Alexander V. Bukhvalov

Head of Department, Department of Finance and Accounting

ProfessorDepartment of Finance and Accounting





  • Professor, nation-wide certificate, 1988.
  • Doctor of Science, Leningrad Branch of the Mathematical Institute of the Academy of Sciences of the USSR, 1985.
  • Docent, nation-wide certificate, 1983.
  • Candidate of Science, Leningrad State University (Mathematics), 1974.
  • Doctorate studies in Mathematical Analysis, Leningrad State University, USSR, 1971–1974.
  • M.Sc. in Mathematics, Leningrad State University, USSR, 1966–1971.



  • Corporate Finance
  • Real Options and Strategic Management
  • Corporate Governance



Books, Monographs and Textbooks

  • Corporate Governance: Issues of Application and Evaluation of Russian Companies. St. Petersburg, Publishing Centre “Graduate School of Management”, 2012 (with D. Volkov, O.Bandalyuk, I. Berezinets, T. Garanina, Yu. Ilina).
  • Lectures on selected issues of classical financial models. S.-Petersburg: GSOM Publishing Center, 2010 (with E. Dorofeev, V. Okulov).
  • Guide to Financial Calculations for Managers. St. Petersburg: St. Petersburg State University Publ., 2009 (with V. V Bukhvalova), (in Russian).
  • Guide to Financial Calculations for Professionals. CD ROM included. St. Petersburg: BHV, 2001 (with V. V. Bukhvalova, A. V. Idel'son), (in Russian).
  • Manual for Financial Calculations. Moscow: Mir, Press-Service, 1997(co-authored with A. V. Idel'son), (in Russian). Comment: This textbook is recommended by the Ministry of Higher Education.
  • Vector Lattices and Integral Operators. Dordrecht: Kluwer Acad. Publ., 1996 (with co-authors).
  • Paradigm of Economics Studies in Foreign Universities, St. Petersburg Univ. of Econ. and Finance, 1992 (with V. V. Mednikov, A. O. Slavnova),(in Russian).
  • L. V. Kantorovich, G. P. Akilov. Functional Analysis. Moscow: Nauka, 1977, (in Russian). Chapter X – author, Chapters I–IV, VI, XI – with co-authors.


The monograph is translated into English, Italian and French:

  • L. V. Kantorovich, G. P. Akilov. Functional Analysis. Pergamon Press, Oxford, 1982.
  • L. V. Kantorovic, G. P. Akilov. AnalisiFunzionale. Edizioni Mir – EditoriRiunati, Mosca – Roma, 1980.
  • L. V. Kantorovitch, G. P. Akilov. Analyse Fonctionelle. Editions Mir, Moscou, 1981. (Tome I: Operateurset fonctionalles lineaires. Tome II: Equations fonctionalles).


Papers in Academic Journals

  • Managerial Theory of Firm: Towards a Synthesis of Finance and Strategic Management. 2016. Russian Management Journal 14 (4): 105–126, (in Russian).
  • Strategies for international companies in the emerging markets: the impact of globalization and localization of production experience// Russian Management Journal. 2015., Vol 2. P. 149–170, (together with Alexseeva О.)
  • Empirical Fundamental Valuation of Russian Companies: Searching For Strategic Value// Russian Management Journal. 2014., Vol 2. P. 3–12, (together with Akulaeva E.).
  • The Principal Role of the Board of Directors: the Duty to Say «No» // Corporate Governance. 2011. Vol. 11, N 5. P. 629–639 (with B. Bukhvalova).
  • Why Companies Go Public? Theory and Practice of IPO. 2009. Russian Management Journal 7 (1): 69–78, (in Russian).
  • Asymmetry between Insiders and Outsiders: Aspects of Valuation Duality. 2008. Russian Management Journal 6 (4): 17–48, (in Russian). 
  • Contemporary Interpretations of Diversification Strategy. 2008. Russian Management Journal 6 (1): 57–64, (with V. S. Katkalo), (in Russian).
  • Corporate Governance as Reality. 2006. Russian Management Journal 4 (1):131–134, (in Russian).
  • Corporate Governance as a Research Area. 2005. Russian Management Journal 3 (3): 81–96, (in Russian).
  • Study on Interrelation between Fundamental Value and Market Capitalization of Russian Companies. 2005. Vestnik of Saint Petersburg University. Management Series 1: 26–43 (with D. L. Volkov), (in Russian). 
  • The Evolution of Theory of the Firm and its Importance for Management Research. 2005. Russian Management Journal 3 (1): 75–84, (with V. S. Katkalo), (in Russian).
  • New Trends in Conceptualization of Strategic Management of Innovation. 2004. Russian Management Journal 2 (4): 59–66, (with V. S. Katkalo), (in Russian).
  • Using Real Options in Management: An Introduction. 2004. Russian Management Journal 2 (1): 3–32, (in Russian).
  • Using Real Options in Management: Classification and Applications. 2004. Russian Management Journal 2 (2): 27–56, (in Russian). 
  • The Theory of Firm and Corporate Governance: Preface to Classics of Corporate Governance. 2004. Vestnik of Saint Petersburg University. Management Series 4: 99–117, (in Russian).
  • Integral representations of resolvents and semigroups. 1994. Forum Math 6: 111–135, (with W. Arendt). 
  • Application of methods of the theory of order-bounded operators to the theory of operators in Lp-spaces. 1983. Russian Math. Surveys 3 (6): 43–98. 
  • Boundary properties of analytic and harmonic functions with values in Banach space. 1982. Math. Notes 31: 104–110, (with A. A. Danilevich).
  • On sets closed in measure in spaces of measurable functions. 1978. Trans. Moscow Math. Soc. 2: 127–148, (with G. Ya. Lozanovskii).
  • On integral representation of linear operators. 1978. J. Soviet. Math. 9 (2):129–137.


