Elena V. Chirkova
- Associate Professor:Faculty of Economic Sciences / School of Finance
- Elena V. Chirkova has been at HSE since 2009.
Education and Degrees
- 1995
Candidate of Sciences* (PhD)
- 1989
Degree
Lomonosov Moscow State 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.
Student Term / Thesis Papers
- Bachelor
A. Emelkina «Long-Term Profitability of Investing in Stocks with Low Multipliers and Declining Prices on the Russian Stock Market». Faculty of Economic Sciences, 2018
L. Gubarev «Is Gordon's Formula Dead? the Modern Cross-Country Study». Faculty of Economic Sciences, 2018
V. Vakilova «Testing for the Investment Skills of the Russian Mutual Funds' Managers». Faculty of Economic Sciences, 2018
V. Guzey «Abnormal Return of Warren Buffett's Portfolio Investments and the Stock Market Efficiency». Faculty of Economic Sciences, 2017
M. Khodan «Testing for the Bubble in the Real Estate Market in Global Oil Capitals». Faculty of Economic Sciences, 2017
T. Chumachenko «Identification of China's Stock Market Bubble». Faculty of Economic Sciences, 2016
M. Shpynkovska «Analysis of a Real Estate Market Bubble in the Oil Capitals of the World During High Oil Prices Period». Faculty of Economic Sciences, 2016
I. Veremchuk «Creditors' Preferences During the Bankruptcy: a Formal Bankruptcy or Restructurisation (in the Context of OJSC Transaero Airlines' Failure)». Faculty of Economic Sciences, 2016
A. Moiseev «Dividend policy motives of the Russian public companies». Faculty of Economic Sciences, 2014
- Master
N. Zembekova «Anomalies in the Valuation of Companies With a Cross-listing: Evidence from Emerging Markets». Faculty of Economic Sciences, 2018
A. Mamakov «The Financial and Institutional Key Drivers of the Price Dynamics of the Russian Stock Market». Faculty of Economic Sciences, 2018
V. Bril «Modelling the Investment in Residential Estate with the Use of Mortgage». Faculty of Economic Sciences, 2018
V. Bril «Modelling the Investment in Residential Estate with the Use of Mortgage». Faculty of Economic Sciences, 2018
D. Volkov «Delisting of the Russian Stock Companies». Faculty of Economic Sciences, 2018
A. Mamakov «The Financial and Institutional Key Drivers of the Price Dynamics of the Russian Stock Market». Faculty of Economic Sciences, 2018
E. Busygina «Are the Long-term Strategies of Investment in Shares Less Risky?». Faculty of Economic Sciences, 2018
I. Kotova «How the Investors' Protection Rights Affect the use of Covenants While Issuing Eurobonds». Faculty of Economic Sciences, 2017
A. Parfenov «Сovenants` Impact in Corporate Bonds` Prospectuses on the Cost of Debt in BRICS Countries». Faculty of Economic Sciences, 2017
N. Melnik «Testing of the Performance of the Russian Pension Funds' Managers». Faculty of Economic Sciences, 2017
A. Marina «The Analysis of the Acquisition Premiums Paid by Warren Buffett for Public Companies». Faculty of Economic Sciences, 2017
M. Vavilova «The Key Drivers of the Target P/E Ratio of the Russian Stock Market». Faculty of Economic Sciences, 2017
E. Getopanov «The Effect of Liquidity and Solvency of the Issuer on the use of Covenants in Prospectuses of Corporate Bonds in BRISC Countries». Faculty of Economic Sciences, 2017
D. Ilyasov «Insider Trading Around Share Repurchases». Faculty of Economic Sciences, 2017
R. Bratsilo «The Effectiveness of the Low Multiples Strategy on the Russian Stock Market». Faculty of Economic Sciences, 2017
K. Novoselova «Stock Exchanges Requirements to Share Issuers as the Determinant of Companies' Value». Faculty of Economic Sciences, 2017
G. Gioev «The Choice of Peers for Valuation of Public Companies (the Case of Food Retail Companies from BRICS and MINT Countries)». Faculty of Economic Sciences, 2017
I. Menshikov «The Impact of Shareholders Conflict on Market Value of Company. Evidence from MMC Norilsk Nickel». Faculty of Economic Sciences, 2016
A. Karaseva «Testing for Excess Return by Replicating the Equity Portfolios of Financial Gurus». Faculty of Economic Sciences, 2016
