independence; b) partial ownership of the state in the regulated firm; and c) the government’s political orientation, which may …), while ownership has no effect. Leverage also increases when the IRA is in place, especially so if the regulated firm is … ; Private and State Ownership ; Regulatory Independence ; Government’s Political Orientation …

We show that privatization can be beneficial even if the government is rational and benevolent, and if the firm … set optimal given this restriction. Nevertheless, the ownership structure feeds back on managerial effort because the … renegotiation is regime dependent. Public ownership is optimal if the firm operates under a serious shutdown threat. Conversely …

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. …

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

Stock market capitalization in developed countries grew while massive privatization plans were in progress. It is …

This paper discusses the most important theoretical contributions to the literature on privatization, focusing on … emerging economies, and gives a summary on recent research concerning the ways privatization might affect the development of … privatization and the reduction in social welfare and the possibility that the privatization process itself may have conflicting …

, right wing executives with re-election concerns design privatization to spread share ownership among domestic voters. …This paper provides an empirical analysis of the role of political institutions in privatization. The empirical testing … we show the likelihood and the extent of privatization to be strongly and positively associated with majoritarian …