{"id":"https://openalex.org/W2020681808","doi":"https://doi.org/10.1093/jleo/ews001","title":"Investor Protection and the Value of Shares: Evidence from Statutory Rules Governing Variations of Shareholders' Class Rights in an Emerging Market","display_name":"Investor Protection and the Value of Shares: Evidence from Statutory Rules Governing Variations of Shareholders' Class Rights in an Emerging Market","publication_year":2012,"publication_date":"2012-03-01","ids":{"openalex":"https://openalex.org/W2020681808","doi":"https://doi.org/10.1093/jleo/ews001","mag":"2020681808"},"language":"en","primary_location":{"id":"doi:10.1093/jleo/ews001","doi":"https://doi.org/10.1093/jleo/ews001","is_oa":false,"landing_page_url":"https://doi.org/10.1093/jleo/ews001","pdf_url":null,"source":{"id":"https://openalex.org/S4210168091","display_name":"The Journal of Law Economics and Organization","issn_l":"1465-7341","issn":["1465-7341","8756-6222"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Law, Economics, and Organization","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5051809518","display_name":"Alexander Muravyev","orcid":"https://orcid.org/0000-0001-8936-2582","observed_orcids":["https://orcid.org/0000-0001-8936-2582"]},"institutions":[{"id":"https://openalex.org/I1282776028","display_name":"German Institute for Economic Research","ror":"https://ror.org/0050vmv35","country_code":"DE","type":"nonprofit","lineage":["https://openalex.org/I1282776028","https://openalex.org/I315704651"]},{"id":"https://openalex.org/I172901346","display_name":"St Petersburg University","ror":"https://ror.org/023znxa73","country_code":"RU","type":"education","lineage":["https://openalex.org/I172901346"]},{"id":"https://openalex.org/I197518295","display_name":"IZA - Institute of Labor Economics","ror":"https://ror.org/029s44460","country_code":"DE","type":"nonprofit","lineage":["https://openalex.org/I197518295"]}],"countries":["DE","RU"],"is_corresponding":true,"raw_author_name":"A. Muravyev","raw_affiliation_strings":["St. Petersburg State University, Institute for the Study of Labor (IZA), and German Institute for Economic Research (DIW Berlin)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"St. Petersburg State University, Institute for the Study of Labor (IZA), and German Institute for Economic Research (DIW Berlin)","institution_ids":["https://openalex.org/I1282776028","https://openalex.org/I172901346","https://openalex.org/I197518295"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5051809518"],"corresponding_institution_ids":["https://openalex.org/I1282776028","https://openalex.org/I172901346","https://openalex.org/I197518295"],"apc_list":{"value":4106,"currency":"USD","value_usd":4106},"apc_paid":null,"fwci":6.1902,"has_fulltext":false,"cited_by_count":15,"citation_normalized_percentile":{"value":0.96114097,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":96},"biblio":{"volume":"29","issue":"6","first_page":"1344","last_page":"1383"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9976000189781189,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9976000189781189,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14102","display_name":"Corporate Governance and Law","score":0.0010999999940395355,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.00039999998989515007,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/investor-protection","display_name":"investor protection","score":0.9959999918937683},{"id":"https://openalex.org/keywords/preferred-shareholders","display_name":"preferred shareholders","score":0.6589999794960022},{"id":"https://openalex.org/keywords/voting-premium","display_name":"voting premium","score":0.7699999809265137},{"id":"https://openalex.org/keywords/private-benefits-of-control","display_name":"private benefits of control","score":0.9480000138282776},{"id":"https://openalex.org/keywords/shareholder-expropriation","display_name":"shareholder expropriation","score":0.9700000286102295},{"id":"https://openalex.org/keywords/corporate-law-reform","display_name":"corporate law reform","score":0.800000011920929},{"id":"https://openalex.org/keywords/russian-corporate-law","display_name":"Russian corporate law","score":0.906000018119812},{"id":"https://openalex.org/keywords/emerging-markets","display_name":"emerging markets","score":0.6800000071525574},{"id":"https://openalex.org/keywords/stock-valuation","display_name":"stock valuation","score":0.47200000286102295}],"concepts":[{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.7856439352035522},{"id":"https://openalex.org/C2780060422","wikidata":"https://www.wikidata.org/wiki/Q178564","display_name":"Expropriation","level":2,"score":0.7262458801269531},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5821846127510071},{"id":"https://openalex.org/C520049643","wikidata":"https://www.wikidata.org/wiki/Q189760","display_name":"Voting","level":3,"score":0.5381515622138977},{"id":"https://openalex.org/C202552767","wikidata":"https://www.wikidata.org/wiki/Q1901350","display_name":"Market value","level":2,"score":0.4384393095970154},{"id":"https://openalex.org/C158129432","wikidata":"https://www.wikidata.org/wiki/Q7766927","display_name":"Statutory law","level":2,"score":0.4342801868915558},{"id":"https://openalex.org/C12958728","wikidata":"https://www.wikidata.org/wiki/Q1002530","display_name":"Event