Reluctant privatization

Bernardo Bortolotti and Mara Faccio

We study the evolution of the control structure of 141 privatized firms from OECD countries over the period from 1996 through 2000. We find that governments do not relinquish control after privatization. We show that the market-to-book ratios of privatized firms converge through time to those of a control sample. However, this convergence does not depend on whether governments relinquish their control rights. In fact, large government stakes have no negative effect on either adjusted market value or stock price performance.

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Year of publication:	October 2004
Authors:	Bortolotti, Bernardo ; Faccio, Mara
Publisher:	Milano : Fondazione Eni Enrico Mattei
Subject:	Privatization \| Corporate governance \| Corporate Governance \| Privatisierung \| OECD-Staaten \| OECD countries

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Extent:	1 Online-Ressource (circa 51 Seiten) Illustrationen
Series:	Working paper. - Milan : [Verlag nicht ermittelbar], ZDB-ID 2217241-5. - Vol. 2004, 130
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	hdl:10419/118014 [Handle]
Classification:	L33 - Comparison of Public and Private Enterprises; Privatization; Contracting Out ; D72 - Economic Models of Political Processes: Rent-Seeking, Elections, Legistures, and Voting Behavior ; G15 - International Financial Markets ; H6 - National Budget, Deficit, and Debt ; K22 - Corporation and Securities Law
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011606983