Equity Valuation in the Czech Voucher Privatization Auctions

Financial Management

Volumn 29, Issue 4, 2000, Pages 77-100

  Aggarwal, Raj ^a   Harper, Joel T ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0010250790     PISSN: 00463892     EISSN: None     Source Type: Journal    
DOI: 10.2307/3666369     Document Type: Article

References (50)

1. Aggarwal, R. and M. Majstrik, 1992, "Privatization and Capital Market Development in Eastern Europe: Lessons from the Czechoslovak Experience," CERGE Working Paper No. 14, Center for Economic Research and Graduate Education, Charles University, Prague (September).
2. Aghion, P., 1993, "Economic Reform in Eastern Europe: Can Theory Help?," European Economic Review 37(2/3), 525-532.
3. Al-Obaidan, A.M., and G.W. Scully, 1992, "Efficiency Differences Between Private and State-Owned Enterprises in the International Petroleum Industry," Applied Economics 58(1), 237-246.
4. Bel, G., 1998, "Privatization in the Stock Market: Sale in One Go or Sale in Tranches?," Economics Letters 58(1), 113-117.
5. Boubakri, N. and J.C. Cosset, 1998, "The Financial and Operating Performance of Newly Privatized Firms: Evidence from Developing Countries," Journal of Finance 53(3), 1081-1110.
6. Boutchkova, M.K. and W.L. Megginson, 2000, "Privatization and the Rise of Global Capital Markets," Financial Management 29(4), 31-76.
7. Boycko, M., A. Shleifer, and R. W. Vishny, 1994, "Voucher Privatizations," Journal of Financial Economics 76(1), 249-266.
8. Brainard, L.J., 1991, "Reform in Eastern Europe: Creating a Capital Market," Federal Reserve Bank of Kansas City Economic Review 76(1), 48-58.
9. Claessens, S., 1997, "Corporate Governance and Equity Prices: Evidence from the Czech and Slovak Republics," Journal of Finance 52(4), 1641-1659.
10. Claessens, S. and S. Djankov, 1998, "Politicians and Firms in Seven Eastern European Countries," World Bank Working Paper No. 1954, Washington, DC (August).
11. Claessens, S., S. Djankov, and G. Pohl, 1997, "Ownership and Corporate Governance: Evidence from the Czech Republic," World Bank Working Paper No. 1737, Washington, DC (March).
12. Cramton, P., 1998, "Ascending Auctions," European Economic Review 42(2/3), 745-756.
13. Dewenter, K.L., and P.H. Malatesta, 1997, "Public Offerings of State-Owned and Privately-Owned Enterprises: An International Comparison," Journal of Finance 52(4), 1659-1680.
14. Dewenter, K.L., and P.H. Malatesta, 2000. "State Owned and and Privately-Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity," American Economic Review (Forthcoming).
15. Djankov, S., 1998, "Enterprise Isolation Programs in Transition Economies," World Bank Working Paper No. 1952, Washington, DC, August.
16. Domowitz, I., 1993, "Automating the Price Discovery Process: Some International Comparisons and Regulatory Implications," Journal of Financial Services Research 6(4), 305-326.
17. Ellerman, D., 1998, "Voucher Privatization with Investment Funds," World Bank Working Paper No. 1924,
18. Gray, C. W., 1996, "In Search of Owners: Privatization and Corporate Governance in Transition Economics," World Bank Research Observer 11(2), 179-197
19. Gleason, K.C., I. Mathur and L.K. Mathur, 1999, "Shareholders' Gains from Corporate Expansion to the Republics of the Former Soviet Union," Financial Management 28(1), 61-74.
20. Hanousek, J. and E.A. Kroch, 1998, "The Two Waves of Voucher Privatization in the Czech Republic: A Model of Learning in Sequential Bidding," Applied Economics 30(1) 133-143.
21. Harper, J.T., 2001, "Short-Term Effects of Privatization on Operating Performance in the Czech Republic," Journal of Financial Research (forthcoming).
22. Hasbrouck, J., 1995, "One Security, Many Markets: Determining the Contributions to Price Discovery," Journal of Finance 50(4), 1175-1199.
