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Before and after privatization: a comparison between competitive firms

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    Abstract

    The analysis regarding the results of firms privatized mainly during the Eighties within competitive sectors confirms the superiority of private control. The comparison between suitable control samples shows an improvement in profitability associated to a clear progress in labour productivity. However, for many firms, this recovery was still insufficient to guarantee an active and lasting presence on the market. This evolution questions the functioning of the market, the selectivity of the financial operators and the incentive system used in the past as an industrial policy tool.

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    File URL: http://www.ceris.cnr.it/ceris/workingpaper/1998/wp02_98.pdf
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    Bibliographic Info

    Paper provided by Institute for Economic Research on Firms and Growth - Moncalieri (TO) in its series CERIS Working Paper with number 199802.

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    Length: 28 pages Keywords : Privatization, Profitability, Competition
    Date of creation: Jun 1998
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    Handle: RePEc:csc:cerisp:199802

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    1. Armen A. Alchian & Harold Demsetz, 1971. "Production, Information Costs and Economic Organizations," UCLA Economics Working Papers 10A, UCLA Department of Economics.
    2. Oliver D. Hart, 1983. "The Market Mechanism as an Incentive Scheme," Bell Journal of Economics, The RAND Corporation, vol. 14(2), pages 366-382, Autumn.
    3. Jean Tirole, 1988. "The Theory of Industrial Organization," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262200716, December.
    4. Ravenscraft, David J & Scherer, F M, 1987. "Life after Takeover," Journal of Industrial Economics, Wiley Blackwell, vol. 36(2), pages 147-56, December.
    5. Schmidt, Klaus M, 1996. "The Costs and Benefits of Privatization: An Incomplete Contracts Approach," Journal of Law, Economics and Organization, Oxford University Press, vol. 12(1), pages 1-24, April.
    6. Elisabetta Bertero & Laura Rondi, 1997. "Does debt discipline state-owned firms? Evidence from a panel of Italian firms," CERIS Working Paper 199711, Institute for Economic Research on Firms and Growth - Moncalieri (TO).
    7. James M. Buchanan, 1988. "MarketFailure and Political Failure," Cato Journal, Cato Journal, Cato Institute, vol. 8(1), pages 1-13, Spring/Su.
    8. Nickell, Stephen J, 1996. "Competition and Corporate Performance," Journal of Political Economy, University of Chicago Press, vol. 104(4), pages 724-46, August.
    9. Alessandro Sembenelli & Diego Margon & Davide Vannoni, 1995. "Panel Ceris Su Dati Di Impresa: Aspetti Metodologici E Istruzioni Per L’Uso," CERIS Working Paper 199507, Institute for Economic Research on Firms and Growth - Moncalieri (TO).
    10. 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.
    11. Schmidt, Klaus M., 1996. "The costs and benefits of privatization: An incomplete contracts approach," Munich Reprints in Economics 19773, University of Munich, Department of Economics.
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