Anastasia N. Stepanova
- Deputy Vice Rector
- Director:Centre for Project Development and Integration
- Laboratory Head:Centre for Fundamental Studies / Laboratory for Comprehensive Interdisciplinary Projects
- Research Fellow:Faculty of Economic Sciences / Corporate Finance Center
- Associate Professor:Faculty of Economic Sciences / School of Finance
- Member of the HSE Academic Council
- Anastasia N. Stepanova has been at HSE University since 2006.
Responsibilities
Managing the HSE 'Big Projects' program
Head of HSE Center for Development and Integration of Project Activities
Member of the Academic Council Commission on the Organization of Scientific Research at HSE
Education and Degrees
- 2010
Candidate of Sciences* (PhD) in Finance, Monetary Circulation and Credit
HSE University
Thesis Title: Influence of Financial Architecture over Corporate Performance in Emerging Markets - 2009
Doctoral programme in Finance, Money, Credit
HSE University, Economic Department - 2006
Master's
HSE University - 2006
Master's
HSE University - 2004
Bachelor's
HSE 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.
Continuing education / Professional retraining / Internships / Study abroad experience
2022 Moscow School of Management Skolkovo, Project Management
2018 Fitch Educational Center, London, Python in Finance
2015-2016 Moscow School of Management Skolkovo, Executive Program in Educational Management
2013-2015 Amsterdam Institute of Finance, Multinational Risk Management, Behavioral Finance
Young Faculty Support Program (Group of Young Academic Professionals)
Category "Future Professoriate" (2012-2013)
Category "New Lecturers" (2010-2011)
Category "New Researchers" (2009)
Courses (2022/2023)
- Behavioral Finance (Master’s programme; Faculty of Economic Sciences; 1 year, 1, 2 module)Eng
- Behavioral Finance (Master’s programme; Faculty of Economic Sciences; 2 year, 1, 2 module)Eng
- Behavioral Finance:Applications in Business Analytics (Master’s programme; Faculty of Economic Sciences; 2 year, 3 module)Eng
- International Financial Management (Master’s programme; Faculty of Economic Sciences; 2 year, 3 module)Eng
- International Financial Management (Master’s programme; Department of Innovation Management; 1 year, 4 module)Eng
- Mentor's Seminar (Master’s programme; Faculty of Economic Sciences; 1 year, 1-4 module)Eng
- Past Courses
Courses (2021/2022)
- Behavioral Finance (Master’s programme; Faculty of Economic Sciences; 2 year, 1, 2 module)Eng
- Behavioral Finance (Master’s programme; Faculty of Economic Sciences; 1 year, 1, 2 module)Eng
- International Financial Management (Master’s programme; Faculty of Economic Sciences; 2 year, 1 module)Eng
- International Financial Management (Master’s programme; Faculty of World Economy and International Affairs; 1 year, 4 module)Eng
- Methodological Research Seminar (Master’s programme; Faculty of Economic Sciences; 1 year, 1, 2 module)Eng
Courses (2020/2021)
- Behavioral Finance (Master’s programme; Faculty of Economic Sciences; 2 year, 1, 2 module)Eng
- Behavioral Finance (Master’s programme; Faculty of Economic Sciences; 1 year, 1, 2 module)Eng
- International Corporate Finance (Master’s programme; Faculty of World Economy and International Affairs; 1 year, 2, 3 module)Eng
- International Financial Management (Master’s programme; Faculty of Economic Sciences; 2 year, 3 module)Eng
- International Financial Management (Master’s programme; Faculty of World Economy and International Affairs; 1 year, 4 module)Eng
- Methodological Research Seminar (Master’s programme; Faculty of Economic Sciences; 1 year, 1, 2 module)Eng
- Research Project Seminar (Optional course (faculty); Faculty of Economic Sciences; 1-3 module)Rus
