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

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 … political systems. On the contrary, in consensual democracies privatization seems delayed by a "war of attrition" among …

Share issue privatization - i.e. privatization on public equity markets - is often claimed to foster stock market … development. In this paper, we provide an empirical assessment of this claim, testing the role of privatization on two market … liquidity measures in a panel with monthly data of 19 developed economies. Privatization is shown to be key in improving …