Corporate control market: stages, specific features, regulation

Alexander Radygin, Elena Apevalova and Natalia Polezhaeva
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Elena Apevalova: RANEPA
Natalia Polezhaeva: RANEPA

Published Papers from Gaidar Institute for Economic Policy

Abstract: Russia’s market for mergers and acquisitions came into being in the early 1990s when mass privatization of state-owned property gained momentum. More specifically, it was not until after the Russian financial crisis of 1998 that mergers and friendly takeovers took place in Russia. Up until then there were ‘acquisitions through privatization’ that can be regarded as a primary manifestation of the initial stage of building a market for corporate control (from 1992 till the onset of the financial crisis of 1998). Reorganization proceeded privatization in 1/3 of cases, was coupled with privatization in 1/3 of cases and followed privatization in 1/3 of cases. Also, the practice of consolidating Russian assets through both M&A and outsider shareholding was adopted in the mid-1990s. In 1998, the equity of about 40% of surveyed enterprises was partially held by outside corporate shareholders, and more than 13% of those enterprises were integrated with suppliers or consumers.

Keywords: Russian economy; bankruptcy; public enterprises (search for similar items in EconPapers)
JEL-codes: G33 G38 P2 P31 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2017, Revised 2017
New Economics Papers: this item is included in nep-cis, nep-com and nep-tra
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https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2017-288.pdf Revised version, 2017 (application/pdf)

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