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Regular version of the site

Summary of Degree Programme

Field of Studies

38.04.08 Finance and Credit

Approved by
Order dated 15.07.2014 № 6.18.1-01/1507-07
HSE University Educational Standard
Last Update
Minutes of FES AC №52 dated 25.06.2024
Network Programme

No

Length of Studies, Mode of Studies, Credit Load

2 years

Full-time, 120 credit points

Language of instruction

ENG

Instruction in English

Qualification upon graduation

Master

Double-degree Programme

No

Use of online learning

Tracks

2024/2025 Academic year

Investment Decisions,  M&A and Restructuring

Type: General
Track Supervisor: Grigorieva, Svetlana
Language of instruction: English
Use of online learning: With online tools
Qualification upon graduation: Магистр
Key learning outcomes:

KEO-1

Performs a wide range of research tasks in various industries and topics, from collecting market statistics to market modelling and forecasting

KEO-2

Analyzes, synthesizes and visualizes the information necessary for making financial decisions in the company and investment decisions in the market

KEO-3

Applies instrumental methods and information technologies to make investment, financial and economic decisions

KEO-4

Evaluates the value of companies and other assets, including those for investment purposes

KEO-5

Evaluates the effectiveness of investment projects and is ready to make decisions on the feasibility of launching investment projects under conditions of uncertainty

KEO-6

Prepares analytical and scientific reports based on own analysis or research in the field of financial and investment decisions

KEO-7

Justifies financial and investment decisions and associated risks, and participates in related negotiations at the top management level

KEO-8

Evaluates the value of companies when entering IPO transactions, mergers and acquisitions, and is also ready to accompany transactions

 

Description of the professional field:

PC-1

Able to conduct independent research in accordance with the designed programme, make original proposals on areas and methods of research, substantiate his/her own contribution to the development of the chosen area of research

PC-2

Able to present the results of the study to the scientific community in the form of a report (presentation) and an article

PC-3

Able to analyze and predict trends, processes and financial market instruments

PC-4

Able to analyze the financial condition of companies and financial institutions

PC-5

Able to evaluate the value of financial instruments

PC-6

Able to prove the effectiveness of the investment policy of the firm and financial institution

PC-7

Able to make analytical proofs for making managerial decisions in companies, financial institutions and developing their financial policies

PC-8

Able to develop recommendations on investment of personal financial resources

PC-9

Able to implement the financial policy of companies and financial institutions

 

Description of educational modules:
This track focuses on investment decisions, M&A and restructuring topics and introduces you to a spectrum of interesting practical and research ideas and questions. Investment decisions are critical to the growth, profitability, and value creation of companies. And mergers and acquisitions (M&As) are one of the most important investment decisions made by firms, the volume and number of which is impressive. Nowadays M&As are a key strategy for many firms in their attempt to adapt to the rapidly changing conditions of the external business environment. The rising M&A activity is driven by companies seeking to optimize processes, modernize their assets, increase market share, create, or expand digital capabilities, acquire technology and innovation to create new customer experiences, attract talent, enter new markets, and strengthen their competitive position. How has the market for corporate control evolved, how have deal terms changed and what are the specifics of M&As in the new reality? Why do companies resort to restructuring and what are the prerequisites for its success? We will be able to discuss these and other questions with you during the seminar, when building your individual study plan, when choosing your research project and developing a research question that will later be addressed in your master’s thesis.  By joining this track, you will be able to discuss with your mentor a set of courses that will help you in your future career in corporations, consulting firms, investment banks and boutique firms, or in your future career in academia when you enter the PhD program. You also can discuss research questions and get additional feedback on your master’s thesis. As well as discuss possible career paths.