T. Nguyen «A Testing of the Financial Sustainability of the Russian State Pension System in a Long Term». Faculty of Economic Sciences, 2016
A. Shumakov «Efficiency of Cross-border Acquisition Deals of Russian, Indian and Chinese Companies». Faculty of Economic Sciences, 2016
V. Imaev «Target P/E Ratio of Russian Market». Faculty of Economic Sciences, 2016
A. Nosova «Influence of Index of Economic Freedom and Cultural Distance on Likelihood of Cross-border M&A Deals of Russian Companies». Faculty of Economic Sciences, 2016
D. Valieva «The Influence of Motives of Share Repurchase on Market Reaction to the Repurchase Announcement in the Emerging Capital Markets». Faculty of Economic Sciences, 2016
Courses (2018/2019)
- Corporate Finance in International Companies (Bachelor’s programme; Faculty of World Economy and International Affairs; programme "World Economy"; 2 year, 1 module)Eng
- Insolvency and Restructuring of Business (Master’s programme; Higher School of Law; programme "Lawyer on the Global Financial Market"; 1 year, 3, 4 module)Rus
- Investment in Equities in Non-efficient Markets (Master’s programme; Faculty of Economic Sciences; programme "Strategic Corporate Finance"; 2 year, 1, 2 module)Rus
- Research Seminar "Empirical Corporate Finance" (Master’s programme; Faculty of Economic Sciences; programme "Strategic Corporate Finance"; 1 year, 1, 2 module)Eng
- Research Seminar "Empirical Corporate Finance 2" (Master’s programme; Faculty of Economic Sciences; programme "Strategic Corporate Finance"; 1 year, 3, 4 module)Eng
- Research Seminar "Finance and the Stock Market" (Bachelor’s programme; Faculty of Economic Sciences; programme "Economics"; 4 year, 1-3 module)Rus
- Research seminar Fundraising and Institutioanl Issues (Master’s programme; Faculty of Economic Sciences; programme "Strategic Corporate Finance"; 2 year, 1-4 module)Eng
- Past Courses
Courses (2017/2018)
- Corporate Finance in International Companies (Bachelor’s programme; Faculty of World Economy and International Affairs; programme "World Economy"; 3 year, 3, 4 module)Eng
- Investment in Equities in Non-efficient Markets (Master’s programme; Faculty of Economic Sciences; programme "Strategic Corporate Finance"; 2 year, 1, 2 module)Rus
- Research Seminar-1 (Master’s programme; Faculty of Economic Sciences; programme "Strategic Corporate Finance"; 1 year, 3, 4 module)Eng
- Research Seminar-2 (Master’s programme; Faculty of Economic Sciences; programme "Strategic Corporate Finance"; 1 year, 3, 4 module)Eng
- Research Seminar "Empirical Corporate Finance" (Master’s programme; Faculty of Economic Sciences; programme "Strategic Corporate Finance"; 1 year, 1, 2 module)Eng
- Research Seminar "Finance and the Stock Market" (Bachelor’s programme; Faculty of Economic Sciences; programme "Economics"; 4 year, 1-3 module)Rus
- Research Seminar "Venture Capital and IPOs" (Master’s programme; Faculty of Economic Sciences; programme "Strategic Corporate Finance"; 2 year, 1-4 module)Eng
Courses (2016/2017)
- Banking Systems (Master’s programme; Faculty of Economic Sciences; 1 year, 3 module)Eng
- Corporate Finance in International Companies (Bachelor’s programme; Faculty of World Economy and International Affairs; 3 year, 4 module)Rus
- Investment in Equities in Non-efficient Markets (Master’s programme; Faculty of Economic Sciences; 2 year, 1, 2 module)Rus
- Research Seminar-2 (Master’s programme; Faculty of Economic Sciences; 1 year, 3, 4 module)Eng
- Research Seminar "Empirical Corporate Finance" (Master’s programme; Faculty of Economic Sciences; 1 year, 1, 2 module)Eng
- Research Seminar "Finance and the Stock Market" (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 1-3 module)Rus
- Research Seminar "Venture Capital and IPOs" (Master’s programme; Faculty of Economic Sciences; 2 year, 1-4 module)Eng
- Research Seminar "Workshop on Corporate Finance" (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 1-3 module)Rus
