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Streamlining and Privatization Prices in the Telecommunications Industry

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  • Alberto Chong

    ()

  • Virgilio Galdo

Abstract

This paper fills a void in the issue of determinants of privatization prices by concentrating in one industry across many countries. This has not been done before, as the literature has only focused on (i) many industries in one country, (ii) a single industry in one country, and (iii) many industries in many countries. We complement a recently released database with newly collected data, and we are able to cover 84 telecommunications privatizations, which account for nearly 80 percent of the sector in terms of value. Our findings are consistent with the little existing work on privatization prices, as our best policy prescription is primarily to concentrate on the transparency and cleanliness of the privatization process, as sale methods do matter. We show that government administration of labor downsizing may result in adverse selection, as the best workers are the first to leave when given the opportunity.

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Bibliographic Info

Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4319.

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Date of creation: Feb 2003
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Handle: RePEc:idb:wpaper:4319

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References

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  1. Wallsten, Scott, 2002. "Does sequencing matter? regulation and privatization in telecommunications reforms," Policy Research Working Paper Series 2817, The World Bank.
  2. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
  3. John Vickers & George Yarrow, 1991. "Economic Perspectives on Privatization," Journal of Economic Perspectives, American Economic Association, vol. 5(2), pages 111-132, Spring.
  4. Chong, Alberto & Lopez-de-Silanes, Florencio, 2002. "Privatization and labor force restructuring around the world," Policy Research Working Paper Series 2884, The World Bank.
  5. repec:reg:wpaper:527 is not listed on IDEAS
  6. Roland, Gerard, 1994. "On the Speed and Sequencing of Privatisation and Restructuring," Economic Journal, Royal Economic Society, vol. 104(426), pages 1158-68, September.
  7. Freeman, Richard B, 1986. "Unionism Comes to the Public Sector," Journal of Economic Literature, American Economic Association, vol. 24(1), pages 41-86, March.
  8. Rama, Martin, 1999. "Public Sector Downsizing: An Introduction," World Bank Economic Review, World Bank Group, vol. 13(1), pages 1-22, January.
  9. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
  10. Kahn, Charles M, 1985. "Optimal Severance Pay with Incomplete Information," Journal of Political Economy, University of Chicago Press, vol. 93(3), pages 435-51, June.
  11. Jeon, Doh-Shin & Laffont, Jean-Jacques, 1999. "The Efficient Mechanism for Downsizing the Public Sector," World Bank Economic Review, World Bank Group, vol. 13(1), pages 67-88, January.
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Cited by:
  1. Lourdes Torres & Patricia Bachiller, 2013. "Efficiency of telecommunications companies in European countries," Journal of Management and Governance, Springer, vol. 17(4), pages 863-886, November.
  2. Alejandro Riaño & Alberto E. Chong, 2006. "Political Environment and Privatization Prices ," IDB Publications 6701, Inter-American Development Bank.
  3. Alberto Chong & Florencio Lopez-de-Silanes, 2003. "The Truth About Privatization in Latin America," Research Department Publications 3180, Inter-American Development Bank, Research Department.
  4. Joan Calzada & Anton Costas, 2013. "“La liberalización de las telecomunicaciones en España: control de la inflación y universalización del servicio”," IREA Working Papers 201310, University of Barcelona, Research Institute of Applied Economics, revised May 2013.
  5. Alberto Chong & Alejandro Riaño, 2006. "El entorno político y los precios de las privatizaciones," Research Department Publications 4440, Inter-American Development Bank, Research Department.
  6. Alberto Chong & Jorge Guillen & Alejandro Riano, 2010. "Political and institutional environment and privatization prices," Public Choice, Springer, vol. 142(1), pages 91-110, January.

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