Victoria V. Dobrynskaya
- Assistant Professor:Faculty of Economic Sciences / School of Finance
- Victoria V. Dobrynskaya has been at HSE University since 2000.
Education, Degrees and Academic Titles
- 2014
PhD
London School of Economics and Political Science - 2014
Doctoral programme in PhD in Finance
London School of Economics and Political Science, PhD in Finance - 2012Associate Professor
- 2008
Candidate of Sciences* (PhD) in Economic Theory
HSE University - 2004
Master's in Economics
HSE University - 2002
Bachelor's
HSE University
According to the International Standard Classification of Education (ISCED) 2011, Candidate of Sciences belongs to ISCED level 8 - "doctoral or equivalent", together with PhD, DPhil, D.Lit, D.Sc, LL.D, Doctorate or similar. Candidate of Sciences allows its holders to reach the level of the Associate Professor.
Courses (2023/2024)
- Financial Economics (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 1, 2 module)Eng
Financial Economics (Bachelor’s programme; Faculty of Economic Sciences; field of study "38.03.01. Экономика", field of study "38.03.01. Экономика"; 3 year, 1, 2 module)Eng
- International Finance (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 3 module)Eng
International Finance (Bachelor’s programme; Faculty of Economic Sciences; field of study "38.03.01. Экономика", field of study "38.03.01. Экономика"; 3 year, 3 module)Eng
- Mentor's Seminar (Master’s programme; Faculty of Economic Sciences; 2 year, 1-4 module)Eng
- Mentor's Seminar (Master’s programme; Faculty of Economic Sciences; 1 year, 1-4 module)Eng
- Research Seminar in Financial Economics (Master’s programme; International College of Economics and Finance; 2 year, 1-3 module)Eng
- Past Courses
Courses (2022/2023)
- Financial Economics (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 1, 2 module)Eng
Financial Economics (Bachelor’s programme; Faculty of Economic Sciences; field of study "38.03.01. Экономика", field of study "38.03.01. Экономика"; 3 year, 1, 2 module)Eng
- International Finance (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 3 module)Eng
- International Finance (Bachelor’s programme; Faculty of Economic Sciences; 3 year, 3 module)Eng
- Mentor's Seminar (Master’s programme; Faculty of Economic Sciences; 1 year, 1-4 module)Eng
- Research Seminar in Financial Economics (Master’s programme; International College of Economics and Finance; 2 year, 1-3 module)Eng
Courses (2021/2022)
- Financial Economics (Master’s programme; Faculty of Social Sciences; 2 year, 2 module)Rus
- Financial Economics (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 1, 2 module)Eng
Financial Economics (Bachelor’s programme; Faculty of Economic Sciences; field of study "38.03.01. Экономика", field of study "38.03.01. Экономика"; 3 year, 1, 2 module)Eng
- Financial Economics: Asset Pricing (Master’s programme; International College of Economics and Finance; 1 year, 3, 4 module)Eng
- International Finance (Bachelor’s programme; Faculty of Economic Sciences; 3 year, 3 module)Eng
- International Finance (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 3 module)Eng
- Methodological Research Seminar (Master’s programme; Faculty of Economic Sciences; 1 year, 1, 2 module)Eng
- Research Seminar in Financial Economics (Master’s programme; International College of Economics and Finance; 1 year, 1-4 module)Eng
Courses (2020/2021)
Financial Economics (Bachelor’s programme; Faculty of Economic Sciences; field of study "38.03.01. Экономика", field of study "38.03.01. Экономика"; 3 year, 1, 2 module)Eng
- International Finance (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 3 module)Eng
- International Finance (Bachelor’s programme; Faculty of Economic Sciences; 3 year, 3 module)Eng
- Methodological Research Seminar (Master’s programme; Faculty of Economic Sciences; 1 year, 1, 2 module)Eng
- Research Project Seminar (Optional course (faculty); Faculty of Economic Sciences; 1-3 module)Rus
Courses (2019/2020)
Financial Economics (Bachelor’s programme; Faculty of Economic Sciences; field of study "38.03.01. Экономика", field of study "38.03.01. Экономика"; 3 year, 1, 2 module)Eng
- International Finance (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 3 module)Eng
- International Finance (Bachelor’s programme; Faculty of Economic Sciences; 3 year, 3 module)Eng
- Research Seminar "Empirical Corporate Finance 2" (Master’s programme; Faculty of Economic Sciences; 1 year, 3, 4 module)Eng
Publications27
- Article Dobrynskaya V. V. Is Downside Risk Priced in Cryptocurrency Market? // International Review of Financial Analysis. 2024. Vol. 91. Article 102947. doi
- Article Victoria Dobrynskaya, Dubrovskiy M. Cryptocurrencies Meet Equities: Risk Factors and Asset-pricing Relationships // International Finance Review. 2023. Vol. 22. P. 95-111. doi
- Article Victoria Dobrynskaya. Cryptocurrency Momentum and Reversal // Journal of Alternative Investments. 2023. Vol. 26. No. 1. P. 65-76. doi
- Article Victoria Dobrynskaya, Grebennikova J. Financial Returns in Reward-Based Crowdfunding // Economic Analysis Letters. 2023. Vol. 2. No. 3. Article 27. doi
- Article Dobrynskaya V. V. Does Momentum Trading Generate Extra Downside Risk? // Quarterly Journal of Finance. 2022. Vol. 12. No. 2. Article 2250001. doi
- Article Victoria Dobrynskaya, Julia Kishilova. LEGO: The Toy of Smart Investors // Research in International Business and Finance. 2022. Vol. 59. Article 101539. doi
- Article Gorbatikov Е., Dobrynskaya V. V. Asymmetric Arbitrage Opportunities for Cross-Listed Stocks: Evidence from Russia // Emerging Markets Finance and Trade. 2020. Vol. 56. No. 6. P. 1402-1422. doi
- Article Dobrynskaya V. V. Avoiding Momentum Crashes: Dynamic Momentum and Contrarian Trading // Journal of International Financial Markets, Institutions and Money. 2019. No. 63. P. 101141. doi
- Article Dobrynskaya V. V. Pricing Within And Across Asset Classes // Finance Research Letters. 2018. Vol. 25. P. 10-15. doi
- Preprint Dobrynskaya V. V. Dynamic Momentum and Contrarian Trading / NRU Higher School of Economics. Series FE "Financial Economics". 2017. No. 61/FE/2017.