study","level":3,"score":0.4249677062034607},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.4238031208515167},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.41934603452682495},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3363744616508484},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.30043941736221313},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.23639556765556335},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.2092401385307312},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.15913647413253784},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.13621988892555237},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.11961984634399414},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.07771310210227966},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1093/jleo/ews001","doi":"https://doi.org/10.1093/jleo/ews001","is_oa":false,"landing_page_url":"https://doi.org/10.1093/jleo/ews001","pdf_url":null,"source":{"id":"https://openalex.org/S4210168091","display_name":"The Journal of Law Economics and Organization","issn_l":"1465-7341","issn":["1465-7341","8756-6222"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Law, Economics, and Organization","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:oup:jleorg:v:29:y:2013:i:6:p:1344-1383","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1093/jleo/ews001","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/16","score":0.8046000003814697,"display_name":"Peace, justice, and strong institutions"}],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/16","score":0.49000000953674316,"display_name":"Peace, justice, and strong institutions"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":60,"referenced_works":["https://openalex.org/W562780836","https://openalex.org/W1531758582","https://openalex.org/W1540854679","https://openalex.org/W1565826412","https://openalex.org/W1569598981","https://openalex.org/W1965891660","https://openalex.org/W1969306056","https://openalex.org/W1969519191","https://openalex.org/W1973905734","https://openalex.org/W1992556681","https://openalex.org/W2004234172","https://openalex.org/W2028513078","https://openalex.org/W2038368044","https://openalex.org/W2046173191","https://openalex.org/W2046519558","https://openalex.org/W2051045759","https://openalex.org/W2056109906","https://openalex.org/W2061621110","https://openalex.org/W2062478983","https://openalex.org/W2076109600","https://openalex.org/W2079629824","https://openalex.org/W2089570770","https://openalex.org/W2117270398","https://openalex.org/W2124653663","https://openalex.org/W2124967016","https://openalex.org/W2127839771","https://openalex.org/W2131740028","https://openalex.org/W2136164601","https://openalex.org/W2137316640","https://openalex.org/W2148171397","https://openalex.org/W2160639466","https://openalex.org/W2161553400","https://openalex.org/W2162012454","https://openalex.org/W2166177033","https://openalex.org/W2282044143","https://openalex.org/W2473682693","https://openalex.org/W2795535399","https://openalex.org/W3121207430","https://openalex.org/W3121236287","https://openalex.org/W3121693921","https://openalex.org/W3121759882","https://openalex.org/W3121830825","https://openalex.org/W3122074909","https://openalex.org/W3122574707","https://openalex.org/W3122596610","https://openalex.org/W3122884346","https://openalex.org/W3122918426","https://openalex.org/W3123635053","https://openalex.org/W3123748565","https://openalex.org/W3123855801","https://openalex.org/W3124407545","https://openalex.org/W3124598916","https://openalex.org/W3124631106","https://openalex.org/W3125122935","https://openalex.org/W3125373908","https://openalex.org/W3125829594","https://openalex.org/W3125936596","https://openalex.org/W3126130034","https://openalex.org/W4233420185","https://openalex.org/W4241996101"],"related_works":["https://openalex.org/W7099655602","https://openalex.org/W2095118991","https://openalex.org/W1974533951","https://openalex.org/W812159119","https://openalex.org/W4210787885","https://openalex.org/W831461417","https://openalex.org/W2377588988","https://openalex.org/W2912567107","https://openalex.org/W1718456252","https://openalex.org/W7002471397"],"abstract_inverted_index":{"This":[0],"article":[1],"uses":[2],"a":[3,61,78,90,102],"quasi-experimental":[4],"framework":[5],"provided":[6],"by":[7],"recent":[8],"changes":[9,39,126],"in":[10,86,127],"Russian":[11],"corporate":[12],"law":[13],"to":[14,36,40,124],"study":[15],"the":[16,22,31,48,58,73,115,128],"effect":[17,107],"of":[18,24,33,47,50,64,67,82,108,111,117],"investor":[19],"protection":[20,110],"on":[21,77,114],"value":[23,116],"shares.":[25,119],"The":[26,120],"legal":[27],"change":[28],"analyzed":[29],"involves":[30],"empowerment":[32],"nonvoting":[34],"shareholders":[35,113],"veto":[37],"unfavorable":[38],"their":[41,118],"class":[42],"rights.":[43],"We":[44],"take":[45],"advantage":[46],"presence":[49],"well-defined":[51],"treatment":[52],"and":[53,56,69,88,104],"control":[54,68],"groups":[55],"use":[57],"voting":[59],"premium,":[60],"traditional":[62],"measure":[63],"private":[65],"benefits":[66],"shareholder":[70],"expropriation,":[71],"as":[72,94,96],"outcome":[74],"variable.":[75],"Based":[76],"novel":[79],"hand-collected":[80],"dataset":[81],"dual-class":[83],"stock":[84],"companies":[85],"Russia":[87],"using":[89],"difference-in-difference":[91],"regression":[92],"analysis":[93],"well":[95],"an":[97],"event":[98],"study,":[99],"we":[100],"find":[101],"statistically":[103],"economically":[105],"significant":[106],"improved":[109],"preferred":[112],"result":[121],"is":[122],"robust":[123],"several":[125],"empirical":[129],"specification.":[130],"(JEL":[131],"G30,":[132],"G38,":[133],"K22)":[134]},"counts_by_year":[{"year":2024,"cited_by_count":2},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":2},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":2},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}