메뉴 건너뛰기




Volumn 31, Issue 9, 2007, Pages 2730-2750

Privatization as an agency problem: Auctions versus private negotiations

Author keywords

Agency; Auctions; Political constraints; Private negotiations; Privatization

Indexed keywords


EID: 34547933105     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2006.12.008     Document Type: Article
Times cited : (12)

References (39)
  • 2
    • 20444480278 scopus 로고    scopus 로고
    • Bank privatization and performance: Empirical evidence from Nigeria
    • Beck R., Cull L., and Jerome A. Bank privatization and performance: Empirical evidence from Nigeria. Journal of Banking and Finance 29 8-9 (2005) 2355-2380
    • (2005) Journal of Banking and Finance , vol.29 , Issue.8-9 , pp. 2355-2380
    • Beck, R.1    Cull, L.2    Jerome, A.3
  • 3
    • 20444497380 scopus 로고    scopus 로고
    • Corporate Governance and bank performance: A joint analysis of the static, selection and dynamic effects of domestic foreign and state ownership
    • Berger A.N., Clarke G.R.G., Cull L., Clapper L., and Udell G. Corporate Governance and bank performance: A joint analysis of the static, selection and dynamic effects of domestic foreign and state ownership. Journal of Banking and Finance 29 8-9 (2005) 2179-2222
    • (2005) Journal of Banking and Finance , vol.29 , Issue.8-9 , pp. 2179-2222
    • Berger, A.N.1    Clarke, G.R.G.2    Cull, L.3    Clapper, L.4    Udell, G.5
  • 4
    • 0033437332 scopus 로고    scopus 로고
    • Optimal bankruptcy laws across different economic systems
    • Berkovitch E., and Israel R. Optimal bankruptcy laws across different economic systems. Review of Financial Studies 12 April (1999) 347-377
    • (1999) Review of Financial Studies , vol.12 , Issue.April , pp. 347-377
    • Berkovitch, E.1    Israel, R.2
  • 5
  • 6
    • 20444507236 scopus 로고    scopus 로고
    • Financial sector liberalization, bank privatization and efficiency: Evidence from Pakistan
    • Bonaccorsi di Patti E., and Hardy D.C. Financial sector liberalization, bank privatization and efficiency: Evidence from Pakistan. Journal of Banking and Finance 29 8-9 (2005) 2381-2406
    • (2005) Journal of Banking and Finance , vol.29 , Issue.8-9 , pp. 2381-2406
    • Bonaccorsi di Patti, E.1    Hardy, D.C.2
  • 7
    • 20444460328 scopus 로고    scopus 로고
    • Privatization matters: "Bank efficiency in transition countries"
    • Bonin J.P., Hasan I., and Wachtel P. Privatization matters: "Bank efficiency in transition countries". Journal of Banking and Finance 29 8-9 (2005) 2155-2178
    • (2005) Journal of Banking and Finance , vol.29 , Issue.8-9 , pp. 2155-2178
    • Bonin, J.P.1    Hasan, I.2    Wachtel, P.3
  • 8
    • 34547952396 scopus 로고    scopus 로고
    • Boot, A., Thakor, A., 1994. Financial market design. Working Paper, University of Amsterdam.
  • 11
  • 12
    • 20444490829 scopus 로고    scopus 로고
    • Bank privatization in developing counties: A summary of lessons and findings
    • Clarke G.R.G., Cull R., and Shirley M.M. Bank privatization in developing counties: A summary of lessons and findings. Journal of Banking and Finance 29 8-9 (2005) 1905-1930
    • (2005) Journal of Banking and Finance , vol.29 , Issue.8-9 , pp. 1905-1930
    • Clarke, G.R.G.1    Cull, R.2    Shirley, M.M.3
  • 13
    • 0031527842 scopus 로고    scopus 로고
    • The FCC spectrum auctions: An early assessment
    • Fall
    • Cramton P. The FCC spectrum auctions: An early assessment. Journal of Economics and Management Strategy 6 3 (1997) 431-495 Fall
    • (1997) Journal of Economics and Management Strategy , vol.6 , Issue.3 , pp. 431-495
    • Cramton, P.1
  • 14
    • 0037751665 scopus 로고    scopus 로고
