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This research is developed within the general framework of the study on privatization costs. Analysing the costs … basis of our results, we can evaluate the financial efficiency of the privatization through PO's in Spain, and suggest …
Persistent link: https://www.econbiz.de/10005176416
IPO underpricing or the indirect cost of going public is extremely high in China. We hypothesize that government control over the corporate economy underlies this puzzle: Bureaucratic managers in state-owned firms as well as regulatory authorities have incentives to underprice. Using a sample of...
Persistent link: https://www.econbiz.de/10012725177
) in Egypt between 1994 and 1998. Over several intervals (up to five years), I find mixed results: SIPs sustain their …
Persistent link: https://www.econbiz.de/10012739066
Privatization has been studied primarily from the standpoint of the post-privatization performance of state-owned firms … (SOEs) or of various ways of valuing and privatizing them, but little attention has been paid to the timing of privatization … privatization in the expectation that exogenous events may make the firm more valuable to outside investors in the future. In …
Persistent link: https://www.econbiz.de/10012776571
Empirical analyses of the pricing of new issues of common stock in equity markets all over the world reveal significantly larger underpricing of privatizations than ordinary initial public offerings. A model of new issue pricing which is consistent with this empirical regularity is developed in...
Persistent link: https://www.econbiz.de/10012746850
determines whether such performance differs across firms according to their new ownership structure. The Egyptian privatization … program provides unique post-privatization data on different ownership structures. Since most studies do not distinguish … between the types of ownership, this paper provides new insight into the impact that post-privatization ownership structure …
Persistent link: https://www.econbiz.de/10010938720
The Italian constitution does not mention competition. A statement in favour of an economy based on free markets could be introduced, but the European Treaties provide a sufficient integration. The Italian constitution considers the public enterprise as the remedy to excessive market power and...
Persistent link: https://www.econbiz.de/10010878177
countries, none of which systematically reprivatized firms during the 1930s. Privatization in Nazi Germany was also unique in … transferred to private ownership belonged to diverse sectors. Privatization was part of an intentional policy with multiple … financial restrictions were a central motivation. In addition, privatization was used as a political tool to enhance support for …
Persistent link: https://www.econbiz.de/10004971432
countries, none of which systematically reprivatized firms during the 1930s. Privatization in Nazi Germany was also unique in … transferred to private ownership belonged to diverse sectors. Privatization was part of an intentional policy with multiple … financial restrictions were a central motivation. In addition, privatization was used as a political tool to enhance support for …
Persistent link: https://www.econbiz.de/10005138832
, large scale privatization changes the political-economic equilibria in a dangerous way, because it splits society between …
Persistent link: https://www.econbiz.de/10005007187