Excellence in Economics Education and Research
Annual Report 2011 NES Misson contents
Rector’s welcome The mission of the New Economic School is to benefit Russia’s private and public sectors through excellence in economics education and research. 01/ pages 4-5 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; Events – NES produces globally competitive economics research; / Landmarks of the Year – NES brings back foreign-trained Russian economists 02 Conferences to work in Russia. pages 6-11 – NES contributes to improving Russia’s public policy through both Public Seminars 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. Education NES also provides Russian and international businesses with research, execu- 03/ NES Commencement Ceremony tive education, and consulting. pages 11-16 MAE Program: 18th Commencement Year MiF Program: 4th Commencement NES aims to become a model for other institutions of developing and transition countries in building centers of excellence in economics. Through its outreach Undergraduate Program activities, NES also disseminates modern economics knowledge to other uni- versities in Russia, the CIS, and other emerging markets. NES Community 04/ Students pages 17-29 NES Alumni
Research 05/ New Faculty Selected Academic Publications pages 30-36
Applied Research and Outreach 06/ Projects pages 37-44 Public Lectures at the Polytechnic Museum Sberbank-500 Outreach Center Center for New Media and Society Center for Demographic Studies / About the School 07 Governance pages 45 - 51 Sources of Funding Professorship positions NES: Facts & Figures 01/ Rector’s welcome Rector’s welcome We have also successfully completed the alumni fundraising campaign - with total contributions of more than USD 350,000 coming from almost 200 alumni. We are grateful to Jochen Wermuth and Alexandra Ko- rnilova who established a matching program for the campaign (with 1:1 matching funds to be provided up to a total of USD 250,000), KPMG (1:1 matching donations of NES alumni employed by KPMG) and Jean Raby (Goldman Sachs, 1:1 matching amounts up to USD 10,000 donated to NES for sporting events and charitable activities). Jean Raby also provides support for academic mobility and research seminars at NES.
Jointly with our partners from the INSEAD Business School, we developed a comprehensive one-year executive education program in Russian. Out of the program’s eight courses, six are delivered by INSEAD Russian-speaking faculty while two – economics and finance – are taught by NES professors. This unique program developed for Sberbank includes face-to-face sessions, distance learning and inde- pendent study. In August 2011, 500 Sberbank managers started the program.
Sergei Guriev On behalf of the New Economic School I would like to thank you for your interest The School is now finalizing its plans for the next few years. In the Spring of 2011, the NES Board of Di- Professor of Economics in the life of the School and present our new Annual Report. rectors held a special meeting devoted to the School’s strategy and decided that NES would not open up and Rector new programs (except the Undergraduate Program) over the next four years. This will enable us to con- This is a special year in the School’s life: NES turns 20 in the Fall 2012. We will centrate on our core priority – quality of education and research. Nevertheless, the School will continue celebrate the Anniversary on 13–15 December 2012 in Moscow. to grow: by 2015, we plan to have 40 full-time faculty and 500 to 700 students (most of them in the newly established Undergraduate Program). Meanwhile, on July 8, 2011, NES held its Eighteenth Commencement Ceremony. This was a historical event as we awarded a degree to the thousandth graduate. Now the alumni community includes 1023 Thank you once again for your interest in the life of the New Economic School! graduates, 947 with MA in Economics and 76 with Masters in Finance. While the vast majority of alumni are working in Russia, the School has a really global outreach: its alumni live in 32 countries. This year, 14 of them joined the world’s leading PhD programs including Harvard, Yale, Stanford, London School of Sincerely, Economics, and others. Sergei Guriev, NES Rector On September 1, 2011 we launched our new Undergraduate Program (joint with the Higher School of Economics). We are committed to making this Program the best in Russia. When we conceived the pro- gram, we believed that the first enrollment should be small and restricted to 25-50 students. However, as we had to admit all winners of National Olympiads in Economics and in Mathematics who chose to apply to us, we had to expand the enrollment to 62 students. In terms of the student quality, our Un- dergraduate Program is already one of the best if not the best in Russia. Out of the 55 winners of the National Olympiad in Economics 40 chose to join our Program. And the minimum admission score (for the Unified National Exam, EGE) was 379 out of 400.
This year was also one of the most successful throughout the School’s history in terms of recruiting new faculty, with four young economists – Stanislav Khrapov (PhD, UNC at Chapel Hill), Olga Kuzmina (PhD, Columbia Business School), Patrick Kelly (PhD, Arizona State University; Assistant Professor of Finance, University of South Florida) and Ozgur Evren (PhD, New York University) accepting our offers to join the NES faculty in September 2011.
The quality of our faculty – measured by the publications in the international academic journals – re- mains very high. In the first half of 2011, several articles were published and accepted for publication at the leading international economics and finance journals including the American Economic Review (three papers), Journal of Finance and Review of Financial Studies.
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Landmarks of the year
Zvi Griliches Memorial Lectures Yegor Gaidar Memorial Lectures in Economic Policy Supported On 23–25 May, NES held the tenth annual Zvi Griliches Memorial Lec- by the Human Capital Foundation tures (supported by the Dynasty Foundation). The three lectures “Pillars of Prosperity: The Political Economics of Development Clusters” were In 2010, in order to commemorate the late Yegor Gaidar’s contribu- delivered by Torsten Persson, professor of economics at the Stockholm tion to the development of the New Economic School, NES decided University, one of the architects of the modern political economics and to establish a series of annual Yegor Gaidar Memorial Lectures in a co-author of the core handbook in this field. The Griliches Lectures in Economic Policy, with the first lecture delivered by Anatoly Chubais the 2011-2012 academic year will be delivered by professor Ariel Rubin- in July 2010. The second Gaidar Memorial Lecture was delivered by stein, Tel-Aviv University. Stanley Fischer, Chairman of the Bank of Israel, in July 2011. Next year, the third lecture of this series will be delivered by Leszek Balcerowicz, Torsten Persson Polish economist and policymaker who led the design and implemen- Professor of economics, tation of the economic reforms in Poland (the so-called shock therapy Stockholm University or Balcerowicz Plan).
Annual Morgan Stanley Distinguished Lectures in Finance Professor Stanley Fischer has been Governor of the Bank of Israel since May 2005. On May 1, 2010, Professor Fischer was nominated Governor for a second term. On April 13, 2011 Masters in Finance Program at NES continued the Prior to joining the Bank of Israel, Professor Fischer was Vice Chairman series of Morgan Stanley Distinguished Lectures in Finance. These of Citigroup, Head of the Public Sector Group, Chairman of the Country lectures are given by leading finance professors for the Russian busi- Risk Committee, and President of Citigroup International. ness community and are open to general public. The fifth lecture in the Stanley Fischer was the First Deputy Managing Director of the Interna- series “Discount rates” was given by John H. Cochrane, professor of tional Monetary Fund. finance at the University of Chicago Booth School of Business. Over 300 Before he joined the IMF, Professor Fischer was the Head of the Depart- people of different backgrounds: representatives of business, public and ment of Economics at MIT, where he delivered research and wrote a higher education as well as government sector came to the Polytech- number of books. His lecture at the NES Commencement ceremony nic Museum for the lecture of the President of the American Finance was devoted to The Lessons of the Global Financial Crisis. Association and the author of bestselling textbook Asset Pricing. In 2012 John H. Cochrane Morgan Stanley Distinguished Lecture in Finance will be delivered by Professor of Finance John Campbell, Harvard university professor. Stanley Fischer at the University Governor of Chicago Booth School of the Bank of Israel of Business
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Policy Roundtables Supported by the Open Society Institute 29th NES Research Conference
In 2010-2011, for the second year in a row, NES supported by the The 29th Research Conference where NES students presented Open Society Institute organizes a series of roundtables to discuss the results of their research was held on 14-16 April 2011. The themes like cooperation between Russia and China, Russia and the conference featured research projects led by the NES faculty European Union, environment protection, and higher education. In Andrei Bremzen, Sergei Stepanov and Anton Suvorov Topics in 2010 we organized four such events: Applied Micro, Contract Theory and Corporate Finance, Ruben Enikolopov, Maria Petrova, Konstantin Sonin and Irina Khovan- • On September 30, “Russia, China and the New World Order” with skaya Advances in Political Economics, Konstantin Styrin and Roundtable the keynote address by Dr. Bobo Lo (Independent Scholar and Con- Oleg Zamulin Macroeconomic Modeling and Forecasting, Natalia “Russia, China sultant from London) and the report by Natalia Volchkova (Exxon- Volchkova and Irina Denisova International Trade, Skills and and the New World Order” Mobil Assistant Professor, NES, Policy Director, CEFIR). Diversification: Intra Industry Aspects, Stanislav Anatoliev and Igor Kheifets Topics in Time Series Prediction, and others. • On October 27, “Ecology in the 21st century: Science, Policy, Public Management” with the key reports of Aleh Cherp, professor of the The keynote lecture The Economic Aspect of the Reset in the Central European University (Hungary) and Natayia Tourdyeva, a Bilateral Relations was presented by John Beyrle, US Ambas- CEFIR NES researcher. sador to Russia. John Cochrane, professor of the Booth School of Business, University of Chicago, delivered distinguished lecture • On December 1, “Higher Education in China” with the key report of The Fiscal Theory of Price Levels. Yingyi Qian, the Dean of School of Economics and Management at Tsinghua University in Beijing, and Conference on General Equilibrium Theory Roundtable • On December 16, “EU-Russia Relations: From Partnership to Inte- “Ecology in the 21st century: gration?” with the keynote address of Mark Leonard, Director of the On June 3-4 2011 the Higher School of Economics hosted a joint Science, Policy, Public Management” European Council on Foreign Relations. conference of HSE and NES on General Equilibrium Theory. The conference honored Academician Victor Polterovich, a prominent Russian economist, a founder of NES and a member of the HSE Academic Council (Ucheny Sovet). Many world famous scientists Conferences came to the conference, among them: Werner Hildenbrand, Jean- Francois Mertens, Jean-Michel Grandmont. The keynote address 28th NES Research Conference was delivered by Eric Maskin. Several pupils of Victor Polterovich were among the speakers: Oleg Itskhoki, Princeton University, Alexei Savvateev, NES, Irina Schepina, Voronezh State University. Held on 11–13 November 2010, the 28th NES Research Conference featured The conference attracted more than one hundred participants. presentations by Sergei Guriev and Anton Suvorov (Why Worse Informed Managers Can Make Better Leaders), Daron Acemoglu, Georgy Egorov, Konstantin Sonin (Political Theory of Populism), Filippo Balestrieri and Sergei Izmalkov (The Informed Seller Problem: a Case for Horizontal Dif- “Property in Russia: Concepts and Institutions ferentiation), Natalia Volchkova (The Anatomy of Russian Exports: Firms, Sectors and Geography), Konstantin Styrin and Oleg Zamulin (Monetary in Past and Present” conference Policies, Spillover Effect and Exchange Rate Volatility), Patrick Kelly (Infor- On June 20 2011, New Economic School and Yeltsin Center con- mation Efficiency and Volatility of Idiosyncratic Yields), and others. ducted an international conference “Property in Russia: Concepts and Institutions in Past and Present”. The keynote presentation The keynote lecture was delivered by Alexey Savatiugin, Deputy Minister of on Ideology of Property in Russian History was delivered by pro- Finance of the Russian Federation. Professor Richard Ericson, Head of the fessor Yanni Kotsonis from New York University. Tracy Dennison Economics Department at the East Carolina University, delivered the dis- (California Institute of Technology), Igor Khristoforov (Institute tinguished lecture The Analysis of International Refugee Crises: Theoretical of Russian History, Russian Academy of Sciences), Sebastian Game Model. Another guest lecture entitled Challenges of the Decade for Galiani (Washington University in St. Louis), Kathryn Handley “Property in Russia: Concepts the Russian Business was delivered by Yermolay Solzhenitsyn, managing and Institutions in Past (University of Wisconsin - Madison), Yegor Lazarev (Higher partner of McKinsey & Company’s Moscow Office. and Present” conference School of Economics) and many other experts were among the speakers at the event.
