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Going Public in Poland: Case-by-Case Privatizations, Mass Privatization and Private Sector Initial Public Offerings

Aussenegg, Wolfgang - William Davidson Institute, University of Michigan - 1999

This study compares the characteristics and the price behavior of case-by-case privatization initial public offerings …, private sector initial public offerings and the mass privatization program in Poland over the first eight years after the … sense of Perotti (1995), trying to build up reputation for its privatization policy over time by underpricing and selling a …

Persistent link: https://www.econbiz.de/10005677595

Stock Markets Liquidity, Corporate Governance and Small Firms

Tadesse, Solomon - William Davidson Institute, University of Michigan - 2005

While the importance of equity markets as a vehicle for capital formation is well recognized, their role in providing economically valuable governance services, particularly to small and medium enterprises (SME), has not received much attention. The paper examines the role of public policy in...

Persistent link: https://www.econbiz.de/10005652604

DO INSIDER TRADING LAWS MATTER? SOME PRELIMINARY COMPARATIVE EVIDENCE

Beny, Laura Nyantung - William Davidson Institute, University of Michigan - 2005

Despite the longstanding insider trading debate, there is little empirical research on insider trading laws, especially in a comparative context. The article attempts to fill that gap. I find that countries with more prohibitive insider trading laws have more diffuse equity ownership, more...

Persistent link: https://www.econbiz.de/10005784800

Bank Discrimination in Transition Economies: Ideology, Information or Incentives?

Brandt, Loren; Li, Hongbin - William Davidson Institute, University of Michigan - 2002

We study bank discrimination against private firms in transition countries. Theoretically, we show that banks may discriminate for non-profit reasons, but this discrimination diminishes with a bank’s incentives and human capital. Employing matching bank-firm data from China, we empirically...

Persistent link: https://www.econbiz.de/10005207887

Determinants of Financial Distress: What Drives Bankruptcy in a Transition Economy? The Czech Republic Case

Lízal, Lubomír - William Davidson Institute, University of Michigan - 2002

does not receive support in the ownership but the indicator of voucher privatization supports it. The initial conditions … from early 90's were not the driving the financial distress. The voucher-scheme privatization results in poorer corporate …

Persistent link: https://www.econbiz.de/10005784676

The Economic Value of Regulated Disclosure: Evidence from the Banking Sector

Tadesse, Solomon - William Davidson Institute, University of Michigan - 2006

The study examines the economic consequences of regulated disclosure in the banking sector, focusing on its impacts on the stability of banking systems. In a cross-country study of banking systems across 49 countries in the 90s, I find that banking crises are less likely in countries with...

Persistent link: https://www.econbiz.de/10005677694

Credit Ratings as Coordination Mechanisms

Boot, Arnoud W. A.; Milbourn, Todd T. - William Davidson Institute, University of Michigan - 2002

In this paper, we provide a novel rationale for credit ratings. The rationale that we propose is that credit ratings can serve as a coordinating mechanism in situations where multiple equilibria can obtain. We show that credit ratings provide a "focal point" for firms and their investors. We...

Persistent link: https://www.econbiz.de/10005489915

Privatization Versus Competition: Changing Enterprise Behavior in Russia

Earle, John S.; Estrin, Saul - William Davidson Institute, University of Michigan - 1997

We investigate whether competitive forces and privatization have yet began to play an efficiency-enhancing role in … conclude that privatization is having an impact on enterprise efficiency and restructuring but domestic market structure and …

Persistent link: https://www.econbiz.de/10005677389

The Effect of Privatization on the Wealth Distribution in Russia

Alexeev, Michael - William Davidson Institute, University of Michigan - 1997

This paper considers the Russian privatization process through the end of voucher privatization and examines how its … impossible due to the dearth of reliable data, it is feasible to analyze the institutional features of Russian privatization in … terms of their effect on redistribution of wealth. The attempt is made to consider distributional effects of privatization …

Persistent link: https://www.econbiz.de/10005677391

Original Sin, Good Works, and Property Rights in Russia: Evidence From a Survey Experiment

Frye, Timothy - William Davidson Institute, University of Michigan - 2005

particular) where privatization is often opaque and businesspeople may receive property, but remain unwilling to use it … conducted in Russia in February 2005, I find that the original sin of an illegal privatization is difficult to expunge …

Persistent link: https://www.econbiz.de/10005677425