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Anastasia N. Stepanova

  • Member of the HSE Academic Council
  • Anastasia N. Stepanova has been at HSE University since 2006.


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

    HSE University

  • 2006

    HSE University

  • 2004

    HSE 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.

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

Awards and Accomplishments

Best Teacher – 2022, 2019, 2018, 2016

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)

Courses (2021/2022)

Courses (2020/2021)

Courses (2019/2020)

Courses (2018/2019)

Courses (2017/2018)


  • 2014
    13th 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
  • 2013
    10th 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


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

The School of Finance Graduate Student Polina Khmeleva Participated at the 18th EIASM Workshop on Corporate Governance

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.

Summary of the first half of 2020 and the direction of development of the Corporate Finance Laboratory in 2021

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.