In this paper we investigate how privatization affects stock return volatility. We show that privatization is related … to volatility via political risk. In particular, a privatization program that is maintained over time signals credibility …, which reduces political risk and in turn volatility. We further show that privatization is associated with lower …

In this paper we investigate how the progress of market-oriented reforms such as privatization affects stock return … volatility and how this impact varies with the level of economic development. We show that privatization is related to volatility … via political risk. Indeed, a privatization program maintained over time signals government credibility, and this process …

. Specifically, we examine the determinants of residual state ownership after privatization over a window of up to six years after … privatization is politically shaped and constrained, and hence obeys to a dynamic that is different from one country to another …