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Of all publications in the section: 5
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Working paper
Vernikov A. V. Economics Working Paper. UCL SSEES Centre for Comparative Economics, 2014. No. 130.
We use statistical data from 2000 to 2013 to compare the macro-level structure and the core institutions of the banking systems in China and Russia.
Added: Oct 2, 2014
Working paper
Golovanova S. Economics Working Paper. UCL SSEES Centre for Comparative Economics, 2010. No. 108.

The article is devoted to the trends and determinants of the transformation of  Russian  regions'  industrial  specialization  during  the  period  of  economic growth. Using  the  methodology of  statistic  and  econometric  analysis  it  is  tested whether  the  tendency  of  diversification  dominates  the  tendency  of  regions’ industrial  specialization  in  1997-2004  and  whether  there  is  a  convergence  of Russian  regions'  industrial  structures.  The  considered  factors  of  industries' development in a particular location include the initial industrial structure, inter- and  intraregional  technologic  links  between  industries,  quality  of  investment climate, R&D potential, international competition.

Added: Sep 10, 2012
Working paper
Vernikov A. V., Bokov V. A. Economics Working Paper. UCL SSEES Centre for Comparative Economics, 2008. No. 95.

This paper aims at explaining the differences in valuation of banking firms in Russia through the impact of selected elements of corporate governance. We rely upon value-based management theory to test the hypothesis that expenses on corporate governance system create shareholder value. The price at which share stakes are acquired by strategic foreign investors is for us a criterion of market-proven value, so we use the standard valuation tool, i.e. price-to-book-value of equity (P/BV) multiple, as the dependent variable. The set of corporate governance parameters whose materiality for a would-be external investor we would like to test includes: the degree of concentration of ownership and control; maturity of corporate governing bodies; degree of Board independence; qualification of external auditors; stability of governing bodies (Management Board and Board of Directors); and availability of external credit ratings from the world’s leading rating agencies. We test our approach on a sample of acquisition deals and public offerings over the period 2004-2008 that we develop for the first time. Firstly, we find out which factors are statistically significant and relevant to a bank’s selling price. Secondly, a least squares multiple linear regression model is devised to check how each individual variable impacts the dependent variable. We discover that external investors attach value to high concentration of ownership, external credit rating coverage, stability of the Board of Directors, and involvement of well-established external auditors. Investors of a strategic nature tend to pay a higher acquisition premium. Independence of the Board of Directors might be perceived by external strategic investors as a disadvantage and might destroy shareholder value.

Added: Sep 3, 2012
Working paper
Vernikov A. V. Economics Working Paper. UCL SSEES Centre for Comparative Economics, 2010. No. 104.

The purpose of this paper is to assess the size of public sector within the Russian banking industry. We identify and classify at least 78 state-influenced banks. We distinguish between banks that are majority-owned by federal executive authorities or Central Bank of Russia, by sub-federal (regional and municipal) authorities, by state-owned enterprises and banks, and by "state corporations". We estimate their combined market share to have reached 56% of total assets by July 1, 2009. Banks indirectly owned by public capital are the fastest-growing group. Concentration is increasing within the public sector of the industry, with the top five state-controlled banking groups in possession of over 49% of assets. We observe a crowding out and erosion of domestic private capital, whose market share is shrinking from year to year. Several of the largest state-owned banks now constitute a de facto intermediate tier at the core of the banking system. We argue that the direction of ownership change in Russian banking is different from that in CEE countries.

Added: Sep 3, 2012
Working paper
Kuznetsov B., Dolgopyatova T. G., Gimpelson V. E. et al. Economics Working Paper. UCL SSEES Centre for Comparative Economics, 2010. No. 111.
Added: Jan 13, 2013