PRIVATIZATION AND FINANCIAL MARKET DEVELOPMENT IN EMERGING COUNTRIES: A COMPARATIVE STUDY
作者： Samy Ben Naceur , Narjess Boubakri , Samir Ghazouani
DOI: 10.1142/S1793812010000241
关键词: Divestment 、 Financial market 、 Order (exchange) 、 Sample (statistics) 、 Monetary economics 、 Economics 、 Market liquidity 、 Multinational corporation 、 Emerging markets 、 International economics 、 Stock market
摘要: This paper examines the impact of privatization on stock market size and liquidity in a multinational sample 31 emerging markets. We find that intensity use offerings (POs) contribute to enhance development, but documented effects vary across geographical regions, owing specificities divestiture process. GMM procedure order estimate dynamic panel specifications appears be most beneficial Asian sub-sample where favorable conditions were put place before actually started. In other however, similar positive outcomes are yet materialize. derive several policy implications from our results.
socionet.ru参考文章(27)
Badi H. Baltagi, Econometric Analysis of Panel Data ,(2021)
Maria K. Boutchkova, William L. Megginson, Privatization and the Rise of Global Capital Markets SSRN Electronic Journal. ,(2000) , 10.2139/SSRN.237408
Enrico C. Perotti and Luc Laeven, Confidence Building in Emerging Stock Markets SSRN Electronic Journal. ,(2001) , 10.2139/SSRN.265440
P.L. Rousseau, P. Wachtel, Equity markets and growth: Cross-country evidence on timing and outcomes, 1980–1995 Journal of Banking & Finance. ,vol. 24, pp. 1933- 1957 ,(2000) , 10.1016/S0378-4266(99)00123-5
Manuel Arellano, Stephen Bond, Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. The Review of Economic Studies. ,vol. 58, pp. 277- 297 ,(1991) , 10.2307/2297968
Manuel Arellano, Olympia Bover, Another look at the instrumental variable estimation of error-components models Journal of Econometrics. ,vol. 68, pp. 29- 51 ,(1995) , 10.1016/0304-4076(94)01642-D
Narjess Boubakri, Olfa Hamza, The dynamics of privatization, the legal environment and stock market development☆ International Review of Financial Analysis. ,vol. 16, pp. 304- 331 ,(2007) , 10.1016/J.IRFA.2007.01.003
Samy Ben Naceur, Samir Ghazouani, Stock Markets, Banks, and Economic Growth: Empirical Evidence from the MENA Region Social Science Research Network. ,(2005) , 10.2139/SSRN.856386
WILLIAM L. MEGGINSON, ROBERT C. NASH, JEFFRY M. NETTER, ANNETTE B. POULSEN, The Choice of Private Versus Public Capital Markets: Evidence from Privatizations Journal of Finance. ,vol. 59, pp. 2835- 2870 ,(2004) , 10.1111/J.1540-6261.2004.00718.X
Manuel Arellano, Bo Honoré, Panel Data Models: Some Recent Developments Handbook of Econometrics. ,vol. 5, pp. 3229- 3296 ,(2001) , 10.1016/S1573-4412(01)05006-1