CONTENTS CONTENTS

NES Mission...... 3

Rector’s Message...... 4

Events...... 6 Main Events of the Year...... 6 Conferences...... 10 Public Seminars...... 13

Education...... 14 NES Commencement Ceremony...... 14 Master of Arts in Economics...... 15 Masters in Finance...... 16 Undergraduate Program...... 17 Students’ Life...... 18 Career Development Center...... 20 NES Alumni...... 22

Research...... 24 NES Faculty...... 24 Selected Academic Publications...... 25

Projects...... 27 Applied Research and Outreach...... 27

About the School...... 30 Governance...... 30 Sources of Funding...... 31 NES: Facts & Figures...... 33

2 NES MISSION NES MISSION

The mission of the New Economic School is to benefit Russia’s private and public sectors through excellence in economics education and research.

NES is committed to building a sustainable economics community that should prominently represent Russia in the global economics profession: - NES trains new academic economists for Russia; - NES produces globally competitive economics research; - NES brings back foreign-trained Russian economists to work in Russia.

NES contributes to improving Russia’s public policy through both graduate training in economic policy and applied research at its Center for Economic and Financial Research.

NES trains economics and finance professionals for Russia’s private sector. NES also provides Russian and international businesses with research, executive education, and consulting.

NES aims to become a model for other institutions of developing and transition countries in building centers of excellence in economics. Through its outreach activities, NES also disseminates modern economics knowledge to other universities in Russia, the CIS, and other emerging markets.

3 RECTOR’S MESSAGE RECTOR’S MESSAGE

Dear friends,

The New Economic School is special, not only because we have something new every year, but also because we do our best to fulfill our plans. Without a good strategy and without its execution, any mission will remain just a dream. This year, it is time to look back at what we have achieved in the last five years and compare the results with the NES Strategic Plan 2005-2010. Reviewing the plan adopted by the Board of Directors five years ago, we can only be proud to confirm that most objectives – however very ambitious – have been achieved. We Sergei Guriev, Rector, Professor of Economics have delivered on our most challenging targets, set five years ago, including faculty hiring, promoting undergraduate program in social sciences in terms NES in the international academic profession (and of quality of teachers, level of students, degree of in the international research rankings), increasing internationalization, in terms of development of the impact of NES on the Russian policy debate critical thinking and communication skills - and all and on policymaking, and in fundraising. We have other skills that modern professionals should be doubled the size of tenured and tenure-track faculty, equipped with. As in other NES programs, we will expanded the admission to the Master of Arts in keep the quality standards high from the very start, Economics Program and launched the Masters in which means that the first intakes for this program Finance Program (while about a half of Russian will be small. MBA programs have closed down due to the crisis). Our presence in the Russian mass media has been Launching new programs does not mean doubling every year over the past five years. In the reducing our commitment to the plans for improving first ranking of economics departments published our existing programs. In September 2010, the fifth in 2010 by the SSRN (Social Science Research class started their studies at the Masters in Finance Network), NES was rated as one of the top 100 Program. This year we have decided to shift the economics departments in the world – and a top beginning of the MiF academic year from January to three department outside OECD. September, concurrent with the MAE Program. This is an indicator of the Program’s maturity. Masters in Unfortunately, we have failed to deliver on one Finance is no longer a separate project, but an equal very important strategic priority – to acquire our part of the School’s life. own building. Every year getting a new home for NES seemed within reach. Not longer than a year In 2010, we have also had major changes in ago I was confident that we would hold the 2010 the leadership of the School. One of the NES Commencement Ceremony in our new building. It founders, the first Vice-Rector and the Chairman of didn’t happen. But our failures are also important the Academic Council, Victor Polterovich, decided and useful as inputs for the new five-year strategic to retire. He will remain at NES as a professor plan that is being developed now. emeritus. To mark his contribution to the creation and development of NES, the School will host an In the coming five years, NES will face new international conference in his honor in Spring 2011. challenges. We have decided to launch the Undergraduate Program in September 2011. The A new generation of professors is coming to program is a joint project with our long-term replace the founders of NES – including their own partner – the Higher School of Economics – as a students. The best proof of the NES maturity is part of creating the National Research University the fact that its graduates have begun to take key Higher School of Economics. We will do our positions in the School. Sergei Izmalkov (NES’97) best for this Program to become the leading was elected the Chairman of the Academic Council

4 RECTOR’S MESSAGE

while Konstantin Sonin (NES’98) was appointed Andrei Markevich is not the only NES professor Acting Vice-Rector. Upon graduation from NES, conducting interdisciplinary research. Last year, NES Sergei Izmalkov received his PhD at Pennsylvania professors published several articles in political State University and taught at MIT. Konstantin Sonin science journals such as American Political Science was a Postdoctoral Fellow at Harvard, a member Review and American Journal of Political Science. at the Institute for Advanced Studies in Princeton The NES faculty also pursues other interdisciplinary and a visiting professor at the Kellogg School of studies – in the fields of demography and health, Management. Last year, the NES International environmental protection and energy efficiency, Advisory Board unanimously voted to promote education policy and innovation in Russian Grigory Kosenok to the position of tenured professor companies. at NES. Grigory graduated from NES, worked in the Economic Expert Group at the Ministry of Finance, This Annual Report will take you through received his PhD at the University of Wisconsin- these and many other exciting events and Madison and came back to work at NES as a accomplishments at NES. professor. He has published a number of papers on industrial organization and econometrics in the Thank you for your interest in the life of the New leading international journals, including American Economic School! Economic Review. The other addition to the faculty is Shlomo Weber (Southern Methodist University) Sergei Guriev who has agreed to become a PINE Foundation Visiting Professor at NES and spend a semester at NES every year in the next five years.

On March 19, 2010, Roger Myerson, Professor of Economics at the University of Chicago, joined our International Advisory Board (IAB). Professor Myerson is one of the leading scholars in the field of economic theory and political economy. He replaced Bengt Holmstrom, Professor of Economics at the Massachusetts Institute of Technology and the First Vice-President of the Econometric Society, who resigned from the IAB as his term expired. In 2007, Roger Myerson, together with Leonid Hurwitz and Eric Maskin, won the Nobel Prize for his work on the mechanism design theory. Another new member of the IAB is Aleh Tsyvinsky, one of the youngest full professors at Yale University. Apart from his work for the NES IAB, Aleh will deliver a mini-course in the MiF program in the 2010-2011 academic year.

In order to build the critical mass of the faculty we continue to recruit new faculty in the international job market. This year we hired Igor Heifets and Andrei Markevich. Igor specializes in econometrics and Andrei is an economic historian. Andrei received a grant from the Dynasty Foundation to build - together with European colleagues - the Electronic Archive of Russian Historical Statistics for the past 250 years, and NES is proud to provide a platform for this work.

5 MAIN EVENTS OF THE YEAR EVENTS

Zvi Griliches Memorial Lectures Yegor Gaidar Memorial Lectures in Economic Policy supported by the In May 2010, Human Capital Foundation Eric Maskin, Albert Hirschman Professor at the School of Yegor Gaidar, a prominent Social Sciences of the Russian economist and Institute for Advanced policymaker, was a member of Studies (Princeton, the NES Russian Advisory Board USA) and the winner from its very beginning. Dr. Gaidar Eric Maskin, Nobel Prize of the Nobel Prize in took an active part in the life of Winner in Economics 2007 Economics in 2007, NES. In order to commemorate delivered a series Yegor Gaidar the contribution of Yegor Gaidar of annual Zvi Griliches Memorial Lectures. The to the development of the Russian economics and first lecture "How Should We Elect Presidents?", economic policy, the New Economic School decided supported by the Dynasty Foundation, was attended to establish the annual Yegor Gaidar Memorial by over 400 people. The second lecture, "How Lectures in Economic Policy at NES. In July 2010, the Accountable Should Public Officials Be?", and the first lecture of the Series was delivered byAnatoly third lecture, "How Does Political Positioning Affect Chubais, CEO of RUSNANO. The Budget Deficit?", were also well attended by NES students and faculty as well as the economists In 2011, the second Gaidar Memorial Lecture in from other institutions. Economic Policy will be delivered by Stanley Fischer, Governor of the Bank of Israel and the former First In May 2011, the Zvi Griliches Memorial Lectures Deputy Managing Director of the International will be delivered by Professor Torsten Persson, Monetary Fund. Stockholm University. The Griliches Lecturer in the 2011-2012 academic year will be Professor Ariel We are grateful to the Human Capital Foundation Rubinstein, Tel Aviv University. for supporting this lecture series.

"Yegor Gaidar is particularly important and Annual Morgan Stanley Distinguished particularly dear to NES. Yegor, like no one else, Lecture in Finance understood how much the country needed skilled economists. Since the foundation of the School, he On September 3, 2009, NES organized the Fourth supported NES, advised its founders, and in 2001 he Annual Morgan Stanley Distinguished Lecture joined the Russian Advisory Board and was taking an in Finance. Robert Engle, Nobel Prize Winner in active part in its work." Economics 2003, Professor of Finance at the Stern Maxim Boycko, School of Business, New York University, was invited Chairman of the NES Board of Directors as an honorary lecturer. He spoke on "Global Financial Stability and Long-Term Risks". The event generated huge interest in the Russian financial and academic community; it was attended by about 500 people.

The Fifth Annual Morgan Stanley Distinguished Lecture in Finance will be delivered on April 13, 2011 by John Cochrane, Professor at the Booth School of Business of the University of Chicago and the author of the bestselling textbook on Asset Pricing.

