151 research outputs found
From State to Market: A Survey of Empirical Studies on Privatization
No full textThis study surveys the academic and professional literature examining the privatisation of state-owned enterprises (SOEs), with a focus on empirical studies. Privatisation has been instrumental in reducing state ownership in many countries and had a transforming effect on global stock markets, although the role of SOEs in many other countries is similar to what it was two decades ago. Countries have adopted large-scale privatisation programs primarily for two reasons: first, the conclusive evidence that privately-owned firms outperform SOEs and, second, the empirical evidence clearly shows that privatisation significantly (often dramatically) improves the operating and financial performance of divested firms. Governments can also raise significant revenues by selling SOEs. While the choice between privatisation via public share offering versus through asset sales is still imperfectly understood, factors such as firm size, government fiscal condition, and the state of national economic development are important influences. Further, those countries which have chosen the mass (voucher) privatisation route have done so largely out of necessity--and face ongoing efficiency problems as a result. Governments have great discretion in pricing the SOEs they sell, especially those being sold via public share offering, and they use this discretion to pursue political and economic ends. Finally, investors who purchase the shares of firms being privatised earn significantly positive excess returns both in the short-run (due to deliberate underpricing of share issues by the government) and over one, three, and five-year investment horizons.Capital, Investment, Employment, Financing policy, Ownership structure, Investment banking, Venture capital, Brokerage, Public economics, Sources of revenue, Public enterprises, Boundaries of public and private enterprise, Privatisation, Contracting out
UGA PROF EXPLAINS CURRENT ECONOMIC MESS
No full textGeorgia Law Adjunct Professor Jeffry M. Netter was interviewed by the Athens Banner-Herald regarding the current economic situation and how it affects the average American. The article was written by Lee Shearer and appeared on 10/05/08
UGA PROF EXPLAINS CURRENT ECONOMIC MESS
No full textGeorgia Law Adjunct Professor Jeffry M. Netter was interviewed by the Athens Banner-Herald regarding the current economic situation and how it affects the average American. The article was written by Lee Shearer and appeared on 10/05/08
Privatization and the Market for Corporate Control
No full textWe study the wealth effects of the mergers of privatized firms. Our sample entails 39 privatized firms that subsequently become targets of a takeover and 52 privatized firms that become bidders in mergers. Our results indicate that target firms experience a 12 percent increase in equity value at the announcement of a merger. The bidding firms experience a positive but insignificant change in equity value at merger announcement. The results indicate that mergers result in net wealth creation for privatized firms and are consistent with property rights/agency cost theory. The results also offer global, non-U.S. evidence that mergers create wealth.
Size and Impact of Privatisation – A Survey of Empirical Studies
No full textPrivatisierung, Theorie, Empirische Methode, Privatization, Theory, Empirical method
An Empirical Investigation of the Determinants of Congressional Voting on Federal Financing of Abortions and the Era
No full text
An Empirical Investigation of the Determinants of Congressional Voting on Federal Financing of Abortions and the ERA
No full textImplications of Data Screens on Merger and Acquisition Analysis: A Large Sample Study of Mergers and Acquisitions from 1992 to 2009
No full textWe analyze a comprehensive set of mergers and acquisitions from SDC data from 1992 through 2009. We do not impose common restrictions such as excluding private bidders, small targets, or deals without a deal value. We show a broader scope of mergers and acquisitions activity than that implied in the literature, which generally oversamples larger deals involving public firms. Further, some of our results differ from the extant literature. For example, the finding that mergers occur in waves is attenuated with a greater presence of smaller and/or non-public firms. Also, acquirers gain in most takeovers despite a threefold decline over the sample period in acquirer returns. The Author 2011. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: [email protected]., Oxford University Press.
The Evidence on Mergers and Acquisitions: A Historical and Modern Report ✶ ✶We thank James Netter, Lauren O'Neil, and Haley O'Steen for research assistance.
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