haku: @indexterm privatization / yhteensä: 703
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| Tekijä: | Otchere, I. Chan, J. |
| Otsikko: | Intra-industry effects of bank privatization: a clinical analysis of the privatization of the Commonwealth Bank of Australia |
| Lehti: | Journal of Banking and Finance
2003 : MAY, VOL. 27:5, p. 949-975 |
| Asiasana: | Banks Privatization Operations management |
| Kieli: | eng |
| Tiivistelmä: | The authors find that the major rival banks reacted negatively to the privatization announcements although the initial and the final privatization announcements elicited stronger stock market performance reaction from the rival banks. Second, they find that the CBA's long-term stock market performance improved markedly as the proportion of government ownership decreased, with the Bank's cumulative abnormal returns being 50 % more than those of its rivals three years after the Bank's cumulative abnormal returns being 50 % more than those of its rivals three years after the Bank had been fully privatized. An important finding is that the improvements in the CBA's operating and stock market performance and the rival banks' reaction to the partial and full privatization announcements were strongest after the Bank had been fully privatized. Full privatization is necessary in order to achieve strong gains in efficiency, profitability and stock market performance. |
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