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Lessons in Finance at HSE's April Conference

On April 9th and 10th, HSE’s School of Finance is organising several new platforms of discussion as part of the XVI April International Academic Conference. Topics will include measuring and assessing companies’ intellectual capital, research on corporate financial decisions, and for Russian and foreign post-graduate students, the second annual PhD seminar on financial markets and corporate financial policy will take place.

About Intellectual Capital


For the first time in the April Conference's history, a separate section is being organized on intellectual capital and its impact on companies' efficiency. It is being carried out together with the European Institute for Advanced Studies in Management (EIASM), which is based in Brussels.

‘We might be asked, what is finance doing here? Well the thing is, the efficiency of these resources should be assessed and, accordingly, measured, and all measurements are financial issues. This is especially true in monetary form if we are talking about their impact on a company’s performance. It is critical to identify the role of intellectual capital as a driver for a business’ value,’ according to Irina Ivashkovskaya, who is the head of HSE’s School of Finance and the section leader. Professor Ivashkovskaya adds that the topic of intellectual capital is not studied in Russia, and if it is, it is done at the micro level. As an example, she uses HSE’s Institute for Statistical Studies and Economics of Knowledge, which studies the level of intellectual capital in the economy.

‘Intellectual resources are unique. They form the core of business’ competitive capabilities, and they are very difficult to copy,’ Ivashkovskaya adds. The session, which takes place on April 9, will be the first time these issues have been looked at on such a large scale in Russian academia.

Professor Stefano Zambon from the University of Ferrara will show why practices that were successful in one country at one period of time end up being inefficient under different national conditions or at a different time

 The section will open with a paper by Professor Stefano Zambon from Italy’s University of Ferrara. Professor Zambon is a recognized expert in the field of intellectual capital, and the organiser and leader of EIASM’s annual international conference, which has been taking place under his leadership for ten years. Professor Zambon will summarize the best international practices in this field and show the benefits of reporting on intellectual capital. He will also show why practices that were successful in one country at one period of time end up being inefficient under different national conditions or at a different time.

Another element of the special section is a research session that will feature four unique papers. They are empirical works built on quantitative methods and data collected on various companies and countries. Presenters include representatives from the International Laboratory of Intangible-driven Economy at HSE’s Perm campus, as well as the Corporate Finance Centre at HSE Moscow.

The section will end with a round table discussion that will be strictly practical in nature. Participating in the section are specialists from the global consulting companies PricewaterhouseCoopers, E&Y, and KPMG, which all use a methodology for assessing intellectual resources in real-life consulting in Russia and around the world.


The joint HSE-EIASM section will be a unique prelude to another academic forum; HSE is set to host an international conference on intellectual capital in the fall of 2016


 The joint HSE-EIASM section will be a unique prelude to another academic forum; HSE is set to host an international conference on intellectual capital in the fall of 2016. The conference has already been taking place for ten years at various universities around the world.

About Corporate Finance

Instructors and researchers of the School of Finance traditionally present their papers at various sessions of the April Conference. In 2015, however, a special session will take place during the Firms and Markets section where all papers will be presented by HSE researchers.  A wide array of financial issues will be discussed during the session, including the results of research carried out by HSE’s Corporate Finance Centre for the international consulting company PricewaterhouseCoopers.

About the PhD Seminar

Headed by Irina Ivashkovskaya and Alexander Karminsky, the second international PhD Seminar will be held on April 10. This year’s seminar is devoted to financial markets and corporate financial policy. The PhD Seminar’s keynote speaker is Professor Elettra Agliardi of the University of Bologna. Professor Agliardi will present her viewpoint on the role of ambiguous solutions and uncertain results in corporate finance. This is an original work that largely sets the tone for prospective areas of research.

In addition, post-graduate students from HSE and a number of foreign universities will present papers at the seminar. ‘The purpose of the seminar is to nurture within our walls a culture of discussion for junior researchers,’ Professor Ivashkovskaya notes.

This is the second time the seminar has been held, and it should expand geographically and become an annual event. In the future, works presented at the seminar may appear in academic collections published by large publishing houses.

Registration requests  for HSE's XVI April Conference are being accepted until March 25

See also:

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April Conference to Proceed with New Format

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