search query: @author Hingorani, A. / total: 2
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| Author: | Hingorani, A. Lehn, K. Makhija, A. K. |
| Title: | Investor behavior in mass privatization: The case of the Czech voucher scheme |
| Journal: | Journal of Financial Economics
1997 : JUN, VOL. 44:3, p. 349-396 |
| Index terms: | PRIVATIZATION AGENCIES COSTS CZECH REPUBLIC |
| Language: | eng |
| Abstract: | The authorities set a uniform share price for all companies, creating a natural experiment for testing several hypotheses concerning the determinants of share demand, in the first round the Czech privatization scheme. A positive relation was found between first-round share demand and later stock market prices supporting use of share demand to measure relative share values. Share demand was found to be related to proxies for agency costs and the expected costs of financial distress. Relevant for the debate in former Communist countries over whether privatization programs should restrict insider holdings, share demand is directly related to the percentage shares held by insiders. |
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