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Profiting from Government Stakes in a Command Economy : Evidence from Chinese Asset Sales

Calomiris, Charles - 2008

contrast to the "privatization premium" found in earlier work, we find a negative effect of government ownership on returns at … that personal ties can substitute for the benefits of government ownership. The "privatization discount" is higher for … relatively high welfare payments to employees, which presumably would fall with privatization, benefit disproportionately from …

Persistent link: https://www.econbiz.de/10012464873

Testing Limits to Policy Reversal : Evidence from Indian Privatizations

Dastidar, Siddhartha G. - 2007

We examine the effect of regime change on privatization using the 2004 election surprise in India. The pro-reform BJP … slated for definite privatization by the BJP dropped by 3.5 percent relative to private firms. Surprisingly, government …-controlled companies that were only under study for possible privatization fell by 7.5 percent relative to private firms. We interpret this …

Persistent link: https://www.econbiz.de/10012465222

Corruption in Chinese Privatizations

Fisman, Raymond - 2014

We document evidence of corruption in Chinese state asset sales. These sales involved stakes in partially privatized firms, providing a benchmark - the price of publicly traded shares - to measure underpricing. Underpricing is correlated with deal attributes associated with misgovernance and...

Persistent link: https://www.econbiz.de/10012458575

Private Returns to Public Office

Fisman, Raymond - 2012

We study the wealth accumulation of Indian parliamentarians using public disclosures required of all candidates since 2003. Annual asset growth of winners is on average 3 to 6 percentage points higher than runners-up. By performing a within-constituency comparison where both runner-up and winner...

Persistent link: https://www.econbiz.de/10012460564

The Distributional Preferences of Americans

Fisman, Raymond - 2014

We measure the distributional preferences of a large, diverse sample of Americans by embedding modified dictator games that vary the relative price of redistribution in the American Life Panel. Subjects' choices are generally consistent with maximizing a (social) utility function. We decompose...

Persistent link: https://www.econbiz.de/10012458519

Financial development and growth in the short and long run

Fisman, Raymond - 2004

"We analyze the relationship between financial development and inter-industry resource allocation in the short- and long-run. We suggest that in the long-run, economies with high rates of financial development will devote relatively more resources to industries with a 'natural' reliance on...

Persistent link: https://www.econbiz.de/10010523015

Financial Development and Growth in the Short and Long Run

Fisman, Raymond - 2004

We analyze the relationship between financial development and inter-industry resource allocation in the short- and long-run. We suggest that in the long-run, economies with high rates of financial development will devote relatively more resources to industries with a 'natural' reliance on...

Persistent link: https://www.econbiz.de/10012468457

Financial Dependence and Growth Revisited

Fisman, Raymond - 2003

In this note, we revisit an earlier, highly influential paper on Financial Dependence and Growth by Rajan and Zingales (1998), by re-examining their assumptions, and the robustness of their results to alternative theories and interpretations. We first show that they may be implicitly testing...

Persistent link: https://www.econbiz.de/10012469117

Financial Development and the Composition of Industrial Growth

Fisman, Raymond - 2003

We re-examine the role of financial market development in the intersectoral allocation of resources. Specifically, we propose the use of a new methodology that looks at the co-movement in growth rates across pairs of countries to examine the role of financial development in allowing firms to...

Persistent link: https://www.econbiz.de/10012469127

Are Politicians Really Paid Like Bureaucrats?

Tella, Rafael Di - 2002

We provide the first empirical analysis of gubernatorial pay. Using US data for 1950-90 we document, contrary to widespread assumptions, substantial variation in the wages of politicians, both across states and over time. Gubernatorial wages respond to changes in state income per capita and...

Persistent link: https://www.econbiz.de/10012469545