We study the effect of media coverage on corporate governance outcomes by focusing on Russia in the period 1999-2002. Russia provides a setting with multiple examples of corporate governance abuses, where traditional corporate governance mechanisms are ineffective, and where we can identify an...

We present a formal model of government control of the media to illuminate variation in media freedom across countries and over time, with particular application to less democratic states. The extent of media freedom depends critically on two variables: the mobilizing character of the government...

This article surveys estimation in stationary time series models using the approach of optimal instrumentation. We review tools that allow construction and implementation of optimal instrumental variables estimators in various circumstances { in single- and multiperiod models, in the absence and...

In this short paper we attempt to assess the results of Putin’s centralization and anti-corruption measures on the overall level of state capture in the Russian regions as well as on the balance of power between different interest groups. We proceed by, first, describing the results of...

This paper sheds light on dictatorial behavior as exemplified by the mass terror campaigns of Stalin. Dictatorships – unlike democracies where politicians choose platforms in view of voter preferences – may attempt to trim their constituency and thus ensure regime survival via the large...

Managerial entrenchment, an undeveloped market for top managerial labor force and the absence of clear market signals could prevent owners from firing management for poor performance. Top managerial turnover could improve firms’ performance by introducing new human capital and providing good...

The current research estimates the accelerator type model of fixed investment using a Russian industrial enterprise dataset . This dataset contains individual firms’ accounting data for 1996 and 1997. The sample of firms was divided into three subsamples based on the ownership structure data....

There is a mounting body of evidence that collusive agreements between bidders in large multiple-object procurement tenders are often supported by a corrupt administrator. In a first-price multiple-object auction, if the auctioneer has some legal discretion to allow bidders to readjust their...

Military market places display obvious inefficiencies under most arrangements, but the Soviet defense market was unusual for its degree of monopoly, exclusive relationships, and intense scrutiny (in its formative years) by a harsh dictator. This provided the setting for quality versus quantity...

While the predictability of excess stock returns is statistically small, their sign and volatility exhibit a substantially larger degree of dependence over time. We capitalize on this observation and consider prediction of excess stock returns by decomposing the equity premium into a product of...