Privatization Political Risk And Stock Market Development
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Privatization Political Risk And Stock Market Development
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Author : Enrico Camillo Perotti
language : en
Publisher:
Release Date : 1999
Privatization Political Risk And Stock Market Development written by Enrico Camillo Perotti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Country risk categories.
Privatization Political Risk And Stock Market Development In Emerging Economies
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Author : Enrico C. Perotti and Pieter van Oijen
language : en
Publisher:
Release Date : 1999
Privatization Political Risk And Stock Market Development In Emerging Economies written by Enrico C. Perotti and Pieter van Oijen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
Privatization Political Risk And Stock Market Development In Emerging Economies
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Author : Enrico C. Perotti
language : en
Publisher:
Release Date : 2011
Privatization Political Risk And Stock Market Development In Emerging Economies written by Enrico C. Perotti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatization program represents a major political test which gradually resolves uncertainty over political commitment to a market-oriented policy as well as to regulatory and private property rights. We present evidence suggesting that progress in privatization is correlated with improvements in perceived political risk. These gains tend to be gradual over the privatization period and are significantly larger in privatizing countries than in nonprivatizing countries, suggesting that the resolution of such risk is endogenous to the privatization process. Our analysis shows further that changes in political risk in general tend to have a strong effect on local stock market development and excess returns in emerging economies, suggesting that political risk is a priced factor. We conclude that the resolution of political risk resulting from successful privatization has been an important source for the rapid growth of stock markets in emerging economies.
Privatisation Political Risk And Stock Market Development In Emerging Economies
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Author : Enrico C. Perotti
language : en
Publisher:
Release Date : 1999
Privatisation Political Risk And Stock Market Development In Emerging Economies written by Enrico C. Perotti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Country risk categories.
The Challenges Of Privatization
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Author : Bernardo Bortolotti
language : en
Publisher: OUP Oxford
Release Date : 2004-03-11
The Challenges Of Privatization written by Bernardo Bortolotti and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-03-11 with Business & Economics categories.
From 1997 to 2001, more than 4,000 privatization operations have been carried out in more than 100 countries, bringing in government revenues of over 1,362 billion dollars. The phenomenon, which grew exponentially at the end of the 1990s and then abruptly slowed down, had dramatic consequences on the performance of state-owned enterprises and a significant impact on industrialized countries, as well as emerging and less developed economies. Yet there have been surprisingly few attempts to provide a systematic empirical account of the privatization process at the worldwide level. Why do governments privatize? Why do some countries accomplish large-scale privatization programmes, and others never privatize at all? Is privatization a trend or a cycle? Furthermore, how do governments privatize? Do governments really transfer ownership and control of state-owned enterprises or does private ownership tend to coexist with public control? This book provides some answers to these important questions trying to test research hypotheses set forth by the recent economic theory of privatization. Comprehensive cross-country empirical analyses carried out over a period of more than twenty years are used in the book to show that privatization has taken place all over the world, sometimes spontaneously, more often under the pressure of economic and budgetary constraints. Several of the goals of the privatization have been met, but despite proclamations and programmes, only a small minority of countries has carried out a genuine privatization process, completely transferring ownership of state-owned enterprises to the private sector. A lack of political will is to some extent at the root of this reluctance. However this reluctance can be traced back partly to structural factors that would make an orderly privatization difficult, such as the absence of developed capital markets, appropriate regulation, and suitable institutions.
Credible Reforms And Stock Return Volatility
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Author : Jean-Claude Cosset
language : en
Publisher:
Release Date : 2017
Credible Reforms And Stock Return Volatility written by Jean-Claude Cosset and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
In this paper we investigate how privatization affects stock return volatility. We show that privatization is related to volatility via political risk. In particular, a privatization program that is maintained over time signals credibility, which reduces political risk and in turn volatility. We further show that privatization is associated with lower idiosyncratic volatility mainly among developed markets, while it is associated with lower systematic volatility in developing markets. Additional tests suggest that the reduction in volatility is greater when privatization sales are carried out through the stock market than when they are carried out through asset sales.
Confidence Building In Emerging Stock Markets
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Author : Luc Laeven
language : en
Publisher:
Release Date : 2001
Confidence Building In Emerging Stock Markets written by Luc Laeven and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Country risk categories.
Global Privatization And Its Impact
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Author : Ingrid J. Hagen
language : en
Publisher:
Release Date : 2009
Global Privatization And Its Impact written by Ingrid J. Hagen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
In recent years, the economic policy of privatisation, which is defined as the transfer of property or responsibility from public sector to private sector, is one of the global phenomenon that increases use of markets to allocate resources. One important motivation for privatisation is to help develop factor and product markets, as well as security markets. Progress in privatisation is correlated with improvements in perceived political and investment risk. Many emerging countries have gradually reduced their political risks during the course of sustained privatisation. In fact, most risk resolution seems to take place as privatisation proceeds to its later stage. Alternative benefits of privatisation are improved risk sharing and increased liquidity and activity of the market. One of the main methods to develop privatisation is entering a new stock to the markets for arising competition. This book provides leading edge research on this field from around the globe.
Confidence Building In Emerging Stock Markets
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Author : Enrico C. Perotti and Luc Laeven
language : en
Publisher:
Release Date : 2001
Confidence Building In Emerging Stock Markets written by Enrico C. Perotti and Luc Laeven and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Privatization
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Author : John R. Nellis
language : en
Publisher: World Bank Publications
Release Date : 1992-01-01
Privatization written by John R. Nellis and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-01-01 with Business & Economics categories.
Governance, as defined by the World Bank in its 1992 report, Governance and Development, is the manner in which power is exercised in the management of a country's economic and social resources for development. The report deemed it is within the Bank's mandate to focus on the following: -the process by which authority is exercised in the management of a country's economic and social resources -the capacity of governments to design, formulate, and implement policies and discharge functions. Also available: Governance: The World Bank's Experience (ISBN 0-8213-2804-2) Stock No. 12804.