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The study estimates the employment effect of vocational training programs for the unemployed in urban Russia. The results of propensity score matching indicate that training programs had a non-negative overall effect on the program participants relative to non-participants. Abstract This study estimates the employment effect of vocational training programs(More)
b University of Western Ontario) c NBER Abstract In this paper we study the phenomenon of round-trip investment between Russia and key offshore financial centers (OFCs), namely, Cyprus and British Virgin Islands, which is now a significant part of foreign investment into Russia. Using firm-level data we study differences in location strategies between(More)
Some studies have provided evidence that dual class shares reduce firm market value. Other studies have shown that dual class shares are more common in countries where the proxies for private benefits of control are low. In this paper we explore whether the negative relation between firm market value and dual class shares can be explained by lower takeover(More)
This paper adopts a contingent-claim valuation framework to investigate the role of subordinated debt in alleviating the moral hazard problem in banking and providing the regulator with the information on the risk of bank assets. The incorporation of bankruptcy cost in the framework of the analysis provides some new evidence about the potential role of(More)
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