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dc.contributor.authorMuravyev, Alexanderen_US
dc.date.accessioned2009-03-31en_US
dc.date.accessioned2009-08-06T13:20:58Z-
dc.date.available2009-08-06T13:20:58Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/27388-
dc.description.abstractThis 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.en_US
dc.language.isoengen_US
dc.publisherDeutsches Institut für Wirtschaftsforschung (DIW) Berlinen_US
dc.relation.ispartofseriesDiscussion papers // German Institute for Economic Research 865en_US
dc.subject.jelG30en_US
dc.subject.jelG38en_US
dc.subject.jelK22en_US
dc.subject.ddc330en_US
dc.subject.keywordInvestor protectionen_US
dc.subject.keywordcompany lawen_US
dc.subject.keyworddual class stocken_US
dc.subject.keywordclass rightsen_US
dc.subject.keywordRussiaen_US
dc.subject.stwAnlegerschutzen_US
dc.subject.stwAktienrechten_US
dc.subject.stwWirtschaftspolitische Wirkungsanalyseen_US
dc.subject.stwBörsenkursen_US
dc.subject.stwShareholder Valueen_US
dc.subject.stwRusslanden_US
dc.titleInvestor protection and share prices: evidence from statutory rules governing variations of shareholders' class rights in Russiaen_US
dc.typeWorking Paperen_US
dc.identifier.ppn595255361en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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