The Financial Economics of Privatization

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Oxford University Press, Jan 13, 2005 - Business & Economics - 544 pages
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Since 1981, over 100 governments around the world have raised over $1 trillion through the sale of SOEs to private investors. Privatization programs have transformed the role of the state in virtually all-major economies, and have massively increased the capitalization and liquidity of all non-U.S. stock markets. The focus of this book lies on where privatization stands today and what are the next frontiers, the why and how behind countries who privatize certain industries, whether privatization works as an economic tool and important insights relevant to financial institutions such as how to value privatized industries, how share offerings differ from private offerings, and how countries go about harnessing private capital. The book will also represent a key and unique source for information related to the details of asset sales privatization, a summary of statistics of privatized companies from 54 international stock exchanges, regulatory changes and sources for privatization information for investors, government officials, bankers and financial specialists. The volume will serve as an invaluable reference for professionals and as a core or supplementary text in privatization courses.
 

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Contents

1 The Scope of Privatization
3
2 Why Do Countries Privatize?
31
3 How Do Countries Privatize?
68
4 Empirical Evidence on Privatizations Effectiveness in Nontransition Economies
102
5 Empirical Evidence on Privatization in Transition Economies
154
6 The Structure and Investment Performance of Privatization Share Offerings
203
7 Privatizations Impact on Financial Market Development
234
Telecommunications
270
Energy and Airlines
348
11 The Lessons and Future of Privatization
388
Appendix 1 Sample Firms Privatized Through Public Share Offerings 1961August 2003
407
Appendix 2 Contact Information for National Privatization Commissions
449
Notes
457
References
469
Index
505
Copyright

Commercial Banking
310

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