The two waves of voucher privatization in the Czech Republic: a model of learning in sequential bidding
AbstractThis study develops a dynamic model of bidding behaviour to investigate the Czech voucher privatization process, which took place in two waves of bidding rounds, the first in 1992 and the second in 1994. It examines the voucher mechanism from the standpoint of investors and the pricing and allocation of shares. Investors could participate as independent individuals or by assigning some of all of their voucher points to investment privatization funds. Principal findings are that individual participants behaved differently from funds and benefited by learning from one round to the next and from observing the behaviour of the funds. An important collateral finding is that the market, though crude, behaved efficiently in the adjustment of share prices over the bidding rounds.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Applied Economics.
Volume (Year): 30 (1998)
Issue (Month): 1 ()
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- Jan Hanousek & Randall K. Filer, 2000.
"Lange and Hayek Revisited: Lessons from Czech Voucher Privatization,"
CERGE-EI Working Papers
wp166, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
- Jan Hanousek & Randall K. Filer, 2001. "Lange and Hayek Revisited: Lessons from Czech Voucher Privatization," Development and Comp Systems 0012005, EconWPA.
- Jan Hanousek & Evžen Kočenda, 2008. "Potential of the state to control privatized firms," Economic Change and Restructuring, Springer, vol. 41(2), pages 167-186, June.
- Evžen Kocenda & Jan Hanousek, 2009.
"State Ownership and Control in the Czech Republic,"
CESifo Working Paper Series
2801, CESifo Group Munich.
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