Anna Kulish

Responsible for CIRA's rating methodologies. Eleven years of professional experience in public finance and the real sector, and since 1994 at Kyiv National Economic University named after Vadym Hetman. PhD in Economics; Professor at the Department of Corporate Finance and Controlling.

Position :
Head of Methodology and Market Analytics
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Hanna Kulish heads the Methodology and Market Analytics department of the Credit Intelligence rating agency (CIRA). She is responsible for developing the agency's rating methodologies and for the analytical support of the rating process.

For her first eleven years she worked in public finance and in the real sector: at the Ministry of Finance of the Ukrainian SSR and at a district finance department in Kyiv, then in the research division of the Kyiv Institute of National Economy and in planning and economics at a production plant.

She has worked at Kyiv National Economic University named after Vadym Hetman since 1994 and has been Professor at the Department of Corporate Finance and Controlling since 2018. She teaches corporate finance, enterprise finance, financial management and corporate financial activity. She holds a PhD in Economics; her dissertation was "Issuance Strategy of Joint-Stock Companies: Theory and Practice". Two candidate dissertations have been defended under her supervision: on investment activity in extractive-industry enterprises (2011) and on the financial stability of insurance companies (2014).

Her research has appeared in journals indexed in Scopus and Web of Science and in Ukrainian peer-reviewed journals, on corporate debt capital, financial-position assessment and value-based management. With Valentyn Burianov she has co-authored studies from corporate bonds in Ukraine's post-war reconstruction to the valuation of technology and commodity-sector companies – the instruments and asset classes CIRA's methodologies cover.

CIRA's methodologies. The agency applies five proprietary methodologies, approved by the Board of Directors on 30 March 2026: for non-financial corporates, non-bank financial institutions, insurers, banks and covered bonds. The methodologies are approved by the Board of Directors and published on the website.

Experience

Position: Head of Methodology and Market Analytics

At CIRA: since 1 November 2024; head of the department since 12 January 2026

Responsible for: Rating methodologies · Market analytics

Academic career:

  • Professor, Department of Corporate Finance and Controlling, KNEU named after Vadym Hetman – since 2018
  • Assistant lecturer, senior lecturer, associate professor at the same department – 1994–2018

Professional experience:

  • Kyiv Theatre Fund Production Works – 1991–1994
  • Research division, Kyiv Institute of National Economy – 1988–1991
  • District finance department, Kyiv – 1988
  • Ministry of Finance of the Ukrainian SSR – 1983–1988

Academic degree and rank: PhD in Economics, finance, money circulation and credit – 2001; academic rank of Associate Professor – 2003

Education: Kyiv Institute of National Economy (now Kyiv National Economic University named after Vadym Hetman), finance and credit, qualification: economist – 1989

Professional qualifications and courses: asset management specialists' course, Ukrainian Institute for Stock Market Development, KNEU – 2016

International projects and fellowships:

  • Erasmus+ DEFEP, Online Course Instruction – 2024
  • DAAD "KNEU MO:V3 Ahead", Philipps-Universität Marburg – 2024–2025
  • Mykolas Romeris University, Vilnius – 2018, 2019

Research profiles: ORCID 0000-0001-6189-9927 · Google Scholar

Publications

Journals indexed in Scopus and Web of Science

  1. Koval V., Hrymalyk A., Kulish A., Kontseva V., Boiko N., Nesenenko P. Economic Policy of Industrial Development and Investment Approach to the Analysis of the National Economy. Estudios de Economía Aplicada (Studies of Applied Economics), 2021, vol. 39, no. 6. DOI: 10.25115/eea.v39i6.5263 (Scopus)
  2. Drozd I., Pismenna M., Pogribna N., Zdyrko N., Kulish A. Audit Assessment of the Effectiveness of Public Procurement Procedures. Independent Journal of Management & Production, 2021, vol. 12, no. 3, pp. s085–s107. DOI: 10.14807/ijmp.v12i3.1522 (Web of Science)
  3. Prymostka L., Krasnova I., Kulish G., Nikitin A., Shevaldina V. Modeling the Segment Interactions of Ukraine's Financial Market. Investment Management and Financial Innovations, 2020, vol. 17, no. 2, pp. 101–112. DOI: 10.21511/imfi.17(2).2020.09.2020.09) (Scopus)
  4. Bukhtiarova A., Dukhno Y., Kulish G., Kurochkina I., Lypchanskyi V. Ensuring Transparency of Key Public Finance Authorities. Investment Management and Financial Innovations, 2019, vol. 16, no. 2, pp. 128–139. DOI: 10.21511/imfi.16(2).2019.11.2019.11) (Scopus)

Selected articles in Ukrainian peer-reviewed journals

  1. Burianov V., Kulish G. Methodology for Valuing Commodity-Sector Companies on the Example of Shell plc: A Retrospective Test. Stalyi Rozvytok Ekonomiky, 2026, no. 2 (59), pp. 880–891. DOI: 10.32782/2308-1988/2026-59-119
  2. Burianov V., Kulish G. From Fundamental Value to Market Pricing: A Valuation Methodology for High-Growth Technology Companies. Business Inform, 2025, no. 9, pp. 35–51. DOI: 10.32983/2222-4459-2025-9-35-51
  3. Kulish H., Chepka V., Bystranovska Y. Development of the Value Base Management Concept and Its Role in Maximising Corporate Value. Economic Horizons, 2024, no. 1 (27), pp. 60–69. DOI: 10.31499/2616-5236.1(27).2024.298758.2024.298758)
  4. Burianov V., Kulish G., Krush V. Securitization: Essence, Classification, and Relevance of Use in Ukraine. Via Economica, 2024, iss. 4, pp. 47–56. DOI: 10.32782/2786-8559/2024-4-7
  5. Burianov V., Kulish G. Credit Derivatives: Trading Protection. Economics & Education, 2024, vol. 9, no. 2, pp. 56–60. DOI: 10.30525/2500-946X/2024-2-8
  6. Burianov V., Kulish G. Interest Rate Swap in Corporate Governance. Stalyi Rozvytok Ekonomiky, 2024, no. 2 (49), pp. 157–167. DOI: 10.32782/2308-1988/2024-49-25
  7. Kulish H., Tsyliuryk V. Formation of Debt Capital by Enterprises in Ukraine. Business Inform, 2023, no. 3, pp. 123–129. DOI: 10.32983/2222-4459-2023-3-123-129
  8. Burianov V., Kulish G. Corporate Bonds in Ukraine's Post-War Reconstruction. Economy and Society, 2023, iss. 48. DOI: 10.32782/2524-0072/2023-48-27
  9. Kulish H., Chepka V., Havrylenko Y. Methodological Approaches to Assessing the Financial Position of an Enterprise: Advantages and Disadvantages. Economic Horizons, 2023, no. 1 (23), pp. 106–120. DOI: 10.31499/2616-5236.1(23).2023.274304.2023.274304)