Alan Kartashkin, Maxim Kuleshov and Yulia Sazykina
The purpose of this paper is to explain new regulations for foreign securities offerings by Russian issuers.
Abstract
Purpose
The purpose of this paper is to explain new regulations for foreign securities offerings by Russian issuers.
Design/methodology/approach
The paper explains existing restrictions for insurance of depositary receipts (DRs) by Russian issuers, details additional restrictions introduced by the new regulations, and discusses other changes concerning amendment to a deposit agreement governing issuance of DRs, possible reorganization of a Russian issuer of DRs and possible termination of FSFM approval for DR issuance.
Findings
The new regulations reduce the number of Russian issuers' shares that can be traded outside of Russia in the form of depositary receipts.
Originality/value
The paper provides expert guidance by experienced Russian financial institutions and securities lawyers.
Details
Keywords
Luigi Aldieri, Maxim Kotsemir and Concetto Paolo Vinci
What is the effect of an increase of migration inflows on the R&D and innovative performance of developing countries? The purpose of this paper is to investigate the impact of…
Abstract
Purpose
What is the effect of an increase of migration inflows on the R&D and innovative performance of developing countries? The purpose of this paper is to investigate the impact of migration inflows on the R&D and innovation activity (measured as expenditures on R&D and technological innovations) in Russian regions.
Design/methodology/approach
To this end, the authors use data on 85 Russian regions for the period 2010-2016 through a multi-region economic geography model. In particular, the authors test the hypothesis about the importance of migration inflows on R&D and technological innovation activity (H1) and the hypothesis about the importance of immigrants’ (incoming migrants) human capital (measured by the education level of incoming migrants) on R&D and innovation activity (H2).
Findings
Empirical findings support the evidence in favour of a positive causal link between innovation and migration inflows. Results of our investigation are important because they suggest useful insights for formulating science and innovation policies in Russia, which is a developing country where the recent policies favouring the technological innovation as the transition period have not yet achieved a satisfying outcome.
Originality/value
This paper increases the knowledge in the field with respect to the existing literature, shedding further light on the migration inflows effects, which is a political topic to manage very relevant in all countries.