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Share issue privatization and political objectives: do governments make a difference?

Author

Listed:
  • Germa Manel Bel Queralt

    (Universitat de Barcelona)

Abstract

This paper empirically analyzes the political and economic objectives underlying privatization on the stock market. Particularly, I explain the factors of SIPs underpricing, and analyze if the change of political parties in government play a role on the issue. The paper has two main findings. Fist, larger initial returns occurred in the early stages of privatization. Second, the change of government from left-wing to right-wing did not lead to significantly higher levels of underpricing. My results show that governments are quite pragmatic with respect to underpricing: maximizing proceeds from SIPs shows to be more important than ideological differences between parties in government.

Suggested Citation

  • Germa Manel Bel Queralt, 1999. "Share issue privatization and political objectives: do governments make a difference?," Working Papers in Economics 56, Universitat de Barcelona. Espai de Recerca en Economia.
    • Handle: RePEc:bar:bedcje:199956
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    Cited by:

    1. Trillas, Francesc, 2001. "The takeover of Enersis: the control of privatized utilities," Utilities Policy, Elsevier, vol. 10(1), pages 25-45, March.

    More about this item

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L32 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Public Enterprises; Public-Private Enterprises
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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