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Address: 11 Pokrovsky Bulvar, Pokrovka Complex, room T407
SPIN-RSCI: 2214-8791
ORCID: 0000-0002-1312-9976
ResearcherID: K-5077-2015
Scopus AuthorID: 56030567300
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S. E. Pekarski
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Tamara Teplova

  • Tenured Professor (2022)
  • Tamara Teplova has been at HSE University since 1993.

Education, Degrees and Academic Titles

  • 2011
  • 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

    Lomonosov Moscow State University

  • 1985

    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.


  • 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

  • Winner of the HSE University Best Russian Research Paper Competition – 2023

Courses (2023/2024)

Courses (2022/2023)

Courses (2021/2022)

Courses (2020/2021)

Courses (2019/2020)


Other publications78


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

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



  • 2023

    XXIV Ясинская (Апрельская) международная научная конференция по проблемам развития экономики и общества (Москва). Presentation: Искусственный интеллект в прогнозировании движения цен акций российского рынка: дополнение технических индикаторов авторскими метриками внимания инвесторов и дивергенции мнений в мессенджерах и социальных сетях

  • XXIV Ясинская (Апрельская) международная научная конференция по проблемам развития экономики и общества (Москва). Presentation: Анализ нелинейных эффектов воздействия сентимента инвесторов на доходность NFT-активов

  • 19-я Международная научная конференция ASECU «Приоритеты и вызовы экономического развития» (Ереван). Presentation: ESG and Russian Company-Specific Risk: Evidence from Explainable AI Models
  • World Finance Conference 2023 (Кристиансанн). Presentation: Nonlinear Intraday Trading Invariance in the Russian Stock Market
  • 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

Full timetable

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.

The HSE Look April Issue

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

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.