MSE Faculty – College of Business and Economics (CBE)  

MSE Faculty

Vahram Ghushchian, Ph.D.
Associate Professor, MSE Program Chair
Vahram Ghushchian, Ph.D.Associate Professor, MSE Program Chair

Dr. Ghushchian teaches several courses in Statistics, Econometrics, and Economics at American University of Armenia (AUA). He received a doctoral degree from the University of Colorado Boulder in 2006. Prior to joining AUA Dr. Ghushchian was an Assistant Research Professor at the University of Colorado. Dr. Ghushchian is an active citizen; in Colorado, he was the Chief Economist for the State of Colorado drug utilization review program. In Armenia, he was a founding chair of an independent FDA audited ethics committee. Currently, Dr. Ghushchyan is the President or ISPOR Armenia Regional Chapter. Dr. Ghushchian has published several articles on Health Economics and Outcomes in peer-reviewed journals. In the past 10 years, his work has been cited more than 3000 times. His research is mainly in health economics and outcomes with an emphasis on issues related to health utility and other patient-reported outcomes, health technology assessment, and health-related workplace productivity. The major goal of Dr. Ghushchian’s research is to improve society’s health and well-being.


PhD in Economics, University of Colorado Boulder, 2006

Courses taught:  

  • BUS 331 Data, Analysis and Decisions
  • ECON 310 Economic Statistics
  • ECON 315 Financial Econometrics and Time Series Analysis
  • ECON 316 Topics in Applied Health Econometrics
  • ECON 320 Macroeconomic Theory
  • ECON 340 International Trade
  • ECON 380 Professional Internship
  • ECON 385 Economic Research Seminar
  • ECON 386 Capstone

Recent Publications:

  • Health Disparities Among Children with Asthma in the United States by Place of Residence. Sullivan PW, Ghushchyan V, Kavati A, Navaratnam P, Friedman HS, Ortiz B. J Allergy Clin Immunol Pract. 2019 Jan;7(1):148-155.
  • Estimating asthma control questionnaire (ACQ) scores from claims data. Sullivan PW, Ghushchyan VH, Globe G. J Asthma. 2018 Sep;55(9):1002-1010.
  • The national burden of poorly controlled asthma, school absence and parental work loss among school-aged children in the United States. Sullivan PW, Ghushchyan V, Navaratnam P, Friedman HS, Kavati A, Ortiz B, Lanier B. J Asthma. 2018 Jun;55(6):659-667.
  • School absence and productivity outcomes associated with childhood asthma in the USA. Sullivan P, Ghushchyan VG, Navaratnam P, Friedman HS, Kavati A, Ortiz B, Lanier B. J Asthma. 2018 Feb;55(2):161-168.
  • Oral corticosteroid exposure and adverse effects in asthmatic patients. Sullivan PW, Ghushchyan VH, Globe G, Schatz M. J Allergy Clin Immunol. 2018 Jan;141(1):110-116.
  • National Prevalence of Poor Asthma Control and Associated Outcomes Among School-Aged Children in the United States. Sullivan PW, Ghushchyan V, Navaratnam P, Friedman HS, Kavati A, Ortiz B, Lanier B. J Allergy Clin Immunol Pract. 2018 Mar – Apr;6(2):536-544.

E-mail: [email protected]

Phone: +37460 61 26 11

Office location: 209W (PAB)

Office hours: By appointment

Vardan Baghdasaryan, Ph.D.
Assistant Professor, MSM Program Chair
Vardan Baghdasaryan, Ph.D.Assistant Professor, MSM Program Chair

Vardan Baghdasaryan is Assistant Professor and a Program Chair for MSM. He has been teaching various economic-related courses to BAB, MBA and MSM cohorts since 2014. Dr. Baghdasaryan has been a Senior Consultant at the AVAG Solutions, Ltd, providing consulting to various international donor agencies.  For detailed information, please refer to


  • Graduate School in the Economics and Finance of Public Administration (DEFAP) Catholic University of Milan, Italy, 2009 – 2014
  • PhD in Economics (Aspirantura) Russian-Armenian (Slavonic) University, Yerevan, Armenia, 2004 – 2007
  • Diploma of Manager-Economist (with honorary distinction), Yerevan State Institute of Economy, Department of Management Yerevan, Armenia, 1999 – 2004
  • ACCA affiliate (all exams passed)  Association of Chartered Certified Accountants (ACCA), UK, 2004-2010

Courses Taught: ECON 221 – Intermediate Microeconomics

Research Activities:

1. Baghdasarayan V., Iannantuoni G. and Maggian V., “Electoral Fraud and Voter Turnout: Experimental Study”
Working paper available at:

2. Baghdasaryan V., Manzoni E., “Set them (almost) free. Discretion in Electoral Campaigns”
Working paper available at:

3.  Khachatryan K.,  Baghdasaryan V., Hartarska V., “Role of Deposits in MFI performance in Central Asia and Eastern Europe”


