Tamara Teplova

Professor:Faculty of Economic Sciences / Department of Financial Market Infrastructure
Director :Faculty of Economic Sciences / Centre for Financial Research & Data Analytics
Visiting Specialist:Graduate School of Business / Institute for Open Executive Education Programmes / Competence Development Centre for Finance and Accounting
Programme Academic Supervisor:Financial Markets and Institutions

Tenured Professor (2022)

Tamara Teplova has been at HSE University since 1993.

Education, Degrees and Academic Titles

2011
Professor
2007
Doctor of Sciences* in Finance, Monetary Circulation and Credit
1995
Associate Professor
1989
Candidate of Sciences* (PhD)
1987
Candidate of Sciences* (PhD) in Mathematical and Instrumental Methods in Economics
1985
Degree
Lomonosov Moscow State University
1985
Degree
Lomonosov Moscow State University

* Candidate of Sciences
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.

* Doctor of Sciences
A post-doctoral degree called Doctor of Sciences is given to reflect second advanced research qualifications or higher doctorates in ISCED 2011.

Internships

University of Paris 1 Pantheon-Sorbonne;
University of Rotterdam, Netherlands (1997)

Professional Interests

- Assets pricing, multifactoral models.

- Fundamental analysis in capital markets (financial assets valuation, ERP, CRP).

- Valuation and Company value management in emerging markets.

- Bond market.

