Privatization and finance

Annual Review of Financial Economics

Volumn 2, Issue , 2010, Pages 145-174

  Megginson, William ^a  

^a UNIVERSITY OF OKLAHOMA   (United States)

Author keywords

American depository receipt; Cross listing; Privatization

Indexed keywords

EID: 79952597046     PISSN: 19411367     EISSN: 19411375     Source Type: Journal    
DOI: 10.1146/annurev-financial-073009-104029     Document Type: Article

References (56)

1. Aggarwal R, Leal R, Hernandez L. 1993. The aftermarket performance of initial public offerings in Latin America. Financ. Manage. 22:43-53
2. Beatty RP, Welch I. 1996. Issuer expenses and legal liability in initial public offerings. J. Law Econ. 39:545-602
3. Biais B, Perotti E. 2002. Machiavellian privatization. Am. Econ. Rev. 92:240-58
4. Boardman AE, Laurin C. 2000. Factors affecting the stock price performance of share issued privatizations. Appl. Econ. 32:451-65
5. Bortolotti B, de Jong F, Nicodano G, Schindle I. 2007. Privatization and stock market liquidity. J. Bank. Finance 31:297-316
6. Bortolotti B, Faccio M. 2009. Government control of privatized firms. Rev. Financ. Stud. 22:2907-39
7. Bortolotti B, Fantini M, Scarpa C. 2002. Why do governments privatize abroad? Int. Rev. Finance 3:131-63
8. Bortolotti B, Fantini M, Siniscalco D. 2003. Privatisation around the world: evidence from panel data. J. Public Econ. 88:305-32
9. Bortolotti B, Megginson W, Smart SB. 2008. The rise of accelerated seasoned equity underwritings. J. Appl. Corp. Finance 20 (Summer): 35-57
10. Bortolotti B, Megginson WL. 2008. Privatization trends and major deals in 2008. Privatization Barometer Annual Report 2008, pp. 6-16. Milano: FEEM; http://www.privatizationbarometer.net
11. Boubakri N, Cosset JC. 1998. The financial and operating performance of newly privatized firms: evidence from developing countries. J. Finance 53:1081-110
12. Boubakri N, Cosset JC. 2000. The aftermarket performance of privatization offerings in developing countries. Work. Pap., Ecole des HEC, Montreal
13. Boubakri N, Cosset JC, Guedhami O. 2005. Postprivatization corporate governance: the role of ownership structure and investor protection. J. Financ. Econ. 76:369-99
14. Boutchkova M, Megginson W. 2000. Privatization and the rise of global capital markets. Financ. Manage. 29:31-76 (Pubitemid 33216763)
15. Chan K, Wang J, Wei KC. 2004. Underpricing and long-term performance of IPOs in China. J. Corp. Finance 10:409-30 (Pubitemid 38393944)
16. Chen HC, Ritter JR. 2000. The seven-percent solution. J. Finance 55:1105-31
17. Choi SD, Lee I, Megginson WL. 2010. Do privatization IPOs outperform in the long run? Financ. Manage. 39:153-85
18. Chong A, Galdo V. 2002. Streamlining and privatization prices in the telecommunications industry. Work. Pap., Inter-Am. Dev. Bank, Washington, DC
19. Chong A, López-de-Silanes F. 2002. Privatization and labor force restructuring around the world. Work. Pap., Yale Univ.
20. Degeorge F, Jenter D, Moel A, Tufano P. 2004. Selling company shares to reluctant employees: France Telecom's experience. J. Financ. Econ. 71:169-202 (Pubitemid 38033337)
21. Dewenter K, Malatesta P. 1997. Public offerings of state-owned and privately-owned enterprises: an international comparison. J. Finance 52:1659-79 (Pubitemid 127342558)
22. Dewenter K, Malatesta P. 2001. State-owned and privately owned firms: an empirical analysis of profitability, leverage, and labor intensity. Am. Econ. Rev. 91:320-34 (Pubitemid 33594485)
23. Djankov S, Murrell P. 2002. Enterprise restructuring in transition: a quantitative survey. J. Econ. Lit. 40:739-92
24. D'souza J, Megginson W. 1999. The financial and operating performance of privatized firms during the 1990s. J. Finance 54:1397-438
25. Estrin E, Hanousek J, Kočenda E, Svejnar J. 2009. The effects of privatization and ownership in transition economies. J. Econ. Lit. 47:699-728
26. Fama E, French K. 1993. Common risk factors in the returns on bonds and stocks. J. Financ. Econ. 33:3-56
27. Farinola L, Megginson W. 2006. Leviathan as shareholder: The value of governments' stakes. Privatization Barometer Newsl. 4:25-30
