Monday, October 8, 2012

Economists Say Navalny's Blog Influences Russian Stock Market

A group of Russian economists published an article analyzing the influence of Russian anti-corruption blogger and shareholder activist Alexey Navalny's blog on Russian stock market. Specifically, they studied the consequences of his critical blog postings (often alleging corruption) about state-controlled companies on the stock prices of those companies. The economists discovered that critical postings result in a decrease of the relevant stock price. According to the study, the immediate effect is 0.5-0.9% of the stock price, and the negative effect lasts for about a month. The economists also noticed that on the days when Navalny's blog was down because of DDoS attacks, the market of relevant stocks showed signs of recovery. (article)


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