We investigate the control structure of 221 privatized firms from 27 emerging countries over the period 1980 to 2001. Specifically, we examine the determinants of residual state ownership after privatization over a window of up to six years after divestiture. We find that the residual state...

To investigate the control structure of newly privatized firms, we use a unique database of 221 privatized firms operating in 27 emerging countries over the 1980-2001 period. Specifically, we examine the determinants of residual state ownership after privatization over a window of up to six...

In this paper we examine the link between state ownership and the choice of public debt versus bank debt in an international context. Using a large sample of privatized firms from 62 countries over the 2001-2014 period, we find that state ownership is significantly positively associated with the...

Using a large hand-collected database of 605 privatized firms from 48 countries, we examine the relationship between the collectivism measure of culture and residual state ownership in privatized firms. We find that the continued role of government in privatized firms is positively related to...

We analyze the importance of Internal Revenue Service (IRS) monitoring to equity pricing in U.S. public firms. Our evidence from large samples implies that equity financing is cheaper when the probability of an IRS audit is higher, enabling investors to learn more about the firm. Reflecting its...