Using binary choice logistic regression with quasi panel data (1998-2011) to develop a probability of default model for Russian banks we have found that: 1) there is a quadratic interaction between bank's capital adequacy ratio and its default probability; 2) there is a negative relationship...

Under the Basel II accord, improving probability of default models is a key risk-management priority. There are four main aspects of this research: suggesting the bank default classification; using a wide time horizon (quarterly Russian banking statistics from 1998 to 2011); investigating the...

This study is dedicated to an important aspect of the long-run performance of firms, namely their survival under rapidly changing conditions in a transition economy. The analysis is focused on the question of whether privatization and ownership structure have affected the likelihood of...

There is increasing evidence that broad measures of firm-level corporate governance predict higher share prices. However, almost all prior work relies on cross-sectional data. This work leaves open the possibility that endogeneity or omitted firm-level variables explain the observed...

This article analyzes the extent and sectoral distribution of state ownership in the Russian economy. The different legal forms of state-owned enterprises (SOEs) in Russia are described. Of-ficial data on the evolution of the size of the state sector is provided, where the size is measured by...

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...

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...

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...

The aim of this article is to analyze current selected tendencies in Russian corporate governance system that have been observed in the past few years. The corporate governance in Russia started formulating in the nineties of the 20th century as a result of the privatization process. It’s...

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...