Staged privatization: transforming state-owned enterprises into market-based firms
Most privatizations around the world, especially in developed economies, are staged processes involving multiple stages of share lockup and unlocking in the stock market. This paper proposes a theory on staged or step-by-step privatization. We show that such an approach is efficient, in the sense th...
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| Format: | Article |
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Mohr Siebeck
2016
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| Online Access: | https://eprints.nottingham.ac.uk/50064/ |
| Summary: | Most privatizations around the world, especially in developed economies, are staged processes involving multiple stages of share lockup and unlocking in the stock market. This paper proposes a theory on staged or step-by-step privatization. We show that such an approach is efficient, in the sense that it can successfully transform state-owned enterprises into efficient market-based firms. Our theory explains the popularity of staged privatizations around the world. We have also conducted empirical analysis, yielding supporting evidence for our theory. |
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