Modeling and Measuring Russian Corporate Governance: The Case of Russian Preferred and Common Shares (English version)
AbstractThis paper examines governance explanations for the discount of preferred shares to common shares in the Russian market. Conflicts between shareholder classes may help explain the discount. However, for this to be the sole explanation the estimated models suggest that the magnitude of future adverse shareholder events would have to be very high. Nevertheless, evidence of a common factor potentially related to governance seems evident in the data, implying that corporate control issues may at least be partially responsible for the observed preferred share discount.
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Bibliographic InfoPaper provided by Yale School of Management in its series Yale School of Management Working Papers with number ysm25.
Date of creation: 05 Mar 2004
Date of revision:
Other versions of this item:
- William Goetzmann & Matthew Spiegel & Andrey Ukhov, 2002. "Modeling and Measuring Russian Corporate Governance: The Case of Russian Preferred and Common Shares (English Version)," Yale School of Management Working Papers ysm278, Yale School of Management, revised 01 Oct 2002.
- F3 - International Economics - - International Finance
- G3 - Financial Economics - - Corporate Finance and Governance
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-03-22 (All new papers)
- NEP-CIS-2004-03-22 (Confederation of Independent States)
- NEP-DEV-2004-03-22 (Development)
- NEP-RMG-2004-03-22 (Risk Management)
- NEP-TRA-2004-03-22 (Transition Economics)
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