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Public Seminars Ronald Kent (Executive Vice-President, Head of International Listings, NYSE Euronext and CEO, NYSE Euronext London) In 2010-2011, the regular NES Public Seminar series brought in a “Economic Confidence and the Evolution number of distinguished guests from the business community, gov- of the 21st Century Exchange” ernment, and academia to speak to the NES students and faculty: Alexei Evstratov (Downstream Business Services Manager, Mobil Oil Lubricants LLC) ExxonMobil Company Presentation
Margaret Twomey Louis Skyner (the Ambassador of Australia to the Russian Federation) (Legal Counsel, Statoil) “Challenges of Cross-cultural Diversity in Diplomacy” “An Arena of Contest or Cooperation: Petroleum Development and the Arctic” Paul Marson (Chief Investment Officer, Lombard Odier Darier Hentsch&Sie) Sergey Vakulenko “How to Prepare For the Next Crisis” (Managing Director, IHS CERA) “Challenges for the Russian Oil Industry, Oil Business, William Starbuck and Government in the Coming Decade“ (Professor Emeritus, New York University) “Why We Need More Powerful Multinational Corporations” Federico Ghizzoni Vladimir Drebentsov (CEO, UniCredit Group): Margaret Twomey Jong Nam Oh Head of Russia and CIS “The Future of Banking” the Ambassador of Australia (Professor, Seoul National University) Economics, BP; to the Russian Federation “The Korean Economy: Past, Present and Future” Vice-President for External Bobo Lo Affairs of BP Russia (Independent Scholar and Consultant from the UK) Igor Lojevsky “Russia-China Relations” (Chief Country Officer, Deutsche Bank, Russia and CIS) “Management and Structural Issues of Investment Banking” Leonid Kazinets (Chairman of the Board, Barkli Corporation) Artem Volynets “Magic Formula of the Overnight Success is a MYTH. (CEO, En+ Group) Whatever your goal is, you can reach it as long as you work hard” “Eastern Siberia as a Future Center for the Economic Growth of Russia. Perspectives of the Vladimir Drebentsov Chinese-Russian Cooperation” (Head of Russia and CIS Economics, BP; Vice-President for External Affairs of BP Russia) Michael Marrese “Global Energy Markets: Before and After Crisis” (Head of CEEMEA Economics and Strategy, J.P. Morgan) “Developed and Emerging Market Growth, Inflation Alexander Lebedev and Policy Challenges in 2011” (Chairman of the Board of Directors, National Reserve Corporation) Esther Dyson “Business, Mass Media and Freedom of Speech” (Chairman, EDventure Holdings) “User-Generated Lecture”
Yana Yakovleva Alexander Lebedev Chairman of the Board Yana Yakovleva (Head of “Business Solidarity”) “Business Climate in Russia” of Directors, Head of National Reserve “Business Solidarity” Corporation
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Board, co-manager of Corporate Investment Bank Division, Alfa-Bank, NES Commencement Ceremony Michael Künzi, Executive Vice-President of Lombard Odier Bank, member of the Advisory Board of the Masters in Finance Program, Natalia Nikolaeva, Vice President, Director for Relations with Public Authorities, Citibank, Vladimir Preobrazhensky, Deputy General Director for Economics and Finance, Chief Financial Officer, SUEK, member of the NES Board of Directors, Jean Raby, Managing Director, Head of Investment Banking Division for Russia and CIS, co-CEO Goldman Sachs Russia and CIS, Ekaterina Rudelson, member of the Advisory Board of the Masters in Finance Program, Partner, Egon Zehnder International, Sergey Sementsov, Director of the Strategic Planning Department, BashNeft, member of the Advisory Board of the Masters in Finance Program, Natalia Shchetinina, Executive Director, Head of External Relations and Corporate Marketing, J.P. Morgan Stanislav Mazurenko Russia, Yan Tavrovsky, Head of Investment Banking for Russia and (MAE’2011) Ukraine, J.P. Morgan, Andrei Vavilov, Academic Director of the Insti- tute for Financial Studies, Founder of the Human Capital Foundation, member of the NES Endowment Foundation Board of Trustees, Jochen Wermuth, Chief Investment Officer, Founding Partner, Wermuth Asset Management GmbH, Yevgeny Yasin, Academic Director, Higher School of Economics. NES Commencement Ceremony 2011
The 18th Commencement of the New Economic School was held on 8 July 2011 at the Grand Auditorium of the Polytechnic Museum. The commence- ment speaker Stanley Fischer, Chairman of the Bank of Israel, greeted the Lombard Odier Award for Best Master Theses graduating class and delivered the Second Yegor Gaidar Annual Memorial Lecture on Economic Policy (supported by the Human Capital Foundation).
In his lecture, entitled The Lessons of the Global Financial Crisis, professor Lombard Odier, one of the oldest Swiss banks, awarded the second Stanley Fischer discussed eight lessons of the recent global financial annual prize for the best Master theses in economics and finance. crisis with a focus on the importance of a robust and sustainable financial Michael Künzi, Executive Vice President at Lombard Odier Bank, pre- system, role of central banks and International Monetary Fund, and infla- sented cash certificates to the prize winners and an invitation to visit tion targeting. the bank’s headquarters in Geneva.
Since 1996, NES has been awarding the Don Patinkin Award, to the best This year Lombard Odier’s awards went to Valery Sinyaev (MIF’2011) student in the MA in Economics Program. This year’s award went to for his master’s project Financial Insolvency and Refinancing by a Stanislav Mazurenko. Stanislav graduated from NES with a Summa Cum Russian Company Shareholder and Alexey Smolin (МАЕ’2011) for his Laude Diploma with GPA of 4.96 out of 5.0, and the top 5+ grade for his thesis Optimal Design of Voluntary Contribution Schemes Adjusted for Master thesis The Experience Motive and Reputation Fears in Managerial Conformism. Risk Decision Making. Upon graduating from NES, Stanislav joined the VTB Capital investment bank.
The NES Commencement Ceremony was attended by Jack Barbanel, Alexey Smolin Senior Managing Director, Strategic Investment Group, Arkady Dvorkovich, (MAE’2011) Lombard Odier Assistant to the President of Russia, member of the NES Board of Direc- Founded in 1796, Lombard Odier is the oldest private tors, member of the NES Endowment Foundation Board of Trustees, Presi- bank in Geneva and one of the largest financial institu- dent of the NES Alumni Association, Alexander Ivlev, Managing Partner, Ernst & Young Russia, Edward Kaufman, member of the Supervisory tions in Switzerland and in Europe. It opened its repre- sentative office in Moscow on April 11, 2010.
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MAE Program: 18th Commencement MiF Program: 4th Commencement
In 2011, the Master of Arts in Economics Program celebrated its 18th com- mencement year, with 84 alumni awarded their Masters’ degrees, including eight Cum Laude and three Summa Cum Laude Diplomas.
Finance 39%
Industry 3%
Consulting 7% Career choice of 2nd year students, % MiF Commencement Ceremony 2011 PhD 13%
In July 2011 Masters in Finance (MiF) program held its 4th Commencement ceremony. The focus of MiF training is on theory and practice of investments in financial markets and corporate financial policy. The Looking for a job 38% core finance curriculum (asset pricing, derivatives, corporate finance, M&A, risk management, etc.) is supplemented with courses on management, economics and econometrics.
Most students at MiF are employed in the finance sector, in such companies as Citibank, Sberbank, Banca Intesa, J.P.Morgan, Raiffeisen Bank, Troika Dialog. Their jobs range from analysts to line and senior managers.
The courses at MiF are taught by NES permanent faculty, visiting professors from the leading Western business schools, and top managers of companies operating in Moscow. The learning process is stimu- By the time they left the School, 62 percent of students already accepted lated by the ongoing cooperation with the business and academic community. Each course features job offers, with a majority (39 percent) opting for employment in finance, guest lectures by experts from leading Russian and foreign companies. Every year, an internationally 7 percent in consulting and 3 percent in the corporate sector. The Class distinguished professor delivers a public lecture in finance supported by Morgan Stanley. 2011’s employers included Sberbank, VTB Capital, ROSNANO, Gazprom- bank, Alfa Bank, McKinsey, ING, J.P. Morgan, Barclays Capital, Deutsche During the two years of study, MiF students not only cover the academic curriculum, but also take part in Bank, Renaissance Capital, Raiffeisen Bank, IBM etc. a range of extra-curricular events. Multiple trainings help students plan their career, improve their time management and negotiation skills. Company visits give students an opportunity to talk with top manag- Ten of this year’s alumni will continue their studies in the world’s best PhD ers of the leading financial, consulting and real sector companies (Morgan Stanley, Sberbank, Deloitte, programs including that of Stanford, Harvard, Yale, UCLA, LSE and others. BP Russia, Merrill Lynch, etc.).
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Visiting and full-time faculty who started to teach in the program during the 2010-2011 academic year: Students
Alexander Bragin NES students combine intensive academic activities with (Head of Transaction Support, Forensic and Dispute Resolution team, Deloitte CIS) – Taxation extra-curricular activities, sports and social events. In the 2010-2011 academic year, they participated in volleyball, bas- Patrick Kelly ketball and football games and tournaments as well as a Rope (Professor of Finance, PhD W. P. Carey School of Business, Arizona State University) Course, chess, table tennis and football tournaments, and – Portfolio Theory and Investment Management, Financial Econometrics II Blood Drives.
