Dastidar, Siddhartha G.; Fisman, Raymond; Khanna, Tarun - In: Journal of Financial Economics 89 (2008) 3, pp. 513-526
We examine the effect of regime change on privatization. In the 2004 Indian election, the pro-reform BJP was unexpectedly defeated by a less reformist coalition. Stock prices of government-controlled companies that had been slated for privatization by the BJP dropped 3.5% relative to private...