Modern asset pricing theory is based on the assumption that investors have heterogeneous information. We provide direct evidence of the importance of information asymmetry for asset prices and investor demands using three natural experiments that capture plausibly exogenous variation in...

A new covariance matrix estimator is proposed under the assumption that at every time period all pairwise correlations are equal. This assumption, which is pragmatically applied in various areas of finance, makes it possible to estimate arbitrarily large covariance matrices with ease. The model,...

Theoretical asset pricing models routinely assume that investors have heterogeneous information. We provide direct evidence of the importance of information asymmetry for asset prices and investor demands using plausibly exogenous variation in the supply of information caused by the closure of...

The paper focuses on empirical analysis of major factors that determine innovation activities of Russian manufacturing firms during the crisis. We presume that the crisis has ambiguous effects on firms’ behaviour, on one hand limiting their financial capabilities to invest into new products...

This paper deals with assessment of the experience in industrial policy implementation in Russia, and a determination of the key lessons including an analysis of two examples of industrial policy – the nano-industry and the automotive industry. ?

The article aims to discuss the practical problems and inconsistencies of industrial policy in Russia since 2000, to analyze positive and negative experiences, and to draw up some lessons which are essential for a new technology-industrial policy. The evolution of approaches to industrial policy...

Questions of construction of industrial policy, both conceptual and practical, attracted and attract attention to themselves and experts and politicians. In the 2000s, especially after the global financial crisis and the period remaining uncertain prospects for further development, a discussion...

This paper assesses the impact of the global economic crisis of 2008 on the Russian economy. It includes a general outline of the dynamics of the basic macroeconomic indicators, and analyses the major factors that resulted in the sharp decline of output in Russia in autumn 2008 and in the first...

We present some preliminary empirical results on impact of international certification on export behavior of Russian manufacturing firms. Our research is motivated, first, by the fact that little is known about the impact of ISO certification on the performance of Russian firms and, second, by...

This article considers reasons and consequences of the global economic crisis from the point of view of Russian regions development. The focus of an article is on the socio-economic situation of the Republic of Tatarstan – the territory with a large machine-building industry. Authors...