Associate Professor of Finance
International College of Economics and Finance
and Faculty of Economic Sciences,
Higher School of Economics
Research Interests: Economics of Information, Microeconomics, Corporate Finance
Here is my CV
Independent versus Collective Expertise, with Emiliano Catonini and Andrey Kurbatov, January 2023, accepted in Games and Economic Behavior; online appendix
Reputation and Information Aggregation, with Emiliano Catonini, Journal of Economic Behavior & Organization, 2023, 208, 156-173; supplemental appendix (here is the WP version)
Biased Performance Evaluation in a Model of Career Concerns: Incentives versus Ex-Post Optimality, Journal of Economic Behavior & Organization, 2020, 179, 589-607 (here is the WP version).
Transfers of Corporate Control in Firms with Non-Controlling Blockholders, RAND Journal of Economics, 2019, 50(2), 453-480; web appendix
Agency Problem and Ownership Structure: Outside Blockholder As a Signal, with Anton Suvorov, Journal of Economic Behavior & Organization, 2017, 133, 87-107.
Firm Value in Crisis: Effects of Firm-Level Transparency and Country-Level Institutions, with Ruben Enikolopov and Maria Petrova, Journal of Banking and Finance, 2014, 46, 72-84.
Shareholder Protection and Outside Blockholders: Substitutes or Complements?, Journal of Institutional and Theoretical Economics, 2013, 169(2), 355-381; online appendix
Shareholder Access to Manager-Biased Courts and the Monitoring/Litigation Trade-Off, RAND Journal of Economics, 2010, 41(2), 270-300; online supplement
Earlier version can be freely downloaded here
On the Optimality of Full Disclosure, with Emiliano Catonini, March 2023
Corporate Governance, Ownership Structures and Investment in Transition Economies: the Case of Russia, Ukraine and Kyrgyzstan, with Olga Lazareva and Andrei Rachinsky, 2008, CEFIR and NES Working Paper No. 119.
Corporate Governance in Russia, with Ruben Enikolopov, in: Michael Alexeev and Shlomo Weber (eds.), Handbook of the Russian Economy, Oxford University Press, 2013.
A Survey of Corporate Governance in Russia, with Olga Lazareva and Andrei Rachinsky, in: Robert W. McGee (ed.), Corporate Governance in Transition Economies, Springer, 2008.
How to Organize a Group of Experts, with Emiliano Catonini
Incumbents and Challengers
Transparency and Disclosure by Russian Companies, joint project of CEFIR at NES and Standard & Poor's: 2010 study, 2009 study, 2008 study
Corporate Conflicts in Contemporary Russia and Abroad (Korporativnye konflikty v sovremennoy Rossii i za rubezhom), with Salavat Gabdrakhmanov, National Council on Corporate Governance, 2011 (In Russian).
Corporate Finance (graduate and undergraduate)
Venture Capital and Private Equity (graduate)
Microeconomics (graduate)
Game Theory (graduate)
Higher School of Economics
Office S641
Pokrovsky Boulevard, 11
109028 Moscow, Russia
tel: +7 495 772-95-90, ext. 27425Â
Email: sstepanov@hse.ru