2026-09-19T18:22:51Zhttps://dspace.mit.edu/server/oai/request

oai:dspace.mit.edu:1721.1/728652022-01-13T07:54:52Zcom_1721.1_7582com_1721.1_7581col_1721.1_131023

Roberto Rigobon. Harwood, Catherine F. (Catherine Freda) Sloan School of Management. Sloan School of Management e-ru--- 2012-09-13T18:57:42Z 2012-09-13T18:57:42Z 2012 2012 http://hdl.handle.net/1721.1/72865 808368141 Thesis (S.M.)--Massachusetts Institute of Technology, Sloan School of Management, 2012. Cataloged from PDF version of thesis. Includes bibliographical references (p. [49]-[57]). This paper begins with the assumption that stock market development has a positive and causal relationship with long run economic growth. It thus takes the view that developing the equity market is an important policy objective for the Russian government. Through a series of interviews, data collection and a review of the literature, it is found that the Russian equity market is rather underdeveloped as measured by its liquidity, free float capitalization and industry concentration. In order to stimulate the development of the market, the paper focuses on the attraction of long term capital to sustainably increase the size and liquidity of the market and reduce volatility. A set of viable reforms are suggested to achieve this goal including: 1) the upgrade of market infrastructure primarily through the creation of a Central Settlement Depository and relaxation of prefunding requirements, 2) corporate governance improvements through a reduced government participation, increased board independence and the introduction of a minimum free float requirement and 3) Incentives for the pooling of long term domestic capital, in particular through the diversification of risk using cross-country swaps. by Catherine F. Harwood. S.M. [57] p. (unnumbered) eng Massachusetts Institute of Technology M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission. http://dspace.mit.edu/handle/1721.1/7582 Sloan School of Management. An analysis of Russian equity capital markets Thesis application/pdf false Publication unknown unknown <Publication xmlns="https://www.openaire.eu/cerif-profile/1.1/" id="ab1d3b5d-e6a1-4971-bf38-527941d13f88"> <Type xmlns="https://www.openaire.eu/cerif-profile/vocab/COAR_Publication_Types">http://purl.org/coar/resource_type/c_1843</Type> <Language>eng</Language> <Title>An analysis of Russian equity capital markets</Title> <PublishedIn> <Publication> </Publication> </PublishedIn> <PublicationDate>2012</PublicationDate> <Authors> <Author> <DisplayName>Harwood, Catherine F. (Catherine Freda)</DisplayName> <Affiliation> <OrgUnit> </OrgUnit> </Affiliation> </Author> </Authors> <Editors> </Editors> <Publishers> <Publisher> <DisplayName>Massachusetts Institute of Technology</DisplayName> <OrgUnit /> </Publisher> </Publishers> <License>http://dspace.mit.edu/handle/1721.1/7582</License> <Keyword>Sloan School of Management.</Keyword> <Abstract>This paper begins with the assumption that stock market development has a positive and causal relationship with long run economic growth. It thus takes the view that developing the equity market is an important policy objective for the Russian government. Through a series of interviews, data collection and a review of the literature, it is found that the Russian equity market is rather underdeveloped as measured by its liquidity, free float capitalization and industry concentration. In order to stimulate the development of the market, the paper focuses on the attraction of long term capital to sustainably increase the size and liquidity of the market and reduce volatility. A set of viable reforms are suggested to achieve this goal including: 1) the upgrade of market infrastructure primarily through the creation of a Central Settlement Depository and relaxation of prefunding requirements, 2) corporate governance improvements through a reduced government participation, increased board independence and the introduction of a minimum free float requirement and 3) Incentives for the pooling of long term domestic capital, in particular through the diversification of risk using cross-country swaps.</Abstract> <Access xmlns="http://purl.org/coar/access_right" > </Access> </Publication>