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Regular version of the site
Language Proficiency
Address: 119049, Russian Federation, Moscow, 26 Shabolovka St., Office 2110
ORCID: 0000-0003-2274-189X
ResearcherID: M-8670-2015
Scopus AuthorID: 55471176500
Google Scholar
Consultation hours
12.00 - 15.00 , Saturday (upon request)
S. B. Avdasheva
F. T. Aleskerov
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Henry I. Penikas

  • Henry I. Penikas has been at HSE since 2005.

Education and Degrees

  • 2014

    Degree in Credit Risk Modeling
    Centro de Estudios Monetarios y FInancieros (CEMFI), Summer school

  • 2013

    Degree in Banking Theory and Regulation
    Centro de Estudios Monetarios y FInancieros (CEMFI), Summer school

  • 2011

    Candidate of Sciences* (PhD)

  • 2011

    Degree in Econometrics
    University of Cambridge, Summer School

  • 2011

    Degree in Financial Modeling in MS Excel
    PwC's Academy, Economics

  • 2008

    Master in Mathematical Methods of Economic Analysis
    Higher School of Economics, Economics

  • 2008

    Master in Theoretical and Empirical Economics
    Université Paris 1 Panthéon-Sorbonne, Economics

  • 2008

    Master in Theoretical and Empirical Economics
    Paris School of Economics, Economics

  • 2006

    Bachelor in Change Management - Transforming Organizations
    Hochschule Bremerhaven, Summer School

  • 2006

    Higher School of Economics, Economics

* 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.

Young Faculty Support Program (Group of Young Academic Professionals)
Category "Future Lecturers" (2010-2011)

Courses (2018/2019)

Courses (2017/2018)

Courses (2016/2017)

Courses (2015/2016)

Courses (2014/2015)

Courses (2013/2014)

Courses (2012/2013)

Courses (2011/2012)

Courses (2010/2011)

Conference Participation

Kotina O., Penikas H., Stepanova O.  Art of Risk-Management // Perm Winter School 2016 (February 4-6, 2016; PRMIA, Prognoz; Perm, Russia).
Penikas H. XBRL in Russia - New Developments // 16th XBRL Europe Day (February 2, 2016; XBRL Europe; Paris, France).
Penikas H.I. Evolution and Transplantation of Banking Risk Regulation Institute // Vth School of Interdisciplinary Socio-economic Analysis (MASEP) (July 24-28, 2015; Russian Fund of Education and Science Support; Vologda, Russia).

Ermolova M.D., Penikas H.I. PD - LGD correlation study: Evidence from the Russian corporate bond market // 5th International Conference of the Financial Engineering and Banking Society: Banking, Financial markets, risk and financial vulnerability (June 11-13, 2015; Audencia Nantes École de Management; Nantes, France).

Penikas H.I. Efficiencies of the Russian Banking Sector and Risk Regulation: Open Issues // Scientific Workshop "Economic Policy During the Transition Period" (May 28, 2015; NRU HSE, Moscow).

Bronevich A., Kosyuk E., Lepsky A., Penikas H. Survey of Conflicts and Determinants for Forecasts Accuracy of Russian Financial Analysts // Scientific Workshop (March 25, 2015; ICS RAS, Moscow).

Arzamasov V., Penikas H. Modeling integral financial stability index: intercoutry survey // Winter school (February 14-15, 2015; "Prognoz" company, Perm).


Penikas H., Petrov V. Research of SIFI Determinants: Evidence for GSIBs and GSIIs // The 1st World Conference on Risk, Banking and Finance 2015; The 10th International Conference on Asian Financial Markets and Economic development (January 7-8, 2015; Tokyo Stock Exchange).
Ermolova M., Penikas H. PD-LGD Correlation Study: Evidence from the Russian Corporate Bond Market // The 1st World Conference on Risk, Banking and Finance 2015; The 10th International Conference on Asian Financial Markets and Economic development (January 7-8, 2015; Tokyo Stock Exchange).
Penikas H., Selmier II W.T. , Vasileva K. Special Risk Rights Model as Alternative to Basel III Countercyclical Capital Buffer Approach // WORLD FINANCE & BANKING SYMPOSIUM (December 12-13, 2014; World Finance Conference, Singapore).

Previous year conference participation:

 2015_Penikas_Conferences (DOCX, 28 Кб)


Research Grants

2011 – Project «Carrying out analytical research and development works aiming at forstering all-Russian mobility in the area of information-communication and computational systems». Grant of Moscow Institute of Physics and Technology.