Courses (2015/2016)
- Corporate Finance (Bachelor’s programme; Faculty of World Economy and International Affairs; spec. "World economy"; 3 year, 1, 2 module)Rus
- Investment in Equities in Non-efficient Markets (Master’s programme; Faculty of Economic Sciences; 2 year, 1, 2 module)Rus
- Investment in the shares on market inefficiencies (Master’s programme; Faculty of Economic Sciences; 2 year, 2 module)Rus
- Research Seminar "Empirical Corporate Finance" (Master’s programme; Faculty of Economic Sciences; 1 year, 1-4 module)Eng
- Research Seminar "Strategic Corporate Finance" (Master’s programme; Faculty of Economic Sciences; 2 year, 1-3 module)Rus
- Research Seminar "Workshop on Corporate Finance" (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 1-3 module)Rus
Courses (2014/2015)
- Corporate Finance (Bachelor’s programme; Faculty of World Economy and International Affairs; spec. "World economy"; 3 year, 3, 4 module)Rus
- Investment in Equities in Non-efficient Markets (Master’s programme; Faculty of Economic Sciences; 2 year, 1, 2 module)Rus
- Investment in the shares on market inefficiencies (Master’s programme; Faculty of Economic Sciences; 2 year, 1 module)Rus
- Research Seminar "Empirical Corporate Finance" (Master’s programme; Faculty of Economic Sciences; 1 year, 1-4 module)Rus
- Research Seminar "Strategic Financial Management in Knowledge Economy" (Master’s programme; Faculty of Economic Sciences; 2 year, 1-3 module)Rus
- Research Seminar "Workshop on Corporate Finance" (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 1-3 module)Rus
Courses (2013/2014)
- Investment Principles (Master’s programme; Faculty of Economic Sciences; 2 year, 1 module)Rus
- Research Seminar "Banking" (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 1-3 module)Rus
- Research Seminar "Empirical Corporate Finance" (Master’s programme; Faculty of Economic Sciences; 1 year, 1-4 module)Rus
- Research Seminar "Workshop on Corporate Finance" (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 1-3 module)Rus
- Valuation of the Company (Master’s programme; Faculty of Economic Sciences; spec. "Финансовые рынки"; 2 year, 2 module)Rus
Courses (2012/2013)
- Business Valuation (Advanced Level – Business Valuation-2) (Master’s programme; Faculty of Economic Sciences; 1 year, 3, 4 module)Eng
- Corporate Valuation (Master’s programme; Faculty of Economic Sciences; spec. "Финансовые рынки"; 2 year, 2 module)Rus
- Investment principles (Master’s programme; Faculty of Economic Sciences; 1 year, 3, 4 module)Rus
- Research Seminar "Empirical Corporate Finance" (Master’s programme; Faculty of Economic Sciences; 1 year, 1-4 module)Rus
- Research Seminar "Strategic Financial Management in Knowledge Economy" (Master’s programme; Faculty of Economic Sciences; 2 year, 1-3 module)Rus
Courses (2011/2012)
- Applied Corporate Finance (Master’s programme; Faculty of Economic Sciences; 2 year, 2 module)Rus
- Research Seminar "Strategic Financial Management in Knowledge Economy" (Master’s programme; Faculty of Economic Sciences; 2 year, 2, 4 module)Rus
- Valuation of the company (Master’s programme; Faculty of Economic Sciences; spec. "Финансовые рынки"; 2 year, 2 module)Rus
Courses (2010/2011)
- Advanced Business Valuation (Master’s programme; Faculty of Economic Sciences; 1 year, 2 semester)Rus
- Applied Corporate Finance (Master’s programme; Faculty of Economic Sciences; 2 year, 1 semester)Rus
- Business Valuation 2 (Master’s programme; Faculty of Economic Sciences; 1 year, 2 semester)Rus
- Research Seminar "Corporate Financial Policy" (Master’s programme; Faculty of Economic Sciences; 1 year, 2 semester)Rus
- Research Seminar "Strategic Financial Management in Knowledge Economy" (Master’s programme; Faculty of Economic Sciences; 2 year, 1, 2 semester)Rus
Editorial board membership
2007: Member of the Editorial Board, Корпоративные финансы (Journal of Corporate Finance Research).
