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The Structure of Privatization Plans

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  • Volume 22 Number 1

Abstract

In the last decade, large-scale privatization programs have transformed the structure of corporate ownership in many countries, and are a major cause of the development of their capital markets. They have contributed to nondebt financing of the public deficit, attracted foreign capital and technology, and promoted the return of flight capital. Finally, the large task of privatization of state-owned enterprises in Eastern Europe has proven to be one of the most difficult in the transition to a market economy. This paper examines the history of large-scale privatization plans in several countries, and offers some revealing insight on the strategy used by governments to achieve large sales on the capital markets. Our results are relevant for investment bankers involved in advising governments on privatization sales, for institutions interested in assessing the risk of portfolio investment in emerging economies, and for potential joint-venture investors in former state-owned enterprises.

Suggested Citation

  • Volume 22 Number 1, 1993. "The Structure of Privatization Plans," Financial Management, Financial Management Association, vol. 22(1), Spring.
    • Handle: RePEc:fma:fmanag:perotti93
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    Cited by:

    1. Enrico C. Perotti & Luc Laeven & Pieter van Oijen, 2000. "Confidence Building in Emerging Stock Markets," William Davidson Institute Working Papers Series 366, William Davidson Institute at the University of Michigan.
    2. Perotti, Enrico C & van Oijen, Pieter, 1999. "Privatization, Political Risk and Stock Market Development," CEPR Discussion Papers 2243, C.E.P.R. Discussion Papers.
    3. Bruno Biais & Enrico Perotti, 2002. "Machiavellian Privatization," American Economic Review, American Economic Association, vol. 92(1), pages 240-258, March.

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