28. Fluck Z, John K, Ravid SA. 2007. Privatization as an agency problem: auctions versus private negotiations. J. Bank. Finance 31:2730-50
29. Grout PA, Megginson WL, Zalewska A. 2010. One half-billion shareholders and counting: determinants of individual share ownership around the world. Work. Pap., Univ. Bath
30. Gupta S, Schiller C, Ma H, Thompson E. 2001. Privatization, labor and social safety nets. J. Econ. Surv. 15:647-69 (Pubitemid 33122403)
31. Holland K. 2009. Bank nationalizations: a history of the credit crisis 2007. Privatization Barometer Rep. 2008:25-38
32. Huang Q, Levich R. 1999. Underpricing of new equity offerings by privatized firms: an international test. Work. Pap., New York Univ., New York
33. Jelic R, Briston R, Aussenegg W. 2003. The choice of privatization method and the financial performance of newly privatised firms in transition economies. J. Bus. Finance Account. 30:905-40 (Pubitemid 37053602)
34. Jones S, Megginson W, Nash R, Netter J. 1999. Share issue privatizations as financial means to political and economic ends. J. Financ. Econ. 53:217-53
35. Keloharju M, Knüpfer S, Torstila S. 2008. Do retail incentives work in privatizations? Rev. Financ. Stud. 21:2061-95
36. La Porta R, López-de-Silanes F. 1999. Benefits of privatization-evidence from Mexico. Q. J. Econ. 114:1193-242
37. Lee I. 1997. Do firms knowingly sell overvalued equity? J. Finance 52:1439-66
38. Lee I, Lochhead S, Ritter J, Zhao Q. 1996. The costs of raising capital. J. Financ. Res. 19:59-74 (Pubitemid 126055955)
39. Levis M. 1993. The long-run performance of initial public offerings: the UK experience 1980-88. Financ. Manage. 22:28-41
40. Ljungqvist A, Jenkinson TJ, Wilhelm W. 2003. Global integration of primary equity markets: the role of U. S. banks and U. S. investors. Rev. Financ. Stud. 16:63-99 (Pubitemid 37496160)
41. López-de-Silanes F. 1997. Determinants of privatization prices. Q. J. Econ. 112:965-1025
42. Lyon J, Barber B, Tsai C. 1999. Improved methods for tests of long-run abnormal stock returns. J. Finance 54:165-201
43. Megginson W. 2005. The Financial Economics of Privatization. New York: Oxford Univ. Press
44. Megginson W, Nash R, Netter J, Poulsen A. 2004. The choice of private versus public capital markets: evidence from privatizations. J. Finance 59:2835-70 (Pubitemid 40019743)
45. Megginson W, Nash R, Netter J, Schwartz A. 2000. The long-run return to investors in share issue privatizations. Financ. Manage. 29:67-77
46. Megginson W, Netter J. 2001. From state to market: a survey of empirical studies on privatization. J. Econ. Lit. 39:321-89 (Pubitemid 33603366)
47. Menyah K, Paudyal K. 1996. Share issue privatisations: the UK experience. In Empirical Issues in Raising Equity Capital, ed. M Levis. Amsterdam: Elsevier Sci.
48. Menyah K, Paudyal K, Inyangete CG. 1995. Subscriber return, underpricing, and long-term performance of U. K. privatization initial public offers. J. Econ. Bus. 47:473-95
49. Ng E, Bartsch E. 2009. European economics and strategy: poor state of government finance and implications for equities. Morgan Stanley Res. Sept.:10
50. Paudyal K, Saadouni B, Briston RJ. 1998. Privatization initial public offerings in Malaysia: initial premium and long-term performance. Pac. Basin Finance J. 6:427-51 (Pubitemid 128340098)
51. Perotti E. 1995. Credible privatization. Am. Econ. Rev. 85:847-59 (Pubitemid 26470822)
52. Perotti E, van Oijen P. 2001. Privatization, political risk and stock market development in emerging economies. J. Int. Money Finance 2:43-69 (Pubitemid 33633563)
53. Price Waterhouse. 1989a. Privatization: Learning the Lessons from the U. K. Experience. London: Price Waterhouse
54. Price Waterhouse. 1989b. Privatization: The Facts. London: Price Waterhouse
55. Subrahmanyam A, Titman S. 1999. The going public decision and the development of financial markets. J. Finance 54:1045-82
56. Sun Q, Tong WHS. 2003. China's share issue privatization: The extent of its success. J. Financ. Econ. 70:183-222 (Pubitemid 37282267)