Winners of the Brazilian privatization auctions (BPAs) earned, on average, a 0.7 percent abnormal return on the days of … the auctions. This translates into 13 percent underpricing. In contrast, using results from the literature as a reference …, seasoned share issue privatizations register less underpricing and less excess underpricing. This raises doubts about the …

accruals in the year prior to and/or in the year of privatization. The SOEs used both short term and long term accruals to … inflate reported earnings. These accruals got reversed in the post-privatization period. These findings suggest that managers … of the firms under privatization were engaged in earnings management to inflate their firms' financial worth to maximize …

-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 …

implemented via a simple two-stage qualifying auction. In the first stage of the qualifying auction, non-binding bids are … submitted to determine who enters the second stage, which consists of a standard second-price auction augmented with a reserve …

discount at privatization IPOs than at private issues, and a positive relation between underpricing and the proportion of …This paper investigates the determinants of underpricing at initial public offerings in theHungarian Initial Public … that the transition related determinants of underpricing disappear as the securities market becomes more mature. …

discount at privatization IPOs than at private issues, and a positive relation between underpricing and the proportion of …This paper investigates the determinants of underpricing at initial public offerings in theHungarian Initial Public … that the transition related determinants of underpricing disappear as the securities market becomes more mature. …

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 … privatization processes by means of exchangeable bonds i.a. in Germany and in Austria. Most of such operations, e.g. German Deutsche …