Modeling and Measuring Russian Corporate Governance: The Case of Russian Preferred and Common Shares / William N. Goetzmann, Matthew Spiegel, Andrey Ukhov.

Format:

Book

Author/Creator:

Goetzmann, William N.

Contributor:

National Bureau of Economic Research.

Spiegel, Matthew.

Ukhov, Andrey.

Series:

Working Paper Series (National Bureau of Economic Research) no. w9469.

NBER working paper series no. w9469

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Modeling and Measuring Russian Corporate Governance

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2003.

Summary:

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 date, implying that corporate control issues may at least be partially responsible for the observed preferred share discount

Notes:

Print version record

February 2003.