Behavioral Finance, Corporate Governance and Asset Pricing

Type: Research
Track Supervisor: Stepanova, Anastasia N.
Language of instruction: English
Use of online learning: With online tools
Qualification upon graduation: Магистр
Key learning outcomes:

KEO-1

Performs a wide range of research tasks in various industries and topics, from collecting market statistics to market modelling and forecasting

KEO-2

Analyzes, synthesizes and visualizes the information necessary for making financial decisions in the company and investment decisions in the market

KEO-3

Applies instrumental methods and information technologies to make investment, financial and economic decisions

KEO-4

Evaluates the value of companies and other assets, including those for investment purposes

KEO-5

Evaluates the effectiveness of investment projects and is ready to make decisions on the feasibility of launching investment projects under conditions of uncertainty

KEO-6

Prepares analytical and scientific reports based on own analysis or research in the field of financial and investment decisions

KEO-7

Justifies financial and investment decisions and associated risks, and participates in related negotiations at the top management level

KEO-8

Integrates behavioral factors in modeling and in making investment and financial decisions; ready to independently conduct a full cycle of scientific research in the field of asset pricing

 

Description of the professional field:

PC-1

Able to conduct independent research in accordance with the designed programme, make original proposals on areas and methods of research, substantiate his/her own contribution to the development of the chosen area of research

PC-2

Able to present the results of the study to the scientific community in the form of a report (presentation) and an article

PC-3

Able to analyze and predict trends, processes and financial market instruments

PC-4

Able to analyze the financial condition of companies and financial institutions

PC-5

Able to evaluate the value of financial instruments

PC-6

Able to prove the effectiveness of the investment policy of the firm and financial institution

PC-7

Able to make analytical proofs for making managerial decisions in companies, financial institutions and developing their financial policies

PC-8

Able to develop recommendations on investment of personal financial resources

PC-9

Able to implement the financial policy of companies and financial institutions

Description of educational modules:
The research track is offered for students who are interested in developing a career in an academic setting.  As part of this track, students conduct academic research and publish articles.  Topics are implemented in the areas of behavioral finance and asset valuation.  Behavioral finance focuses on optimal board structure, top management self-confidence, and other characteristics.  Asset valuation involves understanding the pricing of both financial and non-financial instruments.  Students have the opportunity to choose a direction that will be useful for self-development in the future.

Fund Raising, Capital Structure and Payout Policy

Type: General
Track Supervisor: Kokoreva, Maria S.
Language of instruction: English
Use of online learning: With online tools
Qualification upon graduation: Магистр
Key learning outcomes:

KEO-1

Performs a wide range of research tasks in various industries and topics, from collecting market statistics to market modelling and forecasting

KEO-2

Analyzes, synthesizes and visualizes the information necessary for making financial decisions in the company and investment decisions in the market

KEO-3

Applies instrumental methods and information technologies to make investment, financial and economic decisions

KEO-4

Evaluates the value of companies and other assets, including those for investment purposes

KEO-5

Evaluates the effectiveness of investment projects and is ready to make decisions on the feasibility of launching investment projects under conditions of uncertainty

KEO-6

Prepares analytical and scientific reports based on own analysis or research in the field of financial and investment decisions

KEO-7

Justifies financial and investment decisions and associated risks, and participates in related negotiations at the top management level

KEO-8

Optimizes the capital structure and develops a dividend policy in the face of uncertainty

Description of the professional field:

PC-1

Able to conduct independent research in accordance with the designed programme, make original proposals on areas and methods of research, substantiate his/her own contribution to the development of the chosen area of research

PC-2

Able to present the results of the study to the scientific community in the form of a report (presentation) and an article

PC-3

Able to analyze and predict trends, processes and financial market instruments

PC-4

Able to analyze the financial condition of companies and financial institutions

PC-5

Able to evaluate the value of financial instruments

PC-6

Able to prove the effectiveness of the investment policy of the firm and financial institution

PC-7

Able to make analytical proofs for making managerial decisions in companies, financial institutions and developing their financial policies

PC-8

Able to develop recommendations on investment of personal financial resources

PC-9

Able to implement the financial policy of companies and financial institutions

Description of educational modules:

The "Fund Raising, Capital Structure, and Payout Policy" track delves deep into the core of corporate financial strategies. It underscores the essentials of financing, investment, and payout policy, all the while integrating personalized mentorship for a holistic academic journey.

