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O. A. Zamulin
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Irina V. Ivashkovskaya

  • Tenured Professor (2011)
  • Member of the HSE Academic Council
  • Irina V. Ivashkovskaya has been at HSE since 2001.

Education, Degrees and Academic Titles

  • 2011

    Doctor of Sciences* in Economics and National Economy Management
    Financial University under the auspices of the RF Government

  • 2010
    Professor
  • 2010

    Doctor of Sciences* in Finance, Monetary Circulation and Credit
    Financial University under the auspices of the RF Government

  • 1993
    Associate Professor
  • 1980

    Candidate of Sciences* (PhD) in International Economics
    Lomonosov Moscow State University

  • 1975

    Diploma
    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

  • London School of Economics and Political Science (2000, 2004,2005); 
  • University of Paris 1 Pantheon-Sorbonne; Paris 12 Val de Marne University; 
  • University of Amsterdam, Netherlands (2006, 2011)
  • London City university (1995)

Areas of Professional Interests

  • Corporate finance
  • Valuation
  • Value based management in knowledge economy
  • Strategic Corporate finance

International Projects

  • 2000-2003 Lecturer, vice- head of the Russian-Canadian project in corporate governance (York university, Schulich Business School, Canada)
  • 2000-2001 Leading lecturer and local consultant in two cycles of the World Bank Institute programme ‘Corporate governance and business ethics', Vienne, Austria
  • 1993-2001 Leading lecturer and coordinator of a 3-week module course in Accounting and Financial Analysis in the World Bank Institute programme ‘Introduction to Market Economy'. Read courses of lectures and prepared educational materials and examination tests in 13 World Bank Institute Center programmes, Moscow, Tashkent and Prague
  • 1995 Leading lecturer in the Accounting and Corporate Finance programme of the World Bank Institute, Beijing (China)
  • 2000 Leading lecturer in the ‘Corporate Finance' programme of the World Bank Institute for the members of the central economic agencies  of Asian CIS in Bishkek (Kirgizstan), and Alma Aty, Kazakhstan
  • 1999 Local consultant in the World Bank Institute programme ‘Distant Learning in Corporate Management', Austria
  • 1999 Leading lecturer and local consultant in the World Bank Institute programme ‘Corporate Management', Austria
  • 1997 Co-director and lecturer in the World Bank Institute programme ‘Financial and Industrial Corporate Groups in Transition Economies', Moscow - Vienne
  • 1996 Co-director and lecturer in the World Bank Institute programme ‘Transformation of enterprises under privatization', Washington DC, USA
  • 1996 Co-director and lecturer in the World Bank Institute programme ‘Private sector development in transition economies', Bishkek (Kirgizstan)
  • 1996 Co-director and lecturer in the World Bank Institute programme ‘International standards of financial accounting and financial analysis', Bishkek (Kirgizstan)
  • Lectures on company value management in the World Bank programme

Awards and Accomplishments

Best Teacher – 2016, 2015

Student Term / Thesis Papers

Full list of of student term / thesis papers

Courses (2017/2018)

Courses (2016/2017)

Courses (2015/2016)

Courses (2014/2015)

Courses (2013/2014)

Courses (2012/2013)

Courses (2011/2012)

Courses (2010/2011)

Editorial board membership

2008: Editor-in-chief, Корпоративные финансы (EJournal of Corporate Finance).