Galina Naumenko (Partner, PwC) – Mergers and Acquisitions: an Applied Course
Christopher Hennessy (BAML Visiting Professor of Finance, Ph.D. Princeton University, London Business School) – Financial Management: Case Studies
Aleh Tsyvinski New Student Projects (PhD University of Minnesota, Yale University) – Current Macroeconomic Challenges In 2010, the NES Debate Club resumed its work organizing debates in English among the School’s students and their participation in inter-university debating competitions. The Club organized the Moscow Debate Championship League’s competition and took First Enrollment for the Joint HSE- part in the Moscow Open 2010, the CIS’ largest English-language debating tournament (at MGIMO). NES Undergraduate Program
In 2011, NES and the Higher School of Economics, our long- In 2010, a group of students including Anna Anikina (MAE’2012), standing partner, established a joint Undergraduate Pro- Dmitry Pugachev (MiF’2012), Alexander Morozov (MAE’2011), Andrey NES Case Club Session gram in Economics. The students will study at NES and HSE Pavlov-Rusinov (MAE’2012) and Anastasia Semynina (MAE’2011) at the same time and receive degrees from both institutions. created the NES Case Club. The Club will focus on in-depth stud- While HSE is one of the leading Russian universities in the ies of strategic consulting, a better understanding of real business social sciences, NES has established the best Masters’ processes, and the specifics of recruiting and consulting work. The program in economics in the post-communist countries. Club engages NES alumni who are already employed in consulting Olga Aksakalova The first students of the joint Undergraduate Program in companies, in particular at BCG and McKinsey. The Club 2010-2011 Director of Writing and Economics began their studies in September 2011. meetings included company-supported data sessions, tests, and Communication Center mock interviews followed by case studies and analysis, and the The Undergraduate Program succeeded in recruiting the preparation and solution of business cases. very best economics students in Russia. In 2011, 40 out of 55 winners of the All-Russia Olympiad in Economics chose the The New English Club (NEC) was also organized in 2010. The Club joint HSE-NES Undergraduate Program. While we initially is primarily focused on improving and developing English language planned to enroll at most 50 students, the Joint Undergrad- skills of the School’s students. At the Club’s weekly meetings, stu- uate Program admitted 63 individuals, including 57 winners dents discuss current training and career options, the latest devel- of national competitions (all-Russia School Olympiad in opments at the School and worldwide, and other topics of interest. Economics, All-Russia School Olympiad in Mathematics, Many meetings at the Club are attended by guests (native speakers) Interregional School Olympiad in Economics, etc.). including the School’s faculty and visiting professors Russell Pitt- NES Choir man, Stephen Hoyt, Adam Leeds and Tony Haal, English language In 2011, NES hired four new faculty to teach at the Joint teaching expert. Undergraduate Program – Olga Aksakalova (PhD in Students of Undergraduate Program English), Sergey Enikolopov (PhD in psychology), Andrey Markov (Doctor of Science in biology), Stephen Hoyt (PhD in English).
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Student Professional Development and Achievements
In 2011, the NES team won the final round of the Russian phase of the Global Investment Research Challenge®. This inter- national competition has been organized by the CFA Institute among the world’s best universities and business schools for a number of years. Supported by the CFA Association (Russia), Russian students were invited to participate in the champion- ship for the first time this year. The School’s team included MAE’2011 students Yegor Abramov, Anna Borodina, Dmitry NES team - winners of the Global Plotnikov, Anton Potkalov and Andrei Rafalson. Investment Research Challenge Rope Course, MAE Students At the Case Solving Championship, the NES’s Stubborns team won the English language competition. The team included Tatiana Pavlova (МАЕ’2011), Anna Putrya (МАЕ’2011), Dmitry Markus (МАЕ’2011), and Oleg Gusev (MIPT). One of the more remarkable events of the academic year was the creation of the NES Choir. Established in February 2011, the Choir became immediately popular both within and outside the School. In March 2011, Yegor Bykov, МАЕ’2011 student, won the Finan- cial Olympiad 2011, a competition held by the PFL University, Its members – students, alumni and staff of the School – learn musical pieces, jointly attend concerts – which included a test for general financial tasks, a test for the and, surely, sing. At the Commencement Ceremony of 8 July 2011, the Choir performed three songs, with the first performance of the NES Anthem (lyrics by Vladislav Filimonov and Anna Lukina (MAE’2011), ability to think quickly and clearly, and complex financial prob- music by Vladislav Filimonov). lems similar to CFA tests.
NES has continued to run the Rope Course. This team-building exercise is designed to introduce first- NES students also won the VIII Bowling Championship – HBS year students to each other, build relationships and ensure efficient and enjoyable learning process in Cup – held among the major business schools of Moscow. The the future. The course also helps to develop decision-making and team-working skills. In the 2010-2011 Marginal Bowl team was composed of Sergey Teplov (MIF’2012), academic year, the course was held for the second time, now jointly with the International College for Economics and Finance (ICEF). Vladimir Gusev (MAE’2012), Daniel Sazanov (MIF’2012), Evgeny Gorbatikov (MAE’2012), Alexander Pervushin (MIF’2011), Vadim Mescheryakov (MAE’2012), Artem Torchinsky (MIF’2011), and Ilya Zharov (MIF’2011).
Student Council The New Economic School has an actively operating Student Coun- cil which closely cooperates with the School’s administration. The main objectives of the Student Council are to protect the students’ rights, participate in the academic governance, solve important community problems, support and develop social initiatives. In 2011, NES students elected Anton Babkin (МАE’2012) the Chair- man of the NES Student Council.
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Sports Initiatives Social Responsibility and Charitable Activities
NES Student Council and the NES Alumni Association organize The School’s students are remarkable not only for their out- a growing number of sports events including the Second Open standing intellectual abilities but also for a sense of social Basketball Tournament (NES Basketball Challenge, April) and a responsibility. Football Tournament held in June (NES Football Challenge 2011). The NES community’s two most important charity projects are Each of these events involved nearly one hundred players. the support to an orphanage in Obidimo and organization of We are grateful to Arkady Dvorkovich (MAE’1994) and Fedor Blood Drives every 6 months. Smyka (MAE’2011) for their assistance in organizing the bas- ketball tournament, Dzhangir Dzhangirov (MAE’2004), Maxim In 2010-11, NES organized five trips to Obidimo and two tours Winners of the NES Basketball Kryuchkov (MAE’2011) and Ulukbek Nurbayev (MAE’2010) to Moscow for Obidimo’s kids. At one of the trips, the NES team Challenge 2011 for the football championship, and Stanislav Mazurenko Trip to Moscow, April 9-10, 2011 designed and conducted a structured quest game consisting of (MAE’2011) and Anatoly Fedorov (MAE’2011) for the volleyball tasks and competitions of varying complexity while at another tournament. We would also like to thank Igor Belik (MAE’2011) trip they spent most of the time at the computer class helping who supervised the kicker tournament, and Alexey Smolin children with modern information technologies. NES has also (MAE’2011) for the summer chess competition. continued to collect in-kind support in the form of stationery, medications, clothing, footwear, development games and other necessities. On April 9-10, jointly with ICEF Outreach and the Here and Now Foundation, NES brought two groups of 20 chil- dren from the orphanages at Obidimo (Tula Region) and Elatma (Ryazan Region) and organized a program, which included a New Economic Start 2010 quest in central Moscow, games, master classes and visits to the Sergei Obraztsov Puppet Theater and Aquamarine Danc- ing Fountain Circus. As a part of this trip, the NES team played The second traditional race of the New Economic School on a friendly match with Obidimo kids at the School’s Basketball September 12, 2010, this time starting off simultaneously in Tournament. three cities – Moscow, Hong Kong and Paris – involving more than 150 alumni, students, professors, staff and friends of the School. We are grateful to American Appraisal, the main sponsor of the New Economic Start for the second year run- ning and other supporters who contributed RUB 110,000. The Career Development Center funds raised were then donated to the Obidimo Orphanage in New Economic Start 2010 Tula Region. Established in 2008, the Career Development Center is designed to encourage NES students and alumni to plan and pursue their careers themselves in order to achieve professional success. The Center helps the students navigate around the labor market and present themselves to potential employers.
The Career Development Center is cooperating with more than 80 employers including finance and investment companies, consultancy firms, corporate sector and public sector. The lead- ing employers of NES alumni include Sberbank, Deutsche Bank, VTB Capital, EVRAZ Group, UniCredit Bank, Citigroup, Credit Suisse, McKinsey & Company, Renaissance Capital, ROSNANO, Accenture, American Appraisal, Bank of Moscow, IMF, J.P. Morgan, TNK BP, Barclays Group, Troika Dialog, Ernst & Young,
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LUKoil, Ministry of Economic Development of Russia, UBS, duced to the core concepts of innovative businesses, venture Boston Consulting Group, Goldman Sachs, Morgan Stanley, investments, and innovative product/service marketing, and PwC, Gazprombank, KPMG, Procter & Gamble, Uralsib, Alfa learned how theory is applied to the business reality. The course Bank, ROSNO, Bank of America Merrill Lynch, Bank of Rus- featured a lecture Innovative Enterprise: Intel’s Perspective sia, Branan, Deloitte, ING Bank, Monitor Group, SUEK, Sibur, made by Alexey Nikolayev, the director of the Intel’s Higher Wermuth Asset Management, AT Kearney, Bain & Company, Education and Technology Entrepreneurship Program. The BNP Paribas, Gazprom, Ministry of Finance of Russia, Nestle, course participants grouped into teams were asked to propose Raiffeisen Bank, and Roland Berger. Twelve companies have an idea for an innovative startup and make a presentation to a signed long-term partnership agreements with the School. Presentation venture investor. At the final stage of the course, the participants Presentation of Bain & Company of Roland Berger presented five business projects to a committee representing The Career Development Center provides advice and informa- Russian entrepreneurs and venture capitalists. tion to students and alumni through in-house events organized by the Center, such as presentations, lectures, CV and inter- In the past academic year, the School’s alumni employed at view workshops, career building sessions, business cases and McKinsey and Boston Consulting Group put forward an exciting games, soft skills master classes, and meetings with alumni initiative to organize a Mentorship Program. The mentorship is held as part of the NES Practitioners’ Club. focused on various aspects of life – skills and career develop- ment, lifelong education, personal development, adaptation The Center holds more than 60 events over the year; more than to working environment, relations with fellow colleagues etc. 25 companies made presentations on their business processes Within the Program, mentors regularly meet students; a number and career opportunities for young talent. These included of workshops and master classes were organized and deliv- Goldman Sachs, Boston Consulting Group, KPMG, VTB Capital, ered by Olga Kotsur (BCG), Dmitry Malykhin (personal financ- Roland Berger, Oliver Wyman, A.T.Kearney, Procter & Gamble, ing workshop), Dmitry Garanin (a series of training sessions J.P.Morgan, Renaissance Capital, Sibur etc. In the Fall 2010, by McKinsey staff), and Arkady Dvorkovich. As the Mentorship Bain’s consultants delivered a course on career opportunities Program gained momentum, alumni working at other firms also in different industries and conducted a series of Case Club expressed their willingness to participate. meetings to discuss real situations from the firm’s practice. In 2010-2011 academic year, the Center organized more than The Center also organized a course in the Psychology of Busi- 20 business cases and games at NES, with representatives of ness Communications by business trainer Tatiana Indina (PhD in the business community discussing specific economic situa- psychology) with topics including Effective Presentation, Dispute tions and helping the audience to develop practical skills. The Resolution, Stress Management, Business Correspondence. business cases were presented by BCG, Strategy Partners, Monitor Group, Sberbank, Oliver Wyman, Roland Berger, In April 2011, the Center published the third annual collection of Branan, Unilever etc. In March-April, Irina Vardiashvili (KPMG) Tatiana Indina student and alumni profiles – CV Book 2011 – containing 115 MAE taught a mini-course on Consolidation, a hands-on exercise on Psychology and MiF CVs. The CV Book is circulated among employers. the international financial reporting standards. Following the of Business Communications Сourse Presentation of Goldman Sachs course, KPMG issued certificates to 39 students who success- In order to improve its work, the Career Development Center fully passed the validation test. regularly conducts job placement and career-related surveys and polls among students and alumni. In October 2011, the NES The Center also organized the candidate’s portfolio design Graduate Barometer Survey of alumni experience, salaries and training by Ekaterina Shubert (FutureToday), the interview careers was developed and launched, with findings to be pub- workshop by Petr Tarasevich (Intervieweb), and master lished on the NES website in January 2012. classes in skills development by Elena Kharlamova.
