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ICEF Mission

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ICEF is a result of successful cooperation between the HSE and the LSE Strategic objective: creation of the centre of academic excellence in the field of economics, that implements research projects and educational programmes on a level with the best world universities. Motto: «Multum in parvo» / «The Great is in the small»

Development Story

1995 The idea to create ICEF appeared within the framework of the joint European project “Strengthening of economic education at MSU” (LSE – Sorbonne - Tilburg) of the “Tempus” programme, but met difficulties in implementation. 1997 The agreement on ICEF establishment was signed between the HSE and the LSE by A.Giddens and Ya. Kuzminov. 1997-2001 1 stage: Establishment of BSc double degree programme 2001-2009 2 stage: Sustainable BSc programme development, setup and growth of MSc programme 2009-2013 3 stage: Development into an international scale research institution 2010 The International Research Laboratory of Financial Economics 2011 The First International Moscow Finance Conference 2012 The first meeting of LSE.ICEF International Academic Advisory Board 2013 The new HSE-LSE Contract on ICEF development

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ICEF Profile

BSc Double degree programme (with external exams) (since 1997) 1) UoL

• Economics
• Banking & Finance
• Economics & Management
• Economics & Finance
• Accounting & Finance
• Mathematics & Economics

2) HSE Economics BSc Graduates 833 MSc “Financial Economics” (since 2007) HSE degree, Letter of Validation signed by LSE official MSc Graduates 98 International Research Laboratory

• f Financial Economics (since 2010)

with participation of the LSE Academic staff 18 full-time teachers (with PhD) about 100 part-time teachers (HSE, NES, MSU)

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ICEF Programmes: Fusion of 2 Education Cultures

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Russian universities

• Broad university education
• 4 years, ~35 subjects (BSc)
• 2 years, ~20 subjects (MSc)
• High volume of class hours
• Examination marks awarded by

students’ own teachers

LSE

• Deep vocational education
• 3 years, 12 subjects (BSc)
• 1 year, 4 – 6 subjects (MSc)
• Low volume of class hours
• Emphasis on self-study
• Double-blind procedure

ICEF

• The best of two economic traditions
• 4 years, ~22 subjects (BSc)
• 2 years, ~10 subjects (MSc)
• Medium volume of class hours
• Emphasis on self-study
• ICEF interim exams + UoL external exams

Students

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100 200 300 400 500 600 700 800 900 1997/1998 2000/2001 2003/2004 2006/2007 2009/2010 2010/2011 2011/2012 2012/2013 2013/2014

38 157 264 420 458 521 616 657 767

46 51 54 54 64

BSc MSc

BSc Admission 2013

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The Numbers of applicants to the ICEF BSc Programme The average USE Grade for the applicants admitted to the ICEF BSc Programme, 2009-2013 846 635 649 673 919

100 200 300 400 500 600 700 800 900 1000 2009 2010 2011 2012 2013 Year of intake Number of applications

80,5 77,8 81,2 83,2 86,6

75,0 77,0 79,0 81,0 83,0 85,0 87,0 89,0 2009 2010 2011 2012 2013 * In 2009 each applicant could apply to 5 or less HSE departments, in 2010-2013 - to 3 or less departments. ** In 2013 : 287 applicants were enrolled in ICEF

BSc: Academic Achievements

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10 20 30 40 50 60 70 80 90

University of London exams,average grades,2013: ICEF and Rest of the world

ICEF ROW

Diploma Classifications of ICEF Graduates at the University of London International Programme, 2001-2013

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20 40 60 80 100 120 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Number of students Year of graduation

pass third second (lower) second (upper) first

BSc Programme Integrated Curriculum: UoL and HSE

10 1 year

Micro- and Macroeconomics Calculus Statistics English Language Intellectual History of Europe World History Information Computer Systems

3 year

Micro- and Macroeconomics Econometrics Principles of Accounting Further Mathematics Public Sector Economics History of Economic Thought Economic History Sociology of Popular Finance Labour Economics Development Economics

2 year

Micro- and Macroeconomics Principles of Banking and Finance Sociology Introduction to Business and Management Mathematics for Economics Statistics Jurisprudence Philosophy of Science Political Science Methods of Optimisation Linear Algebra English Language

4 year

Corporate Finance Organisation Theory Industrial Economics International Economics Monetary Economics Quantitative Finance Financial Intermediation Investment Management Time Series and Panel Data Analysis Institutional Economics Economics of Transition

Academic Staff

(past and present)

2002-2003 academic year 37 lecturers at BSc programme 2013-2014 academic year 68 lecturers at BSc and MSc programmes

Visiting professors 32% Part-time teachers (from other universities - NES,CEFIR, MSU, etc.) 22% Part-time teachers (HSE faculty members) 46%

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Part-time teachers (HSE faculty members) 39% Full-time ICEF faculty with PhD degrees 22% Part-time teachers (from other universities - NES,CEFIR, MSU, etc.) 22% Visiting professors (from LSE, University of Cambridge, Oxford University, etc.) 14% Tenured professors 3%