Publications12

Books12

Articles and book chapters74


Publications

 

 

Monographs

 

 

  • Ivashkovskaya I.V., Stepanova A.N., Kokoreva M.S. Firm's Financial Architecture: Empirical studies in developed and emerging markets. - M.: INFRA-M, 2013.
  • Corporate financial decisions. An empirical analysis of Russian companies (corporate financial decisions in emerging capital markets): Monograph / under scientific. Ed. IV Ivashkovskaya. Chap. 1 "The determinants of capital structure in emerging markets", Ch. 2 "The motives of choice of capital in emerging markets" (in co. Kokoreva MS), ch. 6 "Financial Architecture in Emerging Capital Markets", Ch. 7 "Corporate financial architecture and strategic performance of the company: a comparative analysis of companies in Russia, Eastern and Western Europe" (co-author. With AN Stepanova), Ch. 8 "Corporate governance and strategic performance of Russian companies." - Moscow: INFRA-M, 2011.
  • Impact of corporate financial architecture of the strategic performance (in collaboration). In.: New trends in the development of the Russian model of corporate governance: the post-crisis lessons and conclusions. – Yekaterinburg. Ural Acad. State. Econ. University Press, 2011. B. 1. - Pages 85-98.
  • Modeling company’s value. Strategic responsibilities of boards of directors. - Moscow: INFRA-M, 2009. 430 p.
  • Measuring Corporate Strategies. Stakeholder Approach. - Moscow: INFRA-M, 2008.
  • Corporate Governance and Sustainable Business Development: the strategic role of boards of directors. - Moscow: Europe, 2008. Scientific editing.
  • Capital structure and potential for value creation in Russian companies: an empirical analysis (in collaboration). In: Financial Technologies in Management. – Moscow. MAKS Press, 2008. Ed Bobyleva A.Z. Pp. 0.7.
  • Technology Transfer: dependency or cooperation? – Moscow. Moscow State University Press, 1991.


Articles

 