    • Public offerings of state-owned and privately owned enterprises: An international comparison
    • Dewenter K., and Malatesta P. Public offerings of state-owned and privately owned enterprises: An international comparison. Journal of Finance 52 (1997) 1659-1679
    • (1997) Journal of Finance , vol.52 , pp. 1659-1679
    • Dewenter, K.1    Malatesta, P.2
  • 15
    • 34547956449 scopus 로고    scopus 로고
    • Diamond, D., 1996. Liquidity, banks and markets: Effects of financial development on banks and the maturity of financial claims, Working Paper, University of Chicago.
  • 17
    • 0033440942 scopus 로고    scopus 로고
    • The dynamics of the management-shareholder conflict
    • Fluck Z. The dynamics of the management-shareholder conflict. Review of Financial Studies 12 April (1999) 379-404
    • (1999) Review of Financial Studies , vol.12 , Issue.April , pp. 379-404
    • Fluck, Z.1
  • 18
    • 0030194394 scopus 로고
    • Privatization in stages and the dynamics of ownership structure
    • Fluck Z., John K., and Ravid S.A. Privatization in stages and the dynamics of ownership structure. Pacific-Basin Finance Journal 4 (1995) 277-296
    • (1995) Pacific-Basin Finance Journal , vol.4 , pp. 277-296
    • Fluck, Z.1    John, K.2    Ravid, S.A.3
  • 19
    • 0013636027 scopus 로고
    • Markets and institutions in large-scale privatization
    • Corbo V., Coricelli F., and Bossac J. (Eds), The World Bank, Washington, DC
    • Frydman R., and Rapaczynski A. Markets and institutions in large-scale privatization. In: Corbo V., Coricelli F., and Bossac J. (Eds). Reforming Central and Eastern European Economies (1991), The World Bank, Washington, DC
    • (1991) Reforming Central and Eastern European Economies
    • Frydman, R.1    Rapaczynski, A.2
  • 20
    • 0000745892 scopus 로고
    • Disclosure laws and takeover bids
    • Grossman S., and Hart O. Disclosure laws and takeover bids. Journal of Finance 35 (1980) 323-334
    • (1980) Journal of Finance , vol.35 , pp. 323-334
    • Grossman, S.1    Hart, O.2
  • 21
    • 0007043402 scopus 로고
    • One share-one vote and the market for corporate control
    • Grossman S., and Hart O. One share-one vote and the market for corporate control. Journal of Financial Economics 20 (1988) 175-202
    • (1988) Journal of Financial Economics , vol.20 , pp. 175-202
    • Grossman, S.1    Hart, O.2
  • 22
    • 20444451715 scopus 로고    scopus 로고
    • Mexico's experiments with bank privatization and liberalization
    • Haber S. Mexico's experiments with bank privatization and liberalization. Journal of Banking and Finance 29 8-9 (2005) 2325-2354
    • (2005) Journal of Banking and Finance , vol.29 , Issue.8-9 , pp. 2325-2354
    • Haber, S.1
  • 23
    • 0009172756 scopus 로고
    • Corporate control contests and capital structure
    • Harris M., and Raviv A. Corporate control contests and capital structure. Journal of Financial Economics 20 (1988) 55-86
    • (1988) Journal of Financial Economics , vol.20 , pp. 55-86
    • Harris, M.1    Raviv, A.2
  • 25
    • 0000333598 scopus 로고
    • Auctions for oil and gas leases with an informed bidder and a random reservation price
    • Hendricks K., Porter R.H., and Wilson C.A. Auctions for oil and gas leases with an informed bidder and a random reservation price. Econometrica 62 (1994) 1415-1444
    • (1994) Econometrica , vol.62 , pp. 1415-1444
    • Hendricks, K.1    Porter, R.H.2    Wilson, C.A.3
  • 26
    • 5944234759 scopus 로고
    • The constraints on privatization in Hungary: Insufficient demand or inelastic supply?
    • Major I. The constraints on privatization in Hungary: Insufficient demand or inelastic supply?. Most 4 (1994) 107-146