Awards and Accomplishments

Best Teacher – 2022, 2019, 2017

Dissertation for a degree of Doctor of Science

2006

T. Teplova Управление инвестиционной деятельностью компании на основе стоимостного анализа

Publications⁴⁹

Other publications⁴⁹

Article Omrani H., Shamsi M., Emrouznejad A., Teplova T. A robust DEA model under discrete scenarios for assessing bank branches // Expert Systems with Applications. 2023. Vol. 219. Article 119694. doi
Article Ghosh B., Pham L., Teplova T., Umar Z. COVID-19 and the quantile connectedness between energy and metal markets // Energy Economics. 2023. Vol. 117. Article 106420. doi
Article Hanif W., Mensi W., Gubareva M., Teplova T. Impacts of COVID-19 on dynamic return and volatility spillovers between rare earth metals and renewable energy stock markets // Resources Policy. 2023. Vol. 80. Article 103196. doi
Article Bossman A., Umar Z., Agyei S. K., Teplova T. The impact of the US yield curve on sub-Saharan African equities // Finance Research Letters. 2023 doi (in press)
Article Umar Z., Bossman A., Choi S., Teplova T. The relationship between global risk aversion and returns from safe-haven assets // Finance Research Letters. 2023. Vol. 51. Article 103444. doi
Article Omrani H., Alizadeh A., Emrouznejad A., Teplova T. A Robust Credibility DEA Model with Fuzzy Perturbation Degree: An Application to Hospitals Performance // Expert Systems with Applications. 2022. Vol. 189. Article 116021. doi
Article Omrani H., Oveysi Z., Emrouznejad A., Teplova T. A mixed-integer network DEA with shared inputs and undesirable outputs for performance evaluation: Efficiency measurement of bank branches // Journal of the Operational Research Society. 2022 doi (in press)
Article Teplova T., Tomtosov A., Sokolova T. A retail investor in a cobweb of social networks // Plos One. 2022. Vol. 17. No. 12. Article e0276924. doi
Article Teplova T., Mikova E., Munir Q., Pivnitskaya N. Black-Litterman model with copula-based views in mean-CVaR portfolio optimization framework with weight constraints // Economic Change and Restructuring. 2022 doi (in press)
Article Teplova T., Sokolova T., Galenskaya K., Gubareva M. Complex Interplay of Eastern Bloc SMEs Trade Credit Determinants: Changes due to the Global Financial Crisis // Complexity. 2022. Vol. 2022. Article 9608649. doi
Article Umar Z., Gubareva M., Teplova T., Tran D. Covid-19 impact on NFTs and major asset classes interrelations: insights from the wavelet coherence analysis // Finance Research Letters. 2022. Vol. 47. Article 102725. doi
Article Bossman A., Teplova T., Umar Z. Do local and world COVID-19 media coverage drive stock markets? Time-frequency analysis of BRICS // Complexity. 2022. Vol. 2022. Article 2249581. doi
Article Umar Z., Bossman A., Choi S., Teplova T. Does geopolitical risk matter for global asset returns? Evidence from quantile-on-quantile regression // Finance Research Letters. 2022. Vol. 48. Article 102991. doi
Article Umar Z., Onur P., Choi S., Teplova T. Dynamic connectedness between non-fungible tokens, decentralized finance, and conventional financial assets in a time-frequency framework // Pacific-Basin Finance Journal. 2022. Vol. 76. Article 101876. doi
Article Gubareva M., Umar Z., Teplova T., Vo X. V. Flights-to-quality from EM Bonds to safe-haven US Treasury Securities: A time-frequency Analysis // Emerging Markets Finance and Trade. 2022 doi (in press)
Article Bossman A., Umar Z., Teplova T. Modelling the asymmetric effect of COVID-19 on REIT returns: A quantile-on-quantile regression analysis // Journal of Economic Asymmetries. 2022. Vol. 26. Article e00257. doi
Article Umar Z., Abrar A., Zaremba A., Teplova T., Vo X. V. Network connectedness of environmental attention—Green and dirty assets // Finance Research Letters. 2022. Vol. 50. Article 103209. doi
Article Teplova T., Gurov S. New evidence on the impact of implicit trading costs on asset prices in the Russian stock market // Applied Economics. 2022. Vol. 54. No. 51. P. 5943-5955. doi
Article Teplova T., Gurov S. Nonlinear intraday trading invariance in the Russian stock market // Annals of Operations Research. 2022 doi (in press)
Article Umar Z., Gubareva M., Teplova T., Alwahedi W. Oil price shocks and the term structure of the US yield curve: a time–frequency analysis of spillovers and risk transmission // Annals of Operations Research. 2022 doi (in press)
Article Teplova T., Sokolova T., Gubareva M., Suhih V. The Multifaceted Sustainable Development and Export Intensity of Emerging Market Firms under Financial Constraints: The Role of ESG and Innovative Activity // Complexity. 2022. Vol. 2022. Article 3295364. doi
Article Umar Z., Abrar A., Zaremba A., Teplova T., Vo X. V. The Return and Volatility Connectedness of NFT Segments and Media Coverage: Fresh Evidence Based on News About the COVID-19 Pandemic // Finance Research Letters. 2022. Vol. 49. Article 103031. doi
Article Bentes S., Gubareva M., Teplova T. The impact of COVID-19 on gold seasonality // Applied Economics. 2022. Vol. 54. No. 40. P. 4700-4710. doi
Article Umar Z., Polat O., Teplova T., Choi S. The impact of the Russia-Ukraine conflict on the connectedness of financial markets // Finance Research Letters. 2022. No. 48. Article 102976. doi
Article Teplova T., Tomtosov A. Can High Trading Volume and Volatility Switch Boost Momentum to Show Greater Inefficiency and Avoid Crashes in Emerging Markets? The Economic Relationship in Factor Investing in Emerging Markets // Quarterly Review of Economics and Finance. 2021. No. 80. P. 210-223. doi