Publications43
- Book Чиркова Е. В. От золотого тельца до "Золотого теленка". Что мы знаем о литературе из экономики и об экономике из литературы. М. : АСТ Corpus, 2018.
- Preprint Чиркова Е. В. How Institutions Affect Development in Resource-Based Countries / Moscow Carnegie Center. Серия нет "нет ". 2017.
- Preprint Чиркова Е. В. Влияние институтов на развитие ресурсных экономик / Moscow Carnegie Center. Серия нет "нет". 2017.
- Article Чиркова Е. В., Петров В. В. Диагностирование инсайдерской торговли акциями и депозитарными расписками российских компаний // Экономический журнал Высшей школы экономики. 2017. Т. 21. № 3. С. 482-514.
- Book Чиркова Е. В. Как оценить бизнес по аналогии: Пособие по использованию сравнительных рыночных коэффициентов. М. : Альпина Паблишерз, 2017.
- Article Чиркова Е. В., Веремчук И. А. Предпочтения кредиторов в ходе банкротства: формальное банкротство или реструктуризация (пример компании «Трансаэро») // Российский журнал менеджмента. 2017. № 2. С. 225-248. doi
- Article Чиркова Е. В., Валиева Д. А., Меньшиков Ю. С., Носова А. О. Реструктуризации долга российскими металлургическими компаниями в кризис 2008 года // Экономическая политика. 2017. № 3. С. 174-209. doi
- Book Chirkova E. V. The Warren Buffett Philosophy of Investment: How a Combination of Value Investing and Smart Acquisitions Drives Extraordinary Success. NY : McGraw-Hill Education, 2015.
- Article Чиркова Е. В., Петров В. В. Диагностирование инсайдерской торговли в период конфликта акционеров ОАО «ВымпелКом» в 2005—2013 годах // Экономическая политика. 2015. Т. 10. № 2. С. 151-173.
- Article Чиркова Е. В., Петров В. В. Диагностирование инсайдерской торговли в период перед случаями административного давления на бизнес // Корпоративные финансы. 2015. Т. 4. № 36. С. 51-71.
- Article Агамян Г. Р., Чиркова Е. В. Инсайдерская торговля на российском фондовом рынке перед объявлением о сделках по слияниям и поглощениям // Экономический журнал Высшей школы экономики. 2015. Т. 19. № 3. С. 395-422.
- Article Чиркова Е. В., Мороз И. В., Дранев Ю. Я. Влияние конфликта акционеров на рыночную стоимость компании на примере ОАО «Вымпелком» // Корпоративные финансы. 2014. Т. 4. № 32. С. 101-127.
- Article Чиркова Е. В., Тихонов А. А. Диагностирование пузыря на рынке акций российских телекоммуникационных компаний в конце 1990-х годов // Корпоративные финансы. 2014. № 2(30). С. 34-53.
- Article Чиркова Е. В. Являлось ли падение российского фондового рынка в 2008 году коррекцией пузыря? // Экономическая политика. 2014. № 3. С. 93-115.
- Article Чиркова Е. В., Суханова М. С. Влияние прогнозов финансовых результатов публичной компании на рыночную стоимость и волатильность ее акций на российском фондовом рынке // Корпоративные финансы. 2013. № 4. С. 46-62.
- Article Чиркова Е. В., Чувствина Е. В. Краткосрочная реакция рынка на трансграничные приобретения российских металлургических компаний // Экономический журнал Высшей школы экономики. 2013. № 1. С. 152-170.
- Article Chirkova E. V. Why is that I am not Warren Buffett? // American Journal of Economics. 2012. Vol. 2. No. 6. P. 115-121.
- Article Чиркова Е. В., Озорнина О. В. Кто обыгрывает рынок в России? // Корпоративные финансы. 2012. № 2. С. 5-23.
- Article Чиркова Е. В. Предпосылки возникновения финансового пузыря // Финансы: теория и практика. 2012. № 1. С. 79-87.
- Article Чиркова Е. В., Петров И. С. Системы вознаграждения высшего менеджмента компаний (на примере акций) // Экономическая политика. 2012. № 5. С. 122-138.
- Article Чиркова Е. В. Эффективность дополнительных размещений акций / Перев.: А. Р. Токтоналиев // Корпоративные финансы. 2012. № 4. С. 32-45.