    • (1994) Most , vol.4 , pp. 107-146
    • Major, I.1
  • 28
    • 20444450907 scopus 로고    scopus 로고
    • The economics of bank privatization
    • Megginson W.L. The economics of bank privatization. Journal of Banking and Finance 29 8-9 (2005) 1931-1980
    • (2005) Journal of Banking and Finance , vol.29 , Issue.8-9 , pp. 1931-1980
    • Megginson, W.L.1
  • 30
    • 0029528227 scopus 로고
    • Credible privatization
    • Perrotti E. Credible privatization. American Economic Review 85 4 (1995) 847-859
    • (1995) American Economic Review , vol.85 , Issue.4 , pp. 847-859
    • Perrotti, E.1
  • 31
    • 85050842171 scopus 로고
    • Detection of bid rigging in procurement auctions
    • Porter R.H., and Zona J.D. Detection of bid rigging in procurement auctions. Journal of Political Economy 101 (1993) 518-538
    • (1993) Journal of Political Economy , vol.101 , pp. 518-538
    • Porter, R.H.1    Zona, J.D.2
  • 32
    • 0031519074 scopus 로고    scopus 로고
    • Optimal financial contracts for a startup with unlimited operating discretion
    • Ravid S.A., and Spiegel M. Optimal financial contracts for a startup with unlimited operating discretion. Journal of Financial and Quantitative Analysis September (1997) 269-286
    • (1997) Journal of Financial and Quantitative Analysis , Issue.September , pp. 269-286
    • Ravid, S.A.1    Spiegel, M.2
  • 33
    • 0000373784 scopus 로고
    • Modeling competitive bidding: A critical essay
    • Rothkopf M., and Harstad R. Modeling competitive bidding: A critical essay. Management Science 40 (1994) 364-384
    • (1994) Management Science , vol.40 , pp. 364-384
    • Rothkopf, M.1    Harstad, R.2
  • 34
    • 45349109969 scopus 로고
    • Management entrenchment: The case of manager-specific investment
    • Shleifer A., and Vishny R. Management entrenchment: The case of manager-specific investment. Journal of Financial Economics 25 (1989) 123-139
    • (1989) Journal of Financial Economics , vol.25 , pp. 123-139
    • Shleifer, A.1    Vishny, R.2
  • 35
    • 0000746374 scopus 로고    scopus 로고
    • Share issue privatization as financial means to political and economic ends
    • Steven J., Megginson W.L., Nash R.C., and Netter J.M. Share issue privatization as financial means to political and economic ends. Journal of Financial Economics 53 2 (1999) 217-253
    • (1999) Journal of Financial Economics , vol.53 , Issue.2 , pp. 217-253
    • Steven, J.1    Megginson, W.L.2    Nash, R.C.3    Netter, J.M.4
  • 36
    • 45549112378 scopus 로고
    • Managerial control of voting rights: Financing policies and the market for corporate control
    • Stulz R. Managerial control of voting rights: Financing policies and the market for corporate control. Journal of Financial Economics 20 (1988) 25-54
    • (1988) Journal of Financial Economics , vol.20 , pp. 25-54
    • Stulz, R.1
  • 37
    • 34547950881 scopus 로고    scopus 로고
    • "The Revenge of the Nerds", The Economist, July 23, 1994.
  • 38
    • 0040531555 scopus 로고    scopus 로고
    • The going public decision and the development of financial markets
    • Titman S., and Subrahmanyam A. The going public decision and the development of financial markets. Journal of Finance June (1997) 1045-1082
    • (1997) Journal of Finance , Issue.June , pp. 1045-1082
    • Titman, S.1    Subrahmanyam, A.2
  • 39
    • 0142045277 scopus 로고
    • Competitive bidding with asymmetric information
    • Wilson R. Competitive bidding with asymmetric information. Management Science 13 (1967) A816-A820
    • (1967) Management Science , vol.13
    • Wilson, R.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.