6 EVENTS

VII Krasnoyarsk Economic Forum St. Petersburg International Economic Forum - 2010 NES helped to organize the VII Krasnoyarsk Economic Forum which was held on February 12-13, 2010. NES has traditionally been involved in the main annual economic summit of Russia and the CIS NES Vice-Rector Alexei Sitnikov, together with countries. Mikhail Myagkov, Professor at University of Oregon, organized and moderated the Generation-2020 At the 2010 Forum, NES presented its new study Session for the second time (the first session "Barriers to Modernization and Innovation in Russia" was held a year earlier at the VI Krasnoyarsk prepared jointly with experts from PwC and in Economic Forum). The participants included 19 cooperation with the Russian Venture Company and winners of the Nationwide Student Essay Contest RUSNANO Corporation. The purpose of the study "Youth and Modernization" and teams from the was to assess the level of innovative activity of large largest universities in Krasnoyarsk (more than 50 businesses, to identify the key factors for innovation people). Guided by the moderators, the participants processes in companies, to identify barriers to these discussed the main challenges and offered solutions processes within companies and in the market, and on the following topics: "Healthy Nation", "Image to identify the most important measures from the of the City and of the Country", "How to Make standpoint of large business for the state regulation Entrepreneurship Popular?". of these processes. Most companies surveyed believe that, by 2020, the Russian economy will be Results of the preliminary discussion were more innovative: 83% respondents viewed such a presented at the discussion session on "Youth forecast as "likely" or "very likely". Companies deem and Modernization". Following the session, the the difficulty of raising funds for innovation and students created a package of modernization over-regulation as the main barriers to innovation. proposals and project ideas for implementation. The Generation-2020 team took part in discussions and in the final plenary session. "This unique survey provides an indication of the innovative activities of the largest private and public companies in Russia. We have tried to assess what new products, technologies and processes were "We managed to discuss implemented by the Russian companies before and openly the most pressing after the crisis, and on what drives their decisions to problems and identify the undertake innovation. The study also shows what questions that are of concern to exactly inhibits innovation in today’s Russia and what the younger generation and its the government and large businesses can do together most active leaders. We have in order to implement ambitious plans to build an reached consensus on many innovation economy in Russia". issues: to make tolerance a Sergei Guriev, Rector of NES norm, to obey the law and not to sell alcohol to minors, to change the vision of the place of entrepreneurship in society". Alexei Sitnikov, Vice-Rector for Operations and Development, NES

On February 13, 2010, Sergei Guriev moderated the Final Plenary Session, where the rapporteurs of discussion groups of the VII Krasnoyarsk Economic Forum presented their progress reports.

7 EVENTS

On June 18, 2010, Sergei Guriev spoke at a panel session on the "Russia’s Balance Sheet: Between a Rising East and a Declining West". The panelists expressed different views on what the world would be like in 10 years, but they agreed that the world would be multipolar, with the active development of partnerships between countries, and the success of countries would be determined by their ability to rapidly respond to the changes in the world markets.

The center of the world economic power is moving from the West to the East and that transition to multipolarity promises both new opportunities and risks for Russia. The panelists repeatedly emphasized that it is equally important for Russia to develop economic, cultural and other relations with both the East and the West.

This session was the result of a joint Russia Balance Sheet project of the leading US think tanks, the Peterson Institute of International Economics and the Center for Strategic and International Studies, and the New Economic School on the analysis of long-term economic and political challenges for Russia. This project resulted in a publication of the book Russia after the Global Economic Crisis. The project participants also held a workshop in Moscow on November 17, 2009. The discussion was attended by the authors of the "A delicate subject treated with genuine strategic book: Pavel Baev, PRIO Institute, Norway; Natalia sobriety – Russia after the Global Economic Crisis is Volchkova, NES; Sergei Guriev, NES; Ekaterina deserving of serious reflection." Zhuravskaya, NES; Keith Crane, RAND; Andrew Kuchins, Center for Strategic and International Zbigniew Brzezinski, former US National Security Advisor Studies, USA; Anders Aslund, Peterson Institute for International Economics, USA; Georgy Safonov, Higher School of Economics; David Tarr, NES; Dmitry Trenin, Carnegie Moscow Center; Artur Usanov, Pardee RAND Graduate School; Samuel Charap, The book was presented on June 8, 2010 in American Progress Center; Aleh Tsivinsky, Yale Washington, D.C. At the presentation, Michael University; and other researchers, businessmen and McFaul, Special Assistant to the President Barack representatives of mass media: Peter Aven, President Obama, gave a speech on the US-Russia relations. of Alfa Bank; Sergei Aleksashenko, Higher School of Economics; Vladimir Milov, Director of the Institute Participation of NES in this project became of Energy Policy; Alexei Sitnikov, Vice-Rector for possible thanks to the support of Peter Aven. The Operations and Development of NES; Vladimir Russian translation of the book was published in the Fedorin, Forbes Russia. Fall 2010.

8 EVENTS

In addition, Sergei Guriev moderated a panel session on "Making Russian Education Globally Competitive". The panelists included Andrey Fursenko, Minister of Education and Science of the Russian Federation; Valery Katkalo, Vice-Rector, St. Petersburg State University; Yaroslav Kuzminov, Rector of the Higher Andrei Fursenko, School of Economics; Dmitry Minister of Livanov, Rector of the National Education and University of Science and Science of Technology MISIS; Vladimir the Russian Mau, Rector of the Academy Federation of National Economy under the Government of the Russian Federation; Claude Canizares, Vice-President and Vice-Rector at the Massachusetts Institute of Technology; Oleg Kharkhordin, Rector of the European University at St. Petersburg.

The panelists discussed the competitiveness of the Russian higher education in the international market, the higher education policy, the cooperation between the public and the private sector in the field of higher education, and other topics.

Guest Lecture by Lloyd Blankfein

On October 8, 2009, Lloyd Blankfein, Chairman and CEO of the Goldman Sachs Group, Inc., delivered a guest lecture on the "Recent Developments in Global Securities Market", which was well attended by students, graduates, and guests of the New Economic School.

9 CONFERENCES EVENTS

The Conference on the Academic Diaspora 26th NES Research Conference and the Future of Russian Science On November 12-14, 2009, NES held its 26th On June 24-25, 2010, the first international con- Research Conference, where NES faculty presented ference on "The Academic Diaspora and the Future its recent research: "Duration and Term Structure of Russian Science" was held at the European Uni- of Trade Agreements" by Sergei Guriev and Mikhail versity at St. Petersburg supported by the Dynasty Klimenko; "Everyone Hates Privatization, but Why? Foundation and the RUSNANO State Corporation. Survey Evidence from 28 Post-Communist Coun- tries" by Irina Denisova, Markus Eller, Timothy Frye, The aim of the conference was to discuss the role and Ekaterina Zhuravskaya; "Absorptive Capacity: of the academic diaspora and its partnership with an Approach to Estimation" by Victor Polterovich, the Russian academic institutions, and to formulate Alexander Tonis, and Elena Pikulina; "Empirical Es- the most important principles and forms of long- timates of Competitiveness in the Russian Economy term cooperation and participation of the diaspora (based on some sectors)" by Pavel Katyshev, Anatoly in the development of Russian academia. The New Peresetsky, and Oleg Eismont; "Group Mergers as a Way to Achieve Efficient Coordination in Weak-link Economic School’s Igor Fedyukin, Sergei Guriev, and Games" by , , and Konstantin Sonin participated in the organisation of Andrei Bremzen Irina Kirysheva , and others. The keynote speach was the conference and in the conference sessions. Anton Suvorov delievered Alexander Voloshin, Chairman of the Board of Directors of Norilsk Nickel. Alexander Swo- boda, Professor Emeritus of International Economics, The Global Institute Fifth Annual Interna- The Graduate Institute of International and Develop- tional Conference ment Studies, Geneva, Switzerland, delivered the Distinguished Lecture on the "Global Imbalances and International Policy Coordination". The Global Institute Fifth Annual International Conference "Global Crisis: Next Wave of Challenges" supported by BP took place on October 23-24, 2009 27th NES Research Conference in Moscow. The conference was organized jointly by the leading economic think tanks of the three On April 15-17, 2010, NES held its 27th Research countries: CEFIR at NES (Russia); Center for China in Conference, where NES students presented the the World Economy (CCWE) of the Tsinghua Uni- results of their research. The students’ research rep- versity (China); and the National Council of Applied resented the research projects led by NES faculty: Economic Research (NCAER) from India. the project by Valery Makarov, Alexei Savvateev, Konstantin Sonin and Irina Khovanskaya "Advances Erik Berglof, the Chief Economist of EBRD, in Game Theory"; the project by Andrei Markevich delivered the keynote speech: "What Made Emerg- and Ekaterina Zhuravskaya "History and economic ing Europe Different: Financial Integration and development"; the project by Oleg Zamulin and Kon- Policy Response". The other presentations included stantin Styrin "Commodity Prices, Exchange Rates, "Modeling and Forecasting the Russian Economy" and Monetary Policy"; the project by Natalia Volch- by Alexei Deviatov; "Whither the Russian Resource kova "International Trade and Export Diversification: Curse" by Konstantin Sonin; "Regulatory Reforms: A Intra Industry Aspects", etc. Study of Public Officials’ Point of View" byNatalia Volchkova; "Public Officials’ Perceptions of Corrup- The Keynote Address on the "Competition tion in the Context of Fiscal Decentralization" by Development in Russia" was presented by Andrei Paul Dower. Tsyganov, Deputy Head of the Federal Antimonopoly Service of Russia. Academician Victor Polterovich, Professor Emeritus at NES, delivered the Distin- guished Lecture on the "Transplantation of Institu- tions and Technologies".

