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| Tekijä: | Altintig, Z. Ayca (et. al) |
| Otsikko: | You are one of us now! How do share prices of rivals react to privatization? |
| Lehti: | Journal of Industrial Economics
2009 : JUN, VOL. 57:2, p. 265-293 |
| Asiasana: | privatization stocks economic policy private sector government |
| Kieli: | eng |
| Tiivistelmä: | By using a unique data set from the Turkish cement industry, we analyze the effect of privatization on rival firms' market values. Privatization improves efficiency, which is bad news for rivals. However, if an incumbent buys a state owned firm, higher market concentration results, which is good news for rivals. The article shows privatization leading to overall positive abnormal returns for rivals as the concentration effect exceeds the efficiency effect. Consistent with our theory, this influence is reinforced when the market is initially highly concentrated. |
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