This book investigates two issues that have been slowing down the development of equity capital markets in transition economies - slow progress with privatisation and the lack of shareholder rights. Both problems are illustrated with data for the largest publicly traded Russian firms....

Private actors in “following” countries usually encounter problems with the enforcement of well-developed and effective “Western-style” contracting techniques. A common response is the structuring of commercial transactions according to foreign law. This pattern of development fully...

We document unequal enforcement of liberalization reform of business regulation across Russian regions with different governance institutions which lead to unequal effects of liberalization. The enforcement of national liberalization laws was better in subnational regions with more transparent...

The law is a difficult social phenomenon determining the social life and even the international interaction of subjects. There is no uniform direction of its functioning, but it is possible to determine various parallel aspects that describe legal development. National tendencies of legal...