Sergey Stepanov
- Associate Professor:Faculty of Economic Sciences / School of Finance
- Associate Professor:International College of Economics and Finance
- Sergey Stepanov has been at HSE University since 2013.
Education and Degrees
- 2013
PhD in Economics
Vrije Universiteit Brussel
Thesis Title: Essays on Law and Corporate Governance - 2000
Master's in Economic Theory
New Economic School - 1998
Degree in Dynamics and Strength of Machines
Moscow Aviation Institute
Student Term / Thesis Papers
- Bachelor
E. Staseva, Earnings Management and CEO Turnover. International College of Economics and Finance, 2021
A. Troyan, Brand Awareness. First-Day Returns and Post-IPO Performance. Faculty of Economic Sciences, 2020
S. Lyuleva, CEO Turnover in Times of Crisis. International College of Economics and Finance, 2020
M. Sivolobov, A Model of Leadership Change. International College of Economics and Finance, 2019
A. Demina, Corporate Governance, Institutions and Corporate Social Responsibility. International College of Economics and Finance, 2019
D. Murzin, Information Transmission with Unknown Type of Receiver. Faculty of Economic Sciences, 2019
V. Koshkareva, Do Managers Respond to a Negative Market Reaction? Evidence from U.S. M&A Deals. International College of Economics and Finance, 2018
V. Nikitin, Signalling in ICO. Faculty of Economic Sciences, 2018
A. Kurbatov, Experts' reputation concerns and information sharing.. Faculty of Economic Sciences, 2017
E. Fedorovskaya, Corporate Fraud: Evidence from the Russian Banking Sector. International College of Economics and Finance, 2017
E. Kudinova, Directors' Reputation Concerns and Decision-Making in Corporations. Faculty of Economic Sciences, 2016
I. Mozharov, Venture Capitalist Reputation and Portfolio Company Operating Performance. Faculty of Economic Sciences, 2016
I. Kishilova, The Influence of Political Connections and Government Ownership on Firm Performance: evidence from Russia. Faculty of Economic Sciences, 2016
- Master
A. Zakareishvili, Managerial Overconfidence and Corporate Governance. International College of Economics and Finance, 2021
G. Uzkikh, Do Mandatory Dividend Payout Ratios Benefit Minority Shareholders in State-owned Companies? The Case of Russia. Faculty of Economic Sciences, 2021
L. Tran, Board Diversity and Firm Performance: Examining the Impact of Age and Gender Diversity in a Developing Economy. Faculty of Economic Sciences, 2021
K. Mochenova, Stock Market Reaction to Green Bonds Issuance. International College of Economics and Finance, 2020
E. Zelenovskaya, Motivation for Initial Public Offerings: Family versus Non-family Firms. International College of Economics and Finance, 2020
C. Phan, Investor Overconfidence Bias in the Russian Stock Market. Faculty of Economic Sciences, 2020
M. Vilkova, Opinion Leaders in a Regime Change Game. International College of Economics and Finance, 2019
D. Timokhin, Earnings Management around CEO Turnovers. Faculty of Economic Sciences, 2019
L. Kuletskaia, Gender Diversity in Corporate Boards and Firm Performance: the Role of Cultural Norms and Institutions. Faculty of Economic Sciences, 2018
M. Shpinkovskaya, Gender Diversity in Corporate Boards and Firm Performance. Faculty of Economic Sciences, 2018
A. Klykova, Corporate Governance and Performance during a Global Crisis. International College of Economics and Finance, 2018
A. Zyuzin, Leaders and Challengers in an Organization: an Economic Analysis. Faculty of Economic Sciences, 2018
V. Konovalov, Financial Analysts' Recommendations: An Analysis of Incentives and Market Reaction. International College of Economics and Finance, 2017
A. Verbitskaia, An Economic Analysis of Crowdfunding. International College of Economics and Finance, 2017
V. Kulikov, Informed Trading Prior to Court Decisions: Evidence from Russia. International College of Economics and Finance, 2017
N. Gasselbakh, Effects of Leverage and Corporate Governance on Firm Performance during the Global Crisis. International College of Economics and Finance, 2016
D. Volkova, Effects of State-ownership in M&A Deals. International College of Economics and Finance, 2016
E. Misharina, Earnings Management and Public Equity Issues in Emerging Markets. Faculty of Economic Sciences, 2016
Courses (2021/2022)
- Corporate Finance (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 1, 2 module)Eng
- Corporate Finance (Bachelor’s programme; Faculty of Economic Sciences; 3 year, 1, 2 module)Eng
- Financial Economics (Master’s programme; International College of Economics and Finance; 2 year, 1, 2 module)Eng
- Private Equity and Venture Capital (Master’s programme; International College of Economics and Finance; 1 year, 3 module)Eng
- Private Equity and Venture Capital (Master’s programme; International College of Economics and Finance; 2 year, 3 module)Eng
- Research Seminar in Financial Economics (Master’s programme; International College of Economics and Finance; 2 year, 1-3 module)Eng
- Research Seminar in Financial Economics (Master’s programme; International College of Economics and Finance; 1 year, 1-4 module)Eng