- Research Project Seminar "Strategic Finance Company" (Master’s programme; Faculty of Economic Sciences; 2 year, 1-4 module)Rus
Courses (2019/2020)
- Behavioral Finance (Master’s programme; Faculty of Economic Sciences; 2 year, 1, 2 module)Eng
- Behavioral Finance (Master’s programme; Faculty of Economic Sciences; 1 year, 1, 2 module)Eng
- International Corporate Finance (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 3 module)Eng
- International Corporate Finance (Master’s programme; Faculty of World Economy and International Affairs; 1 year, 2, 3 module)Eng
- International Corporate Finance (Bachelor’s programme; Graduate School of Business; 4 year, 3 module)Eng
- International Financial Management (Master’s programme; Faculty of Economic Sciences; 2 year, 1 module)Eng
- International Financial Management (Master’s programme; Faculty of World Economy and International Affairs; 1 year, 4 module)Eng
- Research Seminar "Behavioral Finance and Corporate Governance" (Master’s programme; Faculty of Economic Sciences; 2 year, 1-3 module)Eng
- Research Seminar "Empirical Corporate Finance" (Master’s programme; Faculty of Economic Sciences; 1 year, 1, 2 module)Eng
- Research Seminar "Strategic Finance Company" (Master’s programme; Faculty of Economic Sciences; 2 year, 1-4 module)Rus
Courses (2018/2019)
- Behavioral Finance (Master’s programme; Faculty of Economic Sciences; 1 year, 1, 2 module)Eng
- Research Seminar "Empirical Corporate Finance" (Master’s programme; Faculty of Economic Sciences; 1 year, 1, 2 module)Eng
- Research Seminar "Empirical Corporate Finance 2" (Master’s programme; Faculty of Economic Sciences; 1 year, 3, 4 module)Eng
Courses (2017/2018)
- International Corporate Finance (Master’s programme; Faculty of World Economy and International Affairs; 1 year, 2, 3 module)Eng
- International Financial Management (Master’s programme; Faculty of World Economy and International Affairs; 1 year, 4 module)Eng
Conferences
- 201413th EACES Biennial Conference (Будапешт). Presentation: The Driving Power of Corporate Governance in Strategic Firm Performance of Emerging and Developed European Markets: Going Beyond Stylized Facts
- EIASM 11th Workshop on Corporate Governance (St Gallen). Presentation: Market perception: is corporate governance an important signal for investors? Evidence from the banking sector
- EIASM 11th Workshop on Corporate Governance (St Gallen). Presentation: Corporate Governance and Cost of Debt: Evidence from Emerging Markets
- 201310th EIASM Workshop on Corporate Governance (Brussels). Presentation: The Driving Power of Corporate Governance in Strategic Firm Performance of Emerging and Developed European Markets: Going Beyond Stylized Facts
Publications29
- Article Kokoreva M. S., Stepanova A. N., Povkh K. The New Strategy of High-Tech Companies – Hidden Sources of Growth // Foresight and STI Governance. 2023. Vol. 17. No. 1. P. 18-32. doi
- Article Stepanova A. N., Kopyrina O. The influence of ownership structure and board independence on the cost of debt in BRIC countries // Economic Systems. 2023. Vol. 47. No. 2. Article 101097. doi
- Chapter Evdokimova M., Stepanova A. N. Students’ Survey: Propensity to Innovate, in: 38th EBES Conference - Program and Abstract Book. Istanbul : EBES, 2022.
- Preprint Хмелева П. А., Stepanova A. N. THE IMPACT OF FAMILY TIES AND FOUNDER INVOLVEMENT ON INNOVATION IN HIGH-TECH FIRMS / National Research University Higher School of Economics. Series WP BRP "Basic research program". 2022.
- Chapter Stepanova A. N., Subbotkina A., Timofeyev Y. Development and Predicaments of Entrepreneurship and Family Businesses in Russia, in: The Routledge Companion to Asian Family Business. Routledge, 2021. Ch. 10. P. 215-233.
