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

Carsten Sprenger

Carsten Sprenger

Carsten Sprenger / Карстен Шпренгер

Senior Lecturer

PhD in Economics, Universitat Pompeu Fabra Barcelona (2007)


Homepage / Домашняя страница

Research interests / Исследовательские интересы

Corporate Governance; Corporate finance; Privatization and nationalization, state-owned enterprises. 

Courses taught at NES / Преподавание в РЭШ

Financial Economics / Asset Pricing, Credit Risk, Investments, Empirical Finance, Corporate Governance


Office #1.04, 100A Novaya Street
Skolkovo, Moscow, Russia, 143025
Phone: +7 (495) 956-95-08 (ext.161)
csprenger (at)


Work in progress: 

Investment and Financial Decisions of Entrepreneurs with Intrinsic Motivation, with Branko Urošević
Top Manager Characteristics and Financial Decisions, with Kyeong Hun Lee
Ultimate Ownership Structure and Cost of Debt – Evidence from Russian Bond Issues


Working Papers: 

Corporate Governance and Investment: Evidence from Russian Unlisted Firms, with Olga Lazareva, submitted.
The Effects of Shareholder Disagreement under Majority Voting, available at
Does Nationalization Work? Evidence from Russian State Takeovers.
Local Knowledge vs. Investment Experience of Multinationals in the Mutual Fund Industry – Evidence from Funds Investing in Russia, with Galina Smirnova.



Privatization and Survival - Evidence from a Russian Firm Survey, Economic Annals, Volume LIX, No.200 / January – March 2014, pp. 43-60.

The Choice of Ownership Structure: Evidence from Russian Mass Privatization, Journal of Comparative Economics Vol. 39, June 2011, pp. 260- 277, and Working Paper no. WP9/2009/02, Higher School of Economics, Moscow. Available at

The Housing Market and Housing Finance in Russia and Its Regions — A Quantitative Analysis, with Branko Urošević, in: Global Housing Markets: Crises, Policies, and Institutions, edited by Ashok Bardhan, Robert Edelstein, and Cynthia Kroll, Wiley, 2011.

State Ownership in the Russian Economy: Its Magnitude, Structure and Governance Problems, Journal of the New Economic Association, no. 6 (part 1) and no. 7 (part 2), 2010, in Russian, and The Journal of the Institute of Public Enterprise, vol. 33, no. 1&2, 2010, in English, also available at .

Corporate Governance in Russia, EBRD Working Paper No. 70, 2002, available at, A short version appeared in: Russian Economic Trends, Vol. 9, No. 2, 2000.

Direct Investment and the Eastern Enlargement of the EU, European Investment Bank Economic and Financial Reports, No. 99/P3, 1999.


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