Pajuste Anete

Position : Associate Professor. BSc Courses: Accounting and Finance, Financial Economics; BSc Specialisation Course: Finance
Unit: Economics Faculty

Contact information:

Office phone: +371 67015841

Short professional bio:

Anete Pajuste holds a PhD in Finance from the Stockholm School of Economics, Sweden. During her doctoral studies, she spent a year as a visiting research fellow at the Harvard University and a semester at the European Central Bank.  Her primary research focus is on the issues of investor protection and corporate governance. Her articles have appeared in several journals including the Journal of Corporate Finance, the Corporate Governance International Review, the Oxford Review of Economic Policy, and the Economics of Transition.

Prof. Pajuste has been teaching accounting and finance related courses since 2000, at the undergraduate, MBA and executive education level, and has an extensive experience and training in participant centered learning methods such as cases and experiential learning. Prior to joining SSE Riga, Anete was teaching at the RTU Riga Business School, where her last appointment was the Academic Director of MBA programs.

In parallel with her academic work, Anete serves as a consultant on firm valuation, costaccounting, investment management, and financial planning issues. She worked as a financial advisor to the CEO at the JSC “Latvijas Pasts” for more than 2 years. Since 2007, Anete has been investing in equities, fixed income securities and real estate with an average annual portfolio return of above 17%.

Anete is a board member at the International School of Riga and the Latvian Scout and Guide fund.


PhD in Finance from the Stockholm School of Economics, Sweden

Your research interests

Investor protection; corporate governance; corporate finance

Selected publications:

1,377 citations (source: Google Scholar, September 2016). Papers with more than 100 Google Scholar cites: Multiple large shareholders and firm value (671); What do firms disclose and why? (190); Emerging owners, eclipsing markets? (159); Controlling shareholders, agency problems, and dividend policy in Finland (122)

The Media and Firm Reputation Roles in Corporate Governance Improvements: Lessons from European Dual Class Share Unifications, with Beni Lauterbach, Corporate Governance: An International Review, 2016, doi: 10.1111/corg.12153.

The Long-term Valuation Effects of Voluntary Dual Class Share Unifcations, with Beni Lauterbach, Journal of Corporate Finance, vol. 31, p. 171-185, 2015.

Private Benefits of Control and Dual-class Share Unifications, with Benjamin Maury, Managerial and Decision Economics, vol. 32, p. 355-369, 2011.

Do Good Governance Provisions Shelter Investors from Contagion? Evidence from the Russian Crisis, Economics of Transition, vol. 15(4), p. 807-824, 2007.

What Do Firms Disclose and Why? Enforcing Corporate Governance and Transparency in Central and Eastern Europe, with Erik Berglöf, 2005, Oxford Review of Economic Policy, vol. 21(2), p. 178-197, 2005.

Multiple Large Shareholders and Firm Value, with Benjamin Maury, Journal of Banking and Finance, vol. 29, p. 1813-1834, 2005.  

Emerging Owners, Eclipsing Markets? Corporate Governance in Transition, with Erik Berglöf, in “Corporate Governance and Capital Flows in a Global Economy” edited by P.K. Cornelius and B. Kogut, Oxford University Press, 2003.

Firm Performance and Ownership in Latvia, Baltic Economic Trends, 2003.

Controlling Shareholders, Agency Problems, and Dividend Policy in Finland, with Benjamin Maury, Finnish Journal of Business Economics, vol. 1(2), p. 15-45, 2002.

Risk Factors and Predictability of Stock Returns in Central and Eastern Europe, with Peter Högfeldt and Gatis Kepitis, Emerging Markets Quarterly, Summer, p. 7-24, 2000.

Involvement in projects:

Wage dynamics and workers’ mobility during deep recessions, with Hernan Ruffo, May 2016.

Life cycle of dual class shares, with Beni Lauterbach and Martijn Cremers.

The impact of opt-in vs. opt-out legal mechanisms on corporate decisions, with Marco Becht

Membership in professional organisations:

Ad hoc referee:Journal of CorporateFinance; Journal of Financial and Quantitative Analysis; Journal of Banking and Finance; Journal of Business Finance and Accounting; European Financial Management; Journal of Institutional Economics; Israel Science Foundation; Economics of Transition; Journal of Management and Governance; Journal of Comparative Economics; International Review of Law and Economics

Grants and awards

Grant from the Global Development Network (No.586), 2013

Grant from the Global Development Network (RRC V), 2005

Grant from the Global Development Network (RRC IV), 2004

Research fellowship, Handelsbankens Forskningsstiftelse, Sweden, 2002-2004

PhD scholarship, Stockholm School of Economics, Sweden, 2000-2002

Scholarship, Knut och Alice Wallenberg Foundation, Sweden, 1997-1998

Anders Wall Entrepreneurial Award, Anders Wall Foundation, Sweden, 1997

Scholarship for outstanding academic performance, Aldaris, Latvia, 1996-1997

Pajuste Anete