In this paper we examine the link between state ownership and the choice of public debt versus bank debt in an international context. Using a large sample of privatized firms from 62 countries over the 2001-2014 period, we find that state ownership is significantly positively associated with the...

We provide unique firm-level evidence of the relation between state ownership and stock liquidity. Using a broad sample of newly privatized firms (NPFs) from 53 countries over the period 1994–2014, our study identifies a non-monotonic association between state ownership and stock liquidity....

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 use a unique dataset of 233 privatized firms from 38 countries between 1985 and 2008 to investigate the relation between shareholder identity and earnings quality. We find strong and robust evidence that (residual) state ownership is associated with lower earnings quality. More specifically,...

We investigate the control structure of 221 privatized firms from 27 emerging countries over the period 1980 to 2001. Specifically, we examine the determinants of residual state ownership after privatization over a window of up to six years after divestiture. We find that the residual state...