10 EVENTS

Policy Roundtables Supported by the Open and NES Director for Policy Research Igor Fedyukin Society Institute moderated the discussion. The Roundtable on "Creating World-Class Uni- In 2009, NES launched a series of policy roundta- versities: International Experience and the Russian bles to discuss some of the key public policy issues. Practices" was held on December 2, 2009. Professor The first roundtable within this series, "China–Rus- Philip Altbach (Director of the Center for Interna- sia–India: Sustainable Cooperation in the Face of the tional Higher Education, Lynch School of Education, Global Financial Crisis", took place on October 23, Boston College, USA) delivered the keynote address. 2009. The roundtable attracted considerable inter- Professor Altbach spoke about the internationaliza- est in Moscow’s policy circles and was attended by tion of education, the balance between the financial more than a hundred participants, including jour- dependence of the university and academic free- nalists, policymakers, and economic experts. This dom, the difference between research and teaching roundtable took place within the framework of the universities. Professor Altbach’s Global Institute 5th Annual International Confer- lecture was followed by a discus- ence and was the central event on its program. sion between Arkady Dvorkovich, The roundtable featured presentations by Vladimir Assistant to the President of the Drebentsov, Chief Economist for Russia and CIS, BP; Russian Federation; Alexan- David Daokui Li, Director of the Center for China in der Dynkin, Director of IMEMO the World Economy (CCWE), Tsinghua University; and RAS; Andrei Fursenko, Minister Suman Bery, Director General of the National Coun- of Education and Science of the Philip cil of Applied Economic Research. The roundtable Russian Federation; Isak Frumin, Altbach was moderated by Sergei Guriev, Rector of NES. Vice-Rector of the Higher School of Economics; Sergei Guriev, Rector of NES; Oleg The Roundtable on "Social Sciences in Russia and Kharkhordin, Rector of the European University at Russia in Social Sciences: Assessing the Potential of St. Petersburg; Yaroslav Kuzminov, Rector of the Russian Academic Diaspora" was held by CEFIR at Higher School of Economics; Dmitry Livanov, Rector NES with the support of the Russkiy Mir Foundation of the National University of Science and Technology and the Open Society Institute on October 24, 2009. MISIS; Myakzyum Salakhov, President of the Kazan The roundtable participants discussed the potential (Volga) Federal University. mechanisms of interaction with the scientific com- munity. The speakers included Suman Bery, National "In the U.S., only a hundred of a thousand-odd uni- Council of Applied Economic Research, India; Arkady versities can really be considered research centers. All Dvorkovich, Assistant to the President of Russia; the rest are simply educational institutions. Research Georgy Egorov, Kellogg School of Management, and teaching universities should be differentiated, and Northwestern University; Alya Guseva, Boston Uni- the research ones should be the elite". versity; Alena Ledeneva, University College, London; Philip Altbach, David Li, Center for China in the World Economy, Boston College, USA Tsinghua University, China; Mikhail Myagkov, Univer- sity of Oregon; Sergei Netessine, Wharton Busi- Arkady Dvorkovich, Assistant to the President of ness School, University of Pennsylvania; Ekaterina the Russian Federation, said that the differentiation Pravilova, Princeton University; Alexei Sitnikov, NES; of education in Russia is underway and will con- Yuri Slezkine, University of California, Berkeley; Oleg tinue. Seven federal universities have already been Kharkhordin, Rector of the European University at formed; fourteen universities have been given the St. Petersburg; Valery Yakubovich, University of status of national research universities. However, Pennsylvania; Alexei Yurchak, University of Califor- according to Arkady Dvorkovich, "the weakest will nia, Berkeley. Vyacheslav Nikonov, Executive Direc- have to leave the market in order to maintain the tor of the Russkiy Mir Foundation, and Sergei Guriev, quality of education". Rector of NES, greeted the roundtable participants and the audience. NES professor Konstantin Sonin

11 EVENTS

A conference "On Mea- in the Fall 2009 as part of a global initiative of the sures of Harmonization of company directed towards enhancing energy effi- the Tax Policy for Tobacco ciency and reducing emissions of greenhouse gases. in the CIS Countries" was The authors compiled a list of sixty measures, which held on December 11, 2009. are economically attractive for the companies that The conference was implement and at the same allow for the simultane- jointly organized by the ous reduction of energy consumption and green- Irina Denisova, NES Advisory Board on To- house emissions, as well as to raising the overall bacco Control of the State competitiveness of the Russian economy. Duma Health Committee of the Russian Federation, Federal Assembly, the International Confedera- The breakfast attracted considerable interest tion of Consumer Societies (CONFOP) and the New among high-profile policymakers, business leaders, Economic School. The purpose of the event was to and experts, including Arkady Dvorkovich, Assistant develop measures to harmonize taxation policies for to the President of the Russian Federation; Oleg tobacco products in Russia, Ukraine and other CIS Kalinsky, Head of Corporate Affairs, Alcoa Russia; countries. Professor Irina Denisova presented her Giacomo Baizini, CFO, EvrazHolding; Jeremy Huck, work on the "Impact of Tobacco on Mortality". The Executive Vice-President, BP Russia Offshore Busi- conference was also attended by researchers of the ness; Vladimir Drebentsov, Chief Economist for Higher School of Economics, representatives of the Russia and CIS, BP; Vladimir Rashevsky, CEO, SUEK; World Health Organization, the National Consum- Yakov Urinson, Deputy CEO, RUSNANO; Mikhail ers League in Kazakhstan, the Verkhovna Rada of Dmitriev, President, Center for Strategic Research; Ukraine, the Ministry of Finance and the Ministry of Mikhail Slobodin, President, CES-Holding. To facili- Public Health and Social Development of the Rus- tate the candid dialogue between the policymakers, sian Federation. industry representatives, and the experts the event was not open to members of the media. The break- On December 17, 2009, NES and McKinsey co- fast was moderated by Sergei Guriev, Rector of NES. organized a business breakfast "Energy Efficiency in Russia" in the Ararat Park Hyatt Hotel. The event was held in the eve of the final meeting of the Unit- ed Nations Climate Change Conference in Copenha- gen. Thus, the issue of energy efficiency, besides its overall importance for Russia as at the same time one of the leading energy producers and one of the least energy efficient industrialized economies, became even more relevant. The breakfast featured two presentations based on the results of original research by NES scholars: professor Natalia Volch- kova spoke on the "Elasticity of Demand for Electric Power in Russia", while Natalia Turdyeva (CEFIR at NES) gave a talk on "Russia’s Energy Market in 2050". Professor Volchkova’s presentation evaluated the ef- ficiency of the basic incentives for energy efficiency, including the increase of electric energy prices, while Natalia Turdyeva discussed various scenarios of changes in the structure of consumption and production of energy in Russia in the period to 2050. These reports were followed by the presentation "Energy Efficient Russia. Routes to Decreased Power Consumption and Emissions of Greenhouse Gases" based on research conducted by McKinsey in Russia

12 Public Seminars EVENTS

In 2009-2010, the regular NES Public Seminar Alexander Privalov (Scientific Editor, General series brought in a number of distinguished guests Director, "Expert" Business Weekly) from the business community, government, and "Solved and Unsolved Problems of the Russian academia to speak to the NES students and faculty: Economy" Vladimir Gruzdev (State Duma Evgeny Roizman (City Without Drugs Foundation, Deputy, Founder of the Seventh Founder) Continent Stores) "Drugs: Disaster and Practice of Resistance" "Business Development in Russia: Problems and Perspectives" Yuri Kobaladze (Managing Director of Corporate Affairs, X5 Retail Group) "From Secret Service to Trade" Tim Groser (Minister of Trade of New Zealand) "Asia-Pacific Trade and Economic Integration: Alexander Oslon (Public Opinion Foundation, Strategic Opportunities for Russia and New Zealand" President) "Studying Public Opinion. Practice and Perspectives" Stephen Smith (Minister for Foreign Affairs of Australia) Alexei Kuzmin (President, Process Consulting) "Australia-Russia Relations: A Modern Partnership" "Program Evaluation as a New Profession" Alexander Dynkin (Director of The Institute of Deepak Lal (UCLA) World Economy and International Relations) "The Geopolitical Consequences "Innovation Economy – the Global Outlook" of World Financial Crisis. New World Financial Order?" Sergei Kravchenko (President, Boeing Russia/CIS) "Aerospace Global Projects and Intellectual Services as a Perspective Export Sector of the New Russian Jacques Thisse (UCL) Economy of Knowledge" "Does Geography Matter for Economics?" Georgy Gorshkov (Member of the Board, Director Arkady Ostrovsky (Moscow Bureau Chief, The of Retail Business, VTB24) Economist) "Does Russia Need Innovations?" "Perception of Russia and Russian Business in the West" Michael Sohlman (Executive Director of the Nobel Foundation) "The Nobel Prize System" Radmilo Lukich (CEO, Pinta Lab Ltd.) "Stairways to Salesmanship Heaven" David Yang (Founder and Chairman of the Board, ABBYY) "Serial Entrepreneurship in Russia"

