Sergey Stepanov

Assistant Professor:Faculty of Economic Sciences / School of Finance
Assistant Professor:International College of Economics and Finance

Sergey Stepanov has been at HSE since 2013.

Education and Degrees

2013
PhD
Université libre de Bruxelles
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

Professional Interests

corporate finance economics of information microeconomics

Research interests

Corporate Finance, Microeconomics, Economics of Information

Student Term / Thesis Papers

Bachelor
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. Kishilova «The Influence of Political Connections and Government Ownership on Firm Performance: evidence from Russia». Faculty of Economic Sciences, 2016
I. Mozharov «Venture Capitalist Reputation and Portfolio Company Operating Performance». Faculty of Economic Sciences, 2016
Master
M. Vilkova «Opinion Leaders in a Regime Change Game». International College of Economics and Finance, 2019
L. Kuletskaia «Gender Diversity in Corporate Boards and Firm Performance: the Role of Cultural Norms and Institutions». 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
M. Shpinkovskaya «Gender Diversity in Corporate Boards and Firm Performance». Faculty of Economic Sciences, 2018
V. Kulikov «Informed Trading Prior to Court Decisions: Evidence from Russia». International College of Economics and Finance, 2017
A. Verbitskaia «An Economic Analysis of Crowdfunding». International College of Economics and Finance, 2017
V. Konovalov «Financial Analysts' Recommendations: An Analysis of Incentives and Market Reaction». International College of Economics and Finance, 2017
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
N. Gasselbakh «Effects of Leverage and Corporate Governance on Firm Performance during the Global Crisis». International College of Economics and Finance, 2016

Full list of of student term / thesis papers

Courses (2014/2015)

Corporate Finance (Bachelor’s programme; Faculty of Economic Sciences; spec. "Совместная программа по экономике НИУ ВШЭ и РЭШ"; 4 year, 3, 4 module)Eng
Corporate Finance (Bachelor’s programme; Faculty of Economic Sciences; spec. "Совместная программа по экономике НИУ ВШЭ и РЭШ"; 3 year, 3, 4 module)Rus
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; 1 year, 2 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" (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 (2013/2014)

Private Equite and Venture Capital (Master’s programme; International College of Economics and Finance; 2 year, 2 semester)Eng
Private Equite and Venture Capital (Master’s programme; International College of Economics and Finance; 1 year, 2 semester)Rus

Publications¹⁴

Article Stepanov S. Transfers of Corporate Control in Firms with Non-Controlling Blockholders // RAND Journal of Economics. 2018. P. 1-25. (in press)
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

Homepage:

https://sites.google.com/site/sergeystepan/

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)

Timetable for today

Full timetable

Dec

2017

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’.

Apr

2016

'We Follow the Traditions and Standards of the Best Business Schools'

In 2016, the Strategic Corporate Finance (SCF) programme is celebrating its 10^th 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.

Jun

2015

‘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.