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Buying to sell : private equity buyouts and industrial restructuring

Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - 2013

We show how temporary ownership by private equity firms affects industry structure, competition and welfare. Temporary ownership leads to strong investment incentives because equilibrium resale prices are determined by buyers incentives to block rivals from obtaining assets. These incentives...

Persistent link: https://www.econbiz.de/10009772935

Modelling profitability of private equity : a fractional integration approach

Caporale, Guglielmo Maria; Gil-Alaña, Luis A.; … - 2022

This paper analyses the stochastic behaviour of Private Equity returns (a measure of profitability) applying fractional integration methods to an extensive dataset including quarterly data spanning the last four decades for various geographical areas (US, Europe, Asia/Pacific, the Rest of the...

Persistent link: https://www.econbiz.de/10013285647

Diversification power of real estate market securities : the role of financial crisis and dividend policy

Ilbasmis, Metin; Gronwald, Marc; Zhao, Yuan - 2018

This paper investigates dynamic conditional correlations between stock and REIT markets in both Turkey and the U.S. We use an Asymmetric DCC - GJR - GARCH model to estimate the dynamic conditional correlation at daily, weekly, and monthly frequencies. Our contribution is threefold. First, we...

Persistent link: https://www.econbiz.de/10011845163

Privatization in Italy 1993-2002 : goals, institutions, outcomes, and outstanding issues

Goldstein, Andrea - 2003

This paper describes the privatization program in Italy during the 1990s and puts that policy in the context of … attempts at privatization of the 1980s, delaying until 1992 the start of largescale privatizations. These were imposed on … analysis of the consequences of privatization on corporate governance show that, notwithstanding considerable changes in the …

Persistent link: https://www.econbiz.de/10011507688

Voter support for privatizing education : evidence on self-interest and ideology

Merzyn, Wolfram; Ursprung, Heinrich W. - 2003

Economic theory advances various arguments in favor of and against privatizing education. In this paper we investigate the extent to which these arguments influence voters opinions. We analyze two popular referenda in which some 400,000 voters in two Swiss cantons expressed their opinions on the...

Persistent link: https://www.econbiz.de/10011508114

External constraints matter for privatizations

Petrarca, Ilaria; Ricciuti, Roberto - 2014

We present an analysis of the share of public ownership in the product market in the OECD countries from 1974 to 2007. Despite much has been said on the broad topic of reforms and regulation, a sector-specific insight is missing. We replicate the analysis of Galasso (2014) by sector of activity...

Persistent link: https://www.econbiz.de/10010426052

Privatising network industries

Newbery, David M. G. - 2004

Persistent link: https://www.econbiz.de/10011402670

Privatization in Austria : some theoretical reasons and first results about the privatization proceeds

Belke, Ansgar; Schneider, Friedrich - 2004

Persistent link: https://www.econbiz.de/10011402696

Privatization under asymmetric information

Bös, Dieter - 2000

This paper models privatization as a cooperative game between the government, a trade union and the private … shareholders. These players kno w that privatization increases the efficiency of a firm, but only the management of the firm knows …

Persistent link: https://www.econbiz.de/10009781518

The big sell : privatizing East Germany's economy

Mergele, Lukas; Hennicke, Moritz; Lubczyk, Moritz - 2020

within less than five years. We examine whether the privatization authority followed its mandate to privatize competitive … investors, and are more likely to remain in business even 20 years after leaving public ownership. The privatization agency …

Persistent link: https://www.econbiz.de/10012287328