Students will navigate through a spectrum of topics, from diverse fund-raising channels to the complexities of capital structure and payout policies. This exploration extends across both developed and emerging capital markets. While comprehensive, this track is particularly apt for those new to finance or those intrigued by empirical corporate finance but who have yet to pinpoint a specific research field.

Among the pivotal questions we'll tackle during our seminars are:

-       How do firms choose between varied financing sources?

-       How do prevailing market conditions influence capital structure decisions?

-       How do companies balance dividends and share repurchases?

Tailored for aspiring financial researchers, professionals envisioning roles in corporations, private equity, venture capital, or investment banking, and novices with a keen academic inclination, this track promises a comprehensive learning experience.

During our meetings, the dialogue will extend beyond the curriculum, providing a platform to chart out individual study trajectories, select research projects, and development of the research questions for master theses. Furthermore, the mentor remains a steadfast resource for queries, be it academic pursuits, career pathways, or research endeavours.

2023/2024 Academic year

Investment Decisions,  M&A and Restructuring

Type: General
Track Supervisor: Grigorieva, Svetlana
Language of instruction: English
Use of online learning: With online tools
Qualification upon graduation: Магистр
Key learning outcomes:

KEO-1

Performs a wide range of research tasks in various industries and topics, from collecting market statistics to market modelling and forecasting

KEO-2

Analyzes, synthesizes and visualizes the information necessary for making financial decisions in the company and investment decisions in the market

KEO-3

Applies instrumental methods and information technologies to make investment, financial and economic decisions

KEO-4

Evaluates the value of companies and other assets, including those for investment purposes

KEO-5

Evaluates the effectiveness of investment projects and is ready to make decisions on the feasibility of launching investment projects under conditions of uncertainty

KEO-6

Prepares analytical and scientific reports based on own analysis or research in the field of financial and investment decisions

KEO-7

Justifies financial and investment decisions and associated risks, and participates in related negotiations at the top management level

KEO-8

Evaluates the value of companies when entering IPO transactions, mergers and acquisitions, and is also ready to accompany transactions

Description of the professional field:

PC-1

Able to conduct independent research in accordance with the designed programme, make original proposals on areas and methods of research, substantiate his/her own contribution to the development of the chosen area of research

PC-2

Able to present the results of the study to the scientific community in the form of a report (presentation) and an article

PC-3

Able to analyze and predict trends, processes and financial market instruments

PC-4

Able to analyze the financial condition of companies and financial institutions

PC-5

Able to evaluate the value of financial instruments

PC-6

Able to prove the effectiveness of the investment policy of the firm and financial institution

PC-7

Able to make analytical proofs for making managerial decisions in companies, financial institutions and developing their financial policies

PC-8

Able to develop recommendations on investment of personal financial resources

PC-9

Able to implement the financial policy of companies and financial institutions

PC-10

Able to apply modern methods and techniques of teaching financial disciplines in educational institutions of higher education

PC-11

Able to develop curricula, programmes and appropriate methodological support for teaching financial disciplines in educational institutions of higher education

Description of educational modules:
This track focuses on investment decisions, M&A and restructuring topics and introduces you to a spectrum of interesting practical and research ideas and questions. Investment decisions are critical to the growth, profitability, and value creation of companies. And mergers and acquisitions (M&As) are one of the most important investment decisions made by firms, the volume and number of which is impressive. Nowadays M&As are a key strategy for many firms in their attempt to adapt to the rapidly changing conditions of the external business environment. The rising M&A activity is driven by companies seeking to optimize processes, modernize their assets, increase market share, create, or expand digital capabilities, acquire technology and innovation to create new customer experiences, attract talent, enter new markets, and strengthen their competitive position. How has the market for corporate control evolved, how have deal terms changed and what are the specifics of M&As in the new reality? Why do companies resort to restructuring and what are the prerequisites for its success? We will be able to discuss these and other questions with you during the seminar, when building your individual study plan, when choosing your research project and developing a research question that will later be addressed in your master’s thesis.  By joining this track, you will be able to discuss with your mentor a set of courses that will help you in your future career in corporations, consulting firms, investment banks and boutique firms, or in your future career in academia when you enter the PhD program. You also can discuss research questions and get additional feedback on your master’s thesis. As well as discuss possible career paths.