23. Hillion, P., and D.S. Young, 1996, "The Czechoslovak Privatization Auction: An Empirical Analysis," Working Paper, INSEAD (September).
24. Hingorani, A., K. Lehn, and A. Makhija, 1997, "Investor Behavior in Mass Privatization: The Case of the Czech Voucher Scheme," Journal of Financial Economics 44(3), 348-396.
25. Ibbotson, R., 1975, "Price Performance of Common Stock New Issues," Journal of Financial Economics 2(3), 235-272.
26. Ibbotson, R., J. Sindelar, and J. Ritter, 1994, "Market Problems with the Pricing of Initial Public Offerings," Journal of Applied Corporate Finance 7(1), 66-74.
27. Jenkinson, T. and C. Mayer, 1994, "The Cost of Privatization in the U.K. and France," in M. Bishop, J. A. Kay, and C. Mayer (eds.), Privatization and Economic Performance New York, NY, Oxford University Press, 290-298.
28. Jones, S.L., W.L. Megginson, R. C. Nash, and J.M. Netter, 1999, "Share Issue Privatizations as Financial Means to Political and Economic Ends," Journal of Financial Economics 53(2), 217-253.
29. Klemperer, P., 1999, "Auction Theory: A Guide to the Literature," Journal of Economic Surveys 13(3), 152-189.
30. Kortba, J., 1995, "Privatization Process in the Czech Republic: Players and Winners," in J. Svejnar, Ed., The Czech Republic and Economic Transition in Eastern Europe, San Diego, CA, Academic Press, 159-198.
31. Kunz, R.M. and R. Aggarwal, 1994, "Why Initial Public Offerings Are Underpriced: Evidence from Switzerland," Journal of Banking and Finance 18(4), 705-723.
32. Lam, S.S., 1997, "Control Versus Firm Value: The Impact of Restrictions on Foreign Share Ownership," Financial Management 26(1), 48-61.
33. Lipton, D., and J. Sachs, 1990, "Privatization in Eastern Europe: The Case of Poland," Brookings Papers on Economic Activity 2, 293-304.
34. Logue, D.E., 1973, "On the Pricing of Unseasoned Equity Offerings: 1965-69," Journal of Financial and Quantitative Analysis 8(1), 91-103.
35. Manzetti, L., 1994, "The Politics of Privatization and Deregulation in Latin America," Quarterly Review of Economics and Finance 34(Special Issue), 43-76.
36. McAfee, P. and J. McMillan, 1987, "Auctions and Bidding," Journal of Economic Literature 25(2), 699-738.
37. Megginson, W.L., R.C. Nash, and M. van Randenborgh, 1994, "The Financial and Operating Performance of Newly Privatized Firms: An International Perspective," Journal of Finance 49(2), 403-452.
38. Mejstrik, M., (ed.), 1997, Privatization Process in East-Central Europe: Evolutionary Process of Czech Privatization, Boston, MA, Kluwer Academic Publishers.
39. Mertik, P., 1997, "Czech Privatization," Eastern European Economics 35(2), 64-83.
40. Miller, R.E. and F.K. Reilly, 1987, "An Examination of Mispricing, Returns, and Uncertainty for Initial Public Offerings," Financial Management 16(2), 33-38.
41. Morgan Stanley, 1997, "Privatized Companies: Undervaluation Over?," London, The Company.
42. Murphy, K.M., A. Shleifer, and R.W. Vishny, 1992, "The Transition to a Market Economy: Pitfalls of Partial Reform," Quarterly Journal of Economics 107(3), 293-315.
43. O'Hara, M., and G.S. Oldfield, 1986, "The Microeconomics of Market Making," Journal of Financial and Quantitative Analysis 21(4), 361-376.
44. Perotti, E.C., and S.E. Guney, 1993, "The Structure of Privatization Plans," Financial Management 22(1) 84-98.
45. Perotti, E.C., 1995, "Credible Privatization," American Economic Review 85(4), 847-859.
46. Roland, G., 1993, "The Political Economy of Restructuring and Privatization in Eastern Europe," European Economic Review 37(2/3), 533-540.
47. Sachs, J., 1993, Poland's Jump to the Market Economy, Cambridge, MA, MIT Press.
48. Stein, J. L., 1992, "Price Discovery Processes," Economic Record (Supplement) 34-45.
49. Svejnar, J., Ed., 1995, The Czech Republic and Economic Transition in Eastern Europe, San Diego, CA, Academic Press.
50. White, H., 1980, "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica (May), 817-838.