Purpose – The purpose of this paper is to investigate returns of initial public offerings (IPOs) in an emerging market … and differences in the returns of privatized and non‐privatized offerings. Design/methodology/approach – Market …‐adjusted return is computed as daily cumulative excess returns for six‐ and 12‐month periods. Long‐run performance is measured by …

"An examination of privatization from an economic perspective. The authors evaluate the effects of ownership transfer …