- Article Чиркова Е. В. "За" и "против" регулирования пузырей монетарными методами // Корпоративные финансы. 2011. № 2(18). С. 24-32.
- Article Чиркова Е. В. За и против регулирования финансовых пузырей монетарными методами // Корпоративные финансы. 2011. № 2. С. 24-32.
- Article Чиркова Е. В. Использование рыночных мультипликаторов для диагностирования наличия финансового пузыря на фондовом рынке // Финансы: теория и практика. 2011. № 2-3. С. 23,37-39,47.
- Article Чиркова Е. В., Каравай А. Кризисные инвестиции суверенных фондов в западные финансовые институты: кто кого? // Рынок ценных бумаг. 2011. № 12
- Article Чиркова Е. В., Чувствина Е. В. Реакция рынка на объявление о приобретении компаний открытого и закрытого типов // Корпоративные финансы. 2011. № 3. С. 30-43.
- Article Кокорев Д. А., Чиркова Е. В. «Народные» IPO на растущих рынках капитала // Экономический журнал Высшей школы экономики. 2010. Т. 14. № 2. С. 139-159.
- Article Чиркова Е. В. Возможно ли научное объяснение феномена Уоррена Баффета? // Мировая экономика и международные отношения. 2010. № 9. С. 14-22.
- Article Чиркова Е. В. Психологические теории группового поведения и их применимость для объяснения стадного поведения на финансовых рынках // Корпоративные финансы. 2010. № 1(13). С. 74-83.
- Article Чиркова Е. В. Размышление экономиста по мотивам "Глэм-капитализма" // Вестник Российского государственного гуманитарного университета. Серия: Вопросы образования. Языки и специальность. 2010. № 6. С. 241-248.
- Article Чиркова Е. В. Социологические и экономические теории группового поведения и их применимость для объяснения стадного поведения на финансовых рынках // Корпоративные финансы. 2010. № 2(14). С. 16-26.
- Article Козлов Д. А., Чиркова Е. В. Сохранение контроля над публичной компанией через выпуск акций с разными правами голоса. «За» и «против» избыточных прав на контроль // Корпоративные финансы. 2009. Т. 10. № 2. С. 88-111.
- Book Чиркова Е. В. Как оценить бизнес по аналогии: Использование сравнительных коэффициентов в оценке. М. : Альпина Бизнес Букс, 2008.
- Article Чиркова Е. В. Феномен Уоррена Баффетта с позиций совмеменной финансовой теории, или роль имиджа в его инвестиционной стратегии // Корпоративные финансы. 2008. Т. 5. № 1. С. 34-48.
- Article Чиркова Е. В. Феномен Уоррена Баффетта с позиций современной финансовой теории, или роль имиджа в его инвестиционной стратегии // Корпоративные финансы. 2008. № 5
- Book Чиркова Е. В. Философия инвестирования Уоррена Баффетта, или О чем умалчивают биографы финансового гуру. М. : Альпина Бизнес Букс, 2008.
Employment history
The Bank of Moscow, the Head of the Department of the Strategic Equity Investment, 2008–2009
Rothschild Investment bank, advisor, 2007
Deloitte, senior manager, director, the head of the mergers and acquisitions group, 2002–2006
Troika Dialog investment company, consultant, vice-president of the Investment Banking Department, 1998–2002
Harvard University, Department of Economics, visiting scholar, 1997
RINACO asset management company, the CEO, 1996
The Center for Foreign Investment and Privatization and its subsidiary Centerinvest SMK, manager of the Corporate Finance Department, 1991–1996
'We Follow the Traditions and Standards of the Best Business Schools'
In 2016, the Strategic Corporate Finance (SCF) programme is celebrating its 10th anniversary and is becoming fully English-taught. Anastasia Stepanova, a graduate of the programme and its current academic director, told us about the unique features of studying in the programme.
American Publisher Releases Book on Warren Buffet by HSE Associate Professor
Associate Professor in the HSE Faculty of Economics (School of Finance) Elena Chirkova’s book The Warren Buffett Philosophy of Investment: How a Combination of Value Investing and Smart Acquisitions Drives Extraordinary Success has just been published in the U.S. and U.K. by McGraw-Hill Professional, an American publisher. In a recent interview with the HSE news service, Professor Chirkova spoke about why she wrote it.
