Privatization Versus Private Sector Initial Public Offerings in Poland
作者： Wolfgang Aussenegg
DOI:
关键词: Government 、 Market economy 、 Initial public offering 、 Business 、 Politics 、 Finance 、 Reputation 、 Private sector 、 Stock exchange
摘要: This article compares the characteristics and price behavior of case-by case privatization initial public offerings private sector in Poland over first nine years after reopening Warsaw Stock Exchange April 1991. There is evidence that Polish government market-oriented, trying to build up reputation for its policy time by underpricing, selling a high fraction at offer underpricing more when domestic retail investors. In long run experience neither an under- nor overperformance. A lower political influence has no effect on long-run performance privatized companies.
参考文章(30)
William L. Megginson, Jeffry M. Netter, From State to Market: A Survey of Empirical Studies on Privatization Social Science Research Network. ,(2001) , 10.2139/SSRN.262311
Robert W. Vishny, Andrei Shleifer, Maxim Boycko, A Theory of Privatization The Economic Journal. ,vol. 106, ,(1996)
Ranko Jelic, Richard Briston, Hungarian Privatisation Strategy and Financial Performance of Privatised Companies Journal of Business Finance & Accounting. ,vol. 26, pp. 1319- 1357 ,(1999) , 10.1111/1468-5957.00300
WILLIAM L. MEGGINSON, ROBERT C. NASH, MATTHIAS VAN RANDENBORGH, The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis Journal of Finance. ,vol. 49, pp. 403- 452 ,(1994) , 10.1111/J.1540-6261.1994.TB05147.X
William L Megginson, Robert C Nash, Jeffry M Netter, Adam L Schwartz, None, The Long-Run Return to Investors in Share Issue Privatization Financial Management. ,vol. 29, pp. 67- ,(2000) , 10.2307/3666362
Reena Aggarwal, Ricardo Leal, Leonardo Hernandez, The Aftermarket Performance of Initial Public Offerings in Latin America Financial Management. ,vol. 22, pp. 42- 53 ,(1993) , 10.2307/3665964
K. Paudyal, B. Saadouni, R.J. Briston, Privatisation initial public offerings in Malaysia: Initial premium and long-term performance Pacific-Basin Finance Journal. ,vol. 6, pp. 427- 451 ,(1998) , 10.1016/S0927-538X(98)00018-3
Ranko Jelic, Richard Briston, Privatisation Initial Public Offerings: the Polish Experience European Financial Management. ,vol. 9, pp. 457- 484 ,(2003) , 10.1111/1468-036X.00232
Roger M. Kunz, Reena Aggarwal, Why initial public offerings are underpriced: Evidence from Switzerland Journal of Banking and Finance. ,vol. 18, pp. 705- 723 ,(1994) , 10.1016/0378-4266(93)00016-I
Mario Levis, The long-run performance of initial public offerings: The UK experience 1980-1988 Financial Management. ,vol. 22, pp. 28- 41 ,(1993) , 10.2307/3665963