Value of Voting Rights: Russian Stock Market Analysis

Student: Zainullina Dinara

Supervisor:

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2021

The premiums paid on the common shares over the preferred ones are present historically. The difference is due to presence of voting premium on the market. This paper aim to access this difference on the Russian stock market through determinants such as risk of expropriation of preferred shareholders, possibilities for obtaining private benefits of control, probability of a control contest, liquidity as well as several control variables. The study is based on the analysis of panel data using three model specifications.

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