- Past Courses
Courses (2020/2021)
- Corporate Finance (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 3, 4 module)Eng
- Corporate Finance (Bachelor’s programme; Faculty of Economic Sciences; 3 year, 3, 4 module)Eng
- Financial Economics (Master’s programme; International College of Economics and Finance; 2 year, 1, 2 module)Eng
- Private Equity and Venture Capital (Master’s programme; International College of Economics and Finance; 2 year, 3 module)Eng
- Private Equity and Venture Capital (Master’s programme; International College of Economics and Finance; 1 year, 3 module)Eng
- Research Project Seminar (Optional course (faculty); Faculty of Economic Sciences; 1-3 module)Rus
- Research Seminar in Financial Economics (Master’s programme; International College of Economics and Finance; 2 year, 1-3 module)Eng
Courses (2019/2020)
- Corporate Finance (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 3, 4 module)Eng
- Corporate Finance (Bachelor’s programme; Faculty of Economic Sciences; 3 year, 3, 4 module)Eng
- Financial Economics II: Corporate Finance (Master’s programme; International College of Economics and Finance; 2 year, 1 semester)Eng
- Private Equity and Venture Capital (Master’s programme; International College of Economics and Finance; 2 year, 2 semester)Eng
- Research Seminar "Empirical Corporate Finance 2" (Master’s programme; Faculty of Economic Sciences; 1 year, 3, 4 module)Eng
Courses (2018/2019)
- Corporate Finance (Bachelor’s programme; Faculty of Economic Sciences; 3 year, 3, 4 module)Eng
- Private Equity and Venture Capital (Master’s programme; International College of Economics and Finance; 1 year, 2 semester)Eng
- Research Seminar "Empirical Corporate Finance 2" (Master’s programme; Faculty of Economic Sciences; 1 year, 3, 4 module)Eng
- Research Seminar in Financial Economics (Master’s programme; International College of Economics and Finance; 1 year, 1, 2 semester)Eng
Publications15
- Article Stepanov S. Biased performance evaluation in a model of career concerns: incentives versus ex-post optimality // Journal of Economic Behavior and Organization. 2020. No. 179. P. 589-607. doi
- Article Stepanov S. Transfers of Corporate Control in Firms with Noncontrolling Blockholders // RAND Journal of Economics. 2019. Vol. 50. No. 2. P. 453-480. doi
- Article Stepanov S., Suvorov A. Agency Problem and Ownership Structure: Outside Blockholder As a Signal // Journal of Economic Behavior and Organization. 2017. No. 133. P. 87-107. doi
- Preprint Stepanov S., Suvorov A. Agency problem and ownership structure: outside blockholder as a signal / NRU Higher School of Economics. Series WP9 "Исследования по экономике и финансам". 2015. No. 2.
- Preprint Stepanov S. Biased Performance Evaluation in A Model of Career Concerns: Incentives versus Ex-Post Efficiency / NRU Higher School of Economics. Series WP9 "Исследования по экономике и финансам". 2015. No. 5.
- Preprint Stepanov S. Transfers of Corporate Control in Firms with Non-Controlling Blockholders / NRU Higher School of Economics. Series WP9 "Исследования по экономике и финансам". 2015. No. 4.
- Article Stepanov S., Enikolopov R., Petrova M. Firm value in crisis: Effects of firm-level transparency and country-level institutions // Journal of Banking and Finance. 2014. Vol. 46. P. 72-84. doi
- Chapter Enikolopov R., Stepanov S. Corporate Governance in Russia, in: The Oxford Handbook of the Russian Economy / Ed. by S. Weber, M. V. Alexeev. Oxford : Oxford University Press, 2013.
- Article Stepanov S. Shareholder Protection and Outside Blockholders: Substitutes or Complements? // Journal of Institutional and Theoretical Economics. 2013. Vol. 169. No. 2. P. 355-381.
- Preprint Stepanov S. Takeovers under Asymmetric Information: Block Trades and Tender Offers in Equilibrium / Центр экономических и финансовых исследований и разработок в российской экономической школе, Российская экономическая школа. Series "CEFIR / NES Working Paper". 2013. No. 185.
- Preprint Enikolopov R., Petrova M., Stepanov S. Firm Value in Crisis: Effects of Firm-Level Transparency and Country-Level Institutions / Центр экономических и финансовых исследований и разработок в российской экономической школе, Российская экономическая школа. Series "CEFIR / NES Working Paper". 2012. No. 184.
- Article Stepanov S. Shareholder Access to Manager-Biased Courts and the Monitoring/Litigation Trade-Off // RAND Journal of Economics. 2010. Vol. 41. No. 2. P. 270-300.
- Chapter Lazareva O., Rachinsky A., Stepanov S. A survey of corporate governance in Russia, in: Corporate Governance in Transition Economies. Springer, 2009. doi
- Preprint Lazareva O., Rachinsky A., Stepanov S. Corporate Governance, Ownership Structures and Investment in Transition Economies: the Case of Russia, Ukraine and Kyrgyzstan / Центр экономических и финансовых исследований и разработок в российской экономической школе, Российская экономическая школа. Series "CEFIR / NES Working Paper". 2008. No. 119.