13 NES COMMENCEMENT CEREMONY EDUCATION EDUCATION

On July 7, 2010, New Economic School held the rector of the Higher School of Economics; and other joint Commencement Ceremony for both NES pro- prominent public figures and businessmen. grams – Master of Arts in Economics and Masters in Finance. 107 graduates received Masters’ degrees. Lombard Odier Supports The graduates were greeted by Anatoly Chubais, the Best Master Theses CEO of RUSNANO. He also delivered the First Annual Yegor Gaidar Memorial Lecture on Economic Policy In 2010, the Swiss private supported by the Human Capital Foundation. The bank Lombard Odier established Lecture "Innovation Economy in Russia: A To Do List" two awards for the best Master provided an overview of the history of the innova- theses in economics and finance tion-based economy since the Soviet era up to the at NES. This year, the awards went present, as well as plans for the development of the to Roman Rachkov, a graduate of Roman Rachkov, innovation strategy in Russia. the Masters in Finance Program, MIF’2010 for his work "Valuation of Russian Anatoly Chubais also took questions from stu- Banks", and to Roman Levkin, a graduate of the Mas- dents and graduates and presented the Don Patinkin ter of Arts in Economics Program, for his work "The Award to the graduate of 2010, Pavel Zryumov, for Long-Run Effect of Political Repressions: Stalin’s his outstanding achievements in studies, research, Ethnic Deportations and Trust in the Former USSR". and teaching. Pavel graduated from NES with a Michael Künzi, Executive Vice-President of Lombard Summa Cum Laude Diploma; his GPA was 4.8 out Odier Bank, a member of the Advisory Board of the of 5.0; his Master Thesis on "Political Economy of Masters in Finance Program, presented certificates Faculty Selection" received the "5+" grade. Pavel will of 5,000 Swiss francs each to the winners of the continue his studies at the PhD program at Stanford award and invited them to visit the bank’s headquar- University. ters in Geneva. The NES Commencement Ceremony was at- Lombard Odier tended by Anatoly Akimenko, Vice-President of Access Industries (Eurasia), LLC; Oleg Alekseev, Founded in 1796, Lombard Odier is the oldest Director General of the RENOVA Foundation; Len private bank in Geneva and one of the largest Blavatnik, President of Access Industries (Eurasia), financial institutions in Switzerland and in Europe. It LLC, member of the NES Endowment Foundation opened its representative office in Moscow on April Board of Trustees; Arkady Dvorkovich, Assistant to 11, 2010. the President of the Russian Federation, member of the NES Board of Directors, President of the NES Alumni Association; Mark Hannye, PwC, Partner, "In our bank, we appreciate skilled people member of the Advisory Board of the NES Masters committed to development. This is why we decided to in Finance Program; Leonid Kazinets, Chairman of establish a prize for young professionals in economics the Board of Directors of the Barkli Investment and and finance, as they are the future business and Construction Corporation; Sergei Karpukhovich, political elite of Russia". First Vice-President of Access Industries (Eurasia), Michael Künzi, LLC; Grigory Kulikov, Executive Vice-President of Executive Vice-President of Lombard Odier, member TransTeleCom; Bernard Sucher, Head of the Bank of of the Advisory Board of the NES Masters in Finance America Merrill Lynch Russia; Yakov Urinson, Deputy Program CEO, RUSNANO; Andrei Vavilov, Academic Direc- tor of the Institute of Financial Studies, founder of the Human Capital Foundation, member of the NES Endowment Foundation Board of Trustees; David Yakobashvili, Member of the Board of Directors of Wimm-Bill-Dann Foods; Yevgeny Yasin, Academic Di-

14 MASTER OF ARTS IN ECONOMICS EDUCATION EDUCATION

In 2010, for the 17th time, 69 graduates of the Master of Arts in Economics Program received their Masters’ degrees. Four graduates received their Cum Laude Diplomas, two more received Summa Cum Laude Diplomas.

Most graduates work in leading Russian and international consulting companies, financial institutions, government agencies, and think tanks in Moscow. Graduates of the Class 2010 joined McKinsey, Bank of America Merrill Lynch, Bank of Moscow, Barclays Capital, EvrazHolding, VTB Capital, Sberbank, Renaissance Capital, Deutsche Bank, Goldman Sachs, and others.

17 graduates will continue their studies in the world’s best doctoral programs, including that of Stanford (which this year admitted three NES graduates), Princeton, Northwestern, Columbia, New York University, Duke, London School of Economics, London Business School and others.

Yakov Urinson, Deputy CEO, RUSNANO; Anatoly Chubais, CEO, RUSNANO; Leonid Kazinets, Chairman of the Board of Directors, Barkli Corporation; Yevgeny Yasin, Academic Director, HSE

15 MASTERS IN FINANCE EDUCATION EDUCATION

In 2010, the Advisory Board of the Masters in Dmitry Repin (Behavioral Finance) Finance Program approved the decision of the NES Board of Directors to start the MiF classes Orly Sade (Market on September 1st. The program now consists of Microstructure) ten two-month modules and takes two years to complete. Extension of the period of studies up to Sergey Sanzhar (M&A) two years allows students to take a greater number of electives. Andrei Simonov (Portfolio Theory and Asset Management) Following this decision to move the beginning of classes to September 1, in 2010 two students’ Yuri Yuri Tserlukevich (Corporate cohorts began their studies – one in January and Tserlukevich Finance II) the other one in September. As in the past years, more than a half of students have their first degree in science and technology, while the others have degrees in economics and social sciences. More than a third of the students have their first degree with cum laude. Every student has work experience in the financial sector (banks, investment banks and brokerage companies).

As before, the courses are based on the modern research in finance, focusing on the topics that are most relevant to business. Currently, two-thirds of courses are taught by visiting professors from the leading international universities and business schools:

Ilona Babenko (Cases in Financial Management)

Henry Darakhovskiy (Applied Fixed Income Management)

Cherie Ford (Applied M&A)

Olesya Grishchenko Ilona (Financial Econometrics II) Babenko Mark Hannye (Business Ethics)

Igor Kouzin (Art and Science of Execution)

Dmitry Lukin (Private Equity and Venture Capital)

Jiri Novak (Financial Accounting)

Mark Nuckols (Corporate Law)

Vladimir Preobrazhensky (Managerial Economics / Strategy)

16 UNDERGRADUATE PROGRAM EDUCATION EDUCATION

Together with its long-term partner, the Higher • Skills and Com- School of Economics, NES has decided to launch a petences. In addition Joint Undergraduate Program in Economics, which to the curriculum, will be implemented as a part of the National Re- the HSE/NES Under- search University Higher School of Economics. The graduate Program will program’s students will be the students of both NES provide students with and HSE and will get two diplomas. HSE is one of skills that will help the leading Russian universities in the social scien- them to be successful ces. NES has established the best Masters’ program in any field, not only in economics in the post-communist countries. The in Economics. Due to two institutions have shared values and academic the English Courses principles. The first students of the Undergraduate Program, our stu- Program will start their studies in September 2011. dents, starting from the third academic Why NES Undergraduate Program? year, will be able to freely use the English language in com- Over fifteen years, NES has become famous for Konstantin Sonin, Acting municating, studying Vice-Rector, SUEK Professor its Masters’ program in economics. By launching and working. Special of Economics, Director of the the Undergraduate Program, we intend to create an attention will be Undergraduate Program internationally competitive baccalaureate degree given to the develop- in economics — and one of the best Russian under- ment of critical thinking and communication skills. The graduate programs. focus on independent work and intense communication with professors will be an important component of the In Russia, the best high school graduates tradi- educational process. tionally have a strong background in math, and uni- versities pay much attention to subjects that rely on • High Standards of Academic Ethics. We will math skills. Western education is more practical, and keep to the highest standards of academic ethics: the the world’s best universities provide students with intolerance of cheating, plagiarism, automatic "passes", greater freedom of choice, paying more attention to downloaded ready reports and other methods of "fa- modern skills and using an individual approach to cilitating" studying at the University. The success in our the needs of each student. We will combine these Undergraduate Program can be achieved only through two approaches and create an innovative under- the hard work. graduate program, which will be characterized by the following features: As in other NES programs, from the very begin- ning, we will keep to the highest standards of qual- • International Quality. Like the NES Masters’ pro- ity. Therefore, the first intakes for this program will grams, the Undergraduate Program will be taught by be small, ranging from 25 to 50 people a year. permanent and visiting faculty with PhD degrees and teaching experience at the leading universities around the world and publications in the leading international journals.

• Breadth. Along with serious economic and math- ematical training, we will provide our students the opportunity to get to know the adjacent sciences and humanities. We will give students the opportunity to choose from a sufficiently large set of courses reflect- ing the cutting edge of modern science and to develop broad-mindedness, flexibility and adaptability to a rapidly changing world in them.

17 STUDENTS’ LIFE EDUCATION EDUCATION

NES traditionally pays special attention to the Also, the NES team was second in the inter- students’ social life. The School’s goal is to ensure university competition of presentations in English the quality of teaching and learning – but also to among the senior students of Bachelors and Mas- organize a wide range of extracurricular and other ters’ Programs of business schools. The NES was activities designed to meet the growing needs of its represented by Anna Borodina, Dmitriy Plotnikov, students and alumni. The School strives to strength- Ivan Chalov (MAE’2011). en its ties with the whole NES community through the participation of students and alumni in the de- Second PIMDeC velopment and implementation of the School’s life. In 2010, NES has held the second annual NES Our objectives: Performance Improvement Mechanism Design conference (PIMDeC). This year the conference • Provide support to NES students and alumni in drew from a broader pool of applicants. 35 projects realizing their full academic and leadership potential were submitted including 9 - by the students of the • Facilitate the growth of the students and Master of Arts in Economics Program, 3 - by the alumni’s professional skills and the enhancement of students of the Masters in Finance Program, 1 - by a their career prospects staff member and 1 - by the NES faculty member, as • Involve the students and alumni in the NES well as 5 anonymous projects. (Last year there were community work and in supporting the implementa- 14 projects). All the projects were posted at the NES tion of the NES mission website.

NES students are known for their active lifestyle. Despite the intensive curriculum, they organize sports and social events at NES and are involved in various professional competitions. In the 2009-2010 academic year, there were regular football and vol- leyball games, basketball and football tournaments, teamworking courses, chess, table tennis and kicker tournaments, and two Blood Drives. Together with the Student Council, NES regularly surveys students on various aspects of academic and extracurricular life – in order to collect feedback and further im- prove students’ life.

