Investment Behaviour in Czech Voucher Privatization

The paper analyses the investment behaviour of individual investors and privatization funds if the first wave of the voucher privatization using Czech data. It first summarizes privatization methods applied in the case of the Czech Republic and the rules of voucher privatization. Then a simple econometrics analysis is presented. It shows a significant difference between two groups of investors, namely individual investors and institutional investors. The crucial question which is put in the rest of the paper is: "Which group of investors was more successful in the investment of their voucher points?" There are several methods, both qualitative and quantitative, presented to answer this question. The paper concludes with several possible interpretations of the results