  • Ivashkovskaya I., Dyachenko K. The use of market expectations in management of Russian companies // Journal of Corporate Finance Research. 2013. No. 4 (28). P. 79–90.
  • Ivashkovskaya I.V. Stepanova A. N., Financial Architecture and Economic Profit Creation in Russia: Corporate Governance in the Pre-Crisis and Post-Crisis Economy. October 2012. SSRN Working Paper. Available at SSRN: http://ssrn.com/abstract=2160879
  •  Ivashkovskaya I.V. Partin I.M. Skurikhina A.A. The Determinants of Strategic Bank Performance in Emerging Markets. Electronic journal "Corporate Finance", 2012, № 3 (23). Pages 5-21. http://ecsocman.hse.ru/hsedata/2012/12/19/1303678332/cfj23_5_21_Ivashkovskaya_Partin_Skourihina_.pdf
  • Ivashkovskaya I.V. Stakeholder Approach to Value-Based Management. Electronic journal "Corporate Finance", 2012. № 1 (21). Pages 14-23. http://ecsocman.hse.ru/hsedata/2012/05/22/1253936367/cfj_21_14_23_ivashkovskaya_.pdf
  • Ivashkovskaya I.V., Kokoreva M.S. Is the policy of funding an instrument of company’s value? Empirical research on these companies in Central and Eastern Europe. In the book.: XII International Academic Conference on Economic and Social Development. In four books. Book 4. Moscow: HSE, 2012. Pages 49-56.
  • Ivashkovskaya I.V., Kukina E.B, Stepanova A.N. Corporate financial architecture impact on economic benefit: an empirical study of Russian companies in crisis and pre-crisis period. In the book.: XII International Academic Conference on Economic and Social Development. In four books. Book 4. Moscow: HSE, 2012. Page 39-48.
  • Ivashkovskaya I.V., Kokoreva M.C., Kadurov A.A. The interaction of corporate and macroeconomic determinants of financing policy in emerging capital markets. In the book.: XIII International Conference on Economic and Social Development. Moscow: Publishing House, HSE, 2012. Pages 499-508.
  • I.Ivashkovskaya, A.Stepanova. Does strategic corporate performance depend on corporate financial architecture? Empirical study of European, Russian and other emerging market’s firms. Journal of Management & Governance: Volume 15, Issue 4 (2011), Pages 603-616.
  • I.Ivashkovskaya, M.Kokoreva. Capital Structure Policy in Central Europe and BRIC: Interaction of Internal determinants and Macroeconomic Factors. Proceedings of the 19th Annual Conference on Marketing an Business Strategies for Central&Eastern Europe.Institute for Export Management. Vienna University of Economics and Business. 2011. Pages 173-202.
  • I.Ivashkovskaya, S.Grigorieva. The Impact of Mergers and Acquisitions on Company Performance Evidence from Emerging Capital markets form Europe.Proceedings of the 19th Annual Conference on Marketing an Business Strategies for Central&Eastern Europe.Institute for Export Management. Vienna University of Economics and Business. 2011. Pages 159-172.
  • Ivashkovskaya I.V. Incorporating Stakeholder Approach into Financial Analysis: The Harmonized Firm. "Corporate Finance". 2011. № 3 (19). Pages 59-70.  http://ecsocman.hse.ru/hsedata/2011/11/07/1272283128/CFJ19_59_70_Ивашковская_.pdf
  • Ivashkovskaya I.V., Kokoreva M.S. Is financing policy an instrument of the value creation in the company? Empirical research of companies in Central and Eastern Europe. (Russian). Collection of Articles XII International Academic Conference on Economic and Social Development, 2011. http://www.hse.ru/pubs/lib/data/access/ticket/136238521046223291347c4e8ee5c43cb70f8ae285/Ивашковская-Кокорева-Является.pdf
  • Ivashkovskaya I.V., Grigorieva S.A. Performance of international mergers and acquisitions from emerging capital markets: an empirical analysis (Russian). Collection of up to XI International Academic Conference on Economic and Social Development, Moscow, April 6-8, 2010., 2011. T. 3. Pages 532-543.
  • Ivashkovskaya I.V., Kokoreva M.S. Empirical analysis of the capital structure of medium-sized Russian companies. (Russian). In.: A collection of papers on the results of the XI International Academic Conference on Economic and Social Development. Moscow. Publishing House of the Higher School of Economics, 2011.
  • Ivashkovskaya I.V., Aleskerov F.T., Belousova V.Y., Pogorelsky K.B., Stepanova A.N. Analysis of efficiency frontier  and distribution of  power between shareholders of the bank. (in Russian). Management of the credit institution. - M., 2010. - № 2 (54). - Pages 49-64. № 3 (55) – Pages 30-38.
  • Ivashkovskaya I.V. Economic Profit Models and Control of Value Creation: Trade-offs in Research. "Corporate Finance: the electronic magazine", 2010. - № 13. - Pages 39-61. http://ecsocman.hse.ru/hsedata/2010/12/31/1208184801/Vypusk13_Ivashkovskaya_39_61.pdf