MSc programme integrated curriculum: courses with international expert control and HSE courses

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1 year

Microeconomics Macroeconomics Econometrics Financial Economics I Mathematics for Economists Research seminar Elective Courses: International Trade and Development Corporate Valuation Cases in Mergers and Acquisitions Investment Management

2 year

Econometrics II Financial Economics II Fixed Income & Derivatives Advanced Topics in Finance Topics in Applied Finance Research Seminar Elective Courses: Russian Economy Industrial Organization Risk Management International Financial Management International Trade and Development Strategic Financial Management Investment Management Corporate Valuation Cases in Mergers and Acquisitions Master’s thesis

MSc programme: Lecturers with PhD degree

13 Teacher University Subject

• M. Nikitin

PhD, University of Pittsburgh Macroeconomics

• A. Yurko

PhD, University of Texas at Austin Microeconomics

• F. Slonimczyk

PhD, University of Massachusetts Amherst Econometrics

• R. Zakharenko

PhD, Pennsylvania State University International Trade and Development

• A. Parakhonyak

PhD, Erasmus University Rotterdam Microeconomics

• V. Sokolov

PhD, University of Notre Dame Macroeconomics, Fixed Income Analysis and Derivatives

• S. Gelman

PhD, Universitat Muenster, Germany Financial Econometrics

• C. Sprenger

PhD, Universitat Pompeu Fabra Financial Economics, Risk Management

• S. Morfov

PhD, Universidad Carlos III de Madrid Financial Economics

• E. Catonini

PhD, Bocconi University Microeconomics

• U. Peiris

PhD, University of Oxford International Finance, Risk Management

• A. Sirchenko

PhD, European University Institute Econometrics

• S. Stepanov

PhD, Universite Libre de Bruxelles Private Equity and Venture Capital,

• A. Boulatov

PhD, City College of the City University of New York, PhD University of California, Berkeley Advanced Topics in Finance

• D. Tsomokos

PhD, Yale University Advanced Topics in Finance M.A. Betschinger PhD, Universitat Muenster International Financial Management

• D. Fantazzini

Ph.D., University of Pavia Risk Management

• L. Timoshuk

PhD, Calyon, London Risk Management

• B. Urošević

PhD, Haas School of Business Advanced Topics in Finance

ICEF Placement BSc&MSc Dynamics

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20 40 60 80 100 120 140 2009 2010 2011 2012

27 30 31 59 26 39 38 55 32 14 11 10

Education in Russia Education abroad Working

Foreign Universities where ICEF Graduates Continue their Studies, 2001-2013

Continental Europe UK USA

Amsterdam Business School University of Amsterdam Erasmus University Rotterdam ESLSCA Graduate School of Business Stockholm School of Economics EADA Business School, Spain EDHEC Business School, France Gent Management School, Belgium University of St. Gallen* Maastricht University INSEAD Bocconi University* University of Bremen Humboldt University Toulouse School of Economics* The London School of Economics and Political Science* The London Business School University of Oxford University of Cambridge Warwick Business School Tanaka Imperial Business School Cass Business School University of Birmingham* University of Edinburgh City University of London Imperial College London Aston University University of Westminster Durham University Durham Business School University of Aberdeen University of New York Columbia Business School Princeton University Harvard University* Stanford University University of Minnesota* Carnegie Mellon University - Tepper Business School* University of Wisconsin–Madison* Thunderbird University Boston College*

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6% 20% 23% 27% 24% PhD MSc Economics MSc Finance MSc Management Other MSc programmes

*universities where ICEF graduates continue their studies

• n PhD programmes

Graduates’ Job Placement 2012

Top companies Number of graduates

VTB Capital 15 Sberbank 9 UBS Investment Bank 8 Ernst & Young 7 Gazprombank 7 Troika Dialog 7 Citibank 6 KPMG 6 McKinsey&Co 6 Renaissance Capital 6 Oliver Wyman 5 PwC 5 BNP Paribas 4 Credit Suisse 4 Goldman Sachs 4 Rosatom 4 RUSNANO 4 Deutsche Bank 3 Morgan Stanley 3

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Graduates’ Careers 2001-2012

Marketing, PR, Media 5%

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Industry 15% Consulting services, Audit 17% Academic career 3% Other 9% Own business 4% Financial institutions 47%

Research conditions for ICEF FTA

• Tenure-track and tenured positions
• Teaching load – no more than 3-4 hours per week
• Mobility support: provision for up to 2-3 international conference trips

per year (5000 $)

• Access to the electronic library recourses of the Higher School of

Economics (all major professional journals)

• Access to the electronic data bases (Compustat, CRSP,

Execucomp, OptionMetrics, Thomson Reuters Database etc.)

