1,721,048 research outputs found
Investor Protection and the Value of Shares: Evidence from Statutory Rules Governing Variations of Shareholders' Class Rights in Russia
Full text linkThis paper uses a quasi-experimental framework provided by recent changes in Russian corporate law to study the effect of investor protection on the value of shares. The legal change analyzed involves the empowerment of preferred (non-voting) shareholders to veto unfavorable changes in their class rights. Based on a novel hand-collected dataset of dual class stock companies in Russia and using the difference-in-difference estimator, the study finds a statistically and economically significant effect of improved protection of preferred shareholders on the value of their shares. The result is robust to several changes in the empirical specification.investor protection, company law, dual class stock, class rights, Russia
Investor protection and share prices: Evidence from statutory rules governing variations of shareholders’ class rights in Russia
Full text linkThis paper uses a quasi-experimental framework provided by recent changes in Russian corporate law to study the effect of investor protection on the value of shares. The legal change analyzed involves the empowerment of preferred (non-voting) shareholders to veto unfavorable changes in their class rights. Based on a novel hand-collected dataset of dual class stock companies in Russia and using the difference-in-difference estimator, the study finds a statistically and economically significant effect of improved protection of preferred shareholders on the value of their shares. The result is robust to several changes in the empirical specification.investor protection, company law, dual class stock, class rights, Russia
Labor Markets and Labor Market Institutions in Transition Economies
Full text linkThis paper summarizes the evolution of labor markets and labor market institutions and policies in the countries of Central and Eastern Europe as well as of Central Asia over the last two decades. The main focus is on the evolution of labor market institutions, which are among candidate explanations for the very diverse trajectories of labor markets in the region. We consider recent contributions that attempt to assess the effect of labor market institutions on labor market performance of TEs, including the policy-relevant issue of complementarity of institutions.transition economies, labor market institutions, unemployment, labor markets
The Costs of Job Loss in Russia
Full text linkThis paper is the first to analyze the costs of job loss in Russia, using unique new data from the Russian Longitudinal Monitoring Survey over the years 2003-2008, including a special supplement on displacement that was initiated by us. We employ fixed effects regression models and propensity score matching techniques in order to establish the causal effect of displacement for displaced individuals. The paper is innovative insofar as we investigate as relevant outcomes fringe and in-kind benefits and the propensity to have an informal employment relationship in addition to monthly earnings, hourly wages, employment and hours worked, which are traditionally analyzed. We find that, compared to the control group of non-displaced workers (i.e. stayers and quitters), displaced individuals face a significant income loss following displacement, which is mainly due to the reduction in employment and hours worked. This effect is robust to the definition of displacement. The losses seem to be more pronounced and are especially large for older workers with labor market experience and human capital acquired in Soviet times and for workers with low education. Workers displaced from state firms experience particularly large relative losses in the short run, while such losses for workers laid off from private firms are more persistent. Turning to the additional labor market outcomes, there is a loss in terms of the number of fringe and in-kind benefits for reemployed individuals but not in terms of their value. There is also some evidence of an increased probability of working in informal jobs if displaced. These results point towards the importance of both firm-specific human capital and of obsolete skills obtained under the centrally planned economy as well as to a wider occurrence of job insecurity among displaced workers.costs of job loss, worker displacement, propensity score matching, Russia
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Детерминанты структуры капитала фирмы на микро- и макро-уровне (на примере стран с переходной экономикой)
No full textThe aim of this study is to examine country-level and firm-level determinants influence on capital structure decisions made by firms’ managers. Financial leverage is chosen as the proxy for a firm’s capital structure. As an object of this study 6,500 firms operating in 28 countries with transition economies were selected. The sample of transition economies encompasses 16 countries of Central and Eastern Europe and 12 CIS countries. There was a little research done on capital structure determinants in the context of transition economy. Moreover, the majority of academic papers published in that field were primary focused on firm-level determinants. Unlike those, this research concentrates on both: micro- and macro-level determinants of financial leverage. The analytical tool of that study is linear regression model that allows revelation of different factors effect of the capital structure. The major distinctive point of this study is incorporation of interaction terms into regression model that determine the difference in particular variable effect on financial leverage. This study represents academic importance for the countries with transition economy and allows undertaking empirical analysis of capital structure determinants at the micro- and macro-level. The practical aspect of that study is that different regression models implementation allows managers to observe significance of particular scope of firm- and country-level determinants of financial leverage under different terms. Furthermore, establishment of interaction terms between firm- and country-level determinants of financial leverage is a useful tool for sensitivity analysis of capital structure determinants to external affects. This enables managers to collect more detailed information about the risks involved that promotes more adequate capital structure decision making.Целью магистерской диссертации является исследование влияния детерминант структуры капитала фирмы на микро- и макро-уровне на управленческие решения менеджеров. В качестве прокси-переменной структуры капитала фирмы в работе рассматривается финансовый леверидж. Объектом исследования являются 6500 фирм в 28 странах c переходной экономикой. Выборка стран охватывает 16 стран Центральной и Восточной Европы, а также 12 стран территории СНГ. Детерминанты структуры капитала в контексте стран с переходной экономикой были мало исследованы. Большинство опубликованных научных работ в этом сфере были сфокусированы на внутрифирменных детерминантах. Данное исследование рассматривает детерминанты финансового левериджа как на микро-, так и макро-уровне. Аналитический инструмент данного исследования – модель линейной регрессии, которая позволяет выявить влияние различных факторов на структуру капитала фирмы. Важной чертой данной работы является использование взаимодействия условий (interaction terms) в рамках модели регрессии. Данные взаимодействия определяют различия в эффекте определенной переменной на финансовый леверидж.. Практический аспект данной работы в том, что имплементация различных моделей регрессии позволяет менеджерам измерить значимость определённого набора детерминант в различных моделях. Взаимосвязь между различными детерминантами финансового левериджа – эффективный способ для менеджеров или инвесторов для анализа чувствительности детерминант структуры капитала к воздействиям извне. Это дает возможность менеджеру получить более детальную информацию о возможных рисках и принять адекватное решение о структуре капитала фирмы
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Исследование взаимосвязи между структурой Совета Директоров и частотой собраний и финансовыми показателями фирмы на примере российских компаний
No full textThe main goal is to find the relationship between the activity and size of the board of directors and performance of the company. The task was to collect sample of ~400 companies, conduct base statistic and regression analysis. The main results showed that link exists: for board size mostly negative, for frequency of meetings – positive, however as the performance of company is the result of a large variety of factors, not only governance, the significance of some coefficients is rather low.Сбор данных по ~400 российским компаниям, торгующихся на РТС, провести регрессионный анализ взаимосвязи между финансовыми показателями фирмы и характеристиками Совета Директоров
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