Since 2004, following the students’ initiative, NES publishes the NES Paper. The newspaper is published three times a year. The newspaper con- tinues to be financially supported byIgor Khmel (MAE’2006), who has established an annual scholar- ship of 1,000 Euros to the editor of the NES student newspaper.

The year 2010 brought the NES team a victory in the finals of the English-language competition of the Changellenge Cup 2010, the All-Russian Busi- ness Case Solving Championship. The members of the Tyara team representing NES were Alexei Balaev (MAE’2010), Alexander Morozov (MAE’2011), Alexander Pokrasenko (MAE’2011), Vadim Sayafarov (MAE’2010).

18 EDUCATION EDUCATION

Student Council New Economic Start 2009

The NES Student Council is very active and In September 2009, the School organized its closely cooperates with the School’s administration. first New Economic Start, the five-kilometer NES The main objectives of the Student Council are to running competition. 160 students, alumni, staff, protect the students’ rights, participate in the aca- faculty members and friends of NES participated in demic governance, develop social activities, support the race. The funds raised at the race were donated and implement social initiatives. Oleg Eremin, the to an orphanage in Obidimo. In September 2010, the Chairman of the MAE Student Council in 2009-2010, second race was organized, this time involving 150 was awarded the honorary title of the "NES Citizen". participants. A similar award was granted to Azamat Ziyatdinov, the graduate of the Masters in Finance Program in 2010, for coming up with and implementing the idea of the annual New Economic Start.

Sports

NES, in cooperation with the Student Council and the Alumni Association, organizes many sporting events for the School. In February 2010, following the initiative of the President of the NES Alumni Association Arkady Dvorkovich, NES hosted the first basketball tournament called NES Basketball Challenge. The event was attended by the students of both programs, alumni, staff, and friends of NES. We are grateful to the Moscow State University for provision of the facilities and for the help in organ- izing the basketball tournament. NES is also grateful to the sponsor of the tournament, Victor Kudinov, MAE’04. In addition, in June 2010, the football tournament NES Football Challenge 2010 brought together 7 teams of students, alumni and faculty. We are especially grateful to the Head of the Organizing Committee Dzhangir Dzhangirov, MAE’2004.

New Economic Start 2010

19 CAREER DEVELOPMENT CENTER EDUCATION EDUCATION

NES pays a special attention to enhancing career opportunities and professional development of its students and alumni. NES regularly holds presenta- tions and master classes by companies, seminars and consultations on career planning, trainings, lectures, business games and guest visits to major companies in the market. The NES Career Center also provides support for the preparation of resumes and job ap- plication packages of NES students.

As a rule, about 80% of NES students receive job offers before graduation. Most of NES graduates work in the financial sector (banks, investment and brokerage firms) and consulting, as well as in real Graduate Recruitment Roundtable, April 7, 2010 sector companies.

In 2009-2010, NES Career Development Center hosted more than 40 events, including mini-courses in entrepreneurship and on financial institutions, trainings in Business Writing Skills, Business Dress Code, master classes on the topics: "How Companies Select Employees", "The First Steps Towards a Suc- cessful Career", "The Use of Reuters’ Product 3000s", practical psychology, and many others.

NES signed cooperation agreements with several large companies, such as American Appraisal, KPMG, ROSNO, Deutsche Bank, Deloitte, Knight Frank, under which the companies plan to provide training programs for students, presentations, training and visits to their offices; to inform the School about recruiting opportunities for young professionals; to help students with internships and to facilitate appointment of their qualified personnel as industry advisors of masters theses of NES students.

In April 2010, the Career Center published the CV Book 2010, a regular collection of profiles of NES students and alumni. The book contains information on 118 job candidates: 50 students of the MAE Pro- gram 2011, 44 students of the MAE Program 2010, 17 students of the MiF Program, and 7 alumni of the MAE Program of various years. The purpose of the CV Book 2010 is to introduce NES alumni and stu- dents to their potential employers and to facilitate communication with them. CV Book 2010 is distrib- uted among companies at recruiting events such as the annual Graduate Recruitment Roundtable, which was held at NES on April 7, 2010.

20 EDUCATION EDUCATION

NES Professionals Club

The Professionals Club initiated by a group of alumni has immediately become a great success. The mission of the Club is to promote professional dialogue, to share knowledge, to expand business ties and to develop its members’ professional careers. The Club includes NES graduates, who work in different fields, such as real, consulting, banking, and academic sectors, and who continue their studies at PhD pro- grams at foreign universities. At the Club’s meetings, its members share their professional experience and tell the students about specific details of careers in various industries. In 2009-2010, there were 15 meet- ings of the Club, as well as 3 roundtables devoted to investment banks, consulting, and entrepreneurship.

On October 8, 2009, the Club held a roundtable on "Investment Banks after the Crisis: View from Inside". NES graduates working in banks in London and Mos- cow spoke about their experiences and shared their observations of the differences between corporate cultures in American, European and Russian banks.

On November 26, 2009, the Club organized a roundtable on "Consulting: View from Inside and Out- side". This event brought together NES alumni with experience in large consulting companies who shared information and their opinions on types of consulting Participants of the NES Professionals Club companies and consulting projects, corporate cultures of different companies, different stages of the career ladder in consulting, discussed the possibility of personal and professional growth in consulting, and other issues.

In November-December 2009, Vera Voloskova, HR Director at Sanofi-Aventis, held a course of interactive seminars on the "Basics of Personal Effectiveness in the Modern World", discussing the situation in the la- bor market, challenges faced by candidates today and ways to meet them, expectations of employers, key competencies for success, conflict resolution, motiva- tion and emotional intelligence, assessment of one’s own potential, career development and other issues.

21 NES ALUMNI EDUCATION EDUCATION

Alumni Reunions planning and successful implementation of the 16th Commencent Ceremony with the Commencement Speech of the U.S. President Barack Obama, that November 2009, New York, USA became a major public event during his official visit to Russia Danila Deliya (MAE’07) for the Project of the On November 7, 2009, in Empire Hotel Rooftop, Year – for initiatives that promoted better relations New York, NES held a meeting of its graduates, between students and alumni of NES and serving as which was attended by about 20 alumni of different an example for other alumni, awarded for launching years, now living on the East Coast of the USA. the website of Non-Commercial Partnership "NES Alumni and Friends" www.nesalumni.org Azamat Ziyatdinov (MiF’10) and Georgy Kartashov (MAE’06) for the Project of the Year – for organizing the first NES running competition "New Economic Start 2009" Oleg Itskhoki (MAE’04), Georgy Egorov (MAE’03), Georgy Chabakauri (MAE’03) for the Breakthrough of the Year – for outstanding academic accomplish- ments that support the high prestige of the New Economic School and serve as an example for other alumni Andrei Bremzen (MAE’99, BP Assistant Profes- sor of Economics) and Maria Gorban (MAE’94, CEFIR economist) for Promoting Philanthropy at NES Ivan Ivanyuk (NES) for the Bond between Gen- Left to right: Irina Grafova (MAE’99), Ruslan erations – for development and strengthening the Bikbov (MAE’01), Dmitry Novikov (MAE’98), Sergei ties between the members of the NES community Kulaev (MAE’03), Anastasia Kartasheva (MAE’98), and for participation in the lives of many genera- Vadim Zipunnikov (MAE’03), Gauhar Turmuhambe- tions of the NES alumni. tova (MAE’98), and Sergei Rumyantsev (MAE’02) at the alumni reunion in New York, USA. January 2010, Atlanta, USA

December 2009, Moscow - NES Annual On January 4, 2010, at the Annual Meeting of the Alumni Reunion American Economic Association, NES organized a reception for the friends of the School, which was attended by more than 30 NES graduates of various On December 16, 2009, in Moscow, a traditional years. NES alumni reunion took place, which was attended by over 150 alumni, faculty, staff, and friends of NES. The next meeting of the NES alumni and friends At the party, the NES Alumni Association held its took place in Denver on January 8, 2011 as a part third ceremony of presenting awards for special con- of the AEA forum at the Mineral Hall D&E in Hyatt tributions to the development of the New Economic Regency Denver Hotel. School. The 2009 Prizes went to: Valery Makarov (President of NES) for a Contribu- tion to the Development of New Economic School January-April 2010, Boston and Stanford, USA Maxim Boycko (Chairman of the NES Board of Directors) for a Contribution to the Development of In the beginning of 2010, Arkady Dvorkovich, New Economic School Assistant to the President of Russia (NES’94), Alexei Sitnikov (Vice-Rector for Operations and President of the NES Alumni Association, met with Development of NES) for the Event of the Year – for alumni and friends of the School in the USA. On

22 EDUCATION EDUCATION

January 25, there was a meeting in Boston and on April 14, in Stanford. During the meetings, Arkady talked about NES life and shared plans for its future development. Special attention was paid to the alumni fundraising for the NES Endowment. Arkady also described the prospects for creating the Skolkovo Innovation Center.

May 2010, London and New York

On May 6, 2010, NES Rector Sergei Guriev met with the School graduates in London, and on May 14, 2010, Sergei Guriev and Vice-Rector for Academ- ic and Student Affairs Zarema Kasabieva met with the School graduates in New York. Both meetings were very successful. They were attended by alumni of almost all classes, including the very first Class of 1994.

June 2010, Moscow

On June 29, 2010, in the Vladimir Dvorkovich Chess Club, NES hosted a meeting of NES alumni with Sergei Guriev, Zarema Kasabieva and Arkady Dvorkovich (MAE’94). Participants discussed the issues of the long-term development of NES, qual- ity of education and research, building effective relationships with alumni, the plans to open the undergraduate program, and other issues. Most par- ticipants expressed their willingness to participate in the fundraising campaign.

