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The performance of state-owned enterprises and newly privatized firms: Empirical evidence from Egypt
Omran, Mohammed - 2002
Even though it is well documented that privatization leads to an improvement in the performance of state … because it does not consider the performance of control firms of similar pre-privatization situations, i.e. the performance of … following privatization. Matching sample firms (privatized) to control firms (SOEs), I document that privatized firms do not …
Persistent link: https://www.econbiz.de/10011335746
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Share Issuing Privatizations in China: Determinants of Public Share Allocation and Underpricing
Quan, Qi; Huyghebaert, Nancy - 2005
Using data on 451 Chinese privatizations over the period 1994-2002, this paper empirically investigates the firm and stock market characteristics that detfirmine the size of the portion of new shares sold to the general public and underpricing at SIP-time. We find that poor perfirmance and...
Persistent link: https://www.econbiz.de/10010313366
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Financial constraints in China: firm-level evidence
Poncet, Sandra; Steingress, Walter; Vandenbussche, Hylke - 2008
This paper uses a unique micro-level data-set on Chinese firms to test for the existence of a "political-pecking order" in the allocation of credit. Our findings are threefold. Firstly, private Chinese firms are credit constrained while State-owned firms and foreign-owned firms in China are not;...
Persistent link: https://www.econbiz.de/10010313422
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Retained State Shareholding in Chinese PLCs : Does Government Ownership Reduce Corporate Value?
Tian, Lihui; Estrin, Saul - 2005
The role of government shareholding in corporate performance is central to an understanding of China?s newly privatized large firms. In this paper, we analyze shareholders as agents that can both harm and benefit companies. We examine the ownership structure of 826 listed corporations and find...
Persistent link: https://www.econbiz.de/10010262209
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Capital Structure and Regulation: Does Ownership Matter?
Cambini, Carlo; Bortolotti, Bernardo; Rondi, Laura; … - 2007
We construct a comprehensive panel data of 96 publicly traded European utilities over the period 1994-2005 in order to study the relationship between the capital structure of regulated firms, regulated prices, and investments, and examine if and how this interaction is affected by ownership...
Persistent link: https://www.econbiz.de/10010312393
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Determinants of Capital Market Reactions to Seasoned Equity Offers by German Corporations
Gebhardt, Günther; Heiden, Stefan; Daske, Holger - 2001
Our study provides evidence on the share price reactions to the announcement of equity issues in Germany, where capital market is characterized by institutional features distinct from the U.S. market. German seasoned equity issues yield a positive market reaction which contrasts to the...
Persistent link: https://www.econbiz.de/10010316306
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Postprivatization Corporate Governance: the Role of Ownership Structure and Investor Protection
Boubakri, Narjess; Cosset, Jean-Claude; Guedhami, Omrane - 2003
We investigate the role of ownership structure and investor protection in postprivatization corporate governance. We find that the government relinquishes control over time, mainly to the benefit of local institutions and foreign investors. We also show that private ownership tends to...
Persistent link: https://www.econbiz.de/10011325056
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Privatization and labor force restructuring around the world
Chong, Alberto; López-De-Silanes, Florencio - 2002
Critics of privatization argue that poor labor force restructuring is a key concern and that governments should … owners after privatization. Our results show that adverse selection plagues retrenchment programs carried out by governments … before privatization. Controlling for endogeneity, several labor retrenchment policies yield a negative impacton net …
Persistent link: https://www.econbiz.de/10011335776
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Intra-industry effects of privatization announcements: Evidence from developed and developing countries
Otchere, Isaac - 2002
We examine the stock price reaction of rival firms to privatization announcements to infer information about industry … effects of privatization. We find that the rival firms reacted negatively to privatization announcements, thus suggesting that … the announcement effects reflect competitive considerations rather than positive industry-wide effects. In comparison, we …
Persistent link: https://www.econbiz.de/10011335779
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Privatization and Productivity in Romanian Industry: Evidence from a Comprehensive Enterprise Panel
Earle, John S.; Telegdy, Álmos - 2001
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 …
Persistent link: https://www.econbiz.de/10010262532