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Title:Investor protection and share prices: evidence from statutory rules governing variations of shareholders' class rights in Russia PDF Logo
Authors:Muravyev, Alexander
Issue Date:2009
Series/Report no.:Discussion papers // German Institute for Economic Research 865
Abstract:This paper uses a quasi-experimental framework provided by recent changes in Russian corporate law to study the effect of investor protection on the value of shares. The legal change analyzed involves the empowerment of preferred (non-voting) shareholders to veto unfavorable changes in their class rights. Based on a novel hand-collected dataset of dual class stock companies in Russia and using the difference-in-difference estimator, the study finds a statistically and economically significant effect of improved protection of preferred shareholders on the value of their shares. The result is robust to several changes in the empirical specification.
Subjects:Investor protection
company law
dual class stock
class rights
Russia
JEL:G30
G38
K22
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des DIW
DIW-Diskussionspapiere

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