Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/27388 
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dc.contributor.authorMuravyev, Alexanderen
dc.date.accessioned2009-03-31-
dc.date.accessioned2009-08-06T13:20:58Z-
dc.date.available2009-08-06T13:20:58Z-
dc.date.issued2009-
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
dc.language.isoengen
dc.publisher|aDeutsches Institut für Wirtschaftsforschung (DIW) |cBerlinen
dc.relation.ispartofseries|aDIW Discussion Papers |x865en
dc.subject.jelG30en
dc.subject.jelG38en
dc.subject.jelK22en
dc.subject.ddc330en
dc.subject.keywordInvestor protectionen
dc.subject.keywordcompany lawen
dc.subject.keyworddual class stocken
dc.subject.keywordclass rightsen
dc.subject.keywordRussiaen
dc.subject.stwAnlegerschutzen
dc.subject.stwAktienrechten
dc.subject.stwWirtschaftspolitische Wirkungsanalyseen
dc.subject.stwBörsenkursen
dc.subject.stwShareholder Valueen
dc.subject.stwRusslanden
dc.titleInvestor protection and share prices: evidence from statutory rules governing variations of shareholders' class rights in Russia-
dc.type|aWorking Paperen
dc.identifier.ppn595255361en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:diw:diwwpp:dp865en

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