The Center continued to rely on the School’s alumni. Gleb Boreskov (MAE’2002, MiF’2009) designed and conducted a course on Project Management attended by more than 50 students. Both students and alumni greatly appreciated the original course on Entrepreneurship by Mikhail Alexandrovsky (МАЕ’1996) and Alexander Semenov (МАЕ’2004) which was taught at NES for the second time. The audience was intro-
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NES Alumni from 32 regions accepted for the methodological compe- tition among teachers. The winners were awarded with Alumni Reunions honorary certificates and the Financial Literacy for School- children, a book written by Alexey Goriaev, MiF Program December 2010, Moscow – Annual Alumni Reunion Director and NES Professor.
Artyom Churkin (MiF’2010), Businessman of the Year On December 17, 2010, more than 120 alumni, staff and Award for achievements in business promoting the reputa- friends of the School attended the traditional Alumni Reunion tion of the New Economic School and serving as an example in Moscow and nearly one hundred people watched the video to other alumni. broadcast. At the Reunion, the Alumni Association held its fourth award Mikhail Alexandrovski (MAE’1996) and Alexander Semenov ceremony, with the 2010 prizes presented to: (MAE’2004), Project of the Year Award for an initiative fostering ties between students and alumni, serving as an example to other alumni. Victor Polterovich, Award for the Contribution to the Develop- Mikhail and Alexander successfully organized and carried ment of the New Economic School for outstanding achieve- out a course on Entrepreneurship for NES students. The ments in establishing and developing the New Economic School. course allows students to experience the path of creating an idea, developing it into a business plan and then submit- Barry Ickes (Professor at the Pennsylvania University, Presi- Ekaterina Zhuravskaya ting it to an expert panel at the final session. dent of the American Friends of the NES Corporation, Member MAE’1994, Professor of Victor Polterovich of the NES Board), Award for the Contribution to the Develop- Economics, NES & PSE Gleb Boreskov (MAE’2002, MiF’2009), Project of the Year Academician RAS, ment of the New Economic School for outstanding achieve- Award for an initiative fostering ties between students and Professor Emeritus ments in establishing and developing the New Economic alumni and serving as an example to other alumni. School. Konstantin Bayandin (MAE’2008), Alexey Belkin (MAE’2007), Victoria Belyakova (MAE’2008), Vitaly Busko (MAE’2008), Victor Polterovich is the Win- Kirill Evdokimov (MAE’2005) and Alexander Gorbenko Anton Voronin (MAE’2008), Roman Zhdanov (MAE’2008), ner of the Leonid Kantoro- (MAE’2005), Breakthrough of the Year Award for remarkable Alexander Ivanov (MAE’2007), Anna Kovalyova (MAE’2008), vich Prize, President of the achievements promoting the reputation of the New Economic Irina Malkova (MAE’2008), Anton Nikitin (MAE’2008), Alex- New Economic Association School and serving as an example to other alumni. ander Pavlov (MAE’2008), Vitaly Sergeychuk (MAE’2006), and NES Professor since Pavel Fadeyev (MAE’2008), Roman Shkoller (MAE’2008), September 1, 1992. For many Ekatherina Zhuravskaya (MAE’1994), Professor of the Dmitry Garanin (MAE’2003), Project of the Year Award for years Victor Polterovich Year Award for remarkable achievements in education and an initiative fostering ties between students and alumni and has been the Chairman of research, promoting the reputation of the New Economic serving as an example to other alumni. the Academic Council, and School and serving as an example to other alumni. the First Vice-Rector of the In 2010, this group of alumni established the fund Never School. Professor Polterov- Maria Petrova (MAE’2004) and Ruben Enikolopov (MAE’2002), Ending Support: Alumni for Students, a new scholar- ich supervised the largest Professor of the Year Award for remarkable achievements in ship fund for academic achievements. Alumni raised RUB education and research, promoting the reputation of the New 180 thousand to provide three academic scholarships in number of the best MA the- Economic School and serving as an example to other alumni. 2010-2011. The fund’s members believe that “a scholarship ses and Don Patinkin Award provides the opportunity for students to invest time into winning papers. Igor Neishtadt (MAE’2009), Dmitry Dagayev (MAE’2008) and learning, gaining knowledge rather than struggling with Seseg Vanchikova, Event of the Year Award for the success- everyday problems”. ful implementation of a socially important project. In 2009- 2010, Igor, Dmitry and Seseg initiated and supervised the Evgenia Mogilevskaya (MAE’2007), Award for the Contri- first National Economics Competition for Schoolchildren and bution to the Development of the Alumni Association for Schoolteachers. fostering ties between alumni and supporting the prestige of the New Economic School. A total of 363 schoolchildren (7-11th year) from more than 40 Russian regions took part in the Competition, with 69 papers
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June 2011, Moscow Evgenia Mogilevskaya is a board member of the NES Alumni Non-Profit Partnership, a developer of the nesalumni.org web- site, an organizer and a participant of all events held jointly by the School and the NES Alumni Partnership. On June 21, 2011, the Second NES alumni meeting took place in the Chess Lounge. The meeting was held to review the outcome of Alexander Morozov, Head of Financial Department at Sber- the Alumni Fundraising campaign among the School’s alumni as bank, Employer of the Year Award for a major contribution well as to discuss NES’ relationships with employers, and assess to employment and career development of NES alumni. More how well the School’s alumni were perceived by employers and than 35 alumni are currently employed at Sberbank. competed in the labor market.
Svetlana Volkova, Director, Career Development Center, Bond At the meeting, Sergei Guriev, NES Rector, Arkady Dvorkovich Between Generations Award for remarkable achievements in (MAE’1994), President of the NES Alumni Association, and developing and fostering ties between alumni and involvement Meeting at the Chess Lounge, Zarema Kasabieva, Vice-Rector for Academic Affairs, sincerely Irina Larina in the life of many generations of NES alumni. June 21, 2011 thanked all alumni who took part in the fundraising campaign and co-manager, NES Charity presented the report on its results. Committee Irina Larina (co-manager, NES Charity Committee), Award for Promoting Philanthropy. Throughout 2010, Irina has inspired NES alumni Ruslan Karmanny (МАЕ’2004), Dmitry Druzhinin and organized trips, competitions and other events for the (MAE’1996) and Victor Kudinov (МАЕ’2004) spoke on their motiva- Obidimo Orphanage (Tula Region), supported by the NES com- tions to contribute to the campaign and invited other alumni to join. munity.
Polina Kuznetsova (MAE’2002), senior researcher at CEFIR, NES Family Award for the ability to combine research and family life with four young children.
Igor Kuzin, visiting professor, Masters in Finance Program, Award for Promoting the Culture of Execution. Fundraising Campaign among NES Alumni Since 2007 Igor has been teaching The Art and Science of Execution course for the Masters in Finance Program students designed to improve the efficiency of corporate processes and In October 2010, the School proceeded to the second stage of its to achieve successful outcomes. Endowment Campaign launching an Alumni Fundraising Cam- paign. Almost 200 alumni (about 20% of all alumni) took part in the Campaign with a total of USD 353,091 raised during one year. January 2011, Denver, USA With alumni of all MAE and MiF program classes taking part in the campaign, the donations ranged from RUB 100 to RUB 1 mil- On January 8, 2011, NES held its annual Party for Alumni and lion while the amount of pledges exceeded USD 390,000. Friends at the annual American Economic Association (AEA) Meetings in Denver, USA. More than 30 NES alumni as well as many faculty, visiting professors and friends from all over the United States and other countries attended the reunion.
Andrei Malenko (MAE’2006), PhD-student at the Stanford School of Business, was one of the stars of the US economics job market this year.
Andrei Malenko MAE’2006, Professor, MIT Sloan School of Management
26 27 NES Community NES Community
Pledges submitted Matching programs $ 398 925 • Alumni-Sponsored Scholarship Funds and Academic Career Support Jochen Wermuth and Alexandra Kornilova In the 2010-2011 academic year, a total of USD 27,300 were donated for funding scholarships. Donations received Program (Wermuth Asset Management) $ 353 091 The program will support endowment donations by Academic Scholarships alumni for the duration of 3 years, with 1:1 matching Irina and Alexander Aganin Fund (established in 2005) – 3 scholarships in the 2010-2011 academic year. ratio to be provided until the total amount of USD Alumni Fellowship Fund (established in 2007) – 5 scholarships in the 2010-2011 academic year. 250,000 is reached. Should more than 75 percent of Never Ending Support: Alumni for Students Fund (established in 2010) – 3 scholarships in the 2010-2011 alumni take part in the fundraising campaign, the academic year. return on investment of the above amount will also Alexey Kalitin Grant (established in 2010) – 1 scholarship in the 2010-2011 academic year. be donated over the duration of 3 years. The first threshold was reached by the Commence- Academic Career Support – Ilya Strebulayev and Anna Dvornikova Fund – a special support fund for ment Ceremony in July 2011. those who are planning to continue their education in the PhD programs. A total of USD 27,000 were received by NES graduates over the years 2004 to 2011. Evgeny Byzalov (МАЕ’2008) joined the fund in Jean Raby Program (Goldman Sachs) 2010. Matching program of donations for sports and charitable events held at the School at a 1:1 ratio up The Victor Koledenkov (МАЕ’1994) established the Victor Polterovich Scholarship for the best student to USD 10,000. research paper on ethics, trust and cooperation.
