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Regular version of the site
Default Prediction for Russian Food Service Firms: Contribution of Non-Financial Factors and Machine Learning

Egor O. Bukharin, Mangileva S. I., Afanasev V.

Journal of Applied Economic Research. 2024. Vol. 23. No. 1. P. 206-226.

Book chapter
Assessing the Probability of Default During the COVID-19 Pandemic: The Case of Airlines
In press

Markovskaya E., Смолина Е. С.

In bk.: Systemic Financial Risk. Springer Publishing Company, 2024. Ch. 9.

Working paper
One, Two, Three: How Many Green Patents Start Bringing Financial Benefits for Small, Medium and Large Firms?

Semenova A., Семенов К. К.

Working Papers. SSRN, 2022

More Strategies: Good Ones, Various Ones!

On March 14, as a part of the "Performance Management" course, business games were held, organized by Markovskaya Elizaveta (PhD, Assosiate Professor at the Department of Finance).

More Strategies: Good Ones, Various Ones!

Students of the Bachelor Program in Economics (groups 163,164,167) took part in the games, alongside the representatives of business structures:

Olga Voronova, Head of Marketing, PJSC Lengiprotrans

Udalov Andrey, Candidate of Sociology, Director of the "Agat Investment Fund"

Vladimir Viuchejskiy, Head of Technical Support, Tools for Brokers

Meriam Sheriff, Manager, Tools for Brokers, PhD Graduate Student, HSE

Students played the role of corporations and strategic investors. The corporations prepared a memorandum about a selected company, described its development strategy, a map of strategic goals, and developed an offer for an investor. After that they presented it in the form of investment proposal for strategic investors. The task for investors was to develop their investment policy and, based on this policy, to make a decision on each submitted investment proposal.

Organizer's Comment

Markovskaya E.I., PhD, Associate Professor at the Department of Finance



Every year, I and my colleagues from business structures conduct business games as part of my Performance Management course. Each year the game scenario is different. This year, for me, the game was interesting, first of all, for its dynamics. In addition to the initially difficult task that I set for students - to analyze the current and develop a future  strategy for the selected company, presenting it to investors, all teams had to refine various scenarios of company development before the game and during the game, taking into account the pandemic and the rapidly changing  situation on financial markets. The changes that took place before our eyes in the external environment, demanded literally from all the participants in the game ( teams,  investors, and invited external experts) a sufficiently deep immersion in the analysis of the presented projects and generated very interesting discussions


Invited Experts' Comments

Udalov A, 
Director, "Agat Investment Fund"




Good presentations! Deep analysis and good teamwork!


Meriam Cherif, PhD student at HSE and Success Manager at Tools for Brokers


I had the opportunity to give seminars of Performance Management course to bachelor’s student for the period January –March 2020. I have provided instructional assistance to the students and monitoring their progress. During our Seminars, we have been working on solving real cases , all the seminars has been conducted as group works , where students work together in class , do peer review and comment on each other’s , then present their solutions . The last seminar was in a format of business games, students were divided in groups of corporation and investors. Meanwhile ,I had been giving them feedback and question as an external investor together with my colleague from Tools for Brokers company , I have been truly satisfied by the level of students , how deep they went into their research , the way they presented their work . The business games was basically done in order to cover all the previous seminars important tasks in one in order to better evaluate the students . I believe the Performance Management course was successful ,Thanks to Professor Markovskaya with her outstanding lectures to my group of students , her guidance and advices to me for my seminars.



Vladimir Viuchejskiy,
Head of Technical Support at Tools for Brokers



Participation in this experiment was a magnificent event for me personally, and, what's more important, for the students involved in it. It was a great surprise to see an approach and concernment which students presented during the game - I have to admit that level of their knowledge was very high.
My strong opinion is that conduction of the course in English language was an absolutely correct decision, which made it more interesting for students and gave them invaluable experience that they wouldn't receive anywhere outside the walls of the university.
Thanks for the invitation that showed me a great organization inside!


Participants' Comments

«Avant» Team (Investors)

(Akulich Yana, Ohlopkova Polina, Saprykina Miroslava, Sanakin Kirill, Shishkina Diana, Yakupov Timur)


The structure of the game is amazing. It s really important to make the game like this.


«O!SETR» Team (Investors)

(Ermakova Anastasia, Tlostanov Ruslan, Rusinov Artemiy, Stupak Vlada)


It was interesting to analyze and to estimate the presentations and to listen the comments from experts!


"Megafon" Team

(Ivanova Margarita, Zaozerskaya Alena, Mamaeva Elizaveta, Sergeeva Elizaveta)



A business game is a great way to“ plunge ”into the processes that actually occur in business. Especially interesting this experience is making comments and questions from an expert. Expert advice will help us in the future to prepare more meaningful presentations of investment project.


"Rusgidro" Team

(Ascheulov Nikita, Davydovich David, Dubkovskaya Valeriya, Efimova Darya, Pirkova Alisa)


It was interesting experience. Especially it was a big pleasure to «work» with a person from real business because he asks questions as a real investor. A good practice for further possible cases, presentations to investors or top-management!