Antinyan A., Baghdasaryan V., Grigoryan A., “Relative position and social capital in South Caucasus“


E-mail[email protected]

Phone: +374 60 61 25 67

Office location: 207W (PAB)

Office hours: Tuesday 13:30-15:00, or by appointment via email

CV: Download

Gayane Barseghyan, Ph.D.
Associate professor
Gayane Barseghyan, Ph.D.Associate professor

Gayane Barseghyan has joined the AUA as full time faculty in 2015. Dr. Barseghyan teaches various Economics courses to bachelors and masters students and supervises theses. Prior joining AUA, she held a senior economist position at the Central Bank of Armenia. She has received her PhD degree in Economics from Yerevan State University in 2013. Her research interests are primarily in the areas of Macroeconomics and Monetary Economics. Dr. Barseghyan has received grants and awards for her research and has published articles in international peer-reviewed journals.


  •  PhD, Yerevan State University, 2013

Courses taught:  

  • ECON 122-Principles of Macroeconomics
  • ECON 221-Intermediate Microeconomics
  • ECON 320-Microeconomic Theory



In international peer-reviewed journals:

  • Barseghyan G., Grigoryan A. Competitive Equilibrium with Capacity Constrained Firms: A Classroom Experiment, Journal of Economic Education, forthcoming
  • Barseghyan G., Baghdasaryan V. Optimum Currency Area Theory: Evidence from Post-Soviet Countries and Implications for Eurasian Economic Union, Post-Communist Economies, forthcoming
  • Barseghyan G., Hambardzumyan H. The Effects of Exchange Rate Volatility on Exports: Evidence from Armenia, Applied Economics Letters 25, 1266-1268.


E-mail: [email protected]

Phone: +37460 61 26 04

Office location: 236W (PAB)

Office hours: By appointment only via email

Hrant Davtyan, Ph.D.
Assistant Professor
Hrant Davtyan, Ph.D.Assistant Professor

Hrant Davtyan joined the MS CBE team in 2016 as an Adjunct Lecturer of Business Mathematics, Principles of Macroeconomics and Business Analytics courses. His research interests range from Game theory to Mechanism Design to Machine Learning

Hrant Davtyan is also the co-founder and CTO of METRIC research center and a contracted expert providing consultancy on Statistics and Economics to several private and international organizations. His core competences and expertise include Big Data Analytics, Statistical Modelling, Customer/HR Analytics and Operations Management.


PhD in Management and Economics

Courses taught:

MGMT325-Business Analytics


E-mail[email protected]

Phone: +37460 61 26 24

Office  location: 234W (PAB)

Office hoursFridays, 5-6 pm

CV: Download

Vardan Khachatryan, Ph.D.
Adjunct Lecturer
Vardan Khachatryan, Ph.D.Adjunct Lecturer

Vardan Khachatryan has joined the MSCBE team in December 2015 as an Adjunct Lecturer of Foundations of Management and Introduction to Finane Theory courses.
Dr. Khachatryan taught several courses on finance and economics to graduate students at Armenian State University of Economics from 2009-2012, where he was awarded a PhD in Economics in 2009. He has published several articles on economic and financial topics in Armenian. He is also activity involved in mentorship programs organized by USAAA and US Embassy in Yerevan. His research interests are in asset pricing (using derivative pricing methodologies in corporate finance valuation), value investing (fair value determination based on fundamentals and margin of safety), using machine learning methods to forecast activist investing, macroeconomic research and organizational behavior issues in corporates (leadership theories and psychological issues in management).

In parallel to his academic career, he has occupied managerial positions in the financial services sector at Ameria Group of Companies, firstly as a director of asset management business than as a vice president at Ameriabank’s Investment Banking Operations. His experience also includes working at investment management division at Central Bank of Armenia for over five years as a portfolio manager. Dr. Khachatryan is also involved in different consulting projects as an expert both in private and public sectors of Armenia.

Dr. Khachatryan has an MBA from INSEAD as well as a CFA level III Candidate.


  • INSEAD, MBA, 2018
  • Armenian State University of Economics, PhD, 2009
  • Armenian State Institute of Economics, BA, MA, 2006

Courses taught:

Econ 351 – Introduction to Finance Theory

Research activities:

  • Independent Study Project (ISP) on predicting activist involvement in public corporations using Machine Learning Methods
  • Financial and macroeconomic research published at


  • The Performance of Carry Investment Strategy in the Context of Inflation Targeting, Banber, the official publishing house of ASUE, December 2008
  • The role of exchange rate in the context of monetary policy rules, Finance and Economics Journal of Armenia, December 2007
  • The role of Dornbusch Model in the context of price and exchange rate regulation, Finance and Economics Journal of Armenia, 2007 October

E-mail: [email protected]

Phone: +37460 61 26 46

Office location: 210W (PAB)

Office hours: By appointment only via email

CV: Download