KPMG Co-Funding Program 1:1 Matching program of donations made by alumni • Support for Athletic Events working at KMPG. In the 2010–2011 academic year, NES Alumni Association organized a number of athletic events attended by the School’s students, alumni, professors and staff including the New Economic Start 2010 charity run, NES Basketball Challenge 2011, football and volleyball tournaments, mini-football competitions, chess championship and other initiatives.
Core Areas of Alumni Support to the School • Support to Student Initiatives A part of alumni donations is allocated to support student initiatives and partially finance new student projects: New English Club, bowling championship, NES Choir, and others.
• Endowment Foundation • Charitable Activities More than 50 percent of alumni donations amounting to USD 162,230 were contributed to the Since 2006, the School’s staff, alumni and friends have been providing support to an orphanage in School’s Endowment Foundation. Obidimo (Tula Region). Apart from providing stationery, clothing, footwear, medications, body care, etc. the School’s students, faculty, staff and alumni make regular visits to the orphanage, design and • School Infrastructure Support implement development projects, organize games and competitions, arrange tours to Moscow, and Donations for the development of the School’s infrastructure amounted to almost USD 33,500 includ- involve children in athletic events taking place at the School. ing: • Non-Financial Support Software Apart from financial support to the School, alumni initiate and implement projects which give the In 2011, a group of МАЕ’2009 alumni made donations to purchase 30 Eviews networking licenses. This School’s students and alumni an opportunity to gain additional knowledge and skills for further contribution continued the МАЕ’2004 initiative to donate 20 STATA and 2 Eviews networking licenses in career development. 2009.
CRM System Development and Upgrading Computer Labs In the 2010-2011 academic year, NES alumni organized and successfully carried out the Second Nation- Specific donations made by МАЕ’2009 allowed NES to fully upgrade computer monitors in classrooms. wide Competition in Economics for High School Students and Teachers Also, NES alumni delivered 35 Samsung and LG LCD monitors were installed. Now, students are able to use modern and high- several courses for NES students including courses on Banking (Dzhangir Dzhangirov, МАЕ’04), Enter- quality equipment. preneurship (Mikhail Alexandrovsky, MAE’96, Alexander Semenov, MAE’04), and Project Management (Gleb Boreskov, МАЕ’02, MiF’09). Alumni continued organizing the meetings of the NES Practitioners Library Club, company presentations, and professional development workshops. Thanks to specific donations made by alumni, the School’s library purchased new publications and highly demanded textbooks in Economics and Finance: Corporate Finance, J. Berk J., P. DeMarzo P.; Mathematics for Economists, C. P. Simon and L. Blume; Economics of Strategy, D. Besanko et al.
28 29 05/ Research Research 18th-21st Century Russian Statistics Historical Database Stanislav Khrapov A graduate of the Economics Department at the Novosibirsk State University in 2004, Stanislav Khrapov was immediately In 2011, NES continued its participation in the 18th-21st Cen- afterwards admitted to the Edmund Muskie Student Exchange tury Russian Statistics Historical Database project Program. In 2006, he was awarded an MA degree at the Oregon (www.nes.ru/ru/science/russiastats) implemented jointly State University followed by a PhD at the University of North with the International Institute of Social History (Amsterdam) Carolina in 2011. His thesis and current research is closely and Interdisciplinary Center for Studies in History, Economy related to financial risks and their modeling. In particular, he is and Society (Moscow) with support of Dmitry Zimin’s Dynasty interested in assessing long-term investment risks and risks Foundation. In April 2011, NES professor Andrei Markevich related to financial derivatives. presented the first results of the project. On December, 9-10, 2011 the project held a research workshop No Common Yard- Stanislav Khrapov stick? Diversified Sources on the Social Economic History of Assistant Professor Russia in XVI–XXI Centuries. The project ultimate goal is to construct historical statistics database to be available online in the Fall of 2013. Olga Kuzmina
Olga Kuzmina received her PhD from the Columbia University’s Graduate School of Business. Olga Kuzmina is interested in empirical corporate finance, industrial organization, and corpo- rate strategy. At NES she teaches microeconomics and applied microeconometrics at the MA in Economics Program and corpo- New faculty rate finance at the MiF Program.
“Despite all the excitement of working in the industry, I am more Patrick Kelly enthusiastic about academic research. I am fortunate to be at NES because there are comfortable conditions for research Patrick J. Kelly is the Edward Eisler Assistant Professor of there, as well as a friendly atmosphere”. Finance at the Masters of Finance and Master of Economics programs. After receiving his Ph.D. in Finance and Master Olga Kuzmina Degree in Economics from the W.P. Carey School of Busi- Assistant Professor ness at Arizona State University, he accepted a position as an assistant professor at the University of South Florida in Tampa where he received an award for Outstanding Undergraduate Ozgur Evren Teaching in 2007. Kelly has been a visiting researcher at the University of Texas at Austin and a visiting professor at the Ozgur Evren received his PhD in Economics from the New York New Economic School. His research interests include market University in 2011. His research interests include Decision Theory, efficiency, empirical asset pricing and behavioral finance. Political Economy and General Equilibrium Theory. His current His current research examines the impact of news on stock research examines alternative notions of utility representation Patrick J. Kelly prices around the world, the importance of the media as a that are compatible with various phenomena such as warm-glow Edward Eisler Assistant Professor of Finance disciplining mechanism for corporate governance. He has experience, choice avoidance, choice deferral and indecisiveness. published in the Review of Financial Studies and Journal of Another recent project studies the problem of costly voting in Banking and Finance. large elections.
Ozgur Evren Assistant Professor
30 31 Research Research
Shlomo Weber, PINE Foundation Visiting Professor Selected academic publications of Economics A holder of Cum Laude degree awarded by the Moscow 2011 University, Mechanical and Mathematical Department in 1971, Shlomo Weber received a PhD in mathematical economics • Inference in regression models with many regressors, from the Hebrew University in Jerusalem (Israel) in 1979. He Stanislav Anatolyev, Journal of Econometrics, forthcoming published more than one hundred papers in major interna- tional journals in economics and political science, primarily on • Specification Testing in Models with Many Instruments, economic theory, public sector economics, political economy Stanislav Anatolyev, Nikolay Gospodinov, Econometric Theory, and game theory including the book How Many Languages Do 2011, 27(2), 427-441 We Need: Economics of Linguistic Diversity written together with Victor Ginsburg and recently published by the Princeton • Another numerical method of finding critical values for the University Press. Shlomo Weber serves as an editor of the Andrews stability test, Stanislav Anatolyev, Grigory Kosenok, Shlomo Weber Hаndbook of the Russian Economy (together with Michael Econometric Theory, forthcoming Pine Foundation Visiting Alexeev) for the Oxford University Press. Professor of Economics • Everyone Hates Privatization, but Why? Survey Evidence from Shlomo Weber was the Chair of the Economics Department 28 Post-Communist Countries, Irina Denisova, Markus Eller, and the Director of the Johnson Center for Economic Studies Timothy Frye and Ekatherina Zhuravskaya, Journal of Compar- at the Southern Methodist University (Dallas, USA, 1994-2004), ative Economics, forthcoming Research Director of the Center for Operations Research and Econometrics (CORE, Louvain-la-Neuve, Belgium, 2004-2006) • On the Multi-Utility Representation of Preference Relations, and the Academic Director of the International Economic Ozgur Evren, Efe A. Ok, Journal of Mathematical Economics, School (Tbilisi, Georgia, 2007-2008). He has been honored with forthcoming a variety of awards in science including the Humboldt Award for outstanding foreign scientists (2002). Shlomo Weber has • Whistleblowing and incentives in firms, Guido Friebel and a wealth of experience of consulting in Eastern and Western Sergei Guriev, Journal of Economics and Management Europe, Central and South East Asia and currently coordinates Strategy, forthcoming the development project at the National University of Mongolia. He served as a member of Academic Council of International • Determinants of Expropriation in the Oil Sector: A Theory Higher Education Support Program (HESP-OSI) and worked and Evidence from Panel Data, Sergei Guriev, Anton Kolotilin, as an expert with the International Monetary Fund. Shlomo Konstantin Sonin, Journal of Law, Economics, and Organization, Weber is a member of the Board of Directors of the Global 27 (2), 301-323, August 2011 Development Network (GDN), and of the International Advisory Board of the Economic Education and Research Consortium • Perfect Implementation, Sergei Izmalkov, Matt Lepinski and (EERC). Currently, he is the Robert and Nancy Dedman Trustee Silvio Micali, Games and Economic Behavior, forthcoming Professor of Economics at the Southern Methodist University (Dallas, USA) and the PINE Foundation Visiting Professor of • On Effciency of the English Auction, Sergei Izmalkov and Oleksii Economics at NES. Birulin, Journal of Economic Theory, May 2011
• How Important are the Financial Media in Global Markets? Patrick Kelly, John M. Griffin and Nicholas H. Hirschey, Review of Financial Studies, 2011, 24(12), 3941-3992
• Learning About New Products: An Empirical Study of Physi- cians’ Behavior, Grigory Kosenok, Maria Marta Ferreira, Economic Inquiry 49(3), July 2011; 876-898
• Dictators and Their Viziers: Endogenizing the Loyalty-Compe- tence Trade-off, Konstantin Sonin, Georgy Egorov, Journal of European Economic Association, 9 (5), 903-930, October 2011
32 33 Research Research
• Difference in Interim Performance and Risk Taking with • M-form hierarchy with poorly-diversified divisions: A case Short-sale Constraints, Dmitry Makarov, Suleyman Basak, of Khrushchev’s reform in Soviet Russia, Andrei Markevich, Journal of Financial Economics, forthcoming Ekatherina Zhuravskaya, Journal of Public Economics, 2011, 95 (11-12), pp.1550-1560 • Strategic Asset Allocation in Money Management, Dmitry Makarov, Suleyman Basak, Journal of Finance, forthcoming • How to sell Russian Gas to Europe via Ukraine, Sergei Chernavsky, Oleg Eismont, OPEC Energy Review, forthcoming • Great War, Civil War, and Recovery: Russia’s National Income, 1913 to 1928, Andrei Markevich, Mark Harrison, • Break-up of Countries: Simple Theory and Quantitative Anal- Journal of Economic History, 2011, 71 (3) pp. 672-703 ysis, K. Desmet, M. Le Breton, I. Ortuno-Ortin, S.Weber, Journal of Economic Growth, 2011 (16), 182-213 •How Much Control is Enough? Monitoring and Enforcement under Stalin, Andrei Markevich, Europe-Asia Studies, 2011, •Bilingualism and Communicative Benefits, J.Gabszewicz, 63(8) pp. 1449-1468 V.Ginsburgh, S.Weber, Annales d’Economie et de Statistiques, forthcoming • Models for Moody’s bank ratings, Anatoly Peresetsky, Alex- ander Karminsky, Frontiers in Finance and Economics, 2011, • Economics of Literary Translation: A Simple Theory and 8(1), pp. 88–110 Evidence, V. Ginsburgh, S.Weber, Poetics, 2011 (39), 228-246
