Belgrade. The symposium was held for the second time: the first conference took place in 2025 and attracted considerable interest from the academic community.

 

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Сентимент частных инвесторов в объяснении различий в биржевых характеристиках акций российского рынка

Журнал Новой экономической ассоциации. 2022. Т. 1. № 53. С. 53–84.
Teplova T., Sokolova T., Tomtosov A., Бучко Д. В., Никулин Д. Д.

Abstract. In our paper, for the first time, we examine the influence of the sentiment of private investors in social networks on the trade characteristics of stocks in the Russian market. Monthly return rates and trading volumes are analyzed under the control of financial indicators and indicators of the quality of corporate governance of stock issuers, as well as the changing external environment in the period from 2013 to 2020. The sample for various sentiment metrics is based on unique data: messages in the Telegram and mfd.ru platforms. The tonality of messages is diagnosed according to the authors’ method using artificial intelligence (neural network). The main conclusion is: the sentiment can be seen as an explanatory factor in pricing and trading activity. The influence of sentiment is non-linear. The author’s HYPE indicator of sentiment is proposed and compared in terms of explanatory ability of the trade characteristics with a wide range of proxy variables. The explanatory ability to identify differences is realized through regression constructions on panel data. It is shown that trade characteristics are more sensitive to the growth of negative messages, which is consistent with the postulates of behavioral finance. An increase in messages’ number of both positive and negative sentiment contributes to the growth of trading activity. An important practical conclusion is: following the crowd when the company is most intensely discussed will not result in high returns to an investor.

Research target: Economics and Management
Language: Russian
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Keywords: поведенческие финансыmoodneural networksдоходность акцийstock returnsторговая активностьtext processingобработка текстасентимент инвесторов investor sentimenttone of messages trading activityнастроения инвесторовтональность сообщений нейросети
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