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Sofya Budanova

  • Sofya Budanova has been at HSE University since 2017.

Education and Degrees

  • 2017

    PhD in Economics
    Northwestern University

  • 2011

    London School of Economics and Political Science

  • 2010

    New Economic School

  • 2010

    Moscow Institute of Physics and Technology

  • 2008

    Moscow Institute of Physics and Technology

Professional Interests

Awards and Accomplishments

Best Teacher – 2022, 2021, 2020, 2019

Services and other activities

Member of MSc Subcommittee and Council

Courses (2023/2024)

Courses (2022/2023)

Courses (2021/2022)

Courses (2020/2021)

Courses (2019/2020)

Courses (2018/2019)


Article Budanova S., Cianciaruso D., Marinovic I. The Ambiguity of Earnings Announcements // Management Science. 2021. Vol. 67. No. 4. P. 2541-2561. doi

Presentation at Conferences

  1. 1st Inaugural International Conference on Econometrics and Business Analytics (iCEBA), St. Petersburg, Russia, July 15-17, 2021
  2. European Winter Meeting of the Econometric Society 2018 (Naples, Italy)
  3. 29th (EC)^2 Conference 2018 (Rome, Italy)
  4. 2017 University of Southern Denmark, Bocconi, HSE, The NES 25th Anniversary Conference

Timetable for today

Full timetable

“ICEF is a Perfect Blend of Theoretical Knowledge and Practical Application”

Polina Chichulina enrolled in ICEF MSc Financial Economics after completing her bachelor’s studies at HSE Faculty of Economic Sciences. Currently in her first year of the programme, Polina joined SPIEF Academy 2023. Here’s how Polina defines the key advantage of MSc Financial Economics, how ICEF students benefit from the alumni engagement, and what major highlights SPIEF Academy came with in 2023.

ICEF MSc Students Passed Thesis Defense

Of the 18 students who presented their thesis studies, 3 received the maximum score (10) and 7 excellent scores (8 and 9). This year’s class’s theses deal with topics as diverse as cryptocurrency markets, pension schemes, gender impact on financial transactions, and even climate trade and carbon futures pricing.

"My Master’s Studies Have Opened Up New Horizons for My Research"

After earning his bachelor’s from ICEF in 2021, Alexey Kipriyanov enrolled in MSc Financial Economics. With top position in the student rating, Alexey is currently in his second year and combines his study with teaching undergraduate courses. Here’s why he chose to pursue his master’s, what applicants need to be aware of, and how students can benefit from teaching.

ICEF Held Thesis Defense Sessions for Its Master’s Cohort

Presented to the thesis committee was a total of 31 master’s theses. Of these, twenty-one were given excellent grades, with four scoring 10. The thesis committee had among its members professors of ICEF, NES and HSE. Here’s how the honours students prepared for their thesis defense, what drove their choice of topic and what they plan to do after graduation.

ICEF Students Praised by Experts for Their Research Endeavors

A springboard to careers in academia for many promising contestants, this year’s Student Research Paper Competition has announced as many as 13 winners – students and graduates of ICEF.

An article by ICEF Assistant Professor Sofya Budanova on the manipulation of financial reports will be published in Management Science

Corporate financial statements can be quite subjective documents, because accounting rules are flexible and accountants often may use their discretion on how to report certain transactions. An article by ICEF Assistant Professor Sofya Budanova deals with this phenomenon.

‘Every Course I Took This Year Was Interesting and Challenging’

Andrea Marchesini, from Cortona, Italy, is currently pursuing a double degree programme in Economics and Finance offered by LUISS University in Rome and International College of Economics and Finance of HSE University. He has recently completed his year of studies in Moscow and has shared with HSE News Service his impressions of the programme and the city.

Welcome Aboard: Tenure-Track Introductions

Every year The HSE Look continues its tradition of welcoming newly recruited international faculty via short summaries about their positions and research interests. In the 34th issue we introduce the tenure-track faculty members, and in November you can learn more about post-doctoral researchers who are starting their work at HSE this fall.