Using data from the Bulgarian mass privatization auctions, we analyze the bids submitted by institutional investors for shares in newly privatized firms. The results support the hypothesisthat there are private benefits of control that accrue to large blockholders. Institutions with ex ante...

In our article we present the use of hybrid securities in the privatization process. We show that exchangeable bonds may be successfully applied during privatization of state companies throughout the world. It may be profitable for many reasons. Firstly, the exchangeables offer a much lower...

We study the effect of board governance in state-owned and private banks by undertaking a study of commercial banks in India that has both bank groups. Covering a ten-year period from 2003 to 2012 that witnessed a large number of governance reforms in India, the results of our empirical analysis...

The role of government shareholding in corporate performance is central to an understanding of China?s newly privatized large firms. In this paper, we analyze shareholders as agents that can both harm and benefit companies. We examine the ownership structure of 826 listed corporations and find...

We construct and analyze a unique database with 1992-99 information on privatization transactions and labor productivity for the entire surviving population of initially state-owned industrial corporations in Romania. The data permit us to describe the post-privatization ownership structure and...

Our research tests the difference in investment efficiency between state-owned enterprises (SOEs) and private firms and then evaluates the effect of privatisation and equitisation policies on the investment efficiency of former state owned enterprises (SOEs). We use a novel dataset from Viet Nam...

Using a unique sample of exchangeable bond issues carried out in seven countries since the 2000s, this paper investigates the role of hybrid debt in the privatization of state-owned enterprises (SOEs) via government-controlled investment vehicles. This research shows that so far, sixteen series...

Comprehensive panel data on privatization transactions and labor productivity in Romanian industrial corporations are used to describe the post-privatization ownership structure, and to estimate the effect of Romania's diverse privatization policies on firm performance. The econometric results...

Our research tests the difference in investment efficiency between state-owned enterprises (SOEs) and private firms and then evaluates the effect of privatisation and equitisation policies on the investment efficiency of former state owned enterprises (SOEs). We use a novel dataset from Viet Nam...

In our article we present the use of hybrid securities in the privatization process. We show that exchangeable bonds may be successfully applied during privatization of state companies throughout the world. It may be profitable for many reasons. Firstly, the exchangeables offer a much lower...