Reasons for the low valuation of Russian shares
Dirk Wilier and
The Economics of Transition, 1996, vol. 4, issue 2, 449-457
This note analyses the valuation of Russian assets focusing on the market capitalization of major Russian firms trading in Moscow. It documents that valuations are very low compared to similar assets in mature economies. Several reasons are advanced to explain this phenomenon. The most important of these seems to be the poor record of Russian firms with respect to honouring shareholder rights. Some policy proposals are made to address this problem. Copyright 1996 The European Bank for Reconstruction and Development.
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