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ZvláŠtnosti vzniku českého kapitálového trhu
[Specific features of the emerging of the czech capital markets]

Author

Listed:
  • Jan Pudlák
  • Pavel Neset

Abstract

Focus is made on the historical circumstances of the arising of the Czech capital markets. Transformation from state-owned enterprises to private businesses and corporations, via coupon (or voucher) privatization, i.e. distribution of shares to a large number of small shareholders, required a tailor made capital markets. Two competitive project were launched: Prague Stock Exchange and RM-System. As investment funds collected investment vouchers and become important shareholders, large packages of shares were formed and new majority shareholders stepped into their rights and powers. The transfer of ownership finished, public markets lost their broad clientele and had to reduce number of titles traded substancially. Todays capital markets in the Czech Republic are mostly OTC markets, with some contribution of public markets (RMS and PSE), of which more important is the Prague Stock Exchange. The latter is still not fully functional - there has not been any important public offering so far.

Suggested Citation

  • Jan Pudlák & Pavel Neset, 2005. "ZvláŠtnosti vzniku českého kapitálového trhu [Specific features of the emerging of the czech capital markets]," Politická ekonomie, Prague University of Economics and Business, vol. 2005(1).
    • Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:1:id:495
    DOI: 10.18267/j.polek.495
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    Keywords

    ownership; voucher privatization; Czech capital markets; Prague Stock Exchange; large-scale privatization; RM-System; coupon privatization; Czech investment funds; investment vouchers;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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