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Hungarian Privatisation Strategy and Financial Performance of Privatised Companies

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Author Info
Ranko Jelic (School of Accounting, Business and Finance, University of Hull)
Richard Briston (School of Accounting, Business and Finance, University of Hull)
Abstract

This paper examines Hungarian privatisation strategy and the financial performance of privatised enterprises. The results suggest that Hungary has preferred privatisation by direct sales by a considerable margin, but has recently shifted towards share issues. Both types of sale have predominantly been gradual. Subsequent sales, however, confirm the government's intention to sell previously retained shares. An analysis of IPOs during 1990-1998 shows positive initial returns on Privatisation Initial Public Offers (PIPOs) and greater underpricing than for other IPOs. The long term returns of PIPOs are positive and they outperform other IPOs in all periods after the listing. Copyright Blackwell Publishers Ltd 1999.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1468-5957.00300
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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Business Finance & Accounting.

Volume (Year): 26 (1999-11)
Issue (Month): 9-10 ()
Pages: 1319-1357
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Handle: RePEc:bla:jbfnac:v:26:y:1999-11:i:9-10:p:1319-1357

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  1. Dimitris Kenourgios & Spyros Papathanasiou & Emmanouil Rafail Melas, 2005. "Initial Performance of Greek IPOs, Underwriter’s Reputation and Oversubscription," Finance 0512023, EconWPA. [Downloadable!]
  2. Muhammad Faisal Rizwan & Safi-ullah Khan, 2007. "Long-run Performance of Public vs. Private Sector Initial Public Offerings in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 46(4), pages 421-433. [Downloadable!]
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