- Preprint Lazareva O., Rachinsky A., Stepanov S. A Survey of Corporate Governance in Russia / Центр экономических и финансовых исследований и разработок в российской экономической школе, Российская экономическая школа. Series "CEFIR / NES Working Paper". 2007. No. 103.
Participation in Conferences
August 2014 EEA-ESEM conference, Toulouse
June 2014 North American Summer Meeting of Econometric Society, Minneapolis, U.S.
May 2014 Presentation at Goethe University, Frankfurt, Germany
April 2014 XV International Academic Conference on Economic and Social Development, Higher School of Economics, Moscow
September 2013 Annual meeting (“retreat”) of sister institutes of Stockholm Institute of Transition Economics, Stockholm, Sweden
December 2012 New Economic School 20th Anniversary Conference
November 2011 The First International Moscow Finance Conference (hosted by ICEF, Higher School of Economics), Moscow, Russia
November 2011 NES\HSE Annual Conference 2011, Moscow, Russia
August 2011 Asian Meeting of Econometric Society, Seoul, Korea
June 2011 North American Summer Meeting of Econometric Society, St. Louis, MO,U.S.
September 2010 Annual meeting (“retreat”) of sister institutes of Stockholm Institute of Transition Economics, Stockholm, Sweden
April 2010 XI International Academic Conference on Economic and Social Development Problems, Higher School of Economics, Moscow, (as a discussant)
August 2009 24th Annual Congress of the European Economic Association, Barcelona, Spain
April 2009 X International Conference on the Problems of Economic and Social Development, Higher School of Economics, Moscow
November 2008 XXIV New Economic School research conference, Moscow
May 2008 Comparative Analysis of Enterprise Data, Central European University Budapest, Hungary
September 2007 The Global Institute 3rd China-Russia Conference, Beijing, China
March 2007 World Wide Junior Corporate Scholar Forum, Columbia Law School, NY, USA
November 2006 XX New Economic School research conference, Moscow
August 2006 21th Annual Congress of the European Economic Association, Vienna, Austria
August 2005 32nd meeting of the European Finance Association, Moscow, Russia (as a discussant)
July 2005 Conference in tribute to Jean-Jacques Laffont, Toulouse, France
August 2003 18th Annual Congress of the European Economic Association, Stockholm, Sweden
February 2003 Jamboree of the Enter Doctoral Network, Tilburg, The Netherlands
December 2002 Conference “The State of Economics and of Transition, Honoring 10 years of the New Economic School”, Moscow, Russia
April 2000 VII New Economic School research conference, Moscow
Employment history
2005 - 2013: New Economic School, Assistant Professor
2013 - present: NRU Higher School of Economics, Assistant Professor
Courses in 2013-2014
Financial Economics 2 (Corporate Finance), case studies, ICEF Master's program (Fall)
Private Equity and Venture Capital, ICEF Master's program (Spring)
Corporate Finance, Joint HSE&NES BA in Economics program (Spring)
"Face-to-face interaction is irreplaceable in academia": HSE and NES teamed up for Microeconomics Workshop
On October 14, ICEF HSE, HSE Faculty of Economic Sciences, and NES hosted a one-day, multiple-session workshop that featured the research being conducted by their scientists. A live streamed event held offline, the workshop proved another confirmation that digital services can never replace face-to-face communication.
A Biased Evaluation of Employees’ Performance Can Be Useful for Employers
In assessing an employee’s performance, employers often listen to his immediate supervisor or colleagues, and these opinions can be highly subjective. Sergey Stepanov, an economist from HSE University, has shown that biased evaluations can actually benefit employers. An article substantiating this finding was published in the Journal of Economic Behavior and Organization.
'One great thing about careers in academia is freedom'
In October 2020, ICEF Associate Professor Sergey Stepanov had his article accepted for publication in Journal of Economic Behavior and Organization. It explores how a career concerned agent’s performance can be evaluated in the most optimal way. In this interview, Sergey shares his experience of doing a PhD in Brussels, why economics is an inexhaustible source of research ideas, and how principals can achieve better personnel management practices from a scientific perspective.
ICEF Academia has welcomed its new class
It’s a fact that ICEF students are awarded two degrees when they graduate. There is, however, a third school many of them attend along with HSE and The University of London – ICEF Academia. Offering a programme of advanced courses, research opportunities, discussion venues and academic career guidance, ICEF Academia traditionally hosts welcome meetings and the year 2020 was not an exception. This year’s event was held online and here is how it went.
Neighbours: Who is Close to HSE in Rankings. Economics
We continue talking about universities that are alongside HSE in the 51–100 group in various subject areas in the QS ranking. Today we have economists speaking about their ‘neighbours in the ranking’.
'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.
‘Our Programme Keeps Developing!’
Maxim Nikitin, HSE Professor and Academic Supervisor of the ICEF Masters Programme in Financial Economics, tells us about the programme’s achievements and innovations, about its intake procedure in 2015, and about the 2014 and 2015 graduates.