Eugene Nivorozhkin

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The paper extends the contingent valuation framework of Black and Cox [J. Finance 31(2) (1976) 351] to value subordinated debt by explicitly incorporating bankruptcy costs in the model. We show that the information from subordinated debt prices is complementary to the information from the equity prices only when the bankruptcy costs are taken into account.(More)
  • Anton Nivorozhkin, Per Lundborg, +5 authors Florin Maican
  • 2005
Temporary layoffs represent an important source of worker-firm attachment. We investigate the determinants of the duration of temporary layoffs using a matched employee-employer dataset from Sweden. The impacts of covariates and the shapes of hazard functions vary depending on the destination of transition: recall or new job. We reject the hypothesis that(More)
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 round-trip and genuine foreign investors into Russia(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 studies the dynamic relationship between returns in the Russian stock market and global equity markets in the aftermath of the 2014 Ukrainian crisis. We apply dynamic the Russian and global equity returns after the crisis outbreak. The Russian stock market clearly decoupled from both de veloped and emerging markets, as shown by a 30–50% decline(More)