Russia's Billionaires

Treisman, Daniel

doi:10.1257/aer.p20161068

Cited by 25 publications

(14 citation statements)

References 12 publications

(12 reference statements)

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“…The Rich List has expanded from initially covering the 50 richest businesspeople in 1999 to 100 between 2001 and 2004, 400 in 2005, 500 in 2006, 800 in 2007, and around 1,000 between 2008 and 2012. 8 The Rich List uses publicly available data and its own research and interviews with relevant parties 7 Likewise, popular belief suggests the fortunes of the super-rich in Russia reflect the vast rents associated with natural resources or the opportunities created by the economic transition (Treisman [2016]). 8 The threshold to be included in the Rich List varies over time.…”

Section: The Hurun Richmentioning

confidence: 99%

Public Attention and Auditor Behavior: The Case ofHurun Rich Listin China

Qing

2020

J of Accounting Research

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Adverse client publicity can entail regulatory scrutiny over audited financial statements and impose political costs on auditors. We use the changes in client publicity caused by their controlling owners' presence on the Hurun Rich List (the rich listing) in China to test the hypothesis that auditor conservatism increases with client publicity. Our evidence indicates auditors issue more adverse audit opinions to clients and charge higher fees following the rich listing events. Moreover, we observe that auditors strategically respond to clients with different attributes-for clients whose owners accumulated wealth in a more questionable manner, auditors choose more stringent audit reporting to better defend themselves from regulatory scrutiny; for clients without such attributes, auditors primarily rely on increasing audit fees to cope with any post-listing increase in audit risks. Our analyses also suggest the impacts of rich listings tend to be concentrated among large audit firms with stronger reputation concerns or among engagement auditors with more conservative reporting styles. By showing how auditors manage political risks associated with heightened public scrutiny, we contribute to both the auditing and political cost literature. JEL codes: D72; L82; L84; M42

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Section: The Hurun Richmentioning

confidence: 99%

Public Attention and Auditor Behavior: The Case ofHurun Rich Listin China

Qing

2020

J of Accounting Research

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“…Analyzing the latter group requires more fine tuned assumptions as well as better data on the top part of the income distribution such as tax information. As such, we refer interested readers to the comprehensive studies by Novokmet et al (2018) for the top 1 percent of the income distribution, and Treisman (2016) for the number of billionaires in the country.…”

Section: Top Incomesmentioning

confidence: 99%

Inequality And Welfare Dynamics In The Russian Federation During 1994-2015

Dang¹,

Lokshin²,

Abanokova

et al. 2018

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Russia offers the unique example of a leading centrally planned economy swiftly transforming itself into a market-oriented economy. We offer a comprehensive study of inequality and mobility patterns for Russia, using multiple rounds of the Russian Longitudinal Monitoring Surveys over the past two decades spanning this transition. We find rising income levels and decreasing inequality, with the latter being mostly caused by pro-poor growth rather than redistribution. The poorest tercile experienced a growth rate that was more than 10 times that of the richest tercile, leading to less long-term inequality than short-term inequality. We also find that switching from a part-time job to a full-time job, from a lower-skill job to a higher-skill job, or staying in the formal sector is statistically significantly associated with reduced downward mobility and increased income growth. However, a similar transition from the private sector to the public sector is negatively associated with income growth.

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“…Using network statistics, we construct a parameter that measures the political connections of Russian business elite to the ‘inner circle’ of President Vladimir Putin, and then apply both parametric and non‐parametric methods of analysis to assess the value of political connections. (See Treisman, for an overview of the Russian billionaires’ wealth.) There are two main conclusions.…”

Section: Introductionmentioning

confidence: 99%

Economic transition and the rise of alternative institutions

Lamberova

Sonin

2018

Econ Transit

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The economic transition from socialism in Russia has not resulted in the emergence of impersonal, rule‐based institutions. Instead, the natural demand for institutions that protect property rights has led to the emergence of alternative, inefficient institutions such as that of cronyism – the practice of appointing personal acquaintances of the political leader to key positions. A political leader not constrained by institutions appoints cronies, as competent subordinates are more prone to switching allegiance to a potential challenger. As competence makes a bigger difference in a rule‐based environment, such a leader has no interest in any institutional development. In a simple empirical exercise, using a dataset that covers the richest Russians, we find a positive and significant effect of direct connections to the personal circle of President Putin on the wealth of businessmen. The magnitude of the effect varies at different levels of rents available for redistribution and ‘network centrality of a businessman’: it is higher during the years of high oil prices, but is attenuated by the prominence of the businessman in the network.

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Russia's Billionaires

Cited by 25 publications

References 12 publications

Public Attention and Auditor Behavior: The Case ofHurun Rich Listin China

Public Attention and Auditor Behavior: The Case ofHurun Rich Listin China

Inequality And Welfare Dynamics In The Russian Federation During 1994-2015

Economic transition and the rise of alternative institutions

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