Alumni Fundraising Campaign

NES has traditionally relied on alumni sup- port – through several alumni initiatives to support students: Ilya Strebulaev and Anna Dvornikova Fund to Support Students Pursuing a PhD Degree; Irina and Alexander Aganin Student Fund; NES Alumni Scholarship Fund.

In Spring 2010, NES started preparing for launch- ing a full-scale fundraising campaign for the Endow- ment Fund. Arkady Dvorkovich, the President of the Alumni Association, opened the campaign contrib- uting his monthly salary of 150 thousand rubles. In 2010, the Campaign brought in contributions, pledges and commitments of more than 120 alumni for more than 200 thousand dollars.

23 NES FACULTY RESEARCH

In March 2010, the Inter- national Advisory Board of the School unanimously de- cided to appoint the RENO- VA Foundation Professor of Economics Grigory Kosenok as a tenured professor. Grigory graduated from NES, then worked in the Eco- nomic Expert Group at the Ministry of Finance, received his PhD at the University of Wisconsin-Madison and returned to work at NES as Grigory Kosenok, an assistant professor. He RENOVA Foundation has published a number of Professor of papers on industrial orga- Economics nization and econometrics in the leading international academic journals, including American Economic Review.

His colleagues also achieved outstanding suc- cess this year. The papers of Ruben Enikolopov, Maria Petrova, Ekaterina Zhuravskaya, Konstantin Sonin, and Dmitry Makarov have been accepted for publica- tions in American Economic Review, Quarterly Journal of Economics and Journal of Financial Economics. An econometrics textbook by the Access Industries Professor of Economics Stanislav Anatolyev was ac- cepted for publication in the prestigious Taylor and Francis international publishing house.

The high quality of NES faculty’s research is reflected in its high positions in the international academic rankings. According to the latest rating of RePEc (Research Papers in Economics), NES is the best department of economics in the Central and Eastern Europe and the former Soviet Union. This year SSRN (Social Science Research Network) unveiled its first ranking of econom- ics departments which placed NES in the top 100 of economics departments in the world and the second economics department in the non-OECD countries Stanislav Anatolyev, (after the Hebrew University Access Industries Professor of of Israel). Economics

24 SELECTED ACADEMIC PUBLICATIONS RESEARCH

2010 Businessman Candidates, Ekaterina Zhuravskaya, K.Sonin and S. Gehlbach, American Journal of Political Science, 54(3), 2010, 718-736 Inference in regression models with many Segregation and the Quality of Government in regressors, Stanislav Anatolyev, Journal of a Cross-Section of Countries, Alberto F. Alesina, Econometrics, forthcoming Ekaterina Zhuravskaya, American Economic Review, Modeling Financial Return Dynamics via forthcoming Decomposition, Stanislav Anatolyev, Nikolay Why Russia is Not South Korea, E.Zhuravskaya, Gospodinov, Journal of Business and Economic S. Guriev, Journal of International Affairs, 2010, Vol. Statistics, 2010, 28(2): 232–245 63, No. 2, 125-139 Specification Testing in Models with Many Instruments, Stanislav Anatolyev, Nikolay Gospodinov, Econometric Theory, 2010, forthcoming Adult mortality in Russia: a microanalysis, Irina Denisova, Economics of Transition, Vol.18 (2), 2010, 333-363 What do Russians think about transition?, Irina Denisova, Ekaterina Zhuravskaya, Markus Eller, Economics of Transition, Vol.18(2), 2010, 249-280 Determinants of Expropriation in the Oil Sector: A Theory and Evidence from Panel Data, Sergei Guriev, Anton Kolotilin, Konstantin Sonin, Journal of Law, Economics, and Organization, spring 2011, 27(1), forthcoming Interest Group Politics in a Federation, Sergei Guriev, Evgeny Yakovlev and Ekaterina Zhuravskaya, Journal of Public Economics, forthcoming Investor Sentiments, Sergei Izmalkov, Muhamet Yildiz, American Economic Journal: Microeconomics, 2010, forthcoming On efficiency of the English Auction, Sergei Izmalkov, Oleksii Birulin, Journal of Economic Theory, accepted, 2010 A note on Wealth Effect under CARA Utility, Dmitry Makarov, Astrid Schornick, Finance Research Letters, 2010, 7(3), 170-177 Difference in Interim Performance and Risk Taking with Short-sale Constraints, Dmitry Makarov, Suleyman Basak, Journal of Financial Economics, forthcoming Media and Political Persuasion: Evidence from Russia, Maria Petrova, Ruben Enikolopov, and Ekaterina Zhuravskaya, American Economic Review, forthcoming Shareholder Access to Manager-biased Courts and the Monitoring/Litigation Trade-off, Sergei Stepanov, RAND Journal of Economics, 2010, forthcoming

25 SELECTED ACADEMIC PUBLICATIONS RESEARCH

2009 Savvateev, and Shlomo Weber, Journal of Economic Theory, 2009, 143(1): 275–291 Media Freedom, Bureaucratic Incentives, and Nonparametric retrospection and monitoring the Resource Curse, Konstantin Sonin, Sergei of predictability of financial returns, Stanislav Guriev and Georgy Egorov, American Political Anatolyev, Journal of Business & Economic Science Review, 2009, 103(4): 645-668 Statistics, 2009, 27(2): 149–160 Do Juntas Lead to Personal Rule?, Konstantin Multi-market direction-of-change modeling Sonin, Daron Acemoglu and Georgy Egorov), 2009, using dependence ratios, Stanislav Anatolyev, American Economic Review: Papers and Proceedings, Studies in Nonlinear Dynamics & Econometrics, Vol. 99, No. 2, 298-303 2009, 13(1), article 5 Discretionary Rewards as a Feedback Instrumental variables estimation of Mechanism, Anton Suvorov and Jeroen van de heteroskedastic linear models using all lags of Ven, Games and Economic Behavior, 2009, 67(2): instruments, West, Kenneth D., Ka-fu Wong, and 665–681 Stanislav Anatolyev, Econometric Reviews, 2009, 28(5): 441–467 Tests in contingency tables as regression tests, Stanislav Anatolyev, Grigory Kosenok, Economics Letters, 2009, 105(2): 189–192 Robustness of residual-based bootstrap to composition of serially correlated errors, Stanislav Anatolyev, Journal of Statistical Computation and Simulation, 2009, 79(3): 315–320 Dynamic modeling under linear-exponential loss, Stanislav Anatolyev, Economic Modelling, 2009, 26(1): 82–89 Who wants to revise privatization? The complementarity of market skills and institutions, Irina Denisova, Ekaterina Zhuravskaya, Markus Eller, Timothy Frye, American Political Science Review, Vol.103, Number 2, 2009, 284-304 (Un)happiness in Transition, Sergei Guriev and Ekaterina Zhuravskaya, Journal of Economic Perspectives, 2009, 23(2): 143–68 Imperfect competition in financial markets and capital structure, Sergei Guriev and Dmitriy Kvasov, Journal of Economic Behavior & Organization, 2009, 72(1): 131–146 Dictators and Oligarchs: A Dynamic Theory of Contested Property Rights, Sergei Guriev, Konstantin Sonin, Journal of Public Economics, 2009, 93(1-2): 1–13 A model in which monetary policy is about money, Alexei Deviatov and Neil Wallace, Journal of Monetary Economics, 2009, 56(3): 283–288 Fine-tailored for the cartel: Favoritism in Procurement, Ariane Lambert-Mogiliansky and Grigory Kosenok (2009), Review of Industrial Organization, v. 35, pp. 95-121 Almost subsidy-free spatial pricing in a multi- dimensional setting, Dreze, J., Le Breton M., Alexei

26 APPLIED RESEARCH AND OUTREACH PROJECTS

The New Economic School’s work is not limited similar indices used in the US to economics education and research. The School and in the Eurozone. also actively participates in the economic policy debate, contributes to interdisciplinary research In 2010, NES started and disseminates economics knowledge to general several publishing projects. public. NES organizes conferences and roundtables Together with Alpina Business with the leading Russian and Western scholars and Books publishing house, NES policymakers, carries out policy research, publishes will publish an "Economics textbooks on economics and financial literacy, and for Non-Economists" series. holds competitions for schoolchildren. The first book in this series was the "Animal Spirits: How Applied Research and Publishing Human Psychology Drives the Economy, and Why It Matters for Global Capitalism" On March 23, 2010, NES presented the results by Nobel Laureate George Akerlof and Yale University Professor of a study devoted to the impact of alcohol on the Robert . health of the population of Russia. The study was Shiller conducted in December 2009 - February 2010. It In partnership with assessed the influence of alcohol on the health and Citigroup and VISA, NES mortality of the Russian population, comparative started a major project aggregate alcohol consumption in Russia and on financial literacy. NES Europe, the structure of alcohol consumption in published the books "Financial Russia, and the experience of Europe in carrying Literacy" and "Financial out active anti-alcohol policy. Results of the study Literacy for Schoolchildren" demonstrate the need to raise excise taxes on and developed the Russian strong alcoholic beverages. version of the "Financial Football" game (available both on CD-ROM and In 2009-2010, we held the seventh survey of online at www.financialfootball.ru). two thousand small businesses in twenty regions, in order to estimate the change in administrative and financial barriers for small business in Russia. The results of this survey were presented on April 28, 2010 in the press center of the Argumenty i Fakty Publishing House. The report suggests that while the number of administrative barriers has gone down, the fate of small business has not improved substantially.

