In 1997, France Telecom, the state-owned French telephone company, went through a partial privatization. We adapt a standard neoclassical model to predict how employees might respond to the firm's offer to sell them various classes of shares. Using a database that tracks over 200,000 eligible...

In this paper, we study a well-known real option: the opening and closing of mines. Using a new database that tracks the annual opening and closing decisions of 285 developed North American gold mines in the period 1988-1997, we confirm many of the predictions from real options models. In...

In 1997, France Télécom, the French telecommunications firm, went through a partial privatization. The government offered current and prior France Télécom employees the opportunity to buy portfolios of shares with various combinations of discounts, required holding periods, and levels of...

In 1997, France T‚l‚com, the state-owned French telephone company, went through a partial privatization. The government offered current and prior France T‚l‚com employees the opportunity to buy portfolios of shares with various combinations of discounts, required holding periods,...

This paper examines the expropriation of a foreign investor by a local partner and the subsequent resolution of that case through international arbitration in favor of the investor. Despite the investor's 99% interest in joint venture, the local partner managed to divert the entire value of the...

SUBJECT AREAS: International finance, Joint Ventures, Negotiations, Political risk, Shareholders relationsCASE SETTINGS: Czech Republic; Broadcasting industry; $170 million revenues; 1997This case examines how insiders can expropriate value from shareholders in emerging markets when property...