TY  - JOUR
AU  - Goetzmann,William N.
AU  - Spiegel,Matthew
AU  - Ukhov,Andrey
TI  - Modeling and Measuring Russian Corporate Governance: The Case of RussianPreferred and Common Shares
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 9469
PY  - 2003
Y2  - February 2003
UR  - http://www.nber.org/papers/w9469
L1  - http://www.nber.org/papers/w9469.pdf
N1  - Author contact info:
William N. Goetzmann
School of Management
Yale University
Box 208200
New Haven, CT 06520-8200
Tel: 203/432-5950
Fax: 203/432-3003
E-Mail: william.goetzmann@yale.edu

Matthew Spiegel
Yale School of Management
POB 208200
New Haven, CT  06520-8200
E-Mail: matthew.spiegel@yale.edu

Andrey Ukhov
Finance Dept.
Indiana University
1309 East Tenth St.
Bloomington, IN 47405
E-Mail: aukhov@indiana.edu
AB  - 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
ER  -