The Working Paper employs the paradigm of new institutional economics to examine peculiaritiesof the Russian model of corporate governance and control in the banking sector. The study reliesupon theoretical as well as applied research of corporate governance in Russian commercial banksfeaturing...

This paper aims at explaining the differences in valuation of banking firms in Russia from a quality of governance point of view. A sample of acquisition deals and public offerings over the last 5 years is collected with the view of discovering factors that investors deem significant in making a...

This paper considers the behavior patterns of Russian firms before and during thefinancial crisis of 2008-2009. To facilitate comparison, we define three maingroups of actors at the firm level in the Russian economy – large, politicallyconnected companies; mid-size firms that expanded in the...

In this paper we explore the hypothesis of spatial effects in the distribution of ForeignDirect Investments (FDI) across Russian regions. We make use of a model, whichdescribes FDI inflows as resulting from an agglomeration effect (the level of FDI in agiven region depends positively on the...

We investigate the determinants of start-up financing in 41 countries, using theGlobal Entrepreneurship Monitor surveys for 1998-20032. High quality of property rightsincreases both the total volume of finance and the use of external finance for theindividual start-up. The size of the formal...

This paper summarises results of a survey of 304 knowledge based firms in six centraland east European (CEE) countries. Knowledge-based entrepreneurs in CEE are not‘gazelles’ (i.e., fast growing new technology based firms which have the potential toreshape the industrial landscape). They...

A growing strand of literature highlights that skilled migration mayfavour growth-enhancing technology transfer, trade and foreign direct in-vestments between the source and the host economies of migrants (net-work effects). We explore a speci…c channel through which the possi-ble "diaspora...

By applying regulatory focus theory, this paper investigates the impact of both initialconfidence and of exactness of growth expectations on subsequent financialperformance of the small firms. Drawing on the unique data set based on the repeatedsurvey design, we make one of the first attempts to...

In this paper we combine a wide range of country-level institutional indicators with surveydata taken from the Global Enterprise Monitor on potential and actual entrepreneurial entry,to investigate the role of the institutions as determinants of the entrepreneurial entry,controlling for...