This note provides an overview of recent development on the market for housing finance in the Russian Federation. It is based on data published by the Central Bank of Russia since 2006. In an appendix we provide a methodology to overcome some shortcomings of the reporting of average interest...

This paper investigates how corporate governance of unlisted firms in an emerging market economy affects financing constraints, measured by the sensitivity of investment to cash flow. We develop two original corporate governance indices based on a large-scale survey of Russian enterprises –...

This paper analyzes investment decisions and share trade when the owners of a firm are not unanimous. We use a one-period model with one firm, two owners and incomplete financial markets. The investment decision is assumed to be made by the majority owner. We study the effects shareholder...