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| Tekijä: | Gregoric, A. Vespro, C. |
| Otsikko: | Block trades and the benefits of control in Slovenia |
| Lehti: | Economics of transition
2009 : VOL. 17:1, p. 175-210 |
| Asiasana: | privatization control corporate governance block trading |
| Vapaa asiasana: | ownership |
| Kieli: | eng |
| Tiivistelmä: | In most transition countries, ownership and control have been concentrating. The consolidation of control introduces changes in the power distribution within privatized firms and redirects the corporate governance problem to a conflict between large and small shareholders. In this article, the ownership changes in Slovenian privatized firms are evaluated. These changes are evaluated through an analysis of stock price reactions to the entrance of a new blockholder and through an estimation of the premiums paid for large blocks. This paper provides evidence of and discuss the reasons for the failure of the privatization investment funds in implementing control over firm managers and in promoting the restructuring of firms in the first post-privatization years. |
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