The Center for Corporate Finance (CFC) was established in June 2006at  the State University – Higher School of Economics (HSE), Moscow, Russia. CFC is committed to promote high quality research on the application of financial theory and techniques to real world corporate financial policies, corporate performance and corporate governance studies.  CFC aims to develop new knowledge in emerging markets finance and to provide a forum for discussing  empirical  corporate finance results.

Focusing on applied corporate finance CFC is committed to significantly contribute to the development of new school of financial analysis in Russia based on the world-wide conceptual framework in finance.

Main activities:

r Conducting researchprojects;

r Developing “Research Network of Excellence in Financial Aspects of Corporate Governance (Corporate Financial Architecture)” with Corporate Governance Center of HSE, other universities in Russia, CIS, European countries, USA, Canada and emerging markets;

r Publishing: on-line “Corporate Finance” journal (in process of registration), finance journals, working papers, books;

r Organizing   research seminars and round tables;

r Organizing Master classes in Applied Corporate Finance

CFC-leader: Irina Ivashkovskaya, PhD

Priority research areas:

(1)   Value creation and Value Based Management (Project-leader Irina Ivashkovskaya): economic profit valuations; role of intellectual capital in value creation; intellectual capital valuation and intellectual capital value added;  capital structure choice and its impact on the firm’s value in emerging markets; valuation in emerging markets, country risks and market multipliers; IPO, liquidity discounts, under pricing and expectations-based  management; diversification and corporate performance in emerging markets.

(2)   Investment decisions of Russian companies ( Project-leader Tamara Teplova): factors affecting investment policies of Russian firms; hurdle rates for capital budgeting in emerging markets; remuneration policies of Russian firms.

(3)   Financial architecture and corporate governance (Project-leader Irina Ivashkovskaya): corporate governance and corporate performance;   stakeholders value creation (total value creation); the role of Boards in value-based management; value based  remuneration policies. Project-leader: Irina Ivashkovskaya

(4)   Entrepreneurial finance (Project-leader  Dmitri Repin):  business – models and their impact on corporate performance of high-tech firms; financial decisions and valuation of private, fast- growing, technological companies.