  • Ivashkovskaya I.V. The financial model analysis of the company - the basis of the decision-making in the board room. Evaluation, 2010 - № 1. – Pages 80-85.
  • Ivashkovskaya I.V., Penkina I.V., Kukina E.B. Economic value added. Concepts. Approaches. Instruments (Russian). Electronic Journal of Corporate Finance, 2010. № 2 (14). Pages 103-108. http://ecsocman.hse.ru/hsedata/2010/12/31/1208184587/Выпуск14_i_k_p_103_108.pdf
  • Ivashkovskaya I.V. Assessment of the sustainability of corporate growth: Stakeholder Approach (Russian). Finance and Credit, 2010. Number 43. Pages 45-60.
  • Ivashkovskaya I.V., Stepanova A.N. Is the optimal financial architecture of the company possible? Comparative analysis of companies in Europe, Russia and other countries with emerging capital markets. X International Conference on Economic and Social Development. In three books. Executive editor of EG Yasin. - Moscow: Publishing House of the State University - Higher School of Economics, 2010. - Page 329-338.
  • Ivashkovskaya I.V., Makarov P.V. Do Companies From Emerging Markets Follow Classic Theories of Capital Structure Choice? Empirical Study on Companies From Central and Eastern Europe (Russian). Electronic Journal of Corporate Finance, 2010. № 3 (15). Pages 47-62. http://ecsocman.hse.ru/hsedata/2010/12/31/1208183636/CF_15_pages47_62_ivashkovskaya_makarov.pdf
  • I.Ivashkovskaya, A.Stepanova. Does strategic corporate performance depend on corporate financial architecture?  Empirical study of European, Russian and other emerging market’s firms. Journal of Management and Governance. Online – First. http://dx.doi.org/[DOI 9132], 2010 – February.
  • Ivashkovskaya I.V. Stakeholder Value based Corporate Governance Model.  Bulletin of the Finance Academy. - M., 2010. - № 2 (56). - Pages 29-35.
  • I.Ivashkovskaya, M.Kokoreva. Capital Structure Choice in BRIC: Do Russian, Brazilian and Chinese Firms Follow Pecking Order or Trade - Off Logic of Financing? Business Strategies and Technological Innovations for Sustainable Development: Creating Global Prosperity for Humanity. Global Business and Technology Association Eleventh International Conference Readings Book. Edited by N. Delener, L.Fuxman, F.V.Lu, A.Putnova, L.E.Rivera-Solis. N.Y., 2009. P. 572-580.
  • I.Ivashkovskaya, S.Shamraeva. Corporate Diversification Effect on Firm Value in Emerging Markets: Evidence from Group of BRIC Countries. Business Strategies and Technological Innovations for Sustainable Development: Creating Global Prosperity for Humanity. Global Business and Technology Association Eleventh International Conference Readings Book.Edited by N.Delener, L.Fuxman, F.V.Lu, A.Putnova, L.E.Rivera-Solis. N.Y., 2009. P.565-571.
  • Ivashkovskaya I.V., Shamraeva S.A., Grigoriadi E.E. An empirical analysis of the effectiveness of corporate diversification in emerging capital markets. Economic Journal of the Higher School of Economics. Volume 13. - M., 2009. - № 3. - Pages 360-382.
  • Ivashkovskaya I.V., Kokoreva M.S. The choice of capital structure by large Russian companies. Modernization of the economy and social development: in 3 books. Otv. Ed. E.G. Yasin, Gos. Univ - Higher School of Economics. - M.:. House HSE, 2009. – P. 155-163.
  • Ivashkovskaya I.V., Stepanova A.N. Financial architecture of the firm: ownership structure and corporate performance in emerging capital markets. Modernization of the economy and social development: in 3 books. Otv. Ed. E.G. Yasin, Gos. Univ - Higher School of Economics. - M. House HSE, 2009. – P. 180-187.
  • Ivashkovskaya I.V., Kokoreva M.S. Determinants of strategic financing decisions of large companies in emerging capital markets: the case of Russia, Brazil and China. Russian Management Journal. Volume 7. - M., 2009. - № 1. - Pages 25-42.
  • Ivashkovskaya I.V., Stepanova A.N. Ownership structure and its impact on strategic performance of companies. Finance and Business. - M., 2009. - № 3. - Pages 1-22.
  • Ivashkovskaya I.V., Zhivotova E.L. The Index of Sustainability of Growth: an empirical validation on the data of Russian companies. Bulletin of St. Petersburg University. «Management». - M., 2009. Issue 4. - Pages 3-29.
  • Ivashkovskaya I.V. The influence of corporate governance on strategic corporate performance in Russia. Finance and Credit. - M., 2009. - № 8 (384). - Pages 21-28.
  • Ivashkovskaya I.V. Kuznetsov .IA. Methods of adjustments of market multiples for country risk: an empirical investigation. Audit and financial analysis. 2008. № 5. Volume: Pp. 2
