Ownership Structure and Stock Performance in Russia

In this work, I am going to try to attain two goals. First is to attempt to assess relationship between ownership concentration and returns of the company’s stock on the Russian market. Second, to touch the question of the validity of such research using various data sources. The former is interesting to understand general relationship about this type of information and its incorporation of it by the market forces. The latter is curious as the question of the defining of ownership is a complex one even for government agencies that in contrast to usual researches has an ability to use information defended by confidentiality agreements. Therefore, as it is a difficult task, I would try to evaluate the quality of information available for extraction from public sources and compare it with the information in payed database. The third task is to evaluate the form of the relationship, if one exists, as there is evidence from previous research that this relationship is complicated and changes with the change of ownership concentration. The research is done on the Russian market not only because of the Russian origin of the author but also as Russian market is especially interesting in terms of its property rights and their history. Ownership rights and private property formed relatively recent, and, therefore, may exhibit some differences from other countries.