Behavioral Finance, Corporate Governance and Asset Pricing

Type: Research
Track Supervisor: Stepanova, Anastasia N.
Language of instruction: English
Use of online learning: With online tools
Qualification upon graduation: Магистр
Key learning outcomes:

KEO-1

Performs a wide range of research tasks in various industries and topics, from collecting market statistics to market modelling and forecasting

KEO-2

Analyzes, synthesizes and visualizes the information necessary for making financial decisions in the company and investment decisions in the market

KEO-3

Applies instrumental methods and information technologies to make investment, financial and economic decisions

KEO-4

Evaluates the value of companies and other assets, including those for investment purposes

KEO-5

Evaluates the effectiveness of investment projects and is ready to make decisions on the feasibility of launching investment projects under conditions of uncertainty

KEO-6

Prepares analytical and scientific reports based on own analysis or research in the field of financial and investment decisions

KEO-7

Justifies financial and investment decisions and associated risks, and participates in related negotiations at the top management level

KEO-8

Integrates behavioral factors in modeling and in making investment and financial decisions; ready to independently conduct a full cycle of scientific research in the field of asset pricing

Description of the professional field:

PC-1

Able to conduct independent research in accordance with the designed programme, make original proposals on areas and methods of research, substantiate his/her own contribution to the development of the chosen area of research

PC-2

Able to present the results of the study to the scientific community in the form of a report (presentation) and an article

PC-3

Able to analyze and predict trends, processes and financial market instruments

PC-4

Able to analyze the financial condition of companies and financial institutions

PC-5

Able to evaluate the value of financial instruments

PC-6

Able to prove the effectiveness of the investment policy of the firm and financial institution

PC-7

Able to make analytical proofs for making managerial decisions in companies, financial institutions and developing their financial policies

PC-8

Able to develop recommendations on investment of personal financial resources

PC-9

Able to implement the financial policy of companies and financial institutions

PC-10

Able to apply modern methods and techniques of teaching financial disciplines in educational institutions of higher education

PC-11

Able to develop curricula, programmes and appropriate methodological support for teaching financial disciplines in educational institutions of higher education

Description of educational modules:
The research track is offered for students who are interested in developing a career in an academic setting.  As part of this track, students conduct academic research and publish articles.  Topics are implemented in the areas of behavioral finance and asset valuation.  Behavioral finance focuses on optimal board structure, top management self-confidence, and other characteristics.  Asset valuation involves understanding the pricing of both financial and non-financial instruments.  Students have the opportunity to choose a direction that will be useful for self-development in the future.

Fund Raising, Capital Structure and Payout Policy

Type: General
Track Supervisor: Kokoreva, Maria S.
Language of instruction: English
Use of online learning: With online tools
Qualification upon graduation: Магистр
Key learning outcomes:

KEO-1

Performs a wide range of research tasks in various industries and topics, from collecting market statistics to market modelling and forecasting

KEO-2

Analyzes, synthesizes and visualizes the information necessary for making financial decisions in the company and investment decisions in the market

KEO-3

Applies instrumental methods and information technologies to make investment, financial and economic decisions

KEO-4

Evaluates the value of companies and other assets, including those for investment purposes

KEO-5

Evaluates the effectiveness of investment projects and is ready to make decisions on the feasibility of launching investment projects under conditions of uncertainty

KEO-6

Prepares analytical and scientific reports based on own analysis or research in the field of financial and investment decisions

