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Oligarchs, political regime changes, and firm valuation

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dc.contributor.author Maury, Benjamin
dc.contributor.author Liljeblom, Eva
dc.date.accessioned 2010-12-31T10:09:03Z fi
dc.date.accessioned 2011-03-02T09:32:52Z
dc.date.available 2010-12-31T10:09:03Z fi
dc.date.available 2011-03-02T09:32:52Z
dc.date.issued 2010-12-31
dc.identifier.citation Economics of Transition, 2009, Vol 17 (3), pp. 411-438 fi
dc.identifier.uri http://hdl.handle.net/10227/777
dc.description.abstract This paper examines the impact of a regime shift on the valuation of politically powerful oligarch firms. Focusing on the Yeltsin-Putin regime shift in Russia, we find that the valuations of outside shareholders claims are significantly higher under the Putin regime than under the Yeltsin regime after controlling for industry and time effects. The findings suggest that the increasing cost of extracting private benefits outweigh the reduction in the value of political connections following the political regime change. The results are also consistent with changes in the risk of state expropriation. Our results show that effects driven by the political regime change complement the traditional view stating that increased ownership concentration improved the performance of Russian oligarch firms. fi
dc.language.iso en
dc.publisher Wiley-Blackwell en
dc.relation.isformatof http://onlinelibrary.wiley.com/doi/10.1111/j.1468-0351.2009.00359.x/full
dc.subject oligarchs fi
dc.subject regime shift fi
dc.subject subversion of institutions fi
dc.subject political connections fi
dc.subject ownership structure fi
dc.subject valuation fi
dc.subject.other Finance fi
dc.title Oligarchs, political regime changes, and firm valuation fi
dc.identifier.doi 10.1111/j.1468-0351.2009.00359.x
dc.relation.version Personal final accepted version

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