• Access to all HSE research supporting facilities (research grants,

conferences) on a competitive basis

• Annual and sabbatical leaves, social support programme
• Funds available for research-related expenses

Development of Research in ICEF (2009-2013)

• 1) Strengthening research capability and quality of

research in the field of economics of the existing staff

• Research seminar: expanding the range of presenters,

including foreign ones;

• Presentations at major international conferences
• Publications in leading refereed international journals
• Research projects with international participation
• 2) Recruitment and improving the procedures for

evaluation of new teachers with PhD degrees

• 3) Setting up of international research laboratory

"Financial Economics" with the participation of LSE researchers Every week, in two areas: Economic Theory and Finance (124 seminars + 2 International ICEF/LFE conferences)

• 84 for the period 2009-2013
• 28 for 2009-2013
• 16 joint research projects

(with papers published)

• 1-2 Full Time Academics

with a PhD degree per year (18 at present).

• Development of procedures

for evaluation of FTAs: guidelines

• 6-10 projects per year

ICEF Academic staff performance : 2009-2013

Activit ity Result ults

Publi lica catio tions s in leading refereed international journals Review of Economic Studies, Journal of Risk and Insurance, American Economic Journal, Journal of Comparative Economics, International Journal of Industrial Organization, Journal of Economic Inequality, Journal of Banking and Finance, Journal of Empirical Finance, Journal of Economic Behavior and Organization, Review of International Economics, Journal of Institutional and Theoretical Economics etс. Prese senta tatio tions at major international conferences World Finance Conference, International Economic Association World Congress, International Industrial Organization Conference, Macro and Financial Econometrics Conference, Midwest Finance Association's Annual meeting, European Finance Association Annual Meeting, Annual International Industrial Organization Conference etc. Rese search ch semina inar: expanding the range of presenters, including foreign ones; 106 Speake kers, s, inclu ludin ing: : Ariel Rubinstein (Tel Aviv University, New York University) Nobuhiro Kiyotaki (Princeton University) Jorgen Weibull (Stockholm School of Economics) Jacques-Francois Thisse (Université catholique de Louvain) Jean Gabszewicz (Universit´e catholique de Louvain) Thomas Palfrey (California Institute of Technology) Yuliy Sannikov (Princeton University)

International Laboratory of Financial Economics (LFE). Researchers of LFE

Christian Julliard

LSE Research Coordinator

PhD Princeton University (USA)

Carsten Sprenger

Head of Laboratory, ICEF

PhD Pompeu Fabra University (Spain) Sergey Gelman

PhD University of Muenster (Germany)

Stanimir Morfov

PhD Carlos III University of Madrid (Spain)

Vladimir Sokolov

PhD University of Notre Dame (USA)

Alexei Boulatov

PhD Berkeley (USA)

21 Udara Peiris

PhD Oxford University, (UK)

Marie-Ann Betschinger

PhD University of Muenster (Germany)

Patric Kelly (NES)

PhD Arizona State University (USA)

Dmitry Makarov (NES)

PhD London Business School (UK)

Branko Urosevic

(University of Belgrade)

Dmitrios Tsomocos (University of Oxford)

Long-run directions of ICEF development up to 2017 and beyond:

• Academic staff research capacity and quality of research
• Quality and variety of educational programmes
• Strategically effective academic governance

arrangements

• Engagement with wider international community
• Development of student experience, professional and

life skills for future career

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STRATEGIC INITIATIVES

• 1. Recruitment of Senior Academic Staff on competitive

basis (associate professor, full professor or non-tenured professor from leading universities)

• search based on advertisement (but not only)
• using of headhunters
• conversations from outcome of long term visits
• recruitment of tenure track non-tenured PhD from good

western universities

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STRATEGIC INITIATIVES

• 2. ICEF academic self-governance development

Growth of role of ICEF senior academics in governance. – International Academic Advisory Board membership development – IAC membership development – BSc programme council – MSc programme council – Research programme council – How to fit it in HSE structure and procedures of administrative governance.

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The LSE involvement in ICEF development

The core of the LSE involvement at the next stage of ICEF development might be described under the following project title:

Academic staff development in terms of research capacity, structure and self-governance. The main directions of LSE involvement might include:

1. Contribution to development of academic staff capacity (part. in review and promotion) and structure 2. Contribution to development and mentoring of international level research 3. Contribution to development of new and increasing the quality of existent education programmes 4. Participation in academic governance of ICEF through IAC and contribution to development of the system of ICEF academic governance 5. Contribution to dissemination of the best practices of ICEF

The outcome of the project will establish more solid grounds for sustainable research and teaching at international level at ICEF. It will also contribute to transition of cooperation with the LSE from the supportive style to academic partnership.

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HSE Governing Bodies, Board of Trustees International Academic Advisory Board (IAAB) International Academic Committee (IAC) (with expanded membership) BSc Programme Council MSc Programme Council Research Programme Council BSc Subcommittees (inc. PT teachers) Research Laboratory in FE Research Activities in Economics Review and Promotion Committee

Academic Governance Structure

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Recruitment Committee

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ICEF Graduates 2012