  • Ivashkovskaya I.V. Sustainability of corporate growth: the financial approach. Russian entrepreneurship . 2008. №3.
  • Ivashkovskaya I.V. The problem field of corporate governance research: ideas and results. Economic science  of contemporary Russia. 2008. № 4.
  • Ivashkovskaya I.V., Pirogov N.K. Financial analysis of the quality of growth of Russian companies. Audit and financial analysis. 2008. № 6.
  • Ivashkovskaya I.V., Solntseva M.S. The capital structure of Russian companies as a strategic decision. Bulletin of St. Petersburg University. A series of management. 2008. Number 3. - "Bulletin of St. Petersburg University. Management Series ", 2008, № 3.
  • Ivashkovskaya I.V. Strategic monitoring of stakeholder value creation. Journal of Finance Academy. 2008. № 3.
  • Ivashkovskaya I.V. Model of strategic value based analysis of the company.  Economics of contemporary Russia. 2008. № 3.
  • Ivashkovskaya I.V., Raschupkin A. Osipov, J. Boards of directors and corporate performance in transition economies: a study based on the rating of the RID-EXPERT RA. In: Corporate Governance and Sustainable Business Development: the strategic role of boards of directors Moscow: Europe, 2008.
  • Ivashkovskaya I.V., Stepanova A.N. The influence of ownership structure on corporate performance in a emerging capital market. In: Corporate Governance and Sustainable Business Development: the strategic role of boards of directors Moscow: Europe, 2008.
  • Ivashkovskaya I.V. Problem of transformation analysis and assessment of activity of Russian companies in the transition to an innovative type of economy. In: Proceedings of the meeting of the Russian Research Economic "Problems of modernization of the economy and economic policy in Russia. The economic doctrine of the Russian Federation, "Moscow: Scientific Expert, 2008.
  • Ivashkovskaya I.V. The development of strategic financial analysis of the company: the principles, objectives and instruments. In: Corporate Finance: Prospects and Reality. Strategic financial solutions companies Moscow: TEIS, 2008.
  • I.V.Ivashkovskaya. The Strategic Role of Boards of Directors: Empirical Analysis of Corporate Governance and Value Creation in Russian Firms – The Canadia –Russia Corporate Governance Program, 2000-2006. History, Papers, Cases and Prospects. Edited by J.Gilles. Toronto, Schulich Business School, 2008. Coauthor - Settles A.
  • I.V.Ivashkovskaya. The Effect of Corporate Life Cycle on Corporate Governance - The Canadia – Russia Corporate Governance Program, 2000-2006.History, Papers, Cases and Prospects. Edited by J.Gilles. Coauthors - Konstantinov G., Filonovich S.
  • Boards of Directors and the strategic performance of Russian firms. - "Problems of the theory and practice of management." 2007, № 8 (co-authored).
  • Ivashkovskaya I.V., Zaporozhky A.I. Performance measurement of Russian companies in value based management approach: modified cash value added (MCVA). Audit and financial analysis. - M., 2007. - № 6. - Pages 211-223.
  • Ivashkovskaya I.V. Financial measures of corporate strategies. Audit and financial analysis. - M., 2007. - № 5. - Pages 150-163.
  • Ivashkovskaya I.V. The role of intellectual capital in value creation of large Russian companies. Journal of Finance Academy. - M., 2007. - № 4 (44). - Pages 53-62.
  • Value based Management: Challenges for Russian management. - "Russian Management Journal", 2004, № 4. Pages 113-132.
  • Formation of corporations in the context of the life cycle of the organization. "- "Russian Management Journal", 2004, № 4, p.19-34, co-contribution.
  • Preface to the Russian edition of the book: C.Walsh "Key Management Ratios. How to compare and control the factors that determine the value of the company. "Moscow. The "case". 2000.
  • Ivashkovskaya I.V. Restructuring of the financial system of Russia as a condition for the transition to economic growth. Restructuring of Russia's financial system as a condition for the transition to economic growth: Recommendations of the International Scientific and Practical Conference. Moscow, April 27-28, 1999. Ed. Rybin V. - Moscow: Dialog-MGU, 1999. – P.29.
  • Strategic approach to the financial management of large companies: International Experience and Russian problem. "- An article in the journal "Bulletin of Moscow State University. Series Economy ". 1999.
  • Preface to the Russian edition of the book: L.Gitman, M.Jonk "Investing Basics" M., "Business", 1997.

