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NES > People > Alexei Goriaev

The NES 25th Anniversary Conference
CENTER for the Study of Diversity and Social Interactions

Alexei Goriaev / Алексей Горяев

Masters in Finance Program Director,
Senior Lecturer

Ph.D. in Finance, Tilburg University



Research interests / Исследовательские интересы

Financial Econometrics, Emerging Markets, Mutual Funds, Risk Management, Political Risk

Courses taught at NES / Преподавание в РЭШ

Corporate Finance,
Investment Theory,
Econometrics of Financial Markets,
Financial Risk Management,
Financial Markets and Instruments,
Financial Econometrics II

Contacts / Контакты

Office #2.29, 100 Novaya Street
Skolkovo, Moscow, Russia, 143025
Phone: +7 (495) 956 95 08 ext. 219
Email: agoriaev (at)


Working Papers

“Mutual fund tournament: Risk taking incentives induced by ranking objectives”
with Frederic Palomino, and Andrea Prat, CentER Discussion Paper Series 2000-94.

“Risk factors in the Russian stock market”

“Should emerging market investors diversify abroad despite superior domestic performance?” with Sergei Prikhodko

“Is political risk company-specific? The market side of the YUKOS affair” with Konstantin Sonin

“How Russian companies finance their growth” with Sergey Stepanov, and Pavel Danilov

“Performance evaluation of Russian mutual funds in 2004-2008” with D. Muravyev

“The impact of news on default and liquidity components of bond spread during the crisis: evidence from Ukraine” with Andrey Koshelev, Ruben Enikolopov, and Maria Petrova

“Transparency and Firm Value: Evidence from the Financial Crisis 2007-2009”
with Irek Akhunianov, Ruben Enikolopov, and Maria Petrova


Publications in Refereed Journals

“Performance information dissemination in the mutual fund industry”
previously titled “The dynamics of the impact of past performance on mutual fund flows,” with Theo Nijman and Bas Werker, Journal of Financial Markets 11(2), May 2008, 144-159

“Risks of investing in the Russian stock market: Lessons of the first decade”
with Alexey Zabotkin, Emerging Markets Review 7(4), December 2006, 380-397

“Yet another look at mutual fund tournaments”
with Theo Nijman and Bas Werker, Journal of Empirical Finance 12(1), January 2005, 127-137

“Share repurchases are not valued yet” 
with Peter Roosenboom and Arno van den Beemt, Economisch Statistiche Berichten, February 23, 2001, 184-185 (in Dutch)


Chapters in Books

“The relative impact of different classification schemes on mutual fund flows” 
in Gregoriu, G., ed. “Diversification and Portfolio Management of Mutual Funds” Palgrave-MacMillan 2007

Books in Russian

“Financial Literacy” 
with Valery Tchoumatchenko 2009

“Financial Literacy for schoolchildren” 
with Valery Tchoumatchenko 2010


IPO of Sistema-HALS
with Maxim Mironov

IPO of Sistema-HALS: teaching note 
with Maxim Mironov


2010: Excellence in teaching award, graduates of M.A. in Economics, New Economic School
2007-2010: Professor sponsorship by UBS AG
2001: Research grant, BSI Gamma Foundation 
1997-1998: Scholarship, CentER, Tilburg University
1997: Nemchinov Merit Fellowship, economics department, Moscow State University
1996-1997: Scholarship, University Center of Market Economics (UCME), Tilburg University

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