In this paper we extend the stationarity test proposed by Kurozumi and Tanaka (2010) for reducing size distortion with one structural break. We find the bias up to the order of 1/T for four types of models containing structural breaks. The simulations on finite samples show a reduction of size...

The core events which took place last year and which are related to the issues under consideration are the approval of a new three year privatisation programme for 2014–2016, including corporate control of market transactions associated with Rosneft and Gazprom, as well as the restructuring of...

The prospects for implementing the Federal Property Management government program depend on the amount of financial backing, as determined by the budget system’s actual potential. The approved federal budget for 2014–2016 envisages a gradual reduction, over the next few years, in the amount...

The purpose of the paper is to present the current state of knowledge on both theoretical models and empirical evidence of interrelations between emerging corporate governance mechanisms and ownership structure of privatized enterprises in post-Communist countries. Section 2 contains extensive...

The results of 2012 clearly pointed to the fact that the classical set of problems specifi c to the Russian privatization – justifi cation of the fair price for assets to be privatized, real motivation of the participants, determination of the criteria of selection of the buyer, ensuring of...

Analysis of recent updates to the Russian privatization legislation in 2015 allows saying that the 2015 amendments as a whole aim to boost the process of privatization. The suggested enhancements for the information system of privatization of government-owned and municipal property and for the...

In 2015, faced with declining oil prices, the weakening ruble and the outflow of funds of foreign portfolio investors, the Russian stock market found itself in a slump; in fact, this situation has started eight years ago, during the 2008 crisis. This negative trend was augmented by the...

2016 saw first publication of data from a performance measures framework for federal property management that was adopted on January 29, 2015 by Russian Government's executive order No. 72 in lieu of performance measures for a public sector monitoring conducted by Rosstat in the early 2000s in...

Two main channels can be pointed out whereby the state participates in value added chains: through the operation of companies with state stakes, and through the services (in a broader sense of the work) produced by enterprises with state stakes and budget-funded organizations. Consequently, the...