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Streamlining and Privatization Prices in the Telecommunications Industry

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  • ALBERTO CHONG
  • VIRGILIO GALDO

Abstract

We study the link between state-owned restructuring before privatization and privatization sales prices for the telecommunications industry. We use new data to cover 84 telecommunications privatizations, which account for nearly 80% of the sector in terms of value. We focus on streamlining policies and regulatory issues prior to privatization and find that, while most labour streamlining measures have no bearing on privatization prices, the presence of a regulatory agency prior to privatization does impact on prices, especially if such an agency was set up well before the sale took place. Copyright (c) The London School of Economics and Political Science 2006.

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Bibliographic Info

Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 73 (2006)
Issue (Month): 291 (08)
Pages: 461-484

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Handle: RePEc:bla:econom:v:73:y:2006:i:291:p:461-484

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References

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  1. Noll, Roger G., 1999. "Telecommunications Reform in Developing Countries," Working paper 527, Regulation2point0.
  2. Kahn, Charles M, 1985. "Optimal Severance Pay with Incomplete Information," Journal of Political Economy, University of Chicago Press, vol. 93(3), pages 435-51, June.
  3. Wallsten, Scott, 2002. "Does sequencing matter? regulation and privatization in telecommunications reforms," Policy Research Working Paper Series 2817, The World Bank.
  4. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
  5. Alberto E. Chong & Florencio López-de-Silanes, 2003. "Privatization and Labor Force Restructuring around the World," IDB Publications 6507, Inter-American Development Bank.
  6. Roland, Gerard, 1994. "On the Speed and Sequencing of Privatisation and Restructuring," Economic Journal, Royal Economic Society, vol. 104(426), pages 1158-68, September.
  7. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
  8. Jeon, D.-S. & Laffont, J.-J., 1998. "The Efficient Mechanism for Downsizing the Public Sector," Papers 98.509, Toulouse - GREMAQ.
  9. Freeman, Richard B, 1986. "Unionism Comes to the Public Sector," Journal of Economic Literature, American Economic Association, vol. 24(1), pages 41-86, March.
  10. John Vickers & George Yarrow, 1991. "Economic Perspectives on Privatization," Journal of Economic Perspectives, American Economic Association, vol. 5(2), pages 111-132, Spring.
  11. Rama, Martin, 1999. "Public Sector Downsizing: An Introduction," World Bank Economic Review, World Bank Group, vol. 13(1), pages 1-22, January.
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Citations

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Cited by:
  1. Alberto Chong & Alejandro Riaño, 2006. "El entorno político y los precios de las privatizaciones," Research Department Publications 4440, Inter-American Development Bank, Research Department.
  2. Lourdes Torres & Patricia Bachiller, 2013. "Efficiency of telecommunications companies in European countries," Journal of Management and Governance, Springer, vol. 17(4), pages 863-886, November.
  3. Joan Calzada & Anton Costas, 2013. "“La liberalización de las telecomunicaciones en España: control de la inflación y universalización del servicio”," IREA Working Papers 201310, University of Barcelona, Research Institute of Applied Economics, revised May 2013.
  4. Alberto Chong & Florencio Lopez-de-Silanes, 2003. "The Truth About Privatization in Latin America," Research Department Publications 3180, Inter-American Development Bank, Research Department.
  5. Alberto Chong & Jorge Guillen & Alejandro Riano, 2010. "Political and institutional environment and privatization prices," Public Choice, Springer, vol. 142(1), pages 91-110, January.
  6. Alberto Chong & Alejandro Riaño, 2006. "Political Environment and Privatization Prices," Research Department Publications 4439, Inter-American Development Bank, Research Department.

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