-cost firm under incomplete information: a separating auction implies adverse selection and relies substantially on commitment to … allocation and transfer rules. A pooling auction serves as a commitment device against ex-post opportunistic behavior and … alleviates adverse selection. It can earn the investor a higher expected payoff than a separating auction, even when consistency …

Privatisation, i.e. the transfer of ownership and control of state-owned enterprises, is a worldwide phenomenon. Which … of privatisation method appear to be influenced by the governing political majority and public sector budget constraints …, while the success of privatisation in terms of revenues and stakes sold requires suitable institutions and developed capital …

This paper presents new evidence about privatisation processes and their determinants from a panel of 34 countries over … the 1977-99 period. The empirical analysis shows that privatisation takes place typically in wealthy and democratic … budget constraints. But the extent of privatisation in terms of revenues and stakes sold appears more limited in civil law …

firms as well as all the banks and public services were state-owned. Since then, a series of privatization moves have caused …

This paper carries out an overview of the recent history of privatisation in Spain. At this point, the paper focuses on … argued that privatisation policy has been inconsistent with the liberalising measures, reflecting the conflict between the … empirical evidence on the economic consequences of privatisation on firms’ and markets’ performance, with a particular emphasis …

This chapter looks at the UK’s privatisation experiment, which began from the late 1970s. It considers the background …’s privatisation experiment, including the importance of developing competitive markets and, in their absence, effective regulatory …