haku: @author Dewenter, K. L. / yhteensä: 2
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| Tekijä: | Dewenter, K. L. Malatesta, P. H. |
| Otsikko: | Public offerings of state-owned and privately-owned enterprises: An international comparison |
| Lehti: | Journal of Finance
1997 : SEP, VOL. 52:4, p. 1659-1679 |
| Asiasana: | PRIVATIZATION ENTERPRISE COMPANY OWNERSHIP PRICES |
| Kieli: | eng |
| Tiivistelmä: | This paper examines privatization of state-owned enterprises through public offerings of common stock. Privatization events are discussed using a global perspective. The paper compare initial offer prices in privatizations to initial prices in public offerings of private firms. The evidence indicates that govenrment officials in the U.K. underprice IPOs more than their private company counterparts. However, in Malaysia and Canada the opposite is true. There's no general tendency for privatizations to be underpriced to a greater degree than private company IPOs. Additional evidence is provided on the determinants of privatization intitial returns. The findings indicate that intitial returns are much higher in relatively primitive capital markets and for privatized firms in regulated industries. |
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