A well-developed financial intermediation industry increases domestic savings, efficiently allocates investment resources to the most productive uses in the economy and increases the rate of economic growth. In the Soviet economy the banking system served as a means of collecting household...

The paper examines the impact of American Depositary Receipt (ADR) listings on the return of the underlying Russian stocks. The contribution of this paper is twofold. First, it looks at a new sample of ADRs issued by Russian companies. Second, the technique used to estimate the market model is...

This study investigates the distribution of ultimate control and ownership rights and their impact on corporate performance in a post-privatization economy with an institutionally weak market and extremely high private benefits of control. Russia provides a unique setting to examine ultimate...

This paper provides micro and macroeconomic analysis of the economic role of banks in the Russian economy.Using a large panel containing Russian enterprises' balance sheet and income statement data, we evaluate the determinants of bank financing.Econometric model put out the existence of...