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Net privatisation prices in Brazil

Author

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  • Santos, José Eusébio
  • Andini, Corrado

Abstract

Looking at Brazilian privatisations between 1991 and 2018, we investigate how net privatisation prices react to restructuring policies that are implemented before the sale as well as to private ownership structures that emerge at the sale. We innovate by accounting for restructuring and ownership at the same time and also by exploring a unique dataset that covers 139 transactions, mainly built through fieldwork. The paper provides policymakers with a “do's and don'ts” checklist to extract higher value from the sale. The checklist can be used as a policy guideline for new privatisations in Brazil and potentially in other emerging economies.

Suggested Citation

  • Santos, José Eusébio & Andini, Corrado, 2024. "Net privatisation prices in Brazil," Emerging Markets Review, Elsevier, vol. 60(C).
    • Handle: RePEc:eee:ememar:v:60:y:2024:i:c:s1566014124000384
    DOI: 10.1016/j.ememar.2024.101143
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    More about this item

    Keywords

    Privatisation prices; Restructuring; Ownership concentration; Corporate governance;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H10 - Public Economics - - Structure and Scope of Government - - - General
    • J45 - Labor and Demographic Economics - - Particular Labor Markets - - - Public Sector Labor Markets
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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