Hungarian privatisation strategy and financial performance of privatised companies

Journal of Business Finance and Accounting

Volumn 26, Issue 9-10, 1999, Pages 1319-1357

  Jelic, Ranko ^a   Briston, Richard ^a  

^a UNIVERSITY OF HULL   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 32244438708     PISSN: 0306686X     EISSN: 14685957     Source Type: Journal    
DOI: 10.1111/1468-5957.00300     Document Type: Conference Paper

References (83)

1. Aggarwal, R., R. Leal and L. Hernandez (1993), 'The Aftermarket Performance of Initial Public Offerings in Latin America', Financial Management, Vol.22, pp. 42-53.
2. Alchian, A. A. and H. Demsetz (1972), 'Production, Information Cost and Economic Organisation', American Economic Review, Vol.62, No.5.
3. Anderson, C.W., AK. Makhija and M.H. Spiro (1997), 'Foreign Ownership in the Privatisation Process: Empirical Evidence from Czech Privatisation', Working Paper (University of Pittsburgh).
4. Bakos, G. (1995), 'Hungary's Road to Privatisation', in Zloch-Christy, I. (ed.), Privatisation and Foreign Investments in Eastern Europe (Praeger, London).
5. Barber, B.M. and J. D. Lyon (1996), 'Detecting Long-Run Abnormal Stock Returns: The Empirical Power and Specification of Test-Statistics', Working Paper (Graduate School of Management, UC-Davis, July).
6. Barberis, N., M. Boycko, A. Shleifer and N. Tsukanova (1996), 'How Does Privatisation Work? Evidence from the Russian Shops', Journal of Political Economy, Vol.104, pp. 764-790
7. Biais, B. and E. Perotti (1997), Machiavellian Underpricing, Working Paper (University of Amsterdam and University of Toulouse).
8. Blackwell, D. and D. Kidwell (1988), 'An Investigation of Cost Differences Between Public Sales and Private Placements of Debt', Journal of Financial Economics, Vol.29, pp. 253-278
9. Blanchard, O., R. Dornbusch, P. Krugman, R Layard and L. Summers (1991), Reform in Eastern Europe (MIT Press, Cambridge, Massachusetts).
10. Boardman, A.E. and C. Laurin (1998), 'The Long Run Financial Performance of Privatised Firms: An Empirical Investigation', Working Paper (University of British Columbia).
11. Bolton, P. and G. Roland (1992), 'The Economics of Mass Privatisation: Czechoslovakia, East Germany, Hungary and Poland', LSE Financial Markets Group, Discussion Paper No. 155.
12. Boycko, M., A. Shleifer and R.W. Vishny (1994), 'Voucher Privatisation', Journal of Financial Economics, Vol.35, pp. 249-266
13. - - - (1996), 'A Theory of Privatisation', Economic Journal, Vol.106, pp. 309-319
14. Brada, J.C. (1996), 'Privatization in Transition - or is it?', Journal of Economic Perspectives, Vol.10, pp. 67-86.
15. Carlin, W. and C. Mayer (1992), 'Restructuring Enterprises in Eastern Europe', Paper presented at the Economic Policy panel in Lisbon (April).
16. Claessens, S., S. Djankov and O. Pohl (1997), 'Ownership and Corporate Governance: Evidence from the Czech Republic' (World Bank, Washington, DC).
17. Davidson, R (1998), 'Market Analysis: Underperformance Over?', Privatisation International Yearbook (IFR Publishing, London).
18. - and M. Rosgen (1996), 'Privatisation: The Second Tranche' (Morgan Stanley, London, May, as cited in Megginson 1998).
19. - - and P. Simon , (1997), 'Privatised Companies: Underperformance Over?' (Morgan Stanley, London, April, as cited in Megginson, 1998).
20. Demsetz, H. (1967), 'Towards a Theory of Properly Rights', American Economic Review, Vol.57, pp. 347-359
21. - (1992), 'The Problem of Enterprise Control: Developmental Consequences and Institutional Resolutions', Working Paper (University of California, as cited in Hingorani, 1997), p. 393.
22. Dewenter, K. and P.H. Malatesta (1997), 'Public Offerings of State-Owned and Privately-Owned Enterprises: An International Comparison', Journal of Finance, Vol.52, pp. 1659-1679
23. - - (1998), State-owned and Privately-owned Firms: An Empirical Analysis of Profitability, Leverage, and Labour Intensity, Working Paper (University of Washington).