Conference and Seminar Proceedings

Penikas H. "Build up of the Basel 3 framework in Russia" // Russian Subordinated Debt Conference (Jan. 21, 2014; Societe Generale Corporate and Investment Banking; London, UK).

Penikas H.I. Copula Models in Banking and Finance. Methodological Issues of Copula Choice: goodness-of-fit versus goodness-of-forecast // Statitstical Models in Business and Finance (August 5-10, 2012; Universtity of St.Thomas, St.Paul, USA): [Abstract], [Presentation].

Lvov N., Penikas H., Titova Y. Modeling The Consequences of Introducing GSIB Regulation // Round Table Discussion “Developping Financial Market Institutes and Their Activity Regulation” (March 29, 2012; Financial University, Moscow, Russia).

Penikas H., Titova Y. Modeling Policy Response to Global Systemically Important Banks Regulation // Workshop "Russian Banking in the Financial Turmoil: Research Opportunities and New Challenges" (November 25, 2011; Center for Institutional Studies, HSE; Moscow, Russia).

Aleskerov F., Kornev A., Penikas H.I. Using Differentiated Approach to Countercyclical Capital Buffer Evaluation // Eurasia Business and Economics Conference 2011 (October 13-15, 2011; University of Zagreb; Zagreb, Croatia).

Penikas H.I. Copula-Based Russian Banks’ Risk Patterns Modeling // ‘Financial Econometrics’ Seminar (March 4, 2011; Moscow State University, economics faculty; Moscow).

 Penikas H.I. Russian Banking System’s Risks Modeling based on Copula-Models with Regard to Basel II IRB-Approach // Seminar ‘Banks and Enterprises: Models and Ratings’ (November 23, 2010; Russian Economic School, Moscow).

 Penikas H.I. Copula-Models in Market Risk Management of Russian Banks // Scientific Seminar of ‘Mathematics’ Department under supervision of Dr. S.E. Stepanov (November 10, 2010; Financial University under Government of Russian Federation; Moscow).

Andrievskaya I.K., Penikas H.I., Pilnik N.P. How to Deal with Basel II Procyclicality in Russia?// Eurasia Business and Economics Society (EBES) Conference (October 28 – 30, 2010; EBES - Athens, Greece).  How to Deal with Procyclicality in Russia?

Penikas H., Brodsky B., Safaryan I. COPULA STRUCTURAL SHIFT IDENTIFICATION // 3rd Financial Risks International Forum(March 26, 2010; Insitute Louis Bachelier, Europlace Institute of Finance; Paris)

Penikas H.I.  Copula-Models in the Bank’s Currency Risk  Management [in Russian] // Scientific Seminar “Multivariate Statistical Analysis and Probabilistic Modeling of Real Processes” (February 17, 2010; CEMI RAS; Moscow)

Penikas H.I.  Copula’s Application in the Risk Management of a Bank  [in Russian] // First Russian Economic Congress (December 12, 2009; New Economic Association; Moscow)

Penikas H.I. Yield Curve Forecasting in the Bank’s Asset-Liability Management [in Russian] //  VIIth International Seminar-School “Multivariate Statistical Analysis and Econometrics”  (September 24, 2008; CEMI RAS, MSE MSU, Russian-Armenian (Slavic) State University, Armenian State Economic University; Tsakhkadzor, Republic of Armenia)

Penikas H.I. Expert Methods of Credit Risk Analysis[in Russian] // Seminar “Expert Estimates and Data Analysis” (April 9, 2008; IPM RAS; Moscow)

Timetable for today

Full timetable

Lecture by H. Penikas on "Regulation of the modern banking system: the concept of conflict modeling"

On Wednesday, September 20 the all-Russian seminar "Mathematical methods of decision analysis in economics, finance and politics" was held. H. Penikas gave a lecture on «Regulation of the modern banking system: the concept of conflict modeling»

Henry Penikas Chosen as Member of PRMIA Steering Committee

Henry Penikas, Assistant Professor at the Department of Applied Economics, has been chosen to become a member of PRMIA Steering Committee.

Meeting with Nobel Laureates

From August 23rd-27th a meeting of Nobel laureates in economics took place in Lindau, Germany. This event is traditionally organized once every three years. Henry Penikas, lecturer at the HSE Department of Mathematical Economics and Econometrics and one of the participants at this meeting, told us about the event.