Arbeitspapier
Investor protection and share prices: evidence from statutory rules governing variations of shareholders' class rights in Russia
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.
- Sprache
-
Englisch
- Erschienen in
-
Series: DIW Discussion Papers ; No. 865
- Klassifikation
-
Wirtschaft
Corporate Finance and Governance: General
Corporate Finance and Governance: Government Policy and Regulation
Business and Securities Law
- Thema
-
Investor protection
company law
dual class stock
class rights
Russia
Anlegerschutz
Aktienrecht
Wirtschaftspolitische Wirkungsanalyse
Börsenkurs
Shareholder Value
Russland
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Muravyev, Alexander
- Ereignis
-
Veröffentlichung
- (wer)
-
Deutsches Institut für Wirtschaftsforschung (DIW)
- (wo)
-
Berlin
- (wann)
-
2009
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Muravyev, Alexander
- Deutsches Institut für Wirtschaftsforschung (DIW)
Entstanden
- 2009
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