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| Tekijä: | Koleva, P. Vincensini, C. |
| Otsikko: | The Evolution Trajectories of Voucher Funds: Towards Western-type Institutional Investors? The Case of the Czech Republic and Bulgaria |
| Lehti: | Economics of Planning
2002 : VOL. 35:1, p. 79-105 |
| Asiasana: | FUNDS CASE STUDIES CZECH REPUBLIC BULGARIA |
| Kieli: | eng |
| Tiivistelmä: | The implementation of similar mass privatization programs in the Czech Republic and Bulgaria led to the emergence of hybrid voucher funds. The contradictions stemming from this hybrid nature gave rise to the evolution of the funds' nature and of their place in the national ownership structure. The dynamics of this evolution is apprehended through a comparative study of the portfolios of a sample of funds between 1998 and 2000. The authors show how the interaction between the strategies of economic actors have shaped two transformation paths of the initial funds: holding companies on one hand and more ordinary collective investment vehicles on the other, the Czech and Bulgarian evolutions being divergent. |
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