Russian Voucher Funds
Investment Criteria

(% of respondents assessing factor at given level of importance)
				Very 	Moderate      Not Imp.
Profitability			64.6	29.2		 6.2
Liquidity of shares		60	26.9		13.1
Value of real estate		58.5	29.2		12.3
Quality of production equipment	46.9	43.9		 9.2
Location of company		42.3	43.9		13.8
Personal Contacts with company                              
management			39.2	34.6		26.2
Business connections with other                             
companies in fund's portfolio	35.4	34.6		30.0
Expected management cooperation                             
to overcome emp. resistance	32.3	38.5		29.2
Sales revenue			23.1	53.1		23.8
Quality of company management	20	47.7		32.3
Access to state credits		16.2	32.3		51.5
Large stake held by the state	14.6	26.2		59.2
Access to non-state                                         
sources of finance		12.3	27.7		60.0

SourceFrydman, Pistor, and Rapaczynski, Table 10.

topic Enterprise Restructuring in the FSU