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The Department of Finance was created on the basis of the Department of Financial Markets which was founded in 1998 and is the oldest in the campus. The staff have a broad spectrum of research interests including problems of corporate finance, financial markets and institutions, risk, corporate tax planning, accounting and audits and innovation.
St. Petersburg: Publishing House of the Polytechnic University, 2023.
In press
Lodiagin B., Alekseeva O., Козлова С. et al.
Journal of Applied Economic Research. 2025. Vol. 24. No. 4. P. 100-115.
In bk.: Eurasian Business and Economics Perspectives. Springer, 2024.
Semenova A., Семенов К. К.
Working Papers. SSRN, 2022
The defense of Carlos J. Rincon's candidate Dissertation took place.
The defense of Carlos J. Rincon's candidate Dissertation took place.
On October 27, 2025, Carlos J. Rincon successfully defended his Dissertation, " Price Distortions, Government Interventions and Financial Markets Pricing." The Dissertation was highly praised by the Dissertation Defense Committee, unanimously recommending the Dissertation Council in Economics to award Carlos J. Rincon the degree of Candidate of Economic Sciences.
The dissertation investigates the impact of Central Bank interventions on the pricing dynamics of selected financial markets. The research employs the instrumental variables two- (2SLS) and three-stage least square (3SLS) model approaches. It analyses the effects of variations in the Federal Reserve (Fed) and the European Central bank (ECB) balance sheet size as a proxy for their Unconventional Monetary Policy (UMP) across four distinct intervention scenarios: the 2008–2013 Great Recession, the 2010-2012 Sovereign Debt crisis, the 2020–2021 COVID-19 pandemic periods, and an overarching analysis spanning these timelines.
The findings of the Dissertation indicate that changes in the size of the Fed’s and the ECB’s balance sheet correlate significantly with the pricing of the principal U.S. and European equity market indices. Notably, while the ECB’s interventions during the COVID-19 crisis are associated with drops in the German treasury yields for a respective rise in the European equity prices, the effects on the U.S. treasury yields are inverse for the Fed’s interventions during the same period, although the top U.S. equity indices also rise, suggesting price distortions within each financial market analyzed.
Other forms of Central Bank interventions such as that of the Swiss National Bank (SNB) on the Swiss franc before and after January of 2015 were also analyzed in this study. The findings suggest that unexpected large currency price shocks from the SNB currency dis-intervention of 2015 may have long-term implications on the pricing of the debt market in Switzerland, such as widening the municipal bond spreads.
All results in this study are found to be robust under the appropriate tests for each of the model specifications proposed in the Dissertation.
More details on this Dissertation defense can be found at: https://www.hse.ru/sci/diss/1062307674