 

 

 

Timetable for today

Full timetable

Joint Department with Deloitte Opens at HSE

With the Joint Department with Deloitte, the HSE School of Finance now has joint departments with all of the Big Four audit and consulting firms.

Intangible Assets are More Important Than Tangibles

The HSE School of Finance recently held a roundtable discussion dedicated to public non-financial reporting. The keynote presentation was delivered by Stefano Zambon, Professor at the University of Ferrara (Italy), who is also the Chairman of the World Intellectual Capital Initiative (WICI), a global network engaged in the systematization and dissemination of information on the intellectual capital indicators and modes for presenting it in non-financial reporting.

XVIII April Conference to Discuss ‘Hidden Champions’, Building Social Networks, and the Economics of Sport

From April 11 to 14, HSE is holding its XVIII April International Academic Conference on Economic and Social Development. Conference Programme Committee members Fuad Alekserov and Andrei Yakovlev discuss the key themes and main reports that will be presented at the conference. This conference will draw around 2,000 people, including 200 international participants.

Interest in Intellectual Capital and Intangibles Is Present in All Countries

The 12th Annual International Workshop ‘Intangibles, Intellectual Capital and Extra-Financial Information’ was held at HSE St Petersburg last week. This is an established event that many academics and practitioners in the area of intellectual capital and intangibles know about due to its high credibility. Most of the relevant people in this field have participated in the workshop throughout the years.

Intellectual Capital to Be Discussed at HSE St. Petersburg

The 12th Annual International Workshop ‘Intangibles, Intellectual Capital and Extra-Financial Information’ will take place from September 22 – 23, 2016, at HSE’s campus in St. Petersburg. The workshop is being organized by the European Institute for Advanced Studies in Management (EIASM) in conjunction with HSE and the University of Ferrara. This event will be a new step in the long history of this forum, which is aimed at academic exchange of theoretical and empirical qualitative and quantitative research regarding intellectual capital.

Faculty of Economics Undergraduate Programmes Get ACCA Accreditation

Thanks to this accreditation, future graduates of the HSE undergraduate programmes in Economics and Economics & Statistics will no longer have to sit the exams necessary to obtain an Association of Chartered Certified Accountants (АССА) qualification.

'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.

Intellectual Capital: Measurement and Management

During the XVI April International Academic Conference HSE held a joint session on Intellectual Capital of Companies together with the European Institute of Advanced Studies in Management (Brussels). During this session, Professor Zambon of the University of Ferrara gave a keynote lecture and participated in round-table discussions on various problems associated with intellectual capital and intangible assets.

New Steps in Intellectual Capital Research

Several events related to the research and measurement of intellectual capital and their application in Russian business took place as part of the 16th HSE April Conference on Economic and Social Development.

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.

Cooperation with Moscow Set to Develop 

A meeting has taken place between members of the finance department at HSE St. Petersburg and the Head of the School of Finance at HSE, tenured professor, Irina Ivashkovskaya.

HSE on Coursera: This is only the start

The 11 educational courses completed in the first year of HSE's cooperation with Coursera won an audienec of 300,000. The courses' lecturers talked about how they succeeded in doing this at a round table at HSE.

Intellectual Capital

The 9th interdisciplinary workshop on intangibles, intellectual capital and extra-financial information was held at the Copenhagen Business School at the end of September. It was organized by EIASM (the European Institute for Advanced Studies in Management). Mariya Molodchik, Associate Professor of the Laboratory of Interdisciplinary Empirical Studies HSE Perm told about the event.