Article Omrani H., Alizadeh A., Emrouznejad A., Teplova T. Data Envelopment Analysis model with decision makers’ preferences: A robust credibility approach // Annals of Operations Research. 2021 doi
Article Umar Z., Gubareva M., Tran D. K., Teplova T. Impact of the Covid-19 induced panic on the Environmental, Social and Governance leaders equity volatility: A time-frequency analysis // Research in International Business and Finance. 2021. No. 58. P. 1-7. doi
Article Tamara V.Teplova, Victoria A.Rodina. The Reinvestment Risk Premium in the Valuation of British and Russian Government Bonds // Research in International Business and Finance. 2021. Vol. 55. No. C. P. 101319. doi
Article Umar Z., Gubareva M., Teplova T. The impact of Covid-19 on commodity markets volatility: Analyzing time-frequency relations between commodity prices and coronavirus panic levels // Resources Policy. 2021. No. 73. P. 1-11. doi
Article Пивницкая Н. А., Теплова Т. В. Суверенные кредитные рейтинги и эффекты заражения на финансовых рынках развивающихся стран: мгновенное и долгосрочное влияние // Экономика и математические методы, Россия, Российская Академия Наук. 2021. № 1 (in press)
Book Teplova T., Sokolova T., Munir Q. Emerging Bond Markets: Shedding Light on Trends and Patterns. NY : Routledge, 2020.
Article Teplova T., Sokolova T., Gubareva M., Galenskaya K., Teplov A. Perception and Drivers of Financial Constraints for the Sustainable Development // Sustainability. 2020. No. 12. P. 1-38.
Article Mikova E., Teplova T., Munir Q. Puzzling Premiums on FX Markets: Carry Trade, Momentum, and Value Alone and Strategy Diversification // Emerging Markets Finance and Trade. 2020. Vol. 56. No. 1. P. 126-148. doi
Article Teplova T., Sokolova T. Building the Index of Efficiency of FDI Transformation: Economic Development and Intellectual Capital // Emerging Markets Finance and Trade. 2019. Vol. 55. No. 10. P. 2164-2184. doi
Article Teplova T., Ruzanov D. One Approach for Backtesting VaR Specifications in the Russian Stock Market // Engineering Economics. 2019. Vol. 30. No. 1. P. 32-40. doi
Article Teplova T., Lisenko V., Sokolova T. Shocks of supply and demand in the oil market, the equilibrium oil price and country responses of economic indicators // Energy Systems. 2019. Vol. 10. No. 4. P. 843-869. doi
Article Teplova T., Sokolova T. Surprises of corporate governance and Russian firms debt // Journal of Economics and Business. 2019. Vol. 102. No. March–April 2019. P. 39-56. doi
Article Teplova T., Sokolova T. Market Development Determinants for Corporate Bonds in National Currencies: Emerging Markets Review // Journal of East-West Business. 2018. Vol. 24. No. 1. P. 50-80. doi
Chapter Teplova T., Sokolova T., Galenskaya K., Teplov A. Ownership Structure and Obstacle to Finance under Control of Institutional Environment and Bond Market Development, in: Proceedings of the 31st International Business Information Management Association Conference. Milan : International Business Information Management Association (IBIMA), 2018. P. 1926-1938.
Chapter Teplova T., Sokolova T., Teplov A. S., Volgina N. A. Are Institutions a Driver or an Obstacle to Development of Local Currency Corporate Bond Markets?, in: Proceedings of the 30th International Business Information Management Association Conference (IBIMA). Madrid : International Business Information Management Association (IBIMA), 2017. P. 380-393.
Chapter Teplova T., Mikova E. Decomposition of Cross-Sectional Momentum and Contrarial Strategy Returns: Behavior or Rational Explanation on Russia Capital Market, in: XVI Апрельская международная научная конференция по проблемам развития экономики и общества: в 4 кн. / Отв. ред.: Е. Г. Ясин. Кн. 1. М. : Издательский дом НИУ ВШЭ, 2016. P. 742-753.
Article Tamara V. TEPLOVA, Tatiana V. SOKOLOVA. Bond Liquidity Indicators: Can New Thomson Reuters Indices Explain Difference in Bond Returns? // Journal of Applied Economic Sciences. 2015. Vol. X. No. 6(36). P. 897-913.
Chapter Teplova T., Rodina V. Liquidity Performance pre and post RTS and MICEX Consolidation, in: XV Апрельская международная научная конференция по проблемам развития экономики и общества: в 4-х книгах / Отв. ред.: Е. Г. Ясин. Кн. 1. М. : Издательский дом НИУ ВШЭ, 2015. Ch. Книга 1. P. 434-440.
Article Konstantin ASATUROV, Tamara TEPLOVA, HARTWELL C. A. Volatility Spillovers and Contagion in Emerging Europe // Journal of Applied Economic Sciences. 2015. Vol. X. No. 6(36). P. 929-945.
Chapter Teplova T., Asaturov K. ARMA-DCC-GARCH Model for the Analysisof Integration Processes by Volatility Spillover Effects in the Capital Markets of the Three Regions, in: XIV Апрельская международная научная конференция по проблемам развития экономики и общества: в 4-х книгах. Книга 1 / Отв. ред.: Е. Г. Ясин. М. : Издательский дом НИУ ВШЭ, 2014. P. 571-580.
Chapter Teplova T., Mikova E. Momentum effect on the Russian stock market. Whether emerging markets are not profitable for Momentum Strategies (WP World Finance & Banking Symposium, Singapore 2014), in: World Finance & Banking Symposium. Singapore : World Finance & Banking Symposium, 2014.
Article Teplova T., Mikova E. Seasonal Effect for Explaining Price Momentum Failure in the Japanese Stock Market // Economic Alternatives. 2014. No. 3. P. 25-42.
Article Teplova T., Rodina V. Stock exchange consolidation: a comparative study in the Russian stock market // International Journal of Economic Research. 2014. No. 11(3). P. 729-745.
Article Udaltsov V., Teplova T. Empirical Study of Investment Activity’s Drivers in Capital-Intensive Russian Firms // Journal of US-China Public Administration. 2010. Vol. 7. No. 3 (53). P. 32-38.

