Pajuste Anete

Pajuste Anete

Professor, Head of Accounting and Finance Department. BSc Courses: Financial Economics; Business Valuation. EMBA Course: Financial Economics Department of Accounting and Finance

Anete Pajuste holds a PhD in Finance from the Stockholm School of Economics (Sweden). She is currently a Visiting Professor at the Boston University Questrom School of Business. She is also a research member of the European Corporate Governance Institute (ECGI) and a founder and board member of the Baltic Family Firm Institute (BFFI). She has been a visiting senior fellow at the Program on Corporate Governance of Harvard Law School. 

Her recent research focuses on corporate governance and controlling shareholders. In particular, she has written on the life-cycle effects of dual-class shares, boardroom racial diversity, private sanctions, and responsible investing. Anete has published in the Journal of Corporate Finance, Review of Corporate Finance Studies, Journal of Banking and Finance, and Journal of Law and Economics, among others.

Professor Pajuste has been teaching accounting and finance related courses since 2000, at the undergraduate, MBA, EMBA 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 and real estate. Prior to joining academia, Anete worked in asset management.


Research interests

ESG (boardroom diversity; unequal voting rights; divestments; stakeholder governance), law and finance, family firms


Selected publications

2,627 citations (source: Google Scholar) (June 2023)


Voice Through Divestment, ECGI Finance Working Paper No. 900/2023 (with M.Becht and A.Toniolo)

Boardroom Racial Diversity: Evidence from the Black Lives Matter Protests, ECGI Finance Working Paper No. 789/2021 (with M.Dzabarovs and R.Madesovs) (Corporate Governance: An International Review, Special Issue, November 2022)

Corporate Response to the War in Ukraine: Stakeholder Governance or Stakeholder Pressure? ECGI Finance Working Paper 839/2022 (with A.Toniolo) (10 Emory Corporate Governance and Accountability Review 1)

The Life-Cycle of Dual Class Firm Valuation, Review of Corporate Finance Studies, 2022 (with M.Cremers and B.Lauterbach)

The Effect of Domestic to Foreign Ownership Change on Firm Performance in Europe, International Review of Financial Analysis 81, May 2022 (with M.Lindemanis and A.Loze)

Loyalty Shares with Tenure Voting – Does the Default Rule Matter? Evidence from the Loi Florange Experiment, Journal of Law and Economics 63(3), 2020 (with M.Becht and Y.Kamisarenka)

Management Reporting Complexity and Earnings Management:  Evidence from the Baltic Markets, Baltic Journal of Management 16(1), 2020 (with R.Novickis and E.Poriete)

Wage dynamics and worker mobility during deep recessions, Baltic Journal of Economics 19(1), 2019 (with H.Ruffo)

The Media and Firm Reputation Roles in Corporate Governance Improvements: Lessons from European Dual Class Share Unifications, Corporate Governance: An International Review 25(1), 2017 (with B.Lauterbach)

The Long-term Valuation Effects of Voluntary Dual Class Share Unifications, Journal of Corporate Finance 31, 2015 (with B.Lauterbach)

Private Benefits of Control and Dual-class Share Unifications, Managerial and Decision Economics 32, 2011 (with B.Maury)

Do Good Governance Provisions Shelter Investors from Contagion? Evidence from the Russian Crisis, Economics of Transition 15(4), 2007

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

Multiple Large Shareholders and Firm Value, Journal of Banking and Finance 29, 2005 (with B.Maury)

Controlling Shareholders, Agency Problems, and Dividend Policy in Finland, Finnish Journal of Business Economics 1(2), 2002 (with B.Maury)

Risk Factors and Predictability of Stock Returns in Central and Eastern Europe, Emerging Markets Quarterly, Summer 2000 (with P. Högfeldt and G.Kepitis)

Book Chapters

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