Evolution of Mass Privatization in Bulgaria
AbstractThe mass privatization (MP) program in Bulgaria was implemented in 1996â1997. Following programs in countries like the Czech Republic, more sophisticated regulatory bodies were put into place to prevent the kind of abuses observed elsewhere. This study finds that Bulgaria avoided some of the extreme problems that manifested themselves in these other countries, but there were still serious problems of dilution of shareholder value. We find that dilution in Bulgaria is similar in both MP firms and non-MP firms. After a number of years have passed, MP firms have performed better than firms privatized by other means or firms that were never privatized.
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Bibliographic InfoPaper provided by University of Delaware, Department of Economics in its series Working Papers with number 06-10.
Length: 11 pages
Date of creation: 2006
Date of revision:
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Web page: http://www.lerner.udel.edu/departments/economics/department-economics/
More information through EDIRC
Bulgaria; mass privatization; dilution;
Other versions of this item:
- P5 - Economic Systems - - Comparative Economic Systems
- P3 - Economic Systems - - Socialist Institutions and Their Transitions
- G3 - Financial Economics - - Corporate Finance and Governance
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-04-21 (All new papers)
- NEP-HIS-2007-04-21 (Business, Economic & Financial History)
- NEP-PBE-2007-04-21 (Public Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Vladimir Atanasov & Conrad S. Ciccotello & Stanley B. Gyoshev, 2005. "How Does Law Affect Finance? An Empirical Examination of Tunneling in an Emerging Market," William Davidson Institute Working Papers Series wp742, William Davidson Institute at the University of Michigan.
- Saul Estrin & Jan Hanousek & Evzen Kocenda & Jan Svejnar, 2009. "The Effects of Privatization and Ownership in Transition Economies," Journal of Economic Literature, American Economic Association, vol. 47(3), pages 699-728, September.
- Estrin, Saul & Hanousek, Jan & Svejnar, Jan, 2009. "Effects of Privatization and Ownership in Transition Economies," Policy Research Working Paper Series 4811, The World Bank.
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