- Preprint Anastasia Suraeva, Stepanova A. N. AN OVERCONFIDENT CEO VS A RATIONAL BOARD: THE TALE ABOUT BANK RISKTAKING / NRU Higher School of Economics. Series FE "Financial Economics". 2019. No. 78/FE/2019.
- Article Karnoukhova E., Stepanova A. N. Does Smart & Powerful CEO Contribute to the Performance of Technology Companies? // Journal of Corporate Finance Research. 2019. Vol. 13. No. 4. P. 39-58. doi
- Article Kokoreva M. S., Stepanova A. N., Alsu Khisamitova. Go for a Woman if you Feel Risky: Evidence from Gender Diversity in MFIs // Journal of Corporate Finance Research. 2019. Vol. 13. No. 3. P. 19-34. doi
- Preprint Stepanova A. N., Kopyrina O. The Influence of Ownership Structure And Board Independence On The Cost Of Debt In BRIC Countries / NRU Higher School of Economics. Series FE "Financial Economics". 2019. No. 74/FE/2019.
- Preprint Stepanova A. N., Malika Shaikhutdinova, Vladislav Savelyev. THE ANCHORING EFFECT IN MERGERS AND ACQUISITIONS: EVIDENCE FROM AN EMERGING MARKET / National Research University Higher School of Economics. Series WP BRP "Basic research program". 2018. No. WP BRP 63/FE/2018.
- Preprint Karnoukhova E., Stepanova A. N., Kokoreva M. S. THE INFLUENCE OF THE OWNERSHIP STRUCTURE ON THE PERFORMANCE OF INNOVATIVE COMPANIES IN THE US / NRU Higher School of Economics. Series FE "Financial Economics". 2018.
- Preprint Kokoreva M. S., Stepanova A. N., Повх К. С. Could High-Tech Companies Learn from others while Choosing Capital Structure? / National Research University Higher School of Economics. Series WP BRP "Basic research program". 2017. No. 62/FE/2017.
- Article Stepanova A. N., Izabella G. Kazaryan. Financial Architecture in the Different Life Cycle Stages // Journal of Corporate Finance Research. 2017. Vol. 11. No. 4. P. 11-35. doi
- Article Stepanova A. N., Ivantsova O. Do Large European Banks Benefit from Sound Corporate Governance in Good and Bad Times? // Journal of Corporate Finance Research. 2016. Vol. 10. No. 4. P. 29-45.
- Article Stepanova A. N., Anna Tereshchenko. The Influence of Independent Directors, Insider Ownership and Scientific Connections on Risky R&D Investments: Evidence from Emerging Markets // Journal of Corporate Finance Research. 2016. No. 3. P. 5-23.
- Article Stepanova A. N., Rabotinskiy, I. Corporate Governance and Cost of Debt: Review of Recent Studies // Journal of Corporate Finance Research. 2014. Vol. 2. No. 30. P. 90-102.
- Article Ivashkovskaya I., Stepanova A., Felício J., Rodrigues, R. Corporate Governance and Performance in the Largest European Listed Banks During the Financial Crisis // Innovar. 2014. Vol. 24. No. 53. P. 83-98.
- Article Ivashkovskaya I., Stepanova A., Eliseeva N. Does Corporate Financial Architecture Contribute to Sustainable Corporate Growth? The Evidence from Russian Companies // Journal of Corporate Finance Research / Корпоративные финансы. 2014. Vol. 8. No. 4. P. 11-33. doi
- Book Ivashkovskaya I., Stepanova A. N., Kokoreva M. S. Corporate Financial Architecture: Empirical studies in developed and emerging markets (in Russian) / Ed. by I. Ivashkovskaya. M. : INFRA-M, 2013.
- Preprint Stepanova A. N., Kokoreva M. S. Financial architecture and corporate performance: evidence from Russia / NRU Higher School of Economics. Series FE "Financial Economics". 2013. No. WP BRP 21/FE/2013.
- Article Ivashkovskaya I., Stepanova A. N., Kukina E. 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. P. 39-48.