This year, Renaissance Capital and New Economic School launched the RenCap-NES Leading GDP Indicator. The purpose of this project is to assess the current state of the economic activity in Russia and to forecast Russia’s GDP for one or two quarters ahead. Our Index is published several months ahead of the official GDP statistics. Every month we present two figures: assessment of the GDP growth in the Alexei Goriaev, UBS AG Professor of Finance, Director current quarter and forecast of the GDP growth in the of Masters in Finance Program supported by Morgan subsequent quarter. Both estimates are made with Stanley, one of the authors of "Financial Literacy" and and without seasonal adjustment. The indicator is "Financial Literacy for Schoolchildren" constructed using the very modern methods of time- series econometrics and to a large extent reproduces

27 PROJECTS

National Economics Competition for (Federal Treasury Department for the Tula Region) Main Financial Settlements Center of Main Schoolchildren Administration of Bank of Russia for the Tula Region, Tula In 2010, NES and the NES Alumni Association Bank Identification Code (BIC) 047003001, organized the first National Economics Competition settlement account 40201810900000100005, in Economics for Schoolchildren and Schoolteachers. personal account 03074100062 opened in the High school students and school teachers were department of the Leninsky District of the Federal invited to participate in the distance competition. Treasury Department (FTD) for the Tula Region. The purpose was to popularize the study of economics in the high schools and to identify the For several years, NES has also held regular most talented students. During the competition, Blood Drives. In Russia, only about 13 people out of NES has received 363 submissions from 49 regions 1,000 participate in such blood drives – compared of Russia as well as from Kyrgyzstan. NES has to 67 in the US and 40 in Europe. In Moscow the awarded the 1st degree diplomas to the 11-grader situation is especially desperate. Only 6 Muscovites Timur Abbyasov (Moscow), to the 10-graders Ilya out of 1,000 donate blood, while Moscow is a home Svistunov (Ryazan) and Tatyana Paramonova (Kirov), to a disproportionate number of hospitals and to the 9-grader Evgenia Ternovaya (Orel), and to medical centers. This is why we are proud that the the 8-graders Maxim Makarov (Novouralsk) and Blood Drive has become a tradition at NES being Almaz Kamalov (Vysokaya Gora). The NES website organized twice a year. published the results of all the participants, as well as the problems’ solutions and feedback from the OUTREACH CENTER graders. Congratulations to all the winners of the Competition! NES Outreach Center was established in 1998 with the purpose of dissemination of modern eco- Social Responsibility nomics education to universities in Russia and CIS. In academic year 2009-2010, the Center was focused on Since 2006, NES has provided support to the the three main activities: Obidimo orphanage in the Tula Region. In the • Faculty training orphanage, there are about 90 children from six to • NES faculty presentations in the Russian region- seventeen years old. Almost 70% of them are social al universities orphans, whose parents were deprived of parental • Organization of conferences rights. International Higher Education Sup- This year, NES alumni and staff visited the children for 4 times bringing holiday gifts, clothing, port Program medicines, stationery, magazine subscriptions, helping to improve their everyday life, holding parties In 2010, NES has completed its three-year pro- for the children and playing games. More detailed gram for the economics faculty from the CIS uni- information is available at www.nesalumni.org. versities in institutional and political economics. In September 2009, the Open Society Institute’s Higher The payment details of the orphanage "Obidimskaya Education Support Program approved the NES’s ap- Special Correctional Boarding School for Orphans plication for a three-year project in economic geogra- and Children Left Without Parental Care" are as phy. In Spring 2010, NES has selected 32 participants follows: (from 12 Russian cities, as well as from Armenia, Kazakhstan, and Ukraine) for the program “The Role Address: 2a Sovetskaya Str., Obidimo, Leninsky of Geography in Economics: Theory and Empirics”. District, Tula Region 301132 Russia The program’s first summer school was held on July Taxpayer Identification Number (INN) 7130008652, 14-23, 2010 in Suzdal. Tax Registration Reason Code (KPP) 713001001

28 PROJECTS

The Joint Faculty Training Program Alcoa Foundation Professor of Economics Alexei Sav- vateev delivered lectures at the T.G. Shevchenko Kiev with the Higher School of Economics National University. Alexei Savvateev also participat- ed in the roundtable called “Perspectives of Teaching NES launched a joint faculty program with the Economics in the Russian Universities”, which was Higher School of Economics. This program included held in Yekaterinburg in March 2010, and during the seven workshops in Moscow, as well as in the Higher year he delivered a series of lectures at universities of School of Economics’ branches in St. Petersburg, Voronezh, Yekaterinburg, Irkutsk, Novocherkassk, St. Nizhny Novgorod and Perm: Petersburg, and Moscow. • October 2009 – “Modernization of Economic Education in Russia. Institutional Economics” On April 15, 2010, Oleg Zamulin, Sovcomflot (Sergei Guriev, Ruben Enikolopov, Sergei Assistant Professor of Economics and Director of Izmalkov) the Master of Arts in Economics Program, delivered • November-December 2009 – “Economic Ap- the first video lecture on “Russia after Crisis: Growth plications of Game Theory” (Sergei Izmalkov, Prospects” for the students of the Novosibirsk State Alexei Savvateev) University. • December 2009 – “Contract and Auction Theories” (Andrey Bremzen, Sergei Izmalkov), “Empirical Industrial Organization” (Grigory Alcoa Foundation Workshops Kosenok and Tatiana Mikhailova) and “Applied Econometrics” (Anatoly Peresetsky and Pavel In cooperation with Alcoa Foundation, on Octo- Katyshev) ber 14-16, 2009, NES held a mini-course on game • April 2010 - “Empirical Industrial Organiza- theory (Alexei Savvateev, Dmitry Krutikov) at the tion” (Grigory Kosenok, Tatiana Mikhailova) Don State Technical University, Rostov-on-Don. On • May 2010 - “Applied Econometrics” (Ruben November 26-27, 2009, NES held a mini-course on Enikolopov) spatial economics at the Samara State Aerospace University (by Alexei Savvateev and Alexander Visiting Lectures and Workshops Shapoval).

In 2010, the Outreach Center organized two work- Annual Baikal Readings shops aimed at enhancing professional development of teachers from regional universities: The Third Annual Baikal Readings took place on March 22-29, Irkutsk State University - “Auction March 9-26, 2010 at the Irkutsk State University. NES Theory and Mechanism Design” professors Sergei Izmalkov (auctions), and Alexei (Sergei Izmalkov, Danila Musa- Savvateev (dynamic games), as well as Daniil Musa- tov, and Alexei Savvateev); tov (recurrent stability) participated in the Readings. April 25-28, Ural State During the Readings, NES also held the third Winter University - “Economic Growth School on Institutional and Political Economics. and Development Economics” (Natalia Volchkova, Alexei Sav- vateev, Konstantin Styrin and Alexander Tonis (NES), Kirill Borisov (EU-SPB), Vladimir Mat- vienko (SPbEMI of RAS)).

Sergei Izmalkov, NES faculty have also Professor of delivered several lectures Economics, and seminars in various cities Chairman of NES of Russia. On May 11, 2010, Academic Council Professor Sergei Izmalkov and

29 ABOUT THE SCHOOL ABOUT THE SCHOOL

Governance Vladimir Kremer, Managing Director, Deputy Chairman of the Management Board, RENOVA Rector: Sergei Guriev Group President: Valery Makarov Valery Makarov, Academician of RAS, Director of CEMI; President of NES The Board of Directors, ultimate governing Leonid Mikhelson, Chairman of the authority of the School, meets quarterly to make Management Board, ОАО NOVATEK strategic and operational decisions. Yakov Urinson, Deputy CEO, ROSNANO Ruben Vardanian, Chairman of the Board of Presently, the Board of Directors includes: Directors, Troika Dialog Group Maxim Boycko, Chairman Andrei Vavilov, Academic Director, Institute for Erik Berglof, Chief Economist, EBRD; Financial Studies Coordinator, IAB of NES Sergey Vorobiev, Senior Partner, Chairman of Sergei Guriev, Rector of NES the Board, Ward Howell Arkady Dvorkovich, Assistant to the President Oleg Vyugin, Chairman of the Board of of the Russian Federation, President of the NES Directors, MDM Bank Alumni Association Mikhail Dmitriev, President, Center for International Advisory Board (IAB) consists Strategic Research of the world leading economists. IAB provides Barry W. Ickes, Professor, Pennsylvania State guidance on academic matters, makes all major University; President and Treasurer, AFNES academic decisions, and oversees the academic Valery Makarov, Academician of RAS, Director activities at NES. It is also responsible, through of CEMI; President of NES an Academic Appointment Committee, for all Vladimir Preobrazhensky, CFO, SUEK academic appointments and promotions.