KEO-7

Justifies financial and investment decisions and associated risks, and participates in related negotiations at the top management level

KEO-8

Optimizes the capital structure and develops a dividend policy in the face of uncertainty

Description of the professional field:

PC-1

Able to conduct independent research in accordance with the designed programme, make original proposals on areas and methods of research, substantiate his/her own contribution to the development of the chosen area of research

PC-2

Able to present the results of the study to the scientific community in the form of a report (presentation) and an article

PC-3

Able to analyze and predict trends, processes and financial market instruments

PC-4

Able to analyze the financial condition of companies and financial institutions

PC-5

Able to evaluate the value of financial instruments

PC-6

Able to prove the effectiveness of the investment policy of the firm and financial institution

PC-7

Able to make analytical proofs for making managerial decisions in companies, financial institutions and developing their financial policies

PC-8

Able to develop recommendations on investment of personal financial resources

PC-9

Able to implement the financial policy of companies and financial institutions

PC-10

Able to apply modern methods and techniques of teaching financial disciplines in educational institutions of higher education

PC-11

Able to develop curricula, programmes and appropriate methodological support for teaching financial disciplines in educational institutions of higher education

Description of educational modules:

The "Fund Raising, Capital Structure, and Payout Policy" track delves deep into the core of corporate financial strategies. It underscores the essentials of financing, investment, and payout policy, all the while integrating personalized mentorship for a holistic academic journey.

Students will navigate through a spectrum of topics, from diverse fund-raising channels to the complexities of capital structure and payout policies. This exploration extends across both developed and emerging capital markets. While comprehensive, this track is particularly apt for those new to finance or those intrigued by empirical corporate finance but who have yet to pinpoint a specific research field.

Among the pivotal questions we'll tackle during our seminars are:

-       How do firms choose between varied financing sources?

-       How do prevailing market conditions influence capital structure decisions?

-       How do companies balance dividends and share repurchases?

Tailored for aspiring financial researchers, professionals envisioning roles in corporations, private equity, venture capital, or investment banking, and novices with a keen academic inclination, this track promises a comprehensive learning experience.

During our meetings, the dialogue will extend beyond the curriculum, providing a platform to chart out individual study trajectories, select research projects, and development of the research questions for master theses. Furthermore, the mentor remains a steadfast resource for queries, be it academic pursuits, career pathways, or research endeavours.

2022/2023 Academic year

Corporate Decisions

Type: General
Track Supervisor: Kokoreva, Maria S.
Language of instruction: English
Use of online learning: With online tools
Qualification upon graduation: Магистр
Key learning outcomes:

Performs a wide range of research tasks in various industries and topics, from collecting market statistics to market modelling and forecasting (KEO-1)
Analyzes, synthesizes and visualizes the information necessary for making financial decisions in the company and investment decisions in the market (KEO-2)
Applies instrumental methods and information technologies to make investment, financial and economic decisions (KEO-3)
Evaluates the value of companies and other assets, including those for investment purposes (KEO-4)
Evaluates the effectiveness of investment projects and is ready to make decisions on the feasibility of launching investment projects under conditions of uncertainty (KEO-5) 
Prepares analytical and scientific reports based on own analysis or research in the field of financial and investment decisions (KEO-6)
Justifies financial and investment decisions and associated risks, and participates in related negotiations at the top management level (KEO-7)
Optimizes the capital structure and develops a dividend policy in the face of uncertainty (KEO-8)

Description of the professional field:

Able to conduct independent research in accordance with the designed programme, make original proposals on areas and methods of research, substantiate his/her own contribution to the development of the chosen area of research (PC-1)
Able to present the results of the study to the scientific community in the form of a report (presentation) and an article (PC-2)
Able to analyze and predict trends, processes and financial market instruments (PC-3)
Able to analyze the financial condition of companies and financial institutions (PC-4)
Able to evaluate the value of financial instruments (PC-5)
Able to prove the effectiveness of the investment policy of the firm and financial institution (PC-6)
Able to make analytical proofs for making managerial decisions in companies, financial institutions and developing their financial policies (PC-7)
Able to develop recommendations on investment of personal financial resources (PC-8)
Able to implement the financial policy of companies and financial institutions (PC-9)
Able to apply modern methods and techniques of teaching financial disciplines in educational institutions of higher education (PC-10)
Able to develop curricula, programmes and appropriate methodological support for teaching financial disciplines in educational institutions of higher education (PC-11)

