We investigate the role of ownership structure and investor protection in postprivatization corporate governance. We find that the government relinquishes control over time, mainly to the benefit of local institutions and foreign investors. We also show that private ownership tends to...

We investigate the role of ownership structure and investor protection in postprivatization corporate governance. We find that the government relinquishes control over time, mainly to the benefit of local institutions and foreign investors. We also show that private ownership tends to...

This paper seeks to provide an answer to the following question: When and how does privatization work? Using a unique sample of 189 firms headquartered in 32 developing countries, we document a significant increase in profitability, efficiency, investment and output. Next, using univariate...

To investigate the control structure of newly privatized firms, we use a unique database of 221 privatized firms operating in 27 emerging countries over the 1980-2001 period. Specifically, we examine the determinants of residual state ownership after privatization over a window of up to six...

We study the link between the attributes of ADR-listed firms and their post-listing security-market choices. We find that developed market firms are more likely to issue equity and debt than their emerging market counterparts. Moreover, we find that large firms are more likely to issue debt and...

In this paper, we investigate the political determinants of the cost of equity using a unique data set of 236 firms privatized between 1987 and 2006 in 38 countries. We find robust evidence that the cost of equity is increasing in government ownership. We also show that the cost of equity is...

We investigate the impact of government control and political characteristics of the privatizing government on the cost of equity of newly privatized firms. Using cost of equity estimates implied in current stock prices and analysts' earnings forecasts for a sample of 126 privatized firms from...

We study the determinants of a firm's decision to issue one of the four available ADR programs (Level I, Level II, Level III, and Rule 144A). We find that the firm's attributes (size, income, asset growth, leverage, privatization, ownership structure, and country-of-origin) and the firm's...

We use a unique dataset of 158 privatized firms from 29 countries between 1987 and 2003 to investigate the political determinants of the cost of equity. We find strong, robust evidence that the cost of equity is increasing in government control, while controlling for other determinants of the...

Using a unique database of 381 newly privatized firms from 57 countries, we investigate the impact of shareholders' identity on corporate risk-taking behavior. We find strong and robust evidence that state (foreign) ownership is negatively (positively) related to corporate risk-taking. Moreover,...