Professor Erik Berglof (Chief Economist, EBRD), Coordinator Board of Trustees, NES Endowment Professor Philippe Aghion (Harvard University) Foundation Professor Beth Allen (University of Minnesota) Professor Donald Andrews (Yale University) NES Endowment Foundation Board of Trustees Professor John Cochrane (University of Chicago makes decisions on the use of the endowment Booth School of Business) income, facilitates endowment fundraising and Professor Avinash Dixit (Princeton University) assists in creating new partnerships with the Professor Barry W. Ickes (Pennsylvania State Russian private sector. University) Academician Valery Makarov (Director of CEMI Members of the NES Endowment Foundation and President of NES ) Board of Trustees: Professor Roger Myerson (University of Maxim Boycko, Chairman Chicago) Peter Aven, President, Alfa-Bank Professor Gur Ofer (Hebrew University) Len Blavatnik, President, Access Industries, Inc. Academician Victor Polterovich (CEMI and NES) Andrei Borodin, President of the Bank of Professor Gerard Roland (University of Moscow California at Berkeley) Arkady Dvorkovich, Assistant to the President Professor Larry Samuelson (Yale University) of the Russian Federation, President of the NES Professor Aleh Tsyvinski (Yale University) Alumni Association Maxim Gubiev

30 ABOUT THE SCHOOL

Sources of Funding

Sources of Funding, AY 2009-2010 Budget $7,279,000 29% Donations, Companies & Individuals 19% International Foundations Research Projects 28% 24% Tuition (including students loans)

Professorship Positions This confidence, trust and support are the key conditions for implementing the School’s mission and achieving the School’s long-term financial NES is grateful to all its partners, who sustainability. continue supporting us even in difficult crisis years. Particularly, we would like to thank our new NES is grateful to companies and individuals sponsors - The Warburg Pincus Foundation and who provided financial support to the School in Joseph Schull personally, as well as companies 2009 and 2010: of ExxonMobil and Nordea - for establishing new named professorships at NES. Access Industries, Inc. Bank of America Merrill Lynch Natalya Volchkova became the ExxonMobil BP Professor of Energy Economics. Natalia received Ernst&Young her PhD at the Russian Academy of Sciences, ExxonMobil Russia Inc. and she has twice undertaken a postdoctoral ING placement at the Massachusetts Institute of J.P. Morgan Technology (MIT). Professor Volchkova is doing Morgan Stanley research on international trade, natural resources, Nordea and corporate governance. Her articles were PwC published in leading academic journals, including Renaissance Capital the Journal of Finance. Sovcomflot SUEK Ruben Enikolopov was appointed the Nordea TransTeleCom Professor of Finance. Ruben received his PhD at Harvard University. Professor Enikolopov’s Alcoa Foundation research interests include political economy, Citigroup Foundation applied econometrics, development economics, Dmitry Zimin’s Dynasty Foundation and corporate finance. In 2005, Ruben Enikolopov Ford Foundation won the Gold Medal of the Global Development Human Capital Foundation Network for the best research in development John D. and Catherine T. MacArthur Foundation economics. His papers are published in the Open Society Institute American Economic Review and the Journal of Oxford Russia Fund Public Economics. PINE Foundation RENOVA Foundation The establishment of Nordea and ExxonMobil The Warburg Pincus Foundation professorship positions increased the number of such positions at NES up to fourteen, which speaks of the confidence in the School held by the Russian and international business communities.

31 ABOUT THE SCHOOL

Peter Aven NES is grateful to the alumni who provided Alexander Dolgin financial support to the School in the 2010-2011 Charles Ryan academic year: Kurt Schmid Konstantin Arshakuni Joseph Schull Ekaterina Atanassian David Yakobashvili Yakov Bart Konstantin Bayandin NES thanks the corporations, foundations Aleksey Belkin and individuals who have contributed to the NES Victoria Belyakova Endowment Fund: Vitaliy Busko Bank of Moscow Georgy Chabakauri Barkli Corporation Egor Chistyakov METALLOINVEST Oleg Darg NOVATEK Arkady Dvorkovich Open Society Institute Aleksey Debelov John D. and Catherine T. MacArthur Foundation Tatyana Evstigneeva RENOVA Foundation Oleg Eremin Transneft Pavel Fadeev URALSIB Dmitry Garanin RAO UES of Russia Elena Goldman Peter Aven Marat Ibragimov Maxim Boycko Aleksandr Ivanov Arkady Dvorkovich Vitaliy Kazakov Jonas af Jochnick Ruslan Karmanny Alexander Lebedev Grigory Khatsevich Andrei Melnichenko Evgeniy Khotulev Andrey Kobelev NES is grateful to the alumni who provided Alesya Kovaleva financial support to the School in the 2009-2010 Anna Kovaleva academic year: Sergey Kovbasyuk Irina and Alexander Aganin Aleksandr Kuznetsov Michail Borisov Julia Litvinova Olga Doronina Irina Malkova Dmitry Dubovskiy Nataliya Melenteva Artyom Durnev Sergey Morozov Anna Dvornikova Dmitry Muravyev Aleksandra Evtifyeva Anton Nikitin Georgiy Kartashov Yuliya Nikulicheva Igor Khmel Aleksandr Pavlov Tatyana Komarova Sergey Prudnik Igor Kopylov Oleg Rubanov Victor Kudinov Vitaliy Sergeychuk Andrey Liskovich Roman Shkoller Konstantin Petrov Dmitry Spryskov Konstantin Pravednikov Aleksandr Ustinov Alexandr Shulzhenko Anton Voronin Ilya Strebulaev Sergey Zaitsev Evgeny Vasin Roman Zhdanov Roman Zilberman Ekaterina Zhuravskaya

32 NES: FACTS & FIGURES ABOUT THE SCHOOL

"Master "Masters in of Arts in Total Finance" Economics" Program launched in 1992 2007 Students Number of students 188 87 275 (100%) Enrollment, 2010 102 64 166 Non-Muscovites 134 54 188 (68%) Average age 23,3 28 Women 39 22 61 (22%) Annual tuition fee $7 500 $13 670 Room and board, per annum $2 000 First degree Mathematics, natural sciences, 117 41 158 (58%) engineering, IT Finance, accounting, economics 48 32 80 (29%) Other 23 14 37 (13%) Student loan program 12 years with a 2 year grace period Actually used loans 42 31 73 (27%)

Financial support

Full or partial tuition waivers 100 21 121 (44%)

Annual budget, 2009-2010 $7 279 000 Costs per student, per annum $26 470 Graduates Number of classes 17 3 Number of graduates 855 60 915 Faculty, total 59 Tenured and tenure-track faculty 25 Part-time faculty 34 Governance Board of Directors 8 Endowment Board of Trustees 14 International Advisory Board 14

33 NEW ECONOMIC SCHOOL ABOUT THE SCHOOL

ADMINISTRATION Tenured and Tenure-Track Faculty:

Stanislav Anatolyev Sergei Guriev Access Industries Professor of Economics, Research Center Director Rector PhD, University of Wisconsin-Madison, NES’95 Valery Makarov Andrei Bremzen President BP Assistant Professor of Economics PhD, Massachusetts Institute of Technology, NES’99 Erik Berglof Irina Denisova Coordinator, International Advisory Board Assistant Professor of Economics Barry W. Ickes PhD, University of Manchester Treasurer, AFNES Paul Dower Assistant Professor of Economics Zarema Kasabieva PhD, New York University Vice-Rector for Academic and Students Affairs Ruben Enikolopov Alexei Sitnikov Nordea Assistant Professor of Finance Vice-Rector for Operations and Development PhD, Harvard University, NES’02 Alexei Goriaev Konstantin Sonin UBS AG Professor of Finance, Acting Vice-Rector PhD, Tilburg University Oleg Adamovsky Sergei Guriev Special Projects Director Morgan Stanley Professor of Economics Doctor of Science, RAS, Postdoc, Massachusetts Institute of Technology Galina Benevolenskaya Sergei Izmalkov Executive Director, Master of Arts in Economics Program Assistant Professor of Economics Oxana Budjko PhD, Pennsylvania State University, NES’97 Chief Financial Officer Igor Kheifets Assistant Professor of Economics Igor Fedyukin PhD, University Carlos III of Madrid, NES’04 Director for Policy Studies Grigory Kosenok Natalia Fokina RENOVA Foundation Professor of Economics Director for Development PhD, University of Wisconsin-Madison, NES’95 Valery Makarov Alexey Goriaev Bank of Moscow Professor of Economics Program Director, Masters in Finance Academician RAS Kirill Kolmakov Dmitry Makarov Head of IT Department Assistant Professor of Finance PhD, LBS, NES’00 Valentina Krupina Andrei Markevich Academic Secretary Assistant Professor Larisa Kryuchkova PhD, Institute of Russian History, Russian Academy of Science, Head Librarian Post doc, University of Warwick Tatiana Mikhailova Olga Kulagina Assistant Professor of Economics Admissions Secretary, Preparatory Courses Coordinator PhD, Pennsylvania State University, NES’97 Julia Kushnarenko Maria Petrova Chief Accountant Assistant Professor of Economics PhD, Harvard University, NES’04 Ekaterina Maksimova Victor Polterovich Executive Director, Undergraduate Program Professor Emeritus Yulia Mushenko Academician RAS Office Manager Vladimir Popov Professor of Economics Gulnara Okhramenko PhD (doctor) NES Executive Director Alexei Savvateev Alexei Savvateev ALCOA Foundation Assistant Professor of Economics Outreach Center Director PhD, CEMI, Postdoc, CORE, Catholic University of Louvain, NES’97 Konstantin Sonin Svetlana Volkova SUEK Professor of Economics Director of the Career Development Center PhD, Moscow State University, NES’98 Oleg Zamulin Sergey Stepanov Program Director, Master of Arts in Economics Human Capital Foundation Assistant Professor of Corporate Finance PhD, ECARES, Universite Libre de Bruxelles, NES’00 Konstantin Styrin Renaissance Capital Assistant Professor of Macroeconomics PhD, Harvard University, NES’01 Anton Suvorov TransTeleCom Assistant Professor of Economics PhD, Toulouse University, NES’99 Natalia Volchkova ExxonMobil Assistant Professor of Energy Economics PhD CEMI, Postdoc, Massachusetts Institute of Technology, NES’98 Oleg Zamulin Sovcomflot Professor of Economics PhD, University of Michigan Ekaterina Zhuravskaya Professor of Economics, PhD, Harvard University

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47 Nakhimovsky Prospect, Office 1721, Moscow 117418 Russia Tel.: +7 495 956-9508 Fax: +7 499 129-3722 E-mail: [email protected] Website: www.nes.ru Twitter: http://www.twitter.com/NES1992 YouTube: http://www.youtube.com/user/NewEconomicSchool