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...

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...

The paper examines the Russian experience with explicit deposit guarantee. Some of the effects that this institution has produced in Russia are typical and well-researched by previous authors, namely moral hazard, adverse selection, and erosion of discipline. The social cost paid for having an...

We study the connection between the social pattern of conspicuous consumption, on the one hand, and financialization, on the other. Our claim is that greater availability of consumer loans from Russian banks feeds consumerism and promotes the institution of conspicuous consumption. Cars have...

Drawing on the merit goods concept developed by Richard A. Musgrave, this paper introduces the notion of quasi-merit goods. The criteria of eligibility for merit goods are vague. A quasi-merit good constitutes a special case where government protection and sponsorship are obtained via public...

This paper applies an analytical paradigm of institutional economics to the transition of the Russian banking sector, focusing on the interplay between ownership change and institutional change. We find that the state's withdrawal from commercial banking has been inconsistent and limited in...

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...

This paper considers the comparative efficiency of public, private, and foreign banks in Rus-sia, a transition economy with several unusual features. We perform stochastic frontier anal-ysis (SFA) of Russian bank-level quarterly data over the period 2005–2013. The method of computation of...

This paper considers the comparative efficiency of public, private, and foreign banks in Russia, a transition economy with several unusual features. We perform stochastic frontier analysis (SFA) of Russian bank-level quarterly data over the period 2005-2013. The method of computation of...