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Modeling and Measuring Russian Corporate Governance: The Case of Russian Preferred and Common Shares (English version)

  • William N. Goetzmann

    ()

    (Yale School of Management, International Center for Finance)

  • Matthew I. Spiegel

    ()

    (Yale School of Management, International Center for Finance)

  • Andrey Ukhov

    ()

    (Yale School of Management)

This 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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Paper provided by Yale School of Management in its series Yale School of Management Working Papers with number ysm25.

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Date of creation: 05 Mar 2004
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Handle: RePEc:ysm:somwrk:ysm25
Contact details of provider: Web page: http://icf.som.yale.edu/

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  1. Levy, Haim, 1983. " Economic Evaluation of Voting Power of Common Stock," Journal of Finance, American Finance Association, vol. 38(1), pages 79-93, March.
  2. Smith, Brian F. & Amoako-Adu, Ben, 1995. "Relative Prices of Dual Class Shares," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 30(02), pages 223-239, June.
  3. Horner, Melchior R., 1988. "The value of the corporate voting right : Evidence from Switzerland," Journal of Banking & Finance, Elsevier, vol. 12(1), pages 69-83, March.
  4. Zingales, Luigi, 1995. "What Determines the Value of Corporate Votes?," The Quarterly Journal of Economics, MIT Press, vol. 110(4), pages 1047-73, November.
  5. Zingales, Luigi, 1994. "The Value of the Voting Right: A Study of the Milan Stock Exchange Experience," Review of Financial Studies, Society for Financial Studies, vol. 7(1), pages 125-48.
  6. Spiegel, Matthew, 1998. "Stock Price Volatility in a Multiple Security Overlapping Generations Model," Review of Financial Studies, Society for Financial Studies, vol. 11(2), pages 419-47.
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