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The Fiscal Consequences of Privatisation: Australian evidence on privatisation by public share float

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Author Info
M. Harris, J. N. Lye

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Abstract

Privatisation has become a common government policy in many countries. This paper summarises the salient features of privatisations by public share float in Australia during the period 1989 to 1997. The costs associated with these privatisations are examined, including both direct costs and the opportunity cost of Australian governments selling assets cheaply. Furthermore, the impact that such sales have on the net worth of the public sector is estimated. The results suggest that there is a cost of underpricing. There is also some evidence that the effect on the public sector net worth may be negative. However, in some cases where the enterprise sold is inefficient the government may realise a gain.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal International Review of Applied Economics.

Volume (Year): 15 (2001)
Issue (Month): 3 (July)
Pages: 305-321
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Handle: RePEc:taf:irapec:v:15:y:2001:i:3:p:305-321

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  1. John Quiggin, 1995. "Does Privatisation Pay?-A Reply to Domberger," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 28(2), pages 48-49. [Downloadable!] (restricted)
  2. Lee, Philip J. & Taylor, Stephen L. & Walter, Terry S., 1996. "Australian IPO pricing in the short and long run," Journal of Banking & Finance, Elsevier, vol. 20(7), pages 1189-1210, August. [Downloadable!] (restricted)
  3. Easton, Stephen A & Pinder, Sean M P, 1996. "Australian Government Sector Initial Public Offerings," Applied Economics Letters, Taylor and Francis Journals, vol. 3(9), pages 603-05, September. [Downloadable!] (restricted)
  4. C V Brown & E J Levin & P J Rosa & David Ulph, 1984. "Tax evasion and avoidance on earned income: some survey evidence," Fiscal Studies, Institute for Fiscal Studies, vol. 5(3), August.
  5. Colin Mayer & Shirley Meadowcroft, 1985. "Selling public assets: techniques and financial implications," Fiscal Studies, Institute for Fiscal Studies, vol. 6(4), pages 42-56, November.
  6. Kay, J A & Thompson, D J, 1986. "Privatisation: A Policy in Search of a Rationale," Economic Journal, Royal Economic Society, vol. 96(381), pages 18-32, March. [Downloadable!] (restricted)
  7. John Quiggin, 1995. "Does Privatisation Pay?," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 28(2), pages 23-42. [Downloadable!] (restricted)
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