Hermitage's Russian Quandary

What issues confront companies doing business in countries that lack well developed legal and political infrastructure?
Eric Werker, Ray Fisman, Lauren Weber  | Spring 2011
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In June 2007, the offices of Russian hedge fund Hermitage Capital were raided by Moscow police; in the months that followed, Hermitage founder Bill Browder found himself banned from Russia and fending off efforts to expropriate the fund's Russian assets. This case describes the challenges faced by Hermitage in responding to these threats, and more broadly discusses the perils of doing business in a business environment with weak legal and political institutions.

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