Bokov, Vassily; Vernikov, Andrei - Volkswirtschaftliche Fakultät, … - 2008
This paper aims at explaining the differences in valuation of banking firms in Russia from a quality of governance … what price. We use price-to-book-value of equity (P/BV) multiple as standard measurement of valuation and the dependent … differences in valuation. We discover that external investors attach value to high concentration of ownership, sheer size of the …