- Article Dobrynskaya V. V. Currency Exposure to Downside Risk: Which Fundamentals Matter? // Review of International Economics. 2015. Vol. 23. No. 2. P. 345-360. doi
- Preprint Dobrynskaya V. V. Upside and Downside Risks in Momentum Returns / NRU Higher School of Economics. Series FE "Financial Economics". 2015. No. WP BRP 50/FE/2015.
- Article Dobrynskaya V. V. Downside Market Risk of Carry Trades // Review of Finance. 2014. Vol. 18. No. 5. P. 1885-1913. doi
- Article Dobrynskaya V. V. Downside Market Risk of Carry Trades // Review of Finance. 2014. Vol. 18. No. 5. P. 1885-1913. doi
- Book Dobrynskaya V. V., Poleshchuk V. Management Accounting: A Key to Your Success in the Exam. M. : ., 2014.
- Preprint Dobrynskaya V. V. Currency downside risk and macroeconomic variables / NRU Higher School of Economics. Series WP BRP 55/LNG/2017 2011. No. WP13/2011/01.
- Book Dobrynskaya V. V. Financial Accounting: A Key to Your Success in the Exam, 2nd edition. Saarbrücken : LAP LAMBERT Academic Publishing, 2011.
- Preprint Dobrynskaya V. V. Downside risk of carry trades / NRU Higher School of Economics. Series WP BRP 55/LNG/2017 2010. No. WP13/2010/01.
- Article Dobrynskaya V. V., Turkisch E. Economic diversification and Dutch disease in Russia // Post-Communist Economies. 2010. Vol. 22. No. 3. P. 283-302. doi
- Chapter Dobrynskaya V. V. Optimal monetary policy under incomplete pass-through and asymmetric price rigidity: The empirical evidence from Russia, in: Monetary Policy, Trade and Convergence. The Case of Transition Economies. Berlin : LIT Verlag, 2009. P. 47-78.
- Article Dobrynskaya V. V. Asymmetric price rigidity and the optimal interest rate defense of the exchange rate: Some evidence for the US // Journal of Policy Modeling. 2008. No. 30(5). P. 713-724. doi
- Article Dobrynskaya V. V. The monetary and exchange rate policy of the Central Bank of Russia under asymmetrical price rigidity. // International Journal of Innovation Economics. 2008. Vol. 1. No. 1. P. 29-62.
- Preprint Dobrynskaya V. V. Влияние асимметричной жесткости цен на денежно-кредитную политику в открытой экономике и эмпирический анализ для ряда стран / NRU Higher School of Economics. Series WP9 "Исследования по экономике и финансам". 2008. No. 02.
- Chapter Dobrynskaya V. V. The Implications of the Asymmetric Price Rigidity for the Optimal Monetary Policy and the Empirical Evidence from Russia, in: VIII Международная научная конференция. Модернизация экономики и общественное развитие: В 3 кн. / Отв. ред.: Е. Г. Ясин. Кн. 3. М. : Издательский дом ГУ-ВШЭ, 2007. P. 276-300.
- Preprint Dobrynskaya V. V. Оптимальная денежно-кредитная политика при неполном эффекте переноса и асимметричной жесткости цен / NRU Higher School of Economics. Series WP BRP 55/LNG/2017 2007. No. 04.
- Article Добрынская В. В. Эффект переноса и монетарная политика в России: что изменилось после кризиса 1998 г.? // Экономический журнал Высшей школы экономики. 2007. Т. 11. № 2. С. 213-233.
- Preprint Dobrynskaya V. V., Levando D. V. Исследование эффекта переноса валютного курса в России / NRU Higher School of Economics. Series WP9 "Исследования по экономике и финансам". 2005. No. 02.
