Hermitage Fund questions f2010u

Hermitage Fund questions f2010u - governance abuses(in...

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Stern School of Business New York University C30.0231.01 Prof. Barbara G. Katz Economies in Transition Fall 2010 Questions for the Hermitage Fund: Media and Corporate Governance in Russia Case (HBS 9-703-010) 1. What are the various ways in which managers in Russia extract value out of their companies disproportionate to their equity stakes? Which of these methods seem to be peculiar to the Russian environment? 2. What institutions and mechanisms are normally important in decisions by insiders to divert resources, and which of these are ineffective in Russia? 3. What is Browder’s strategy? How does this differ from traditional investing? Do you agree with Browder’s contention that media attention limits corporate
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Unformatted text preview: governance abuses (in Russia, elsewhere)? How does the media affect governance decisions? 4. Is this a non-market strategy and does it matter? 5. As an investor in the Hermitage Fund, what would you advise Bill Browder to do in summer 2002? Should he refine or change this activist strategy? 6. What stands in the way of shareholder activism of this type more generally for investment funds? Is such activism good for fund investors? Is it good for the country? Prior to our class discussion, please prepare brief written answers for the questions. The answers are due in class on 12/13/10. Please make two copies, one to hand in and one for reference use during our discussion of the case....
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