Description of educational modules:

This trajectory is for students who are interested in all types of financial decisions in corporations: financing, investment, and payout policy. We will also cover issues on corporate governance mechanisms. For those who are interested in private equity and venture capital, we will discuss the peculiarities of financial decision-making for VC-backed companies. We do not limit our trajectory in terms of specific capital markets, so we will discuss developed and emerging capital markets. This is a trajectory for students who are mostly interested in empirical corporate finance issues. This trajectory is worth choosing for those who are new in finance or are interested in corporate finance in general but have not decided on the specific field yet. The trajectory is useful for those who are building a career in corporations, private equity and venture capital, and investment banks.

Behavioral Finance and Corporate Governance

Type: Research
Track Supervisor: Stepanova, Anastasia N.
Language of instruction: English
Use of online learning: With online tools
Qualification upon graduation: Магистр
Key learning outcomes:
Performs a wide range of research tasks in various industries and topics, from collecting market statistics to market modelling and forecasting (KEO-1)
Analyzes, synthesizes and visualizes the information necessary for making financial decisions in the company and investment decisions in the market (KEO-2)
Applies instrumental methods and information technologies to make investment, financial and economic decisions (KEO-3)
Evaluates the value of companies and other assets, including those for investment purposes (KEO-4)
Evaluates the effectiveness of investment projects and is ready to make decisions on the feasibility of launching investment projects under conditions of uncertainty (KEO-5)
Prepares analytical and scientific reports based on own analysis or research in the field of financial and investment decisions (KEO-6)
Justifies financial and investment decisions and associated risks, and participates in related negotiations at the top management level (KEO-7)
Integrates behavioral factors in modeling and in making investment and financial decisions (KEO-8)
Description of the professional field:
Able to conduct independent research in accordance with the designed programme, make original proposals on areas and methods of research, substantiate his/her own contribution to the development of the chosen area of research (PC-1)
Able to present the results of the study to the scientific community in the form of a report (presentation) and an article (PC-2)
Able to analyze and predict trends, processes and financial market instruments (PC-3)
Able to analyze the financial condition of companies and financial institutions (PC-4)
Able to evaluate the value of financial instruments (PC-5)
Able to prove the effectiveness of the investment policy of the firm and financial institution (PC-6)
Able to make analytical proofs for making managerial decisions in companies, financial institutions and developing their financial policies (PC-7)
Able to develop recommendations on investment of personal financial resources (PC-8)
Able to implement the financial policy of companies and financial institutions (PC-9)
Able to apply modern methods and techniques of teaching financial disciplines in educational institutions of higher education (PC-10)
Able to develop curricula, programmes and appropriate methodological support for teaching financial disciplines in educational institutions of higher education (PC-11)
Description of educational modules:

This trajectory focuses on the role of personality in finance. How does the CEO's personality affect the company? What irrational decisions do investors make depending on the weather or their childhood experiences? Who is prone to short-termism and who has a long investment horizon? How does all this affect innovation in the company? And what do we know about behavioral biases and corporate governance in emerging markets? We will discuss all of this during the seminar. This trajectory is worth choosing for those who already have a good understanding of classical finance and want to get a broader view of decision-making mechanisms in business and investments. The trajectory is useful for those who are building a career in corporations and banks as well as in asset management.

