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Recent studies suggest a considerable amount of horizontal strategic interaction amongst governments exists. The empirical approach in these studies typically relies on estimating reaction functions in a uni-dimensional policy framework, where a nonzero slope estimate suggests strategic...
Persistent link: https://www.econbiz.de/10011596979
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
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
We investigate the role of ownership structure and investor protection in postprivatization corporate governance. We find that the government relinquishes control over time, mainly to the benefit of local institutions and foreign investors. We also show that private ownership tends to...
Persistent link: https://www.econbiz.de/10011591071
This paper provides a pan-European assessment of EU credit guarantees to SMEs. Synthesizing past research, it investigates the firm-level economic impact of over 360,000 guaranteed loans under the EU MAP and CIP programmes from 2002 to 2016. These loans represented a total amount of EUR 22bn...
Persistent link: https://www.econbiz.de/10012021696
This working paper investigates the economic effects of guaranteed loans granted under the EU programmes MAP and CIP on SMEs' growth in Italy, the Benelux and the Nordic countries (Denmark, Finland, Norway and Sweden) from 2002 to 2016. In these macro-regions, the facilities supported 174,107...
Persistent link: https://www.econbiz.de/10011963850
This paper provides a policy-oriented summary of the econometric study commissioned by the European Court of Auditors, in the context of its audit of EU-funded loan guarantee instruments.2 The study assesses the real performance effects of EU-guaranteed loans to SMEs disbursed in France during...
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