Based on panel data from 1995 – 1997, the paper focuses on the impact of ownership structure on the performance of Russian non-financial privatized companies that constitute the group of "blue chips" of the country's stock market. We find that ownership concentration results in higher...

Following the liberalization of prices in 1992, the failure of enterprises to make payments to one another became one of the central problems. While nonpayments existed even before the reforms, in an economy of scarcity they were centrally eliminated through mutually balanced accounts and...