24. Earle, J.S. and S. Estrin (1996), 'Employee Ownership in Transition', in Frydman, R. et al. (eds.), Corporate Governance in Central Europe and Russia (Central European University Press, Budapest), Vol.1.
25. - - and L. Leshchenko (1996), 'Ownership Structures, Patterns of Control and Enterprise Behavior in Russia', Centre for Economic Performance Discussion Papers (The London School of Economics), Vol.315.
26. EBRD (1998a), The Economist Intelligence Unit, as quoted in FT Survey: Investing in Central and Eastern Europe.
27. - (1998b), Transition Report.
28. Eckel, C, D. Eckel and V. Singal (1997), 'Privatisation and Efficiency: Industry Effects of the Sale of British Airways', Journal of Financial Economics, Vol.43, pp. 275-298
29. Emerging Stock Markets Factbook, IFC (1995)
30. Euromoney (1995)Supplement on Privatisation (April).
31. - (1996), Supplement on Central European Capital Markets (January).
32. - (1997), The 1997 Guide to Hungary (September).
33. - (1988), The 1998 Guide to Central and Eastern European Equities (February).
34. Faiz, F. (1998), 'Sprinting to the Finish Line', Privatisation International Yearbook.
35. Financial Times (7 January, 1993).
36. - (16 December, 1996).
37. - 8 May, (1998) 'Slow Process of Rebuilding'
38. - 7 December, (1998) 'Central and Eastern Europe Look Up'.
39. Fluck, Z., K. John and S.A. Ravid (1995), 'Privatising in Stages and the Dynamics of Ownership Structure', Pacific Basin Finance Journal, Vol.4, pp. 277-296
40. Frydman, R. and A. Rapaczynski (1994), Privatisation in Eastern Europe: Is the State Withering Away? (Central European University Press, London, UK).
41. - , K. Pistor and A. Rapaczynski (1996), 'Exit and Voice after Mass Privatisation: The Case of Russia', European Economic Review, Vol.40, pp. 581-588
42. Furubotn, E.G. and S. Pejovich (1974), 'Introduction: The New Properly Rights Literature', in Furobotn and Pejovich (eds.), The Economics of Property Rights (Cambridge (Mass.), Ballinger Publishing Company).
43. Hingorani, A., K. Lehn and A.K. Makhija (1997), 'Investor Behaviour in Mass Privatisation: The Case of the Czech Voucher Scheme', Journal of Financial Economics, Vol.44, pp. 349-396
44. Huang, Q. (1997), 'The Underpricing and Aftermarket Performance of New Public Equity Offerings by Recently Privatised Firms - An International Test', Working Paper (Hofstra University, Hempstead, New York).
45. Husson, BV. and B. Jacquillat (1989), 'French New Issues, Underpricing and Alternative Methods of Distribution', in Gumaraes et al. (ed.), Reappraisal of the Efficiency of Financial Markets (Springer-Verlag, Berlin).
46. Ibbotson, R.G. and J.R. Ritter (1995), 'Initial Public Offerings', in R. Jarrow et al. (eds), Handbook in OR and MS, Vol.9, pp. 993-1016.
47. Jenkinson, T. And C. Mayer (1988), 'Privatisation and Regulation', European Economic Review, Vol.32, pp. 482-490
48. Jones, S.L., R.C. Nash, J.M. Netter and W.L. Megginson (1999), 'Share Issue Privatisations as Financial Means to Political and Economic Ends', Journal of Financial Economics (forthcoming).
49. Kornai, J. (1992), The Socialist System (Princeton, Princeton University Press).
50. Laban, R. and H.C. Wolf (1993), 'Large-Scale Privatisation in Transition Economies', American Economic Review, Vol.83, pp. 1199-1210
51. Laffont, J. and J. Tirole (1993), 'A Theory of Incentives in Procurement and Regulation' (Cambridge (Mass), MIT Press).
52. La Porta, R. and F. Lopez-de-Silanes (1997), 'Benefits of Privatisation - Evidence from Mexico, Private Sector' (World Bank, Washington DC, June, 21-24).
53. Lee, P.J., S.L. Taylor and S.W. Walter (1996), 'Australian IPO Pricing in the Short and Long Run', Journal of Banking and Finance, Vol.1156, pp. 1-23.
54. Levis, M. (1993), 'The Long-Run Performance of Initial Offerings: The UK Experience, 1980-1988', Financial Management (Spring), pp. 28-41.
55. - (1995), 'Seasoned Equity Offerings and the Short Term Performance of Initial Public Offerings', European Financial Management, Vol.1, pp. 125-146
56. Lin, J.Y., F. Cai and Z. Li (1998), 'Competition, Policy Burdens, and State-Owned Enterprise Reform', American Economic Review, Vol.88, pp. 422-427
