Makhija, Anil K; Spiro, Michael - In: The Financial Review 35 (2000) 3, pp. 1-31
Using a sample of 988 newly privatized Czech firms, with part of the ownership structure exogenously determined prior to voucher privatization, we find that share values are positively related with the ownership stakes of foreigners, insiders, and restituents. While the findings for foreigners...