This article assesses the effect of Russia’s industrial policy of growing “national champion” state banks, on concentration and competition in 2000–2010. An alternative method for estimating concentration shows that the main market segments have crossed the high-concentration threshold...

This paper looks at the populations of state-owned banks and foreign-owned banks in Russia in dynamics from 1991 to 2023, focusing on the number of entities and their market shares. The paper also features subsamples within each of those two ownership types, thus improving the homogeneity of...

In this paper we rely on empirical data to develop a classification of state-influenced banks. An estimate of such banks’ combined market share by July 1, 2009 is suggested. We identify 53 state-controlled banks in Russia, including state-owned banks and state-governed banks. Public sector in...

We compare banking in economic systems of different type, namely X-type (redistributive economy) and Y-type (market economy). In an X-type economic system banking has a peculiar institutional design and is organized “top-down”, whereas in a Y-type market economy we see a “bottom-up...

This paper deals with the evolution of corporate governance institutions that were imported into Russia in the 1990s. We use empirical evidence from firms, mainly in the banking industry, to test theoretical assumptions. Study of objective interests of various stakeholders prompts a hypo-thesis...

This paper aims at explaining the differences in valuation of banking firms in Russia from a quality of governance point of view. A sample of acquisition deals and public offerings over the last 5 years is collected with the view of discovering factors that investors deem significant in making a...

This paper aims to add to the literature on the connection between corporate governance and company valuation. Conventional wisdom predicts a positive effect of good governance on stock price, and empirical papers claim to have proven this effect for a number of large emerging markets including...

We undertook an institutional analysis of commercial banks in Russia. After the failed experiment with private financial intermediation in the 1990s, Russia migrated towards a banking system consisting of three — rather than two — tiers and featuring core institutions controlled by the state...

The Working Paper examines peculiarities of the Russian model of corporate governance and control in the banking sector. The study relies upon theoretical as well as applied research of corporate governance in Russian commercial banks featuring different forms of ownership. We focus on real...

This paper uses the banking industry case to show that the boundaries of public property in Russia are blurred. A messy state withdrawal in 1990s left publicly funded assets beyond direct reach of official state bodies. While we identify no less than 50 state-owned banks in a broad sense, the...