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The missing shock : the macroeconomic impact of British privatisation

Florio, Massimo; Grasseni, Mara - 2004

The privatisation policy pursued in the UK by Mrs Thatcher's government (1979-1990) and subsequently by Mr Major's government (1990-1997) was the largest experiment in public divestitures among capitalist economies. It had a deep impact on economic policy-making world wide, and was vastly...

Persistent link: https://www.econbiz.de/10011606658

Privatisations as price reforms : evaluating consumers' welfare changes in the UK

Brau, Rinaldo; Florio, Massimo - 2002

This paper analyses the effects on consumers' welfare of the privatisation policy carried out in the UK since 1979. The approach we follow sees the privatisation of a State owned enterprise within the broader framework of the "policy reform" theory (Drèze and Stern, 1990). By adopting this...

Persistent link: https://www.econbiz.de/10011597634

The abnormal returns of UK privatisations : from underpricing to outperformance

Florio, Massimo; Manzoni, Katiuscia - 2002

This paper offers a review and discussion of the evidence concerning the underpricing and long run performance of British PIPOs (Privatisation Initial Public Offerings) between 1977-1996, i.e. from the first privatisation under a Labour Government (British Petroleum), until the last ones by a...

Persistent link: https://www.econbiz.de/10011597836

Privatization and investment : crowding-out effects vs financial diversification

Girmens, Guillaume; Guillard, Michel - 2002

In this paper, we study the effect of share issue privatization (SIP) on private investment and financial market under … privatization (crowding-out effect). Vice-versa with risk aversion and perfect intertemporal substitutability (diversification … of the crowding-out effect, when the revenues of privatization are devoted to present public consumption. …

Persistent link: https://www.econbiz.de/10011598289

Selling company shares to reluctant employees : France Telecom's experience

Degeorge, François; Jenter, Dirk; Moel, Alberto; … - 2002

In 1997, France Telecom, the state-owned French telephone company, went through a partial privatization. We adapt a …

Persistent link: https://www.econbiz.de/10011598295

Outsourcing, Market Structure and Elections

Bennedsen, Morten; Schultz, Christian - 2003

Persistent link: https://www.econbiz.de/10012142270

Privatization and restructuring in concentrated markets

Norbäck, Pehr-Johan; Persson, Lars - 2004

This paper examines the restructuring of state assets in markets deregulated by privatizations and investment liberalizations. We show that the government has a stronger incentive to restructure than the buyer: A firm restructuring only takes into account how much its own profit will increase....

Persistent link: https://www.econbiz.de/10011606525

The political economy of privatization : why do governments want reforms?

Börner, Kira Astrid - 2004

International organizations promote privatization as precondition for economic development. But is there really too … little privatization? This political economy model asks for the incentives of governments to privatize or restructure a state …-owned firm. Different government types are compared to identify the political and institutional determinants of privatization …

Persistent link: https://www.econbiz.de/10011606637

Privatisation methods and economic growth in transition economies

Bennett, John; Estrin, Saul; Maw, James W.; Urga, Giovanni - 2004

We investigate the impact of differences in privatisation method on national economic performance in transition economies. Our approach is to estimate, using dynamic panel data methods, a growth equation over 23 countries for the period 1990-2001. Among our results, we find that mass...

Persistent link: https://www.econbiz.de/10011606670

Reluctant privatization

Bortolotti, Bernardo; Faccio, Mara - 2004

through 2000. We find that governments do not relinquish control after privatization. We show that the market-to-book ratios …

Persistent link: https://www.econbiz.de/10011606983

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