Modeling and Measuring Russian Corporate Governance: The Case of Russian Preferred and Common SharesWilliam N. Goetzmann, Matthew Spiegel, Andrey Ukhov
NBER Working Paper No. 9469 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
Machine-readable bibliographic record - MARC, RIS, BibTeX Document Object Identifier (DOI): 10.3386/w9469 Users who downloaded this paper also downloaded* these:
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