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Winners of the Brazilian privatization auctions (BPAs) earned, on average, a 0.7 percent abnormal return on the days of … prevailing wisdom that auctions are the best method for governments seeking to maximize privatization revenues. Brazilian buyers …
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privatization. We investigate whether the privatization process produces a sequential impact over traffic. By employing a regression … analysis of pre-privatization and post-privatization dynamic patterns of demand to infer the demand consequences of the major … change in airport governance. We examine recent Brazilian airport privatization experience as a case. The main results …
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-controlling or "residual" state ownership framework, grounded in credible privatization and institutional theory. We propose that: 1 … signals state support for managerial initiatives; 2) the passage of time since initial privatization negatively affects … turn negative at higher state ownership levels. CARs turn sharply negative within 1-2 years from initial privatization …
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We consider a market graph model of the Russian stock market. To study the peculiarity of the Russian market we construct the market graphs for different time periods from 2007 to 2011. As characteristics of constructed market graphs we use the distribution of correlations, size and structure of...
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In this paper, we consider multivariate models for returns on Russian equities based on normal distribution, t-distribution with scalar degrees of freedom parameter and t-distribution with vector degrees of freedom parameter. Our models capture autocorrelation, volatility clustering, dynamic...
Persistent link: https://www.econbiz.de/10010760034
In this paper, we empirically test the dependence of the Russian stock market on the world stock market, world oil … prices and Russian political and economic news during the period 2001-2010. We find that oil prices are not significant after …
Persistent link: https://www.econbiz.de/10010816686