The Financial Economics of Privatization
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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2 Why Do Countries Privatize?
3 How Do Countries Privatize?
4 Empirical Evidence on Privatizations Effectiveness in Nontransition Economies
5 Empirical Evidence on Privatization in Transition Economies
6 The Structure and Investment Performance of Privatization Share Offerings
7 Privatizations Impact on Financial Market Development
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airlines allocated Asset sale average bank privatization billion Brazil budget constraints capital markets China competition corporate governance Czech Republic developing countries divested document domestic economic effects efficiency electricity Empirical Studies employees employment examine firm performance firm’s foreign fraction France France Telecom global golden share government’s growth Hungary impact of privatization increase industry initial investment investors levels managers market capitalization median Megginson monopoly OECD operating output ownership structure panel data partially privatized percent performance improvements period PIPOs Poland political post-privatization private ownership privatization program privatization’s privatized companies privatized firms productivity profitability public share offering reforms regulation regulatory restructuring retained revenue Russia sector selling share issue privatizations shareholders Shleifer significant SOEs Stake sold state-owned enterprises stock market Summary of Empirical telecommunications tranche transition economies underpricing United Kingdom vatization versus voucher voucher privatization
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