Publications

1. Teplova, T.V., Sokolova, T.V. (2018). Market Development Determinants for Corporate Bonds in National Currencies: Emerging Markets Review. Journal of East-West Business. Vol. 24. No. 1. P. 50-80.

2. Teplova, T.V., Mikova, E.M., Nazarov, N. (2017). Stop losses momentum strategy: From profit maximization to risk control under White’s Bootstrap Reality Check. Quarterly Review of Economics and Finance.

3. Teplova, T.V., Rodina, V.A. (2016). Does Stock Exchange Consolidation Improve Market Liquidity? A Study of Stock Exchange Acquisition in Russia. Research in International Business and Finance. Vol. 37. P. 375-390.

2016 Teplova Article_s Extract.pdf

4. Teplova, T.V., Sokolova, T.V. (2015). Bond Liquidity Indicators: Can New Thomson Reuters Indices Explain Difference in Bond Returns? Journal of Applied Economic Sciences (Romania). Vol. X. No. 6(36). Pp. 897-913.
Teplova Sokolova JAES.pdf

5. Teplova, T., Asaturov, K., Hartwell, C.A. (2015). Volatility Spillovers and Contagion in Emerging Europe. Journal of Applied Economic Sciences (Romania). Vol. X. No. 6(36). Pp. 929-945.
Teplova Asaturov JAES.pdf

6. Teplova T., Mikova E. (2015). New Evidence of Determinants of Price Momentum in the Japanese Stock Market. Research in International Business and Finance, №34. Pp. 84-109.

7. ARMA-DCC-GARCH model for the analysis of integration processes in the capital markets of the three regions
    Teplova Т., Asaturov K.
    XIV International Scientific Conference on Problems of Economy and Society Development / Editor: Е.G.Yasin. M.: Izdatelsky Dom of NRU HSE, 2013

8. Measures of Systematic Risk for Financial Assets with Non-normal Return Distribution: Evidence of Russia
    Teplova T., Shutova E.
    Collected Articles of New Bulgarian University "Corporate Finances", 2012, Sofia, p. 327-359.

9. A Higher Moment Downside Framework for Conditional and Unconditional CAPM in The Russian Stock Market,
    Teplova T.; Shutova E.
    Eurasian Economic Review, V 2 (Fall), 156-177
http://ssrn.com/abstract=1966343, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1996432

10. The Validity of the CAPM in the Russian and Kazakhstan Capital Markets with GLS risk measure, Conditional Meansemivariance and Higher-order Moments Specifications,
    Teplova T.; Mikova E.
    European Financial Management Symposium, RENMIN UNIVERSITY OF CHINA, BEIJING, CHINA

11. Comparing Risk Measures for Cross Section Return Explanation on Local Stock Markets of Transition Economies
    Teplova, T., Shutova E.
    Collected Articles of the 12th April International Academic Conference on Economic and Social Development, Moscow, 2011.

12. Discount factor in analyst’s notes in Russian capital market (37 analytical teams). Testing Predicted Beta with Liquidity Adjustment
Teplova T.
Vanguard Scientific Instruments In Management, Volume 3/2010, ISSN 1314-0582, 129-150
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1973691

