There are few things more constant in life than the rise and fall of financial markets. When markets crash, however, we are forced to restore them while learning from our mistakes. In the wake of the recent subprime mortgage crisis, Congress has drastically but deservedly overhauled the...

Recent empirical research suggests that country-level and firm-level governance institutions are substitutes with respect to their effect on firm value. In this paper we demonstrate that during a crisis these institutions may actually become complements. Specifically, we find that the decline in...

The industries in which listed firms are concentrated in less developed equity markets are not random nor entirely explained by the underlying composition of production. Listed firms and market capitalization are disproportionately concentrated in industries that exhibit low complete-market...

The MICEX index was declining in the first decade in November 2013 until the middle of the month when the stock market saw the beginning of insignificant uptrend in response to oil price recovery. The stock market capitalization reached Rb 24,68 trillion (38.05% of GDP) as of November 26, 2013....

The aim of the elaboration is to draw attention to selected aspects of investor relations importance for capital market functioning to increase the quality of communication with investors in the global financial market. The article presents the importance of investor relations from a...

Oil prices increase in the beginning of October 2013 was followed by a 4.2% growth in the MICEX index in the first half of the month. As of October 28, 2013, the MICEX index increased 2.7% since the start of the month and reached 1511 points. OJSC Norilsk Nickel's stocks showed maximum growth...

This paper examines the decision to go public abroad using a sample of 17,808 IPOs. Although only 6% of initial public offerings are offered abroad, these represent approximately 25% of total IPO proceeds. We find that alleviating informational frictions in order to obtain greater offering...

Crude oil prices advanced late in August 2013 and pushed up the MICEX index by 5.52% during the first decade in September 2013. As of September 26, 2013, the MICEX index advanced by 8.6% since the beginning of the month and reached 1485 points. OJSC Sberbank stocks grew up by 14.39% during 26...

In August 2013, the MICEX index saw a monthly fall of 2.4% after Sberbank and VTB encountered some downtrend in the stock market. Furthermore, stock market capitalization contracted by 2.2% to Rb 23.41 trillion, or 37.4% of GDP. The domestic corporate bond market was governed by fairly...

The MICEX index grew up by 4.9% in the period between July 1 thru 25 basically in response to Gazprom stock price which rose by 20.37%. Stock market capitalization in that period increased by 4% or Rb 941bn to account for 37.6% of GDP as of July 25. In July 2013, the domestic corporate bond...