• Probability of default models of Russian banks, Anatoly • Stability and Fairness in Models with a Multiple Membership, Peresetsky, Alexander Karminsky, Sergei Golovan, Economic Le Breton, J. Moreno-Ternero, A.Savvateev, S.Weber, Interna- Change and Restructuring, 2011, 44(4), 297–334 tional Journal of Game Theory, forthcoming
• Newspapers and Parties: How Advertising Revenues • Acquisition of Foreign Languages: Two-Sided Market Created an Independent Press, Maria Petrova, American Approach, J. Gabszewicz, V. Ginsburgh, D. Laussel, S.Weber, Political Science Review, November 2011, 105(4), pp.790-808 Journal of Network Economics, 2011 (10), 1-22
• Dynamics and Stability of Constitutions, Coalitions, and • Games of Social Interactions with Local and Global Externali- Clubs, Konstantin Sonin, Daron Acemoglu, Georgy Egorov, ties, M. Le Breton, S.Weber, Economics Letters, 2011 (111), American Economic Review, forthcoming 88-90
• Rational dictators and the killing of innocents: Data from • An Infinite Variety of Inclinations and Appetites: Genie and Stalin’s archives, Konstantin Sonin, Paul Gregory and Governance in Post-Petrine Russia, Igor Fedyukin, Kritika: Philipp Shroeder, Journal of Comparative Economics, 39(1), Explorations in Russian and Eurasian History, 11, 2011(4), 34-42, March 2011 741-762
• A Political Model of Social Evolution, Konstantin Sonin, • For Love and Fatherland: Early Modern Patronage Politics and Daron Acemoglu and Georgy Egorov, Proceedings of the the Origins of Russia’s First Female Order of Chivalry, Igor National Academy of Sciences, forthcoming Fedyukin, Eric A. Zitser, Cahiers du Monde russe, forthcoming
• Ef f i cient Investment in a Dynamic Auction Environment, Brendan Daley, Michael Schwarz, and Konstantin Sonin, Games and Economic Behavior, forthcoming
• Segregation and the Quality of Government in a Cross- Section of Countries, Alberto F. Alesina, Ekatherina Zhuravskaya, American Economic Review, forthcoming
• Media and Political Persuasion: Evidence from Russia, Maria Petrova, Ruben Enikolopov, and Ekatherina Zhuravskaya, American Economic Review, forthcoming
34 35 Research Applied Research and Outreach 06/ 2010 Applied Research and Outreach
• Modeling financial return dynamics via decomposition, Stanislav Ana- tolyev, Nikolay Gospodinov, Journal of Business and Economic Statistics, 2010, 28(2): 232–245 PROJECTS
• Adult mortality in Russia: a microanalysis, Irina Denisova, Economics of Transition, Vol.18(2), 2010, 333-363 NES faculty carried a number of applied projects including the • What do Russians think about transition? Irina Denisova, Ekatherina joint NES-E&Y project on Doing Business in Russian Regions. Zhuravskaya, Markus Eller, Economics of Transition, Vol.18(2), 2010, 249-280 This study is focused at assessing business environment in 10 regions according to the BEEPS (Business Environment and • Interest Group Politics in a Federation, Ekatherina Zhuravskaya, Sergei Enterprise Performance Survey) methodology. The report gen- Guriev and Eugeny Yakovlev, Journal of Public Economics, 94 , 2010, pp. erated enormous interest both in the business community and in 730-748 the government. Next year, the geography of the study will cover 30 regions, and will be supported by the World Bank, European • Investor Sentiments, Sergei Izmalkov, Muhamet Yildiz, American Eco- Bank for Reconstruction and Development, and Vneshekonom- nomic Journal: Microeconomics, Vol. 2(1), pp. 21-38, Feb 2010 bank.
• Sentiment and Stock Returns: the SAD anomaly revisited, Patrick Kelly, On 7 April 2011, the School presented the findings of the Felix Meschke, Journal of Banking and Finance, 2010, 34(6), 1308-1326 National Poll on Attitude to Anti-Smoking Policies. Conducted in December 2010, the poll suggests that smoking is regarded • Do Market Efficiency Measures Yield Correct Inferences? A Comparison of as a serious national problem by the vast majority of the Rus- Developed and Emerging Markets, Patrick Kelly, John M. Griffin and Federico sian people. The study found out that 72 percent of Russians Nardari, Review of Financial Studies, 2010, 23(8), 3225-3277 Joint NES - E&Y Study (including the majority of smokers) believe that smoking is a health hazard, 59 percent consider easy access to cigarettes to • A note on Wealth Effect under CARA Utility, Dmitry Makarov, Astrid be one of the main reasons for high incidence of smoking among Schornick, Finance Research Letters, 2010, 7(3), 170-177 minors. This research and other NES’s studies of the health implications of smoking point out to a need to increase excise • Shareholder Access to Manager-biased Courts and the Monitoring/ taxes on tobacco in Russia which are unacceptably low now. Litigation Trade-off, Sergei Stepanov, RAND Journal of Economics, 2010, Vol. 41, Issue 2, pp. 270-300 Also, NES joined forces with Renaissance Capital to publish the Macroeconomic Monitor, a monthly analytical review of current • Advice by an Informed Intermediary: Can You Trust Your Broker? Anton and expected macroeconomic trends. Built around RenCap-NES Suvorov and Natalia Tsybuleva, The B.E. Journal of Theoretical Econom- GDP Leading Indicator, this publication has become a major part ics, 10(1, Topics), 2010, Article 50 of Russia’s macroeconomic debate.
• Political Selection and Persistence of Bad Governments Konstantin At the end of 2010 NES started two projects on financial literacy Sonin, Daron Acemoglu and Georgy Egorov, Quarterly Journal of Eco- under the support of Citi foundation. In the first project, NES nomics, 125(4), 2010, 1511-1575 developed a website www.Fgramota.org containing the online version of “Financial literacy” book and newly developed Port- • Businessman Candidates, Ekatherina Zhuravskaya, Konstantin Sonin folio game. In the second project, NES organized a series of and Scott Gehlbach, American Journal of Political Science, 54(3), 2010, financial literacy courses in two leading pedagogical universities pp. 718-736 of Moscow and Saint-Petersburg.
• Why Russia is Not South Korea, Ekatherina Zhuravskaya, Sergei Guriev, Journal of International Affairs, 2010, Vol. 63, No. 2, 125-139
36 37 Applied Research and Outreach Applied Research and Outreach
“Economics: Easy versus Difficult” supported by BP The other 2010-11 applied research projects included:
• Transparency and Disclosure by Russian Companies 2010, November 10 “Modern Economic Science” Standard & Poor’s/CEFIR NES Professor Sergei Guriev, NES Rector • Corporate Governance Practices in Russia: Comparative Analysis for 2004–2009. New Trends in 2009, Russian Insti- November 17 “Macroeconomics: Overview” tute of Directors/NES Professor Oleg Zamulin, Director of Master of Arts in Economics • The Baltic Sea Survey, Environmental Economics Consul- program tancy Ltd./CEFIR NES (a poll conducted in nine Baltic coast countries) December 8 “Economics of the Resource Curse” • Arctic Games, a joint project with Enveco Environmental Professor Konstantin Sonin, NES Vice-Rector Economics Consultancy, Ltd., Sweden • Prospects of Development of Payment Systems in Russia, December 22 “Behavioral Economics” a project implemented for VISA Professor Anton Suvorov • A framework for the analysis of long-term economic sce- narios for Russia, a project commissioned by Sberbank February 9 “Long-term Economic Growth” • A structural model of the Russian economy for long-term Professor Oleg Zamulin, Director of Master of Arts in Economics forecasting and policy evaluation, a project commissioned program by the Ministry of Economy February 16 “Auctions” Professor Konstantin Sonin, NES Vice-Rector
March 2 “Financial Markets” Professor Alexei Goryaev, Director of Master of Finance pro- gram
Public Lectures in the Grand Auditorium March 9 “Economics of globalization and protectionism” of the Polytechnic Museum Professor Natalia Volchkova March 16 “Economics of mass media” In addition to academic degree programs, the School exerts Professor Maria Petrova substantial effort in outreach activities. Last year, NES faculty delivered twenty public lectures in partnership with the Lec- March 23 “Mechanism design” torium of the Polytechnic Museum. Each Wednesday evening Professor Sergei Izmalkov hundreds of people would gather in the Grand Auditorium of the Museum for a lecture from two series: Economics Made March 30 “Economic development” Simple supported by BP and NES Guest Lectures supported by Professor Sergei Guriev, NES Rector Ernst & Young. Video recordings of the lectures are available at NES Educational channel on YouTube www.youtube.com/ April 20 “Politics and Finance” user/NewEconomicSchool (see presentations at our Slide- Professor Ruben Enikolopov Share e-library www.slideshare.net/NewEconomicSchool). A new lecture series on finance supported by Ernst & Young April 27 “Economic History” started off at the Polytechnic Museum in October 2011. Anton Suvorov Professor Andrei Markevich Ruben Enikolopov Assistant Professor Nordea Assistant Professor of Economics May 11 “Business cycle and monetary policy” of Finance Professor Oleg Zamulin, Director of Master of Arts in Economics program
May 25 “Economic geography” Professor Tatiana Mikhailova
June 1 “Prediction Markets” Professor Konstantin Sonin, NES Vice-Rector
38 39 Applied Research and Outreach Applied Research and Outreach
“NES Guest Lectures” Outreach Center Supported by Ernst & Young
The NES Outreach Center was established in 1998 with the mis- November 25 “Global Risks and Perspectives: What to Expect sion of disseminating modern economics education to universi- from Currency Wars?” ties in Russia and CIS. Professor Willem Buiter, Chief Economist, Citi
December 1 “China’s Economic Development” Professor Yingyi Qian, Tsinghua University INTERNATIONAL HIGHER EDUCATION SUPPORT PROGRAM December 15 “Liberalism” Professor Alberto Alesina, Harvard University The Center continued its three-year program for economics faculty in Russian universities as a part of the Regional Seminar April 6 “How to Restructure Natural Monopolies. Especially for Excellence in Teaching (RESET) project of the Open Society Railways” Institute’s Higher Education Support Program (HESP). The cur- Professor Russel Pittman, NES Visiting professor, Director of rent economic geography program involved the leading interna- Economic Research Economic Analysis Group Antitrust Divi- tional experts including Jacques-Francois Thisse, professor at sion, U.S. Department of Justice the Center for Operations Research and Econometrics, Catholic University of Leuven, Belgium, and Shlomo Weber, professor at May 18 “Restructuring of Korean Economics in the 90s” the Southern Methodist University of Dallas, Texas, and the New Professor Jong Nam Oh, Seoul University Economic School.
