Capital Market Development in Russia
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چکیده
• issuance of 147,000,000 privatization checks (vouchers) as freely transferable bearer securities, accepted by the State as payment for shares of privatized enterprises (huge educational effect, redistribution of ownership and creation of the securities market); • massive transformation of state-owned enterprises into joint-stock companies and issue of shares of privatized enterprises; • voucher privatization resulted, among other things, in appearance of over 40,000,000 retail shareholders (individuals) in Russia and in establishment of first Russian institutional investors (voucher investment funds).
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