57. Lipton, D. and J. Sachs (1990), 'Privatisation in Eastern Europe: The Case of Poland', Brookings Papers on Economic Activity, Vol.2, pp. 293-341.
58. Loughran, T., J.R Ritter and K Rydquist (1994), 'Initial-public Offerings: International Insight', Pacific Basin Journal, Vol.2, pp. 165-199
59. Ma, T. (1998), 'An International Comparison of IPO Returns of State-owned and Privately-owned Firms', Paper presented in The Joint Meeting of the Asia-Pacific Finance Association and the Nippon Finance Association (Tokyo, July).
60. Megginson, W.L. (1998), 'From State to Market: A Survey of Empirical Studies on Privatisation', Paper presented at the 'Global Equity Markets' conference of the SBF Bourse de Paris and the New York Stock Exchange (Paris, 10-11 December).
61. - , RC. Nash and M. van Randenborgh (1994), 'The Financial and Operating Performance of Newly Privatised Firms: An International Empirical Analysis', Journal of Finance, Vol.XLIX, No.2 (June).
62. - J.M. Nettor and A.L. Schwartz (1998a), 'The Long Term Return to Investors in Share Issue Privatisation's', Working Paper (University of Georgia, Athens, GA).
63. - - -and A.B. Poulsen (1998b), 'The Choice of Privatisation Method: An Empirical Analysis', Working Paper (University of Georgia, Athens, GA).
64. Menyah, K and K Paudyal (1996), 'Share Issue Privatisation's: The UK Experience', in M.Levis (ed.), Empirical Issues in Raising Equity Capital (Elsevier Science, Amsterdam).
65. - - and C.G. Inyangete (1995), 'Subscriber Return, Underpricing, and Long-Term Performance of UK Privatisation Initial Public Offerings', Journal of Economics and Business, Vol.47, pp. 473-495
66. Moore, J. (1992), 'British Privatisation: Taking Capitalism to the People', Harvard Business Review, pp. 115-124
67. Myers, S.C. and N.S. Majluf (1984), 'Corporate Financing and Investment Decision When Firms Have Information Investors Do Not Have', Journal of Financial Economics, Vol.13, pp. 187-221.
68. Paudyal, K, B. Saadouni and R. Briston (1998), 'Privatisation Initial Public Offerings in Malaysia: Initial Premium and Long-Term Performance', in Pacific-Basin Finance Journal, Vol.6, pp. 427-451
69. Perotti, E.C. (1995), 'Credible Privatisation', American Economic Review, Vol.85, pp. 847-859
70. - and S.E. Guney (1993), 'The Structure of Privatisation Plans', Financial Management (Spring), pp. 84-98.
71. Pistor, K and A. Spicer (1996), 'Investment Funds in Mass Privatisation and Beyond: Evidence from the Czech Republic and Russia, Private Sector' (World Bank, December), pp. 33-36.
72. Privatisation Yearbooks (Privatisation International, various issues).
73. Ramamurti, R (1997), 'Testing the Limits of Privatisation: Argentine Railroads', World Development, Vol.25, pp. 1973-1993
74. Riley, B. (1997), 'Measuring the Momentum of Privatisation Stocks', Financial Times (30 July).
75. Ritter, J. (1991), 'The Long-Run Performance of Initial Public Offerings', Journal of Finance, Vol.46, pp. 3-27.
76. Sachs, J. (1992), 'Privatisation in Russia: Some Lessons from Eastern Europe', American Economic Review, Vol.82, pp. 43-48.
77. Sappington, D.E.M. and J. E. Stiglitz (1987), 'Privatisation, Information and Incentives', Journal of Policy Analysis and Management, Vol.6, No.4, pp. 567-582
78. Stark, D. (1996), 'Networks of Assets, Chains of Debt: Recombinant Properly in Hungary', in Frydman et al. (eds.), Corporate Governance in Central Europe and Russia, Vol.1 and 2 (CEU Press, Budapest-London-New York).
79. The Times (21 June 1995), 'Survey on Hungary'.
80. Tinic, S.M. (1988), 'Anatomy of Initial Public Offerings of Common Stock', The Journal of Finance, Vol.43, No.4 (September), pp. 789-822.
81. UK Public Accounts Committee (1998), Getting Value for Money in Privatisations, 61st report of the PAC Session 1997-1998 (London, The Stationery Office).
82. Vickers, J.S. and G. Yarrow (1988), Privatisation: An Economic Analysis (Cambridge, MIT Press).
83. Williamson, O. (1975), The Economic Institution of Capitalism (New York, The Free Press).