The role of government shareholding in corporate performance is central to an understanding of China?s newly privatized … ownership structure of 826 listed corporations and find that government shareholding is surprisingly large. Its effect on … corporate value is found to be negative, but non-monotonic. Up to a certain threshold, corporate value decreases as government …

data permit us to track the privatization process and to estimate the impact of privatization within industry-year cells … majority privatized versus state-owned firms. The gap increases with time since privatization, reaching about 15-17% five years … after privatization. It also increases with calendar time although recent privatizations are associated with smaller …

In our article we present the use of hybrid securities in the privatization process. We show that exchangeable bonds … may be successfully applied during privatization of state companies throughout the world. It may be profitable for many … reasons. Firstly, the exchangeables offer a much lower coupon in comparison with the ordinary government bonds which may be …

We construct and analyze a unique database with 1992-99 information on privatization transactions and labor … describe the post-privatization ownership structure and to test the effect of alternative privatization policies on firm … and domestic blockholders, but insider and mass privatization are also estimated to have positive, although smaller …

investigates the role of hybrid debt in the privatization of state-owned enterprises (SOEs) via government-controlled investment … in Europe and Asia. Moreover, in some cases, the privatization of SOEs by means of exchangeables can prove to be a more … shareholders. Third, the entire privatization process tends to be more flexible for issuers in that they can perceive exchangeables …

We analyze the effects of privatization on firm-level wages and employment in four transition economies. Contrary to … workers' fears, our fixed effect and random trend estimates imply little effect of domestic privatization, except for a slight … countries. The negligible employment impact of domestic privatization results from effects on efficiency and scale that are …

Comprehensive panel data on privatization transactions and labor productivity in Romanian industrial corporations are … used to describe the post-privatization ownership structure, and to estimate the effect of Romania's diverse privatization … transfers and mass privatization are estimated to have significantly smaller-although still positive-effects on firm performance. …

This paper estimates the effects of privatization on worker separations and wages using retrospective data from a … differences and to assess types of observable 'winners' and 'losers' from privatization. Preprivatization worker-firm matches are … used to control for unobservables in worker and firm selection. The results imply that privatization reduces wages by 5 …

This paper estimates the effect of domestic and foreign privatization on multifactor productivity (MFP) using long … the data is used to measure and control for pre-privatization selection bias and to estimate long-run impacts. The data … imply steadily increasing MFP as a result of domestic privatization, reaching about 25 percent relative to state-owned firms …

We analyze the impact of privatization on multifactor productivity (MFP) using long panel data for nearly the universe … employing a wide variety of measurement approaches, we estimate that majority privatization raises MFP about 28% in Romania, 22 …%. Privatization to foreign rather than domestic investors has a larger impact (about 44%) and is much more consistent across countries …