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Abstract
First aim of this study is to present the main aspects of the Russian stock market, including obstacles for local companies and investors. Second aim is presentation of the Russian companies listed on foreign stock exchanges. In order to perform such analysis, descriptive statistics and information about qualitative features were used. Assessment of the Russian stock market’s development level covered 2003-2012 time period. According to the performed analysis, Russian stock market, despite relatively high development level in some aspects, copes with many problems such as high concentration level or high percentage of listed companies from only a few sectors, mostly industries linked with commodities. Another important barrier is undeveloped and ineffective financial supervision system. As a result, Russian companies choose foreign markets to raise capital through stock offerings, as evidenced by considerable capitalization and liquidity of Russian stocks listed abroad (mostly in London) but also, above all, by increasing relative value of foreign IPOs. This paper is valuable due to the fact Russian stock market is mostly neglected in research. Moreover, Russian companies listed abroad are almost absent as a separate research subject because they are usually treated as a part of the stock market in the country of their listing.
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Details
- Category:
- Monographic publication
- Type:
- rozdział, artykuł w książce - dziele zbiorowym /podręczniku w języku o zasięgu międzynarodowym
- Title of issue:
- International Context of Business Environment: Selected Evidence from CEE and SEE Countries strony 55 - 63
- Language:
- English
- Publication year:
- 2014
- Bibliographic description:
- Marszk A.: Russian companies on foreign stock markets: alternative to domestic market?// International Context of Business Environment: Selected Evidence from CEE and SEE Countries/ ed. Adam Marszk Gdańsk: Gdańsk University of Technology Publishing House, 2014, s.55-63
- Verified by:
- Gdańsk University of Technology
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