The Yukos affair, a state-led assault on controlling shareholders of a private Russian oil company, once again demonstrated the shaky nature of property rights in emerging markets. Toughening of the state policy towards business implied higher company-specific political risk and was immediately...

There is now extensive empirical evidence showing that fund managers have relative performance objectives and adapt their investment strategy in the last part of the calendar year to their performance in the early part of the year. However, emphasis was put on returns in excess of some exogenous...

The Yukos affair, a high-profile story of the state-led assault on a private Russian company, provides an excellent opportunity for an inquiry into the nature of company-specific political risks in emerging markets. News associated primarily with law enforcement agencies’ actions against...