Vitaly L. Okulov

Associate Professor, Department of Finance and Accounting





  • European University at St. Petersburg, Master of Economics. 2000.
  • Ioffe Physical Technical Institute, USSR Academy of Science, Candidate of Science in Physics and Mathematics, 1986.
  • Leningrad Institute of Precision Mechanics and Optics, Faculty of Engineering Physics, Diploma (with Honours) in Quantum Electronics. 1973–1979.



  • Financial markets and portfolio management
  • Risk management in corporate Finance
  • Real options approach when making investment decisions by companies
  • Experimental economics (computer simulation)



Books, Monographs and Textbooks

  • Financial institutions and markets. SPbSU Publishing House., 2015.
  • Lectures on selected issues of classical financial models. S.-Petersburg: GSOM Publishing Center, 2010 (with A. Bukhvalov, E. Dorofeev).
  • Introduction to the Financial Markets and Institutes. S.-Petersburg: GSOM Publishing Center, 2011 (with T. Pustovalova).


Papers in Academic Journals

  • A Real Options Model for Analysis of Industrial R&D Expenditures. // Russian Management Journal. 2018, Vol. 16, №3, pp. 393-406. (with Bukhvalov A., Lukianova A., Nikulin E.)
  • Features of the Project and Risk Premium in Investment Decision Making // Vestnik (Herald) of Saint Petersburg University. Management. 2018. Vol. 17, № 2, pp. 147-167 (with Khafizova K.)
  • Company’s Investment Decision under Uncertainty: Risk Management Approach // Vestnik (Herald) of Saint Petersburg University. Management Series. 2017. Vol. 16, №2, pp. 191-214.
  • Empirical Research of Cash Currency Buy and Sell Rates in Russia // Economic Science of Modern Russia. 2016. №3(73), pp. 106-118. (with Savenkov P.)
  • Selective hedging of corporate risks // Vestnik (Herald) of Saint Petersburg University. Management Series. 2015. № 3. pp. 3–20.
  • Newsvendor Problem Experiments: Riskiness of the Decisions and Learning by Experience // International Journal of Business and Social Research. 2014. Vol. 4. pp. 137-150 (with Archavski V., Smirnova A.)
  • Analysis of the Microstructure of the Russian Stock Market: Bid-ask Spreads and Risk of Illiquid Shares // Russian Management Journal. 2012. Vol. 10. N 2, pp. 33–50.
  • The Effect of Hedging Activities on the Stock Price Performance of Russian Companies // Vestnik (Herald) of Saint Petersburg University. Management Series. 2012. № 3, pp. 3–24 (with V. Skrpiuk).
  • Study of the Russian Stock Market Efficiency: The Market Reaction to the Publication of Analysts’ Forecasts // Vestnik (Herald) of Saint Petersburg University. Management Series. 2010. № 3, pp. 3–22.


Papers in Professional Journals

  • Guiding stars of ratings // Rynok Tsennyh Bumag (Securities Market), 2013. N 5. С. 37–40 (with с А. Seryakova).
  • Market Risk of Russian Telecoms // Rynok Tsennyh Bumag (Securities Market), 2007. N 8, pp. 53–54 (with K. Kuhotskiy, S. Truhanovich).
  • Investing in Russian Market: Theory and Practice // Rynok Tsennyh Bumag (Securities Market), 2004, N 24, pp. 28–31.
  • Benchmarks for Mutual Funds Management // Rynok Tsennyh Bumag (Securities Market), 2004, N 15, pp. 36–39 (with K. Kuhotskiy, A. Lystsov).
  • The Indices of the Russian Market of Government Bonds // Rynok Tsennyh Bumag (Securities Market), 2003, N 10, pp. 17–22 (with O. Gredil, A. Kravchuk).
  • Evaluation of the Term Structure of Interest Rates in the Market of St.-Petersburg Bonds // Rynok Tsennyh Bumag (Securities Market), 2002, N 4, pp. 74–76 (with D. Korneev).
  • Pricing and Risk Valuation of Bonds with Variable Coupons // Rynok Tsennyh Bumag (Securities Market), 2001, N 10, pp. 78–80.
  • Quantifying the Liquidity of Shares on the Russian Stock Market // Rynok Tsennyh Bumag (Securities Market), 2000, N 23, pp. 78–80.


Chapters in Books and Collections of Essays

  • Analysis of Capital Structure of Telecom Companies // Telecommunications in Russia: a collection of essays. Vol. 4. Moscow: Aspekt Press, 2008, pp. 5–104. (with A. Karlitskay, E. Kuhotskay, K. Kuhotskiy, etc.).
  • The Use of Simulation to Assess the Optimal Capital Structure of the Telecommunication Company in the Financial Crisis // Telecommunications in Russia: a collection of essays. Vol. 4. Moscow: Aspekt Press, 2008, pp. 105-176 (with A. Karlitskay, E. Kuhotskay, K. Kuhotskiy, etc.).
  • Analysis of the term structure of interest rates on the Russian financial market // Economic Research: Theory and Applications. Vol. 2 (ed. S.Pecherskiy). St. Petersburg: European University, 2002, pp. 72–93 
  • (with A. Bukhvalov, O. Kryukovskay).
  • Does the logic of the Russian financial market? // Finance and Corporate Policy (ed. A. Bukhvalov, S. Kotelkin). 
  • St.-Petersburg: St.-Petersburg State University, 2000. pp. 7–47. (with A. Bukhvalov).
  • Experimental Study of Supply and Demand Interaction by Computer Simulation // Questions of Economic Theory and Practice (ed. S. Pecherskiy, A. Pikovsky). St.-Petersburg: "Borey", 1999. pp. 143–152.



  • Grants of Saint Petersburg University: «Strategic Finance: theoretical approaches and international practice», 2015, 2017.
  • Grant of Saint Petersburg University: «Controlled experiments on decision-making under uncertainty: comparison of group and individual decisions», 2012.
  • Grants of the Moscow Public Science Foundation and the U.S. Agency for Development (USAID), 2000, 2001.
  • First prize in the competition of scientific works for Russian market development. Moscow Interbank Currency Exchange, 2002.
  • Award Nominee "Gold Tower 2005". State University “Higher School of Economics”.



  • Russian Patent RU 2281556 C1 G06Q 40/00 of 10.08.2006. "System and Method of Control for the Portfolio of Fixed Income" (with A. Kravchuk, E. Karpovich, O. Gredil, D. Korneev, D. Ivanter).
  • Associate Professor of the St. Petersburg branch of the State University “Higher School of Economics”, 2002–2008.
  • Consultant, Advanced Research LLP, 2006–2010.
  • Analyst, Northwest Center for Research in Financial Markets, 2000–2001.
  • Expert, CBonds Group, 2012.
  • Financial Analyst, IC “AVK”, IC “Kineks-Invest”, 1998–2006.


  • Corporate Finance – 1, 2 (Bachelor program)
  • Risk management (Bachelor program)
  • Research Seminar (Bachelor program)