In the winter and spring of the 2010-2011 academic year, the Center held outreach workshops in Moscow, Irkutsk and Yekaterinburg and a summer school in Novgorod in July 2011. Sberbank-500 Presentations were made by Jacques-Francois Thisse (CORE, Belgium), Pierre-Philippe Combes (GREQAM, Marceille), Sergei Kokovin (NSU), Tatiana Mikhailova (NES), Sergei Afontsev SBERBANK 500 is a one year executive education program Jacques-Francois Thisse, (IMEMO RAS), Evgeny Zhelobodko (NSU), Alexey Savvateev developed by INSEAD School of Business and New Economic Professor at the Center for (NES), Alexander Filatov (ISU), and Andrei Treivish (senior Operations Research and School specifically for five hundred top managers from Sber- researcher of the Institute of Geography, RAS). Overall, 27 Econometrics, bank. The program’s curriculum corresponds to the first year Catholic University of Leuven professors from 14 leading universities of Armenia, Kazakhstan, of a business school’s standard MBA (master of business Russia and Ukraine took part in the course. administration) program and covers eight courses, of which six (strategy, leadership, marketing, HR management, deci- sion-making, operational management) are taught by INSEAD professors and two (economics and finance) by NES.
While the Program includes all the key components of the core MBA course, each professor designed an original course spe- cifically for Sberbank’s management. This integration of core MBA aspects with specific needs of the audience is central to the Program’s unique structure and contents. Vyacheslav Gorovoy Program Director, The Program offers a unique combination of two methodologi- Sberbank-500 cal approaches: face-to-face training with interactive business case discussion and teamwork, and virtual training delivered right at the person’s job. The experience is unique for NES, giving us the advantage to become a pioneering leader of executive education market in Russia.
40 41 Applied Research and Outreach Applied Research and Outreach
ALCOA FOUNDATION WORKSHOPS REGIONAL RESEARCH CONFERENCES Cooperation with Alcoa Foundation continued in autumn of 2010, with Alexey Savvateev, Alcoa Foundation Professor of This academic year, the Center continued supporting the Baikal Economics, delivering two methodological workshops: a mini- Readings held for the fourth time in March-April of 2011, with course on general equilibrium at Samara State Aerospace special presentations delivered by Shlomo Weber, Alexander University in September (Alexey Savvateev, Dmitry Krutikov), Tonis and Daniel Musatov. The Readings were arranged back to and a course on game theory at MISIS (Moscow) in November back with the NES’s outreach workshop and the RESET economic (Alexey Savvateev, Konstatin Sonin, Dmitry Krutikov). geography workshop.
NES also helped to organize two panels on mathematical economics, two panels on spatial economics, and a roundtable EN+ GROUP PROGRAM discussion on development of economics as a discipline at the VIII International Research and Practice Conference on Sustainable Regional Development in Russia: Man and Modernization held at Alexei Savvateev ALCOA Foundation Assistant In 2011, the Outreach Center joined forces with En+ Group to USU and UFU in Yekaterinburg on 23–24 April. NES professors Professor of Economics start a new project for the economics faculty at the Siberian Irina Denisova, Sergei Izmalkov, Alexey Savvateev and Konstan- Federal University (Krasnoyarsk). tin Sonin took part in the conference.
In March, Alexey Savvateev, Alcoa Foundation Professor of On 22-25 August 2011, NES professors Sergei Izmalkov and Economics and Sergei Guriev, NES Rector delivered public Alexey Savvateev took part in organizing a conference on Chal- lectures for the faculty and students of the SFU. In July, lenges of Polarized Society: Interdisciplinary Approach in Irkutsk NES Faculty taught two mini-courses on mathematics and Region. economics for professors and postgraduate students (Alexey Savvateev), and university management (Shlomo Weber, Southern Methodist University, Dallas, Texas; NES; Natalia Fokina (NES), Zarema Kasabieva (NES), and Alexey Sitnikov GUEST LECTURES AND OUTREACH WORKSHOPS (NES and Skolkovo Foundation).
In the 2010-2011 academic year, the Center organized four field THE JOINT FACULTY DEVELOPMENT PROGRAM WITH one-week outreach workshops: THE HIGHER SCHOOL OF ECONOMICS — Introduction to Financial Engineering at the Irkutsk State University (Viacheslav Gorovoy) In 2010-2011, NES Outreach Center delivered five courses for HSE faculty: — Modern Contract Theory and International Trade at the Irkutsk State University (Daniel Musatov (NES), Alexey — Contract Theory (Sergei Izmalkov, Andrei Bremzen, Savvateev (NES), Alexander Tonis (NES), and also Sergei Daniel Musatov); Afontsev (IMEMO RAS) and Albert Bakhtizin (CEMI RAS))
— Empirical Industrial Organization (Tatiana Mikhailova, — Selected Topics in Econometrics at the Novosibirsk State Grigory Kosenok); University (Stanislav Anatoliev and Sergei Golovan);
— Applied Econometrics (Anatoly Peresetsky and Sergei — Public Economics and Modern Models of Social Choice at Golovan); the Ural Federal University (Shlomo Weber, Sergei Izmal- kov, Alexey Savvateev and Andrei Bremzen (NES), Sergei — Game Theory (Sergei Izmalkov, Grigory Kosenok); Afontsev (IMEMO RAS)).
— Advanced Econometrics (Stanislav Anatoliev and Sergei Golovan).
42 43 Applied Research and Outreach About the School 07/ Center for New Media and Society Governance
In July of 2011, the New Economic School launched a major new Rector: Sergei Guriev endeavor: the Center for the Study of New Media & Society. In President: Valery Makarov building a first-order research group in Moscow, but with a global staff and audience, the Center pursues a triple mission The Board of Directors, ultimate governing authority of the School, meets quarterly to make strategic of moving forward our understanding of the social, political and operational decisions. and economic effects of new media through rigorous interdis- ciplinary research, conducing public-interest research on ICT Presently, the Board of Directors includes: policy and regulation, and integrating Russian and global analyt- ical debates and academic discourses. In addition to research Maxim Boycko, Chairman and analysis, the Center will undertake applied, real-world Erik Berglof, Chief Economist, EBRD; Coordinator, IAB of NES projects and an ambitious educational and outreach agenda. Sergei Guriev, Rector of NES Arkady Dvorkovich, Assistant to the President of the Russian Federation, President of the NES Bringing together economists, political scientists, sociologists Alumni Association and media professionals, the Center seeks to foster and support Mikhail Dmitriev, President, Center for Strategic Research academically rigorous, policy relevant research in four core areas: Barry W. Ickes, Professor, Pennsylvania State University; President and Treasurer, AFNES • Information reception and political behavior; Valery Makarov, Academician of RAS, Director of CEMI; President of NES Samuele Greene • New media sociology and online-offline interaction; Vladimir Preobrazhensky, member of the NES Board of Directors Professor, Center for New • New media economics; and Media & Society Director • E-governance, open governance and state-citizen interaction. International Advisory Board (IAB) consists of the world leading economists. IAB provides guidance on academic matters, makes all major academic decisions, and oversees the academic activities at NES. It Support for the Center is currently provided by generous grants is also responsible, through an Academic Appointment Committee, for all academic appointments and from the Open Society Foundations, the John D. and Catherine promotions. T. MacArthur Foundation and the Institute for the Study of the Economics of Symbolic Exchange (Russia). Professor Erik Berglof (Chief Economist, EBRD), Coordinator Professor Philippe Aghion (Harvard University) Professor Beth Allen (University of Minnesota) Center for Demographic Studies Professor Donald Andrews (Yale University) Professor John Cochrane (University of Chicago Booth School of Business) Professor Avinash Dixit (Princeton University) Professor Barry W. Ickes (Pennsylvania State University) On 1 September 2011, thanks to the generous support of Dmitry Academician Valery Makarov (Director of CEMI and President of NES ) Zimin’s Dynasty Foundation NES established a Center for Professor Roger Myerson (University of Chicago) Demographic Studies. While bringing together demographers Professor Gur Ofer (Hebrew University) with a wealth of international research experience, the Center Academician Victor Polterovich (CEMI and NES) is focused on Health and Longevity, Reproduction of Population Professor Gerard Roland (University of California at Berkeley) and Monitoring of Demographic Indicators. The Center’s imme- Professor Larry Samuelson (Yale University) diate agenda includes research of components and determi- Professor Aleh Tsyvinsky (Yale University) nants of high mortality among working-age population, condi- tion and dynamics of physical and mental health in middle-aged NES Endowment Foundation Board of Trustees and older population groups, and development of demographic In 2007, NES established its Endowment Foundation. NES’s endowment is among the first in Russia databases for researchers. In addition to doing research, the and it serves as the source of the long term financial sustainability of the School. To effectively oversee Center will also deliver a mini-course on public health for fac- the process of building the endowment, and in accordance with the Charter of the Endowment Foun- ulty and postgraduate students of Russian universities. dation, the Russian Advisory Board of the New Economic School made a decision to transform itself into the NES Endowment Foundation Board. This Board makes decisions on the use of the endowment income, facilitates endowment fundraising and assists in creating new partnerships with the Russian Vladimir Shkolnikov private sector. Center for Demographic Studies Director
44 45 About the School About the School
Professorship positions Members of the NES Endowment Foundation Board of Trustees: We are grateful to all our partners for their continuing support for Maxim Boycko, Chairman many years. Our special gratitude goes to our new sponsors – EN+ Peter Aven, President, Alfa-Bank Group, Deutsche Bank and Jean Raby (Goldman Sachs), to Kinross Len Blavatnik, President, Access Industries, Inc. Gold, Renaissance Capital, Christopher Barter and Edward Eisler, Andrei Borodin Goldman Sachs partners, for establishing new named professor- Arkady Dvorkovich, Assistant to the President of the Russian Federation, President of the ships, and to Bank of America Merrill Lynch, J.P. Morgan and ING NES Alumni Association for funding Visiting Professorships in the 2010-2011 academic year. Maxim Gubiev Vladimir Kremer, Managing Director, Deputy Chairman of the Management Board, Konstantin Styrin is the Renaissance Capital Professor of Macro- RENOVA Group economics. He was awarded a PhD degree at Harvard Univer- Valery Makarov, Academician of RAS, Director of CEMI; President of NES sity. While his research interests include international finance Leonid Mikhelson, Chairman of the Management Board, ОАО NOVATEK and macroeconomics, he is one of the developers of the monthly Yakov Urinson, Deputy CEO, ROSNANO RenCap-NES Leading GDP Indicator and the editor of the Russian Ruben Vardanian, Chairman of the Board of Directors, Troika Dialog Group Macroeconomic Monitor, a monthly newsletter published jointly by Andrei Vavilov, Academic Director, Institute for Financial Studies Renaissance Capital and NES since December 2010. Sergey Vorobiev, Senior Partner, Chairman of the Board, Ward Howell Konstantin Styrin Oleg Vyugin, Chairman of the Board of Directors, MDM Bank Renaissance Capital Paul Dower was appointed the Kinross Gold Professor of Devel- Assistant Professor of opment Economics. With a PhD degree awarded by New York Macroeconomics University, Professor Dower is conducting research in the area of development economics and applied microeconomics. In addition, NES thanks the corporations, foundations and individuals Paul Dower has been involved in a number of NES/CEFIR applied who have contributed to the NES Endowment Fund: projects. Bank of Moscow Transneft Dmitry Makarov has become the Christopher Barter Professor of Barkli Corporation URALSIB Finance. He received his PhD in finance from the London School of Business. Professor Makarov studies asset prices and rollover KPMG RAO UES of Russia financing. His articles were published in the Journal of Finance, METALLOINVEST Peter Aven Journal of Financial Economics and Finance Research Letters. NOVATEK Maxim Boycko Open Society Institute Jonas af Jochnick Patrick Kelly holds the position of the Edward Eisler Professor of Finance. He received his PhD from the Arizona State University. John D. and Catherine T. MacArthur Foundation Alexander Lebedev RENOVA Foundation His interests as a researcher include efficiency of markets and Andrei Melnichenko empirical corporate finance. He published his articles in the Review Sberbank of Russia More than 180 NES graduates of Financial Studies and Journal of Banking and Finance.
