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Does the response of competitors to privatization announcements reflect competitive or industry-wide information effects? International evidence

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  • Otchere, Isaac
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Empirical Finance.

    Volume (Year): 14 (2007)
    Issue (Month): 4 (September)
    Pages: 523-545

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    Handle: RePEc:eee:empfin:v:14:y:2007:i:4:p:523-545

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    Web page: http://www.elsevier.com/locate/jempfin

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    References

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    1. Davide Lombardo & Marco Pagano, 1999. "Legal Determinants of the Return on Equity," CSEF Working Papers 24, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 01 Dec 2000.
    2. Craig Doidge & G. Andrew Karolyi & Rene M. Stulz, 2001. "Why are Foreign Firms Listed in the U.S. Worth More?," NBER Working Papers 8538, National Bureau of Economic Research, Inc.
    3. Akhigbe, Aigbe & Martin, Anna D., 2000. "Information-signaling and competitive effects of foreign acquisitions in the US," Journal of Banking & Finance, Elsevier, vol. 24(8), pages 1307-1321, August.
    4. Bengt Holmstrom & Jean Tirole, 1996. "Private and Public Supply of Liquidity," NBER Working Papers 5817, National Bureau of Economic Research, Inc.
    5. Mok, Henry M. K. & Hui, Y. V., 1998. "Underpricing and aftermarket performance of IPOs in Shanghai, China," Pacific-Basin Finance Journal, Elsevier, vol. 6(5), pages 453-474, November.
    6. Nandini Gupta, 2005. "Partial Privatization and Firm Performance," Journal of Finance, American Finance Association, vol. 60(2), pages 987-1015, 04.
    7. Rafael La Porta & Florencio Lopez-de-Silane, 1997. "The Benefits of Privatization: Evidence from Mexico," NBER Working Papers 6215, National Bureau of Economic Research, Inc.
    8. Eckel, Catherine & Eckel, Doug & Singal, Vijay, 1997. "Privatization and efficiency: Industry effects of the sale of British Airways," Journal of Financial Economics, Elsevier, vol. 43(2), pages 275-298, February.
    9. Boardman, Anthony E & Vining, Aidan R, 1989. "Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed, and State-Owned Enterprises," Journal of Law and Economics, University of Chicago Press, vol. 32(1), pages 1-33, April.
    10. Narjess Boubakri & Jean-Claude Cosset, 1998. "The Financial and Operating Performance of Newly Privatized Firms: Evidence from Developing Countries," Journal of Finance, American Finance Association, vol. 53(3), pages 1081-1110, 06.
    11. Otchere, Isaac & Ip, Edwina, 2006. "Intra-industry effects of completed and cancelled cross border acquisitions in Australia: A test of the acquisition probability hypothesis," Pacific-Basin Finance Journal, Elsevier, vol. 14(2), pages 209-230, April.
    12. Otchere, Isaac & Chan, Janus, 2003. "Intra-industry effects of bank privatization: A clinical analysis of the privatization of the Commonwealth Bank of Australia," Journal of Banking & Finance, Elsevier, vol. 27(5), pages 949-975, May.
    13. Perotti, Enrico C, 1995. "Credible Privatization," American Economic Review, American Economic Association, vol. 85(4), pages 847-59, September.
    14. Otchere, Isaac, 2005. "Do privatized banks in middle- and low-income countries perform better than rival banks? An intra-industry analysis of bank privatization," Journal of Banking & Finance, Elsevier, vol. 29(8-9), pages 2067-2093, August.
    15. Anne Krueger, 1999. "The Developing Countries and the Next Round of Multilateral Trade Negotiations," The World Economy, Wiley Blackwell, vol. 22(7), pages 909-932, 09.
    16. Megginson, William L & Nash, Robert C & van Randenborgh, Matthias, 1994. " The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis," Journal of Finance, American Finance Association, vol. 49(2), pages 403-52, June.
    17. Shleifer, Andrei & Vishny, Robert W, 1994. "Politicians and Firms," The Quarterly Journal of Economics, MIT Press, vol. 109(4), pages 995-1025, November.
    18. Krueger, Anne O., 1999. "Developing countries and the next round of multilateral trade negotiations," Policy Research Working Paper Series 2118, The World Bank.
    19. Ramamurti, Ravi, 1997. "Testing the limits of privatization: Argentine railroads," World Development, Elsevier, vol. 25(12), pages 1973-1993, December.
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    Cited by:
    1. Otchere, Isaac, 2009. "Competitive and value effects of bank privatization in developed countries," Journal of Banking & Finance, Elsevier, vol. 33(12), pages 2373-2385, December.
    2. John Heywood & Guangliang Ye, 2010. "Optimal privatization in a mixed duopoly with consistent conjectures," Journal of Economics, Springer, vol. 101(3), pages 231-246, November.

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