Education
2008 to present - London School of Economics and Political Science, PhD candidate in Finance.
2004-2005 - Erasmus University, Rotterdam, Holland. MSc Economics and Business.
1999-2002 - London School of Economics and Political Science of London University, External program, BSc Banking and Finance, 1st class honours.
Professional Interests
- Empirical asset pricing
- Macro-finance
- International finance
- Behaviourial economics and finance
Grants
2008 - Travel grant from HSE Economics Department; travel grant from HSE Research Fund.
2007 - Individual research grant from HSE Research Fund; travel grant from HSE Research Fund; travel grant from HSE CAS; travel grant from HSE IEP; individual research grant from ICEF Research Center, grant from HSE IEP for publication of the book "Accounting and finance: A key to your success in the exam".
2006 - Travel grant from HSE CAS; travel grant from HSE Research Fund; travel grant from HSE IEP.
2005 - Individual research grant from HSE Research Fund.
2003 - Research grant from National Training Foundation, with D. Levando.
Presentations at scientific seminars and conferences
2013: London Business School; London School of Economics; European Finanial Management Association Annual Meeting, Reading, UK (scheduled); 5th International Finance and Banking Society Conference, Nottingham (scheduled); 20th Annual Conference of the Multinational Finance Society, Izmir (scheduled).
2012: London School of Economics; 19th Annual Conference of the Multinational Finance Society, Krakow; Annual Congress of the European Economic Association, Malaga.
2010: New Economic School, Moscow.
2009: INFER Workshop on the Credit Crunch, Financial Regulation, Monetary Policy and the Market Inefficiencies, Kingston, UK; 26th International Symposium on Money, Banking and Finance, Orleans, France; ECOFI Symposium in Economics and Finance, Geneva; London School of Economics; International College of Economics and Finance, Moscow; Bank of Russia.
2008: Central Economics and Mathematics Institute of Russian Academy of Science, CEPR conference on International Macroeconomics and Finance, Paris; 3rd Nordic Conference on Behavioral and Experimental Economics, Copenhagen; ICEF, Moscow; Annual Meeting of Austrian Economic Association, Vienna; Spring Meeting of Young Economists, Lille; 9th SU-HSE International conference "Economic Modernization and Globalization", Moscow; Centre d'Etudes Prospectives et d'Informations Internationales (CEPII), Paris.
2007 : New Economic School, Moscow; Center for International Governance Innovation, Waterloo, Canada; 24th International Symposium on Money, Banking and Finance, Rennes; 8th SU-HSE International conference "Economic Modernization and Social Development", Moscow.
2006: XV International Tor Vergata Conference on Banking and Finance "Money, Finance and Growth", Rome; International Multidisciplinary Conference "European Russia", Dunkerque; 5th INFER Workshop on Monetary Economics and Financial Markets "Monetary Policy in Emerging Countries", Kingston University, London; Central Bank of Russia; Centre for Advanced Studies, SU-HSE.
2005: 10th International conference on finance and banking, Carvina; 32nd International conference of European Finance Association, Moscow; BOFIT/CEFIR Workshop on Russian macroeconomic and financial issues, Moscow; International conference of Applied Econometric Association "Exchange Rate Econometrics", Luxembourg.
2004: 5th SU-HSE International conference "Competitiveness and Economic Modernization", Moscow.
From Economic Thinking to Complex Case Solving: ICEF Academia Enters New Season
ChatGPT is unrivaled when it comes to academic paper screening, a routine it performs just seamlessly. But plodding away at routine is not what economists are valued for in the first place. It’s their economic thinking, soft skills, and ability to solve cases even with little verified data at hand. In their recently held opening session 2023, the managers, faculty and students of ICEF Academia spoke about how to gain these qualities and where they are needed most.
Student Tutor Gives Talk at ICEF on Cryptocurrencies and NFTs
Cryptocurrencies have fallen to two-year low after FTX exchange filed for bankruptcy in November 2022, sending shock waves through the crypto world and agitating investors to revise their strategies and predictions as to what will happen on the digital investment market. In her talk called Cryptocurrencies and NFT, Victoria Dobrynskaya explained the volatility of crypto markets and expanded on the phenomenon of NFT as a digital asset.
The Cryptocurrency Market Works Like the Stock Market— Only Much Faster
After analysing the price fluctuations of almost 2,000 cryptocurrencies over seven years, Victoria Dobrynskaya, Associate Professor at the HSE University Faculty of Economic Sciences, found that there are no fundamental differences between their behaviour and that of conventional assets. Cryptocurrency follows the same principles, although its prices change much faster: processes that usually take years on traditional markets take only a month or so on the cryptocurrency market. An article on this research was reprinted by SSRN.
Toys Prove to Be Better Investment Than Gold, Art, and Financial Securities
Unusual ways of investment, such as collecting toys, can generate high returns. For example, secondary market prices of retired LEGO sets grow by 11% annually, which is faster than gold, stocks, and bonds, HSE University economists say. Their paper was published in the Research in International Business and Financejournal.