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...

During the last decade we witnessed huge wave of reorganizations in Russian industrial sector: split-ups, spin-offs, mergers and acquisitions. Firms adjusted their boundaries according to the new economic conditions. Little is known however about this process and its determinants. The first goal...

This paper investigates how the possibility of government subsidies to firms affects lending and managerial incentives. We develop a model that shows that government support can perform as implicit insurer of firms, which leads to two main effects: lowering incen-tives of managers and increase...

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...

During the global financial crisis, the Russian banking system has experienced a significant increase in nonperforming loans. The Russian government has carried out massive recapitalization of major banks to maintain their stability. To evaluate the effectiveness of this policy it is necessary...

Studying the provision of public goods in 74 Russian regions between 2004-2009 provides an opportunity to test this hypothesis. Results show that governors appointed by the federal government provide more public goods (in this case, education and health care) than governors drawn from local...

Using data from 2004 – 2008, we investigate the effect of foreign ownership on banks efficiency and financial performance. The data is a balanced panel consisting of 16 banks and 640 observations. In random effect regression, to investigate the influence of foreign ownership type banks’, we...