We examine the impact that the economic sanctions imposed by the Western community on the Russian economy in March 2014 have had on the pricing of Global Depositary Receipts (GDRs) traded in London. We document that following the first announcement of the imposition of sanctions, the returns of...

This study examines the Russian stock market efficiency from two perspectives. First, we document that for the sample of Russian firms cross-listed on the Main Market of the London Stock Exchange (LSE) as Global Depositary Receipts (GDRs), the return series obtained from both the local market...