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Are Oligarchs Productive? Theory and Evidence

  • Yuriy Gorodnichenko

    (University of Michigan)

  • Yegor Grygorenko

    (Citigroup Russia)

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    This paper develops a partial equilibrium model to account for stylized facts about the behavior of oligarchs, politically and economically strong conglomerates in transition and developing countries. The model predicts that oligarchs are more likely than other owners to invest in productivity enhancing projects and to vertically integrate firms to capture the gains from possible synergies and, thus, oligarchs can be socially beneficial. Using a unique dataset comprising almost 2,000 Ukrainian open joint stock companies, the paper tests empirical implications of the model. In contrast to commonly held views, econometric results suggest that, after controlling for endogeneity of ownership, oligarchs tend to improve the performance of the firms they own relative to other firms.

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    File URL: http://econwpa.repec.org/eps/dev/papers/0512/0512013.pdf
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    Paper provided by EconWPA in its series Development and Comp Systems with number 0512013.

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    Length: 42 pages
    Date of creation: 15 Dec 2005
    Date of revision:
    Handle: RePEc:wpa:wuwpdc:0512013
    Note: Type of Document - pdf; pages: 42
    Contact details of provider: Web page: http://econwpa.repec.org

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