Work

Modeling and Measuring Russian Corporate Governance: The Case of Russian Preferred and Common Shares

Year: 2003

Type: report

Abstract: 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.

Source: National Bureau of Economic Research

DOI: 10.3386/w9469

Authors: William Goetzmann, Matthew Spiegel, Andrey Ukhov

Institution: Yale University

Language: English

Topic: Corporate Finance and Governance

Subfield: Accounting

Field: Business, Management and Accounting

Domain: Social Sciences

SDG: Peace, justice, and strong institutions

Open Access status: green

OpenAlex ID: W1553546331

Cites: 9

Cited by: 25

Related to: 10