Conferences

2020
33rd EBES Conference - Madrid (Мадрид). Presentation: Sentiment of Retail Investors on the Internet Anonymous Messengers in Explaining Differences in the Emerging Market Stock Characteristics
2018
31st IBIMA International Conference (Мадрид). Presentation: Ownership Structure and Obstacle to Finance under Control of Institutional Environment and Bond Market Development
2017
Second World Congress of Comparative Economics «1917 –2017: Revolution and Evolution in Economic Development» (St. Petersburg). Presentation: Foreign Direct Investment as a Driver of Macroeconomic Development and Accretion of Intellectual Capital
30th IBIMA International Conference (Мадрид). Presentation: Are Institutions a Driver or an Obstacle to Development of Local Currency Corporate Bond Markets?
2016
XVII Апрельская международная научная конференция по проблемам развития экономики и общества (Москва). Presentation: Сравнительная оценка эффективности привлечения средств эмитентами рублевых корпоративных облигаций
World Finance Conference (Нью-Йорк). Presentation: Momentum and Reversal Trading in Russian Stock Market: How to Limit Losses
2015
XVI Апрельская международная научная конференция по проблемам развития экономики и общества (Москва). Presentation: Decomposition of Cross-Sectional Momentum and Contrarial Strategy Returns: Behavior or Rational Explanation on Russia Capital Market
2014
World Finance & Banking Symposium (Сингапур). Presentation: Momentum effect on the Russian stock market. Whether emerging markets are not profitable for Momentum Strategies
XV Апрельская международная научная конференция по проблемам развития экономики и общества. Presentation: Анализ инвестиционной привлекательности развивающихся рынков корпоративных облигаций в национальной валюте
XV Апрельская международная научная конференция по проблемам развития экономики и общества. Presentation: Слияние РТС и ММВБ: комплексная оценка эффективности структурных изменений по параметрам макро- и микросреды
2013
Международная научная конференция "Европа и страны Азиатско-Тихоокеанского региона: проблемы взаимодействия" (Иркутск). Presentation: Взаимодействие ОЭСР, стран АТР, России в рамках интеграционных процессов на рынках капитала
Научно-практическая конференция «Актуальные проблемы развития финансового рынка России» (Москва). Presentation: Детерминанты доходности котируемых российских корпоративных облигаций
XI Международная конференция "Государственное управление: Российская Федерация в современном мире" (Москва). Presentation: Россия в мировом финансовом сообществе: присоединение России к ОЭСР. Нужны ли финансово- правовые ограничения на движение капитала?
IV Международная научно-практическая конференция «Современные финансовые рынки: стратегии развития» (Санкт-Петербург). Presentation: Либерализация движения капитала в рамках обязательств по присоединению к ОЭСР: нерешенные вопросы и последствия снятия ограничений на движение капитала
2011
Symposium Asian Financial Management (Пекин). Presentation: Pricing assets with systematic and intuitive risk measures: Evidence from the Russian and Kazakhstan stock markets

Participation in scientific seminars, conferences, symposiums

1. Teplova T. Assets pricing with Size, Value and Momentum Effects in The Tokyo Stock Exchange. - Conference on Finance and Banking, Indonesian Financial Management Association - Indonesia, 2013.

2. Teplova T., Sokolova T. Collaboration Among OECD, APR Countries And Russia Regarding Capital Markets Integration Processes. - Conference "Europe and Asia-Pacific Countries: Problems of Interaction" - European Union Center in Siberia & Irkutsk State University - Irkutsk, Russia, 2013.

3. Teplova T., Rodina V. Liquidity Component of the Equity Premium: The Case of the Russian Equity Market in the Crisis and Post- Crisis Period. - Conference of Eurasia Business and Economics Society - EBES - Ekaterinburg, Russia, 2013.

4. Teplova T., Sokolova T. Russia in World Financial Community: Russia Joining to OECD. Financial and Legal Restrictions on Capital Movement - Are They Necessary? - XI International Conference "Public Management - Russian Federation in the Modern World" - Moscow State University - Moscow, Russia, 2013.

5. Teplova Т., Asaturov K., Sukhorukova K. Volatility spillovers on different equity markets. - Conference of Eurasia Business and Economics Society - EBES - Warsaw, Poland, 2012.

6. Teplova T., Mikova, E. The Validity of the CAPM in the Russian and Kazakhstan Capital Markets with GLS risk measure, Conditional Meansemivariance and Higher-order Moments Specifications. - European Financial Management Symposium - Renmin University of China - Beijing, China, 2011.

7. Teplova T. Review of Dividend Policy on Russian Market and Determinants of Dividends. - ESSCO Seminar "Dividend Policy on Emerging Capital Markets" - Angers, France.

8. Teplova T. Revising analyst’s notes in Russian capital market (37 analytical teams, 288 researches). - UNIVERSITY FOR NATIONAL AND WORLD ECONOMY, 2010, Bulgaria.

Timetable for today

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Jun

2022

HSE Academic Council Meets for the Last Time This Academic Year

The meeting was held in person for the first time in over two years. It was attended by Sergey Kravtsov, Russian Minister of Education, and Dmitry Smyslov, Vice President of VK. The Council discussed HSE University’s breakthrough projects in engineering and artificial intelligence and elected new distinguished and tenured professors.

Apr

2021

The HSE Look April Issue

The second issue of 2021 presents interviews about knowledge production and exchange from various angles.

Dec

2020

Winners of the HSE International Laboratory Proposal Competition Announced

This year’s HSE competition for the creation of international laboratories which considered proposals for the period of January 1, 2021 – December 21, 2023, was conducted from June 15 to December 15, 2020.

Tamara Teplova

Education, Degrees and Academic Titles

Internships

Professional Interests

Awards and Accomplishments

Courses (2022/2023)

Courses (2021/2022)

Courses (2020/2021)

Courses (2019/2020)

Courses (2018/2019)