Papers in Professional Journals

  • Modern university business school: Creation of new knowledge as mission. 2007. Business Education 1 (22): 27–32, (in Russian).



  • GSOM Emerging Markets Conference-2017: Business and Government Perspectives, St-Petersburg, Russia, 2017
  • GSOM Emerging Markets Conference-2016: Business and Government Perspectives, St-Petersburg, Russia, 2016
  • The XVII April International academic conference "Modernization on Economic and Social Development", HSE, Moscow, Russian Federation, 2016
  • The XVI April international academic conference "Modernization of economy and society", HSE, Moscow, Russian Federation, 2015
  • XIV National (United) Congress of professional corporate Directors, Moscow, Russian Federation, 2015
  • GSOM Emerging Markets Conference-2015: Business and Government Perspectives,  St-Petersburg, Russia, 2015
  • 7th Annual scientific conference "Modern management: problems, hypotheses, research", higher school of Economics, Moscow, Russian Federation, 2014
  • The XIV Russian-wide Symposium "Strategic Planning and Evolution of Enterprises", Moscow, Russian Federation, 2013
  • The Second Russian Economic Congress (REC-2013), Suzdal, Russian Federation, 2013
  • International conference on "Mathematics, Economics Sciences, and Management: the Centenary of L. V. Kantorovich", Saint Petersburg, Russian Federation, 2012
  • Annual Real Options Conference, London, UK, 2012
  • X National Joint Congress of Professional Corporate Directors, Moscow, Russian Federation, 2011   
  • 10th European Corporate Governance Conference, Brussels, Belgium, 2010
  • EBES 2010 Conference (4th Conference), Athens, Greece, 2010



  • UC Berkeley, Haas School of Business (USA), 2005, 2003, 2002, 2001, 2000.
  • Bank of Finland Institute for Economies in Transition, Helsinki (Finland), 1999.



  • The certificate of honor of the Ministry of Education and Science of the Russian Federation, 2009.
  • PricewaterhouseCoopers Professor of Finance, 2008–2012 .
  • Citigroup Fellow, 2001–2006.
  • ICT Group Fellow, 2005–2006.
  • “Honorary official of the High professional education of the Russian Federation” award, 2004.
  • Grant from the Royal Society (UK, Cambridge University), 1990.
  • Fellowship from DAAD (FRG, Tuebingen University), 1988.



  • Russian Management Journal, Editor-in-Chief, 2013–current.
  • Russian Management Journal, Associate Editor, 2003–2013.
  • Member of the Academic council of St. Petersburg State University, 2008–.
  • Member of Organizing committees: Summer School of Russian Management Journal, 2005–2007.
  • Director of the Institute of Management , Graduate School of Management, St. Petersburg State University, 2004–2007.
  • Keynote speaker at many international and nation-wide conferences.
  • The director of research of noncommercial partnership «The Center of Research of Financial Markets», 2000–2002.
  • Member of the Academic council of Graduate School of Management, St. Petersburg State University, 2001–.
  • Teaching and research visiting positions at foreign universities and business schools, 1988–.


  • Financial Markets and Instruments (MCF)
  • Corporate Finance I (MCF)
  • Risk Management (MCF)
  • Research Seminar (MCF)