TY - JOUR T1 - Using Performance-Based Share-Adjustment Mechanisms or “Ratchets” in Economies in Transition JF - The Journal of Private Equity SP - 53 LP - 62 DO - 10.3905/jpe.2008.710905 VL - 11 IS - 4 AU - Darek Klonowski AU - Daria Golebiowska-Tataj Y1 - 2008/08/31 UR - https://pm-research.com/content/11/4/53.abstract N2 - While “ratchets” have been widely used by venture capitalists when making transactions in Western countries, these instruments are only now being tested in transition economies. This article focuses on performance-based share adjustment mechanisms, in the context of one of the leading producers of ice cream in Russia. The case describes the challenges of using these types of instruments in the Russian environment.TOPICS: Private equity, emerging, legal/regulatory/public policy, fundamental equity analysis ER -