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The Puzzle of Dual Class Stock in Russia. Explaining the Price Differential between Common and Preferred Shares

Alexander, Muravyev - EERC Research Network, Russia and CIS - 2004

This paper attempts to explain a large premium paid on common (voting) shares relative to preferred (non-voting) shares in the Russian stock market. Empirical analysis focuses on two main explanations relating the premium either to the voting right attached to common shares or to differences in...

Persistent link: https://www.econbiz.de/10005121359

Ownership Structure and Firm Performance in Russia: The Case of Blue Chips of the Stock Market

Pavel, Kouznetsov; Alexander, Muravyev - EERC Research Network, Russia and CIS - 2001

Based on panel data from 1995 – 1997, the paper focuses on the impact of ownership structure on the performance of Russian non-financial privatized companies that constitute the group of "blue chips" of the country's stock market. We find that ownership concentration results in higher...

Persistent link: https://www.econbiz.de/10005650266

Impact of tax regime on real sector investment in Russia: marginal effective tax rates for physical, human and R&D capital.

Irina, Karzanova - EERC Research Network, Russia and CIS - 2005

, human and R&D capital in Russia. The modified and extended version of King–Fullerton model for computation of marginal … of investment across types of assets and types of financing. Debt financing receives preferential tax treatment, while … the less favorable is financing through retained earnings. The most preferential treatment receives household investment …

Persistent link: https://www.econbiz.de/10005121392

Company Performance in Ukraine: What Governs its Success

Tatiana, Andreyeva - EERC Research Network, Russia and CIS - 2003

The observable outcomes of post-Soviet economic reforms have generated large interest and controversy in the transition debate. Privatization and market competition are the two primary forces to induce changes in the firm behavior. The author investigates how firm performance responds to these...

Persistent link: https://www.econbiz.de/10005519029

Models of Investment under Uncertainty when Shocks are Non-Gaussian. On the Impact of the Policy Uncertainty on Investment

Svetlana, Boyarchenko; Sergey, Levendorsky - EERC Research Network, Russia and CIS - 1998

The purpose of the study is to clarify a few possible causes for the delay in new investment projects. It is well known … that anticipation of future economic environment and prices affects the current investment decisions of a firm. Gaussian … construct models for the investment behavior of a firm that make it possible to consider non-gaussian processes as well as …

Persistent link: https://www.econbiz.de/10005518995

Spatial distribution of investment in Russia: the effect of agglomeration

Valentina, Lapo - EERC Research Network, Russia and CIS - 2003

The goal of this project is the explanation of spatial distribution of investment in Russia during the transition to a … market economy. The influence of agglomeration and investor expectations on investment in the real sector of the economy are … analyzed. A theoretical model is constructed, which describes an increase in investment concentration. An empirical test of …

Persistent link: https://www.econbiz.de/10005519033

Pension Reform in Russia: A General Equilibrium Approach

Artem, Kuznetsov; Oleg, Ordin - EERC Research Network, Russia and CIS - 2001

This paper uses a classic, overlapping generation model to analyze the optimal transition of the Russian economy from a PAYG pension system to a funded pension system. The transition is associated with the accumulation of social capital gained by increased contributions to the pension system....

Persistent link: https://www.econbiz.de/10005121356

Poverty and Expenditure Differentiation of the Russian Population

Sergey, Aivazian; Stanislav, Kolenikov - EERC Research Network, Russia and CIS - 2001

The problem of poverty and inequality measurement in contemporary Russian society is considered within the framework of the general problem of social tension reduction via efficient organization of the social assistance system. We argue that features specific to Russian transition stipulate that...

Persistent link: https://www.econbiz.de/10005121360

Socioeconomic determinants of smoking in contemporary Russia

Sergey, Arzhenovskiy - EERC Research Network, Russia and CIS - 2005

Factors impacting the initiation and termination of smoking, using Cox's proportional hazard model as the econometric tool, on the basis of RLMS and Goskomstat data on tobacco prices, are being investigated in this paper. The model to explain the amount of consumed cigarettes and the composite...

Persistent link: https://www.econbiz.de/10005121361

Income Inequality in Russia during Transition: How Can it be Explained?

Olga, Kislitsyna - EERC Research Network, Russia and CIS - 2003

population. This paper examines the causes of inequality growth in Russia during transition. Using RLMS data author tries to …

Persistent link: https://www.econbiz.de/10005121363

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