Publications
Research evidence behind the advisory work.
Selected peer-reviewed work shows the research base behind Mikhail's consulting themes: event studies, digital-asset markets, ESG information, market behaviour, and evidence-led interpretation.
Selected work
Publications that reinforce quantitative and analytical credibility.
10 selected publications
Cryptocurrency value and 51% attacks: evidence from event studies
Shanaev, Shuraeva, Vasenin, Kuznetsov
Journal of Alternative Investments / Journal article
Research signal
Event-study discipline for interpreting market shocks and protocol-risk events.
Advisory relevance
Directly supports advisory framing around event effects, market structure, and risk interpretation.
Seasonality in the cross-section of cryptocurrency returns
Long, Zaremba, Demir, Szczygielski, Vasenin
Finance Research Letters / Journal article
Research signal
Cross-sectional return analysis and seasonal signal interpretation in crypto markets.
Advisory relevance
Strengthens the digital-asset and cross-sectional return analysis evidence base.
LGBT CEOs and stock returns: Diagnosing rainbow ceilings and cliffs
Shanaev, Skorochodova, Vasenin
Research in International Business and Finance / Journal article
Research signal
Market-response evidence around leadership signals, governance, and investor interpretation.
Advisory relevance
Demonstrates evidence-led analysis of leadership signals and capital-market interpretation.
When Bitcoin is high: cryptocurrency value, illicit markets and US marijuana bills
Shanaev, Johnson, Vasenin, Panta, Ghimire
Journal of Financial Regulation and Compliance / Journal article
Research signal
Links digital-asset valuation questions with institutional, regulatory, and market context.
Advisory relevance
Connects cryptocurrency valuation questions with institutional and regulatory context.
Towards proof-of-work cryptocurrency valuation: mining games, network effects and the social value of blockchain
Shanaev, Shuraeva, Vasenin, Kuznetsov
Google Scholar record / Research record
Research signal
Frames proof-of-work valuation through mining incentives, network effects, and market structure.
Advisory relevance
Adds a valuation and market-structure perspective to digital-asset advisory themes.
Turn-of-the-candle effect in bitcoin returns
Shanaev, Vasenin, Stepanov
Heliyon / Journal article
Research signal
Empirical test of recurring timing effects in bitcoin returns.
Advisory relevance
Shows empirical analysis of market patterns and behavioural anomalies.
ESG ratings in motion: the global market response to upgrades and downgrades
Vasenin, Shanaev, Panta, Ghimire
Journal of Sustainable Finance & Investment / Journal article
Research signal
Market-reaction evidence around ESG rating upgrades and downgrades.
Advisory relevance
Supports advisory work on ESG signal quality and market interpretation.
A data-driven approach to green investments: environmental performance, mispricing, and momentum
Vasenin
Google Scholar record / Research record
Research signal
Connects environmental performance with mispricing, momentum, and investment interpretation.
Advisory relevance
Adds sustainability, mispricing, and momentum context to ESG analytics interpretation.
Microeconomic optimization of a retail outlet: combinatorial and probability theory methods
Shanaev, Vasenin
Conference proceedings / Proceedings paper
Research signal
Early applied optimisation work using combinatorial and probability methods.
Advisory relevance
Shows early applied optimisation work connected to operational and analytical decision support.
Turn-of-The-Candle Effect in Bitcoin Returns (SSRN version)
Vasenin
SSRN version / Preprint version
Research signal
Additional public version of the bitcoin return-pattern research stream.
Advisory relevance
Provides an additional public research record linked to the bitcoin return-pattern work.
Translation into advisory work
The value is not the paper list itself. It is the disciplined way of working.
Event-study discipline
A way to reason about market, policy, product, or organisational events with clearer assumptions and less narrative drift.
Business impact: better interpretation of change, fewer overreactions, and clearer evidence before action.
Signal quality over surface metrics
A research-backed habit of asking whether a metric, ESG score, dashboard, or model output is decision-relevant.
Business impact: fewer false signals, less dashboard noise, and stronger confidence in what should be acted on.
Human-in-the-loop analytics
AI and automation are treated as workflow support, with judgement, validation, and accountability kept visible.
Business impact: less AI theatre, clearer governance, and more reliable adoption of analytical tools.
Start with a focused conversation