- Preprint Stepanova A., Ivantsova O. Does Corporate Governance Have an Effect on Performance in the European Banking Sector? Evidence from a Crisis Environment / NRU Higher School of Economics. Series FE "Financial Economics". 2012. No. 10.
- Article Kokoreva M., Stepanova A. Financial Architecture and Corporate Performance: Evidence from Russia // Journal of Corporate Finance Research. 2012. No. 2. P. 34-44.
- Article Ivashkovskaya I., Stepanova A. Financial Architecture and Economic Profit Creation in Russia: Corporate Governance Issue in the Pre-Crisis and Post-Crisis Economy // SSRN Working Papers. 2012
- Article Stepanova A. N., Olga Ivantsova. Role of Corporate Governance in Banking Sector: Evidence from All over the World // Journal of Corporate Finance Research. 2012. Vol. 4. No. 24. P. 80-86.
- Article Ivashkovskaya I., Stepanova A. N. 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. 2011. Vol. 15. No. 4. P. 603-616.
- Article Stepanova A., Yakovlev S. The Impact of State Ownership and Investor Protection Level on Corporate Performance: Cross-Country Analysis // Journal of Corporate Finance Research. 2010. No. 4(16). P. 17-30.
Employment history
09/2006 – till now. Higher School of Economics, Moscow
04/2007 – 10/2008 Renaissance Capital, IB, Debt Capital Markets, Analyst
03 – 05/2004 Bank for Foreign Trade (VTB), Analytical Department, Intern
20th EURAM Annual Conference
Researchers of the Corporate Finance lab have presented a study devoted to the analysis of Board Capital and its impact on company performance in Russia. The presentation was made within 20th EURAM Annual Conference which was held in Dublin (online) on 4-6 of December 2020. The study was prepared by D. Korablev, I. Ivashkovskaya and A. Stepanova. The abstract of the paper is presented below.
Also the paper WHO CONTRIBUTES TO INNOVATIONS? was been presented on this conference by Elena Karnoukhova, Anastasia Stepanova.
ICEF Students Praised by Experts for Their Research Endeavors
A springboard to careers in academia for many promising contestants, this year’s Student Research Paper Competition has announced as many as 13 winners – students and graduates of ICEF.
Strategic Corporate Finance: Combination of Theoretical Knowledge with Practical Experience
Master program’s Strategic Corporate Finance alum, class 2019, former HSE University international student Abdumutal Vasikov on his experience and future plans
Lessons Learned from the First Month of Distance Learning
An international student of HSE University’s Master of International Business Programme in the Faculty of World Economy and International Affairs shares her experience of studying at HSE and transitioning to online learning.
'I Am Very Happy to Have the Opportunity to Study at HSE University'
This fall, Madhavi Karunarathne came to HSE University from Sri Lanka, where she earned her bachelor’s in finance at the University of Colombo. She is now beginning her studies in the Master’s Programme ‘Strategic Corporate Finance’. The new master’s student came through Russia’s Open Doors Scholarship Project for international prospective master’s students, which allows scholarship recipients to study at one of 21 participating Russian universities tuition-free. Madhavi spoke with HSE News Service about why she chose HSE, what it was like to participate in the Open Doors Scholarship competition, and how she is liking her studies.
The book "Strategic corporate financial decisions in emerging capital markets: a monograph" has been published
Professors and researchers at the School of Finance of the Higher School of Economics investigated the specifics of corporate financial decisions on data from emerging capital markets
“Best paper award” at EIASM conference
On November 5-6, the 15th EIASM Conference on “Corporate Governance” took place in Brussels. Representatives of more than 15 countries came to the capital of Belgium to present their research projects and discuss new trends in the field of corporate finance.
HSE Basic Research Programme Publishes 1,000th Working Paper
The 1,000th working paper, which came out this November, discusses how innovative companies in the U.S. fund projects. Its authors are Anastasia Stepanova and Maria Kokoreva, research fellows at the HSE Corporate Finance Center, and Kirill Povkh, first-year Master’s student in the Corporate Finance programme.
'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.