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Privatization with Political Constraints: Auctions versus Private Negotiations

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  • Zsuzsanna Fluck
  • Kose John
  • S. Abraham Ravid

Abstract

This paper investigates the design of privatization mechanisms in emerging market economies characterized by political constraints that limit the set of viable privatization mechanisms. Our objective is to explain the striking diversity of privatization mechanisms observed in practice and the frequent use of an apparently suboptimal privatization mechanism: private negotiations.

Suggested Citation

  • Zsuzsanna Fluck & Kose John & S. Abraham Ravid, 1999. "Privatization with Political Constraints: Auctions versus Private Negotiations," New York University, Leonard N. Stern School Finance Department Working Paper Seires 99-006, New York University, Leonard N. Stern School of Business-.
    • Handle: RePEc:fth:nystfi:99-006
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    File URL: http://www.stern.nyu.edu/fin/workpapers/papers99/wpa99006.pdf
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    References listed on IDEAS

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    1. Baldwin, Carliss Y. & Bhattacharyya, Sugato, 1991. "Choosing the method of sale *1: A clinical study of Conrail," Journal of Financial Economics, Elsevier, vol. 30(1), pages 69-98, November.
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    Cited by:

    1. Hai Wang & Weidong Zhang & Jingjing Wang, 2007. "Auctioning the state owned enterprise in China: the trade-off between maximizing revenue and minimizing unemployment," Economic Change and Restructuring, Springer, vol. 40(3), pages 267-280, September.
    2. Banerji, Sanjay & Errunza, Vihang R., 2005. "Privatization under incomplete information and bankruptcy risk," Journal of Banking & Finance, Elsevier, vol. 29(3), pages 735-757, March.

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