composition of all the investors in the companies being taken public, both before and after the IPO, as well as the portfolio … of the shareholders and relate them to both the probability of the IPO and the underpricing. We show that companies held …

how deregulation affects corporate structure. In the benchmark case where the government maximizes privatization proceeds …

We analyse the effect of ownership on post-privatization performance in a virtually complete population of medium and … large firms privatized in a model large-scale privatization economy (Czech Republic). We find that concentrated foreign …

some countries, restructuring is being undertaken by the state before privatization; in some, restructuring is delegated to … and private firms and the complementarity between the assets of state and firms. The slow pace of privatization is due to … privatization process in East Germany. It notes that five parties have been central to the reform process: the state, the …

We present evidence of major adjustment efforts in the State sector in Poland well before privatization. Extensive …

performance after privatization in the Czech Republic. We find weak evidence for the presence of managerial incentives: only in … 1997, three to four years after privatization, does poor performance significantly increase the probability of managerial …

-term increase in volume. Incentives have been surprisingly effective in meeting stated privatization objectives. A dollar spent on …

We analyse politically motivated privatization design in a bipartisan environment where politicians lack commitment … power. Suppose the median class voters a priori favour redistributive policies. If the privatization programme succeeds in …, the larger the necessary underpricing. When inequalities are large this leads to voucher privatization. Shifting the …