In the 2010-2011 academic year, visiting professorship positions were held by Andrei Simonov (J.P. Morgan Visiting Professor, NES; Sources of Funding, AY 2010-2011 Professor of Finance, Michigan State University), Christopher Hennessy (Bank of America Merrill Lynch Visiting Professor of Budget — 234 million rubles Finance, NES; Professor of Finance, London School of Business) 26% and Sergei Sanzhar (ING Visiting Professor, Vice-President, Citi- 42% group, London). Tuition (including the student loans) – 26% Currently, there are 14 named professorships and 5 visiting profes- Andrei Simonov Research projects – 18% J.P. Morgan Visiting sorships. The growing support from the private sector demon- 18% Professor strates the confidence of the international business community in International Foundations – 14% the School’s pursuit of its mission – which in turn is crucial for the NES’s long-term sustainability. Donations, Companies & Individuals – 42% 14%
46 47 About the School About the School
NES is grateful to companies and individuals who provided NES: facts & figures financial support to the School in 2010-2011 Academic Year:
Joint MAE MiF Total HSE/NES BAE Access Industries Inc. Human Capital Foundation Bank of America Merrill Lynch John D. and Catherine T. MacArthur Foundation Program launched in 1992 2007 2011 BP Open Society Institute Students Deutsche Bank Oxford-Russia Fund Number of students 195 81 63 339 (100%) EN+ Group PINE Foundation Enrollment, 2011 106 32 63 201 (59%) Ernst & Young RENOVA Foundation Non-moscovites 141 48 29 218 (64%) ExxonMobil Russia Inc. The Warburg Pincus Foundation ING Average age 23 28,6 17,8 Peter Aven J.P. Morgan Women 43 14 21 78 (23%) Christopher Barter Kinross Gold Annual tuition fee $8 750 $15 500 0 Morgan Stanley Alexander Dolgin Nordea Edward Eisler Room and board, per annum $2 500 Not provided Provided by HSE PwC Peter Necarsulmer First degrees Renaissance Capital Jean Raby Mathematics, natural sciences, SUEK Charles Ryan 121 47 engineering, IT Alcoa Foundation Kurt Schmid Citigroup Foundation Joseph Shull Finance, accounting, economics 64 28 Dmitry Zimin’s Dynasty Foundation Susan Thurman Other 10 6 Student loan program (12 years with a 2 year grace period) Actually used loans 44 35 0 79 (23%) Financial Support Full or partial tuition waivers 100 14 63 177 (52%) Graduates Number of classes 18 4 0 Number of graduates 941 83 0 1024 Annual budget, 2010-2011 $8 million Costs per student, per annum $23,600 Faculty Total 59 Tenured and tenure-track 25 Part-time faculty 34 Governance Board of Directors 8 Endowment Foundation Board 14 of Trustees International Advisory Board 14
48 49 NEW ECONOMIC SCHOOL ADMINISTRATION Olga Kryukovskaya Information Resources Editor TENURED AND TENURE-TRACK FACULTY: Oleg Adamovsky Special Projects Director Larisa Kryuchkova Head Librarian Andrei Markevich Stanislav Anatolyev Assistant Professor Olga Aksakalova Director of the Writing and Communi- Olga Kulagina Admission Secretary, Preparatory Access Industries Professor of Economics PhD, Institute of Russian History, RAS, cation Center Lecturer in the English Department Courses Coordinator Registrar PhD, University of Wisconsin-Madison Post doc, University of Warwick NES 1995 Eugeny Andreev Leading Researcher Kristina Kuralenya Program Coordinator, Master of Arts Tatiana Mikhailova in Economics Andrei Bremzen Assistant Professor Elena Avramenko HR Specialist BP Assistant Professor of Economics, NES and CEFIR PhD Pennsylvania State University Julia Kushnarenko Chief Accountant PhD, Massachusetts Institute of Technology NES 1997 Stanislav Anatolyev Access Industries Professor of Eco- NES 1999 nomics, Program Director, Master of Arts in Economics Valery Makarov President, Bank of Moscow Professor of Maria Petrova Economics Irina Denisova UBS Assistant Professor of Economics Galina Benevolenskaya Assistant Professor, NES and CEFIR PhD, Harvard University Executive Director, Master of Arts in Economics Program Ekaterina Maksimova Executive Director, Bachelor Arts PhD, University of Manchester NES 2004 in Economics Evgenia Borodina Аdministrative Аssistant Paul Dower Victor Polterovich Anastasia Mikhailitsyna Development Officer Kinross Assistant Professor of Development Economics Professor Emeritus Dmitry Bortsov Head of IT Department PhD, New York University Academician RAS Elena Morozova Strategic Communications Manager Elena Brizhan Deputy Chief Accountant Ruben Enikolopov Vladimir Popov Yulia Mushenko Office-manager Nordea Assistant Professor of Finance Professor Emeritus Oxana Budjko Chief Financial Officer PhD, Harvard University Doctor of Science Svetlana Nabieva Alumni Relations Coordinator NES 2002 Sergei Chernov Deputy Director for Data of the Center Alexei Savvateev for New Media & society Director Gulnara Okhramenko Chief Operating Officer Ozgur Evren ALCOA Foundation Assistant Professor of Economics Assistant Professor PhD, CEMI, post doc, CORE, Catholic University of Louvain Elena Churilova Research Coordinator Pavel Rubtsov Database Administrator PhD, New York University NES 1997 Irina Fedorova Coordinator of the Center for Policy Studies Yulia Selyukova Business Director for Development Sergei Guriev Konstantin Sonin Rector, Professor of Economics Vice-Rector, SUEK Professor of Economics, NES and Igor Fedyukin Director of the Center for Policy Studies Irina Sibiryakova Director of the Center for Alumni rela- PhD (doctor), post doc, Massachusetts Institute of Technology CEFIR tions PhD, Moscow State University Irina Filippova Master in Finance, Program Manager Sergei Izmalkov NES 1998 Vladimir Shkolnikov Director of the Center for Demo- Assistant Professor Vyacheslav Gorovoy Program Director, Sberbank-500 graphic Research PhD Pennsylvania State University Sergey Stepanov NES 1997 Human Capital Foundation Assistant Professor Elena Gorodnicheva Librarian Sergei Smotryaev IT Engineer of Corporate Finance, NES and CEFIR Patrick Kelly PhD, ECARES, Universite Libre de Bruxelles Alexey Goriaev Professor, Program Director, Masters in Ludmila Solnzeva Admission Director Edward Eisler Assistant Professor of Finance NES 2000 Finance PhD, W.P. Carey School of Business at Arizona State Konstantin Sonin SUEK Professor of Economics, Vice- University Konstantin Styrin Samuele Greene Professor, Center for New Media & Rector, Director, HSE-NES Undergraduate Program Renaissance Capital Assistant Professor of Macroeco- Society Director Igor Kheifets nomics Olga Suchkova Event and Travel Director Assistant Professor PhD, Harvard University Mikhail Gubin Programmer PhD, University Carlos III of Madrid NES 2001 Anton Tarakanov Economist NES 2004 Sergei Guriev Professor, Rector Anton Suvorov Ludmila Tarakanova Payroll Accountant Stanislav Khrapov Assistant Professor of Economics, NES and CEFIR Yulia Gurskaya Accountant Assistant Professor PhD, Toulouse University Ekaterina Trushina Coordinator of the Center for New PhD, UNC at Chapel Hill NES 1999 Barry W. Ickes Treasurer, American Friends of NES Media and Society Grigory Kosenok Natalia Volchkova Ivan Ivanyuk Maintenance Engineer Seseg Vanchikova Deputy Director of the Center for RENOVA Foundation Professor of Economics ExxonMobil Assistant Professor of Energy Economics, Policy Studies PhD, University of Wisconsin-Madison NES and CEFIR Irina Inozemtseva Coordinator of Executive Education NES 1995 PhD CEMI, post-doc MIT Programs Daria Vertkina Bachelor of Economics, Program coor- NES 1998 dinator Olga Kuzmina Zarema Kassabieva Vice-Rector for Academic, Students Assistant Professor Shlomo Weber and Alumni Affairs Svetlana Volkova Director of the Career Center PhD, Columbia Business School Pine Foundation Visiting Professor of Economics, NES, Southern Methodist University, Dallas, USA Alexander Krasnov System Administrator Natalia Vorobieva Evening Secretary Dmitry Makarov PhD, Hebrew University of Jerusalem Christopher Barter Assistant professor of Finance Irina Kruglova Fundraising officer of the Alumni Rela- Dmitri Zhdanov Deputy Director of the Center for Demo- PhD, LBS Ekaterina Zhuravskaya tions Center graphic Research NES 2000 Professor of Economics, NES and PSE PhD, Harvard University Valentina Krupina Academic Secretary Valery Makarov NES 1994 Bank of Moscow Professor of Economics Dmitry Krutikov Academician RAS Deputy Director of the Outreach Center 47 Nakhimovsky Prospect, Office 1721, Moscow 117418 Russia T: +7 (495) 956-9508 F: +7 (499) 129-3722 @: [email protected] W: NES.RU twitter.com/NES1992 www.youtube.com/user/NewEconomicSchool
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