Mergers and Acquisitions

Type: General
Track Supervisor: Grigorieva, Svetlana
Language of instruction: English
Use of online learning: With online tools
Qualification upon graduation: Магистр
Key learning outcomes:
Performs a wide range of research tasks in various industries and topics, from collecting market statistics to market modelling and forecasting (KEO-1)
Analyzes, synthesizes and visualizes the information necessary for making financial decisions in the company and investment decisions in the market (KEO-2)
Applies instrumental methods and information technologies to make investment, financial and economic decisions (KEO-3)
Evaluates the value of companies and other assets, including those for investment purposes (KEO-4)
Evaluates the effectiveness of investment projects and is ready to make decisions on the feasibility of launching investment projects under conditions of uncertainty (KEO-5)
Prepares analytical and scientific reports based on own analysis or research in the field of financial and investment decisions (KEO-6)
Justifies financial and investment decisions and associated risks, and participates in related negotiations at the top management level (KEO-7)
Evaluates the value of companies when entering IPO transactions, mergers and acquisitions, and is also ready to accompany transactions (KEO-8)
Description of the professional field:
Able to conduct independent research in accordance with the designed programme, make original proposals on areas and methods of research, substantiate his/her own contribution to the development of the chosen area of research (PC-1)
Able to present the results of the study to the scientific community in the form of a report (presentation) and an article (PC-2)
Able to analyze and predict trends, processes and financial market instruments (PC-3)
Able to analyze the financial condition of companies and financial institutions (PC-4)
Able to evaluate the value of financial instruments (PC-5)
Able to prove the effectiveness of the investment policy of the firm and financial institution (PC-6)
Able to make analytical proofs for making managerial decisions in companies, financial institutions and developing their financial policies (PC-7)
Able to develop recommendations on investment of personal financial resources (PC-8)
Able to implement the financial policy of companies and financial institutions (PC-9)
Able to apply modern methods and techniques of teaching financial disciplines in educational institutions of higher education (PC-10)
Able to develop curricula, programmes and appropriate methodological support for teaching financial disciplines in educational institutions of higher education (PC-11)
Description of educational modules:
This trajectory is devoted to M&A deals and introduces you to a spectrum of interesting research and practical questions. Nowadays M&As are a key strategy for many firms in their attempt to adapt to the rapidly changing conditions of the external business environment. The rising M&A activity is driven by companies seeking to optimize processes, modernize their assets, increase market share, create or expand digital capabilities, acquire technology and innovation to create new customer experiences, attract talent, enter new markets and strengthen their competitive position. But are these deals successful? Does this strategy create or destroy value? Do the expected synergies really happen? What factors contribute to the success of M&As? What are the main risks associated with these transactions? What role do the CEO and the Board play in a deal's success? Does the performance of M&As depend on the market and industry in which the company operates? What are the main phases of M&As process?These and other tricky questions will be addressed at the trajectory. This trajectory will be useful for those who are building a career in corporations, consulting firms, investment banks and boutique firms.

Asset Pricing

Type: Research
Track Supervisor: Dobrynskaya, Victoria V.
Language of instruction: English
Use of online learning: With online tools
Qualification upon graduation: Магистр
Key learning outcomes:
Performs a wide range of research tasks in various industries and topics, from collecting market statistics to market modelling and forecasting (KEO-1)
Analyzes, synthesizes and visualizes the information necessary for making financial decisions in the company and investment decisions in the market (KEO-2)
Applies instrumental methods and information technologies to make investment, financial and economic decisions (KEO-3)
Evaluates the value of companies and other assets, including those for investment purposes (KEO-4)
Evaluates the effectiveness of investment projects and is ready to make decisions on the feasibility of launching investment projects under conditions of uncertainty (KEO-5)
Prepares analytical and scientific reports based on own analysis or research in the field of financial and investment decisions (KEO-6)
Justifies financial and investment decisions and associated risks, and participates in related negotiations at the top management level (KEO-7)
Ready to independently conduct a full cycle of scientific research in the field of asset pricing (KEO-8)
Description of the professional field:
Able to conduct independent research in accordance with the designed programme, make original proposals on areas and methods of research, substantiate his/her own contribution to the development of the chosen area of research (PC-1)
Able to present the results of the study to the scientific community in the form of a report (presentation) and an article (PC-2)
Able to analyze and predict trends, processes and financial market instruments (PC-3)
Able to analyze the financial condition of companies and financial institutions (PC-4)
Able to evaluate the value of financial instruments (PC-5)
Able to prove the effectiveness of the investment policy of the firm and financial institution (PC-6)
Able to make analytical proofs for making managerial decisions in companies, financial institutions and developing their financial policies (PC-7)
Able to develop recommendations on investment of personal financial resources (PC-8)
Able to implement the financial policy of companies and financial institutions (PC-9)
Able to apply modern methods and techniques of teaching financial disciplines in educational institutions of higher education (PC-10)
Able to develop curricula, programmes and appropriate methodological support for teaching financial disciplines in educational institutions of higher education (PC-11)
Description of educational modules:

This trajectory is for students who are interested in studying financial markets and instruments, asset-pricing models, investment strategies and alternative investments. We will talk about stocks, bonds, currencies, cryptocurrencies, real estate and other asset classes. We will talk about the main asset-pricing models: the CAPM, the APT, and empirical multifactor models. We will learn how to test these models on various financial markets and which risk factors explain asset returns. We will talk about financial anomalies and investment strategies which exploit these anomalies. We will search for mispricing or arbitrage opportunities in different markets, try to exploit them or provide explanations for them. This trajectory is empirical and assumes working with financial data. Students need to know such courses as Financial Economics, Theory of Finance, Financial Econometrics. Knowledge of Phyton or programming in Stata will be useful. This trajectory will be interesting for those who want to pursue a career in an investment fund, commercial bank, asset management firm, etc.

Competitive Advantages

Mix of theory and practice from top professors

The programme is based on a synthesis of up-to date theoretical knowledge and useful practical skills of financiers to provide students with the most comprehensive education and broadest career prospects.

• Fundamental courses in macroeconomics, corporate finance, microeconomics, theory of finance, risk management and corporate governance are taught by professors who hold PhDs and doctoral degrees.

• A wide variety of practice-oriented courses, such as business valuation, M&A deals, financial modelling and venture capital, are taught by practitioners from Kept, B1, Business Solutions and Technologies, and other consulting firms and financial specialists with extensive experience working in emerging market environments.

Academic Mobility Programmes in partnership with European universities

Our students can spend their second year in European partner universities. For example, there are programmes in partnership with Shanghai University, Almaty Management University, University of Padua, University of Bologna, Università Cattolica Del Sacro Cuore and others.

Research opportunities

The educational process is closely intertwined with the work of the Corporate Finance Center at the HSE University. Students may start a career in science and publish an article in the Journal of Corporate Finance Research.

Professional community and networking

For two years, you will join a cosmopolitan academic community where the professionalism of financiers meets open-mindedness. Students expand their professional networks by interacting with top professionals in the field, including programme alumni. More than once, alumni have hired our students, thanks to the skills and level of expertise they gain in the programme.

Options for Students with Disabilities

This degree programme of HSE University is adapted for students with special educational needs (SEN) and disabilities. Special assistive technology and teaching aids are used for collective and individual learning of students with SEN and disabilities. The specific adaptive features of the programme are listed in each subject's full syllabus and are available to students through the online Learning Management System.

Programme Documentation

All documents of the degree programme are stored electronically on this website. Curricula, calendar plans, and syllabi are developed and approved electronically in corporate information systems. Their current versions are automatically published on the website of the degree programme. Up-to-date teaching and learning guides, assessment tools, and other relevant documents are stored on the website of the degree programme in accordance with the local regulatory acts of HSE University.

I hereby confirm that the degree programme documents posted on this website are fully up-to-date.

Vice Rector Sergey Yu. Roshchin

Summary of Degree Programme 'Strategic Corporate Finance'

Go to Programme Contents and Structure