Pajuste Anete

Anete Pajuste holds a PhD in Finance from the Stockholm School of Economics (Sweden). She has also been a visiting research fellow at Harvard University. Her primary research focus is on corporate governance, corporate finance and law and finance. 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 Journal of Banking and Finance. She is a research member of the European Corporate Governance Institute (ECGI).

Professor 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.

In parallel with her academic work, Anete serves as a consultant on firm valuation, cost accounting, investment management and financial planning issues and shares her practical knowledge from investing in equities, index funds and real estate.

Research interests

Investor protection; corporate governance; corporate finance

Selected publications

2,116 citations (source: Google Scholar, August 2020). Papers with more than 100 Google Scholar cites: Multiple large shareholders and firm value (1000); What do firms disclose and why? (333); Controlling shareholders, agency problems, and dividend policy in Finland (190); Emerging owners, eclipsing markets? (159).

Loyalty Shares with Tenure Voting – Does the Default Rule Matter? Evidence from the Loi Florange Experiment, with Marco Becht and Yuliya Kamisarenka, Journal of Law and Economics (2020 forthcoming)

The Effect of Domestic to Foreign Ownership Change on Firm Performance in Europe, with Mārtiņš Lindemanis and Artūrs Loze, International Review of Financial Analysis (2019 forthcoming)

Wage dynamics and worker mobility during deep recessions, with Hernan Ruffo, Baltic Journal of Economics, vol. 19(1), p. 52-83, 2019.

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, vol. 25(1), p. 4-19, 2017.

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, 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.

Working papers

ESG versus AI-generated impact measures: Implications for investors, with Benjamin Maury. Working paper (July 2020).

Management Reporting Complexity and Earnings Management:  Evidence from the Baltic Markets, with Reinis Novickis and Elva Poriete, SSE Riga Working paper (December 2019). (Revise and resubmit)

The Life-Cycle of Dual Class Shares, with Martijn Cremers and Beni Lauterbach, ECGI Finance Working Paper No. 550/2018 (August 2019). (Revise and resubmit